Fifty-Two Shades Of Pain

While trading the swings has been fun in the past two weeks I can understand if some of you may be running out of patience at this point and are perhaps even considering to throw in the towel. As a trader it’s very important to constantly self-analyze your emotions – in a way you have to become your own personal shrink (unless you can afford one sitting next to you during trading hours). It’s certainly frustrating to be just ticks away from a juicy long setup, only to be followed by a systematic sell-off. A day later we are a mere bagel throw away from a weekly short setup, and up she goes again. Whatever your emotions tell you – do your best to ignore them. Even better – settle down and try to think yourself some happy thoughts.

How often this beast is going to swing back and forth I do not know. But what I do know is that we are accumulating signs of distribution while the market is unable (or unwilling) to pick a direction. Personally I am not going to over complicate this situation as limbo tape like this is designed to do just that – it drives you crazy and either makes you change your mind on a daily basis or gives you just enough to support whatever directional bias you may have arrived at.

I’m a simple man so I’m going to dumb it down for us all: At 1642.75 we have a very juicy new NLBL which will need to be breached in order to break us out of the current down trend and hand the steering wheel back to the bulls. At 1590.75 there’s a NLSL which roughly lines up with our weekly RTV Sell trigger I talked about this morning (go look it up if you want to know more about that). In between we are basically stuck in fifty-two shades of pain – it’s a no-man’s land of directional uncertainty that will squash your ambitions of picking a low or a high here.

Since we’re on the subject – here’s another contract that has been giving a lot of folks some grieve lately. Silver has been stuck in a one-month sideways formation which was only briefly interrupted by a fast plunge last Friday. Since then it’s been slowing down and we are now faced with a triple inside period. A rare beast indeed and despite all the churn I’m tempted to grab a breach here, whenever it happens. Not that I expect this thing to be trending anytime soon but with a bit of luck and scotchtape we may get fast f-u candle in the right direction.


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Cheers,

Wednesday Morning Briefing

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.

Gold on the run this morning and it’s approaching its 100-hour SMA. We should see some resistance there but don’t be hasty and wait for the candles to slow down.

Forex is off the hook this morning. Let’s start with the USD/JPY which is preparing for a big move. Which direction of course is the big question. I do like the context here near the 100-hour SMA and all those NLSLs.

CAD/CHF – could be a last kiss goodbye move but it’s looking strong this morning. Would not rule out a breach back above the SMA.

More goodies below for the subs – please step into my trading lair:


More charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don't waste time and sign up here. And if you are a Zero subscriber you get free access to all Gold posts, which gives you double the bang for your buck!

Please login or subscribe here to see the remainder of this post.

Cheers,

Tuesday Morning Briefing

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.

While equities are slowly bubbling higher (a.k.a. ‘the slow bear roast’) I’m not seeing anything exciting on the setup front. The only three piggies I was able to hunt down were hiding out in the Forex cave. Here’s the USD/JPY still in the process of testing its 100-hour SMA. There’s also a NLBL right above which is unfortunately about to expire. Since that 25-hour is meeting up with price shortly it’ll still make for a good inflection point.

Possible last kiss goodbye on GBP/USD – it decided to revisit its 100-hour and there’s also the 25-hour and a NLSL joining the fray. I wouldn’t want to be long unless that NLBL at 1.52682 is being triggered.

Finally there’s the GBP/JPY – similar configuration as the USD/JPY but in my mind a cleaner setup. The NLBL is right at the 100-hour – that’s how we like it.

Bonus chart! This is why we follow the Zero indicator.

I’ll finish today’s briefing with a little tale:

When the Mole finally kicks the bucket he takes the express elevator to hell and is greeted by Lucifer personally. After the obligatory sexual harassment 101 seminar Lucifer gives him the VIP tour and finally leads him to a posh suite with a view to the beach where he’ll be spending eternity.

‘Hey, this ain’t so bad – looks like ole’ Lucifer just got a bad rep!’ thinks the Mole as he sits down to check out his new laptop which even comes with a high speed Internet connection. Suddenly the door opens and Lucifer pops his head in. ‘Better get to work Mole! Your 50 Million new subscribers want to know about the VIX Buy Signal! And remember – there’s no copy/paste!’

If you’ve been coming here for more than a few months then I’m pretty sure you get the joke ;-)

 

It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Cheers,





    Zero Indicator


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