Lots of noise out there. Lets keep it simple. I dont mean to post over Scott, but need this to go out today due to the FDOM (first day of month) stats. Please read Scotts post.
I (volar) just got caught up with vacation, and I always re-read my favorite books on vacation. Many traders look for trading answers, I look for understanding. What do I mean by that? Well I dont read books that tell you “how to make money.” I suggest New Market Wizards- the piece by William Eckhardt is the best written material I know of to this day (next to some of Taleb’s stuff).
I know some of you dont like stats, but if you dont understand true market distribution, well [...]
Although the tape looks pretty straightforward on a daily SPX chart the journey intra-day has been filled with traps and tribulations. What comes next may be determined by whether or not we’ll make it across this gaping pothole:
I posted this twice in the comment section yesterday but got very little response. Which surprised me a little as the implications of this chart are rather significant. As Scott already hinted at in his own update – we are in a low volume rut right now and I expect quite a bit of churning before we get resolution here. But let’s assume the current long squeeze does not extend and we are able to bridge the gap here – what [...]
FX traders rejoice – I’m seeing a very promising setup in the USD/JPY right now.
This one almost got away – fortunately it showed us professional courtesy and waited around long enough to afford us a good entry at a defensible position. [amprotect=nonmember] 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 it includes access to all Gold posts, so you actually get double the bang for your buck. [/amprotect] [amprotect=1,13,9,12,5]
Technically we appear to be sitting on support here. Note how we have [...]
Hey, say that ten times in a row. Talking about setups – coffee is quickly turning into one of our big trades of the year:
Frankly, it doesn’t get much cleaner than that. Entry right after a floor had been painted – breach of the NLBL and since then it’s been nothing but one nasty short squeeze. I don’t see one red candle in there – amazing. We took initial profits at T1 and kept a few lottery tickets for a push into T2. The rest, as they say, is history.
Some stainless steel rat is smiling all the way to the bank 😉
Okay, time to earn my keep around here: [amprotect=nonmember] Charts and commentary below for [...]