There seems to be a new Olympic discipline that’s quickly gaining popularity – the 100-day SMA sprint. As a matter of fact I’m seeing this one on several fronts right now as traders across the board are being exposed to be a bit of mid summer heat. I recommend you crack open a cold one, put on your game face, and keep things frosty.
Here’s coffee – all entangled in its own Maginot Line. We may need some wire cutters to get this one out. The tough part about being long here is that the 100-day SMA is slowly dropping. So if you’re using that as your line in the sand then you need to disciplined and stick with your original stop. Yes, [...]
Some of last week’s setups are in need of some TLC and despite the rather annoying tape there are handful of new developments worth sharing. As I only see a summer skeleton crew I decided to make this a freebie – so leeches everywhere rejoice! 😉
Let’s start with currencies – the AUD/JPY is painting an inside day + NR4 combo. I would prefer seeing a continuation upward after last week’s NLBL breach, however if we drop through today’s lows tomorrow then I may take a few positions off the table. A drop through that NLBL would of course put us back into shorts.
Another inside day + NR4 combo over on the CAD/JPY – you [...]
The Olympics are on and I couldn’t care less. Let me get this right: You train your butt off for over four years and even if you manage to win you’re not getting paid? While everyone else involved makes out like robber barons? By the way, word has it that even those ‘gold medals’ barely have any real gold in them – they’re made of 92.5 percent silver, 6.16 copper and 1.34 percent gold. Cheap bloody bastards!
Well, if you’re not glued to watching women’s gymnastics (we know who you are) then step into my lair for for another long term chart roll call. I’ll even throw in a few P&Fs for good [...]
And the short squeeze is on! Almost all of the setups I posted yesterday are well on their way and if you took only a few of them you should be sitting pretty at this point. And if you weren’t a sub – well, this post is dedicated to you! Let’s play that little game we call: You Snooze You Lose! (too subtle?)
Just last Sunday I mused about a little conundrum in my weekly analysis, in that the long term picture remained to be positive but that the short term strongly indicated a impending correction (recall that the first red candle appeared a week ago). And apparently that’s exactly what we got – a quick stab lower followed by a snap back [...]