Acceleration

How could it possibly already be Friday? This week passed by me incredibly quickly or perhaps it just seems this way as we finally are seeing movement across the board. I had suspected that the presidential elections would serve as a much needed catalyst to break what seemed like a never ending sideways churn. But I didn’t expect it to happen this early before even a single ballot was counted. Clearly a major shift is in the works and I expect it to cause profound changes and restructuring of Wall Street over the coming years. However we’ll cover this topic in more detail another day.

I’m actually quite stunned by the fact that the current series of lower highs and lower lows (LHLL) has lasted this long. It’s been a long time since we saw such a prolonged sell off. Once again no attempts of a bounce overnight and the bearish case remains intact until our current inflection point of 2098.75. I plan on taking 50% of my position off the table near the end of the session as it’s Friday. If I’m seeing bullish signs of a reversal on the Zero indicator then I may do it earlier.

Speaking of which, make sure to check out last night’s wrap up video which I highly recommend to anyone trading the E-Mini.

Gold bounced way too quickly yesterday for me to get back on board. At this point I’m waiting for a bounce off the 1295 region, preferably followed by a spike low. There is a case to be made for going long right here – see the inverted H&S formation on the short term panel. However as I said – everything seems to be accelerating and I’m not too eager to burn my ill gotten coin due to some wild gyrations. Thus now more than ever picking our entries wisely remains key.

Two new setups below the fold for my intrepid subs – we’re wrapping up the weekend in style 

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Well, it’s been a very profitable week for us and I believe we deserve an extra glass of Hefeweizen today, of course you are free to pick your own favorite poison. Whatever gets you ready for next week – it’ll be a wild one! See you all on Monday.

Prost!!