Quite a ride over in equities yesterday but miraculously the long positions I placed early in the day survived various shake out attempts. Thus far things are looking positive but don’t get too comfortable as we may see another attempt to scare the children today.
That was close! My stop was two ticks below 1860 and it almost got taken out. That would have been annoying to say the least. The good news is that we’ve produced a whole latter of Net-Line Sell Lines which on the hourly which should offer layered support on a retest.
AUDJPY – I very much like the configuration on the daily and am currently waiting for a little drop lower [...]
Equities dropped lower overnight, once more making my point that throwing money at premature contrarian positions is tantamount to gambling – sans the sun and pretty girls serving you drinks with little umbrellas.
So next time you’re ‘feeling lucky’ and your fingers are itching then do yourself a favor and instead charter a flight to Vegas. At least there losing money can be entertaining and if you play your carts right then other ‘perks’ are available to you – ahem.
That said I may be testing my luck by grabbing a small long position after a little bounce higher. Technically speaking this tape looks bearish as [...]
I’ve got a laundry list of technical issues to deal with this morning, so please forgive the brevity of today’s update. As the tape is still running in circles chasing its own tail courtesy of some of hare-brained Fed rumors there unfortunately remains very little to work with:
GBP/CHF may be a long if it drops a bit more – 1.48 would be best. Under normal circumstances I would have risked a small entry here but I just see too much whipsaw and my entries now need to be nearly perfect to be justify the whipsaw risk.
AUD/NZD – also waiting for a little drop lower here. I do like the daily formation still however it did not break [...]
I just parsed through my universe of charts and what hasn’t blasted off already is running in circles. Not the type of tape I would want to touch with a ten foot pole. On the equities side there is really nothing to add that hasn’t been said already. My small short was taken out at break/even and I’m staying out of this turd of a tape until we see some real context. Remember my Epiphany post – that general assessment stands now more than ever.
Two GBP setups before I call it a week. GBP/CHF seems like a good long here but I’m only playing 1/4R with a stop half a mile away. On the daily we have been testing the 100-day SMA and thus far [...]