Setups Galore!

Roll up your sleeves and get to work folks, for there are literally setups crawling out of the woodwork this morning. Either that or I got some kind of Spanish infestation. Unfortunately I have precious little time as I’ve got one foot out of the door – so I’ll have to post them telegram style.

2014-11-12_NQ_briefing

Okay this one is experimental as we are probably seeing a more thorough correction. But I’ve got 1/2R long on NQ - stop below the 100-hour SMA.

2014-11-12_EURUSD_briefing

EUR/USD – long – stop below the 100-hour.

2014-11-12_gold_briefing

Gold – long above the NLBL (or now if you want) – either way stop below the 100-hour as well.

A lot more below the fold – please join me in the lair:


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You have been briefed – now have fun but keep it frosty. See you guys later this afternoon.

Cheers,

How To Slow Grind

Just yesterday I talked about what I consider two dirty words in my trading vocabulary – overbought and oversold. A few people chimed in; Scott was among them and he pointed out that both concepts can be useful in sideways markets. I thought about that and on the surface it makes sense – after all I have written about various market periods extensively in my time. Sideways market behave differently than trending periods. However in the end I must still respectfully disagree as we would be comparing apples with oranges.

Clearly once a sideways market has been recognized few are going to point at a touch of the upper channel and say ‘boy oh boy – this market is overbought’. You play the swings – sure – forces are in equilibrium within a contained range. BTW, even in those situations people get screwed because quite often they expect more of the same and suddenly find themselves in a first rip of a rocket. Ooops…

In any case – the terms ‘overbought’ and ‘oversold’ are used over and over without care and for some reason you encounter them most often during strongly trending tape (i.e. short and long squeezes). Like some cat who showed up yesterday with his fancy RSI/stochastic/MACD combo chart which he thought was handed to him by the good Lord himself. Problem is – all these momo indicators can wind up embedded all the time. And poor retail schmucks find themselves trapped after attempting to trade against a strongly trending market. Don’t be that guy!

2014-11-11_spoos_update

And almost as to prove my point the tape continues its slow grind higher, marking new highs on the way almost each session now. It may embark on a correction tomorrow or by next March – who knows?? What I do know is that my long campaign has now produced a stunning 13R and I’m starting to move my stop a big closer. That NLSL at 2,020.5 ought to do fine. If I get taken out there I don’t think they’ll find me calling the Spanish suicide watch hotline.

2014-11-11_USDJPY_update

Update on yesterday’s USD/JPY campaign – that’s a good start and as we’ve touched 1R we’re now moving our stop to the break/even point. Nothing else to do right now.

2014-11-11_EURCAD_setup

New setup on EUR/CAD – I think a long above today’s high is permissible if it closes as a second hammer in a row. I plan to put my stop below that NLSL at 1.4058.

A few more goodies below the fold – please meet me in the 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.

And if you’re not trading right now (which is the majority apparently judging by the comment stream) then you may as well learn something useful:

Now personally I’m more of a merengue person (and you can’t beat practicing with a hot latina). In any case I hope your partner is a little less bossy than this gal – daaammnn!!

Cheers,

Kitchen Sink Monday

Folks, roll up your sleeves, grab your favorite morning beverage, and prepare to get busy. For whatever reason the market is throwing everything but the kitchen sink at us this morning. Let’s review the equities side first and then dive right in. Ready – set – go!

2014-10-27_spoos_overview

Things are looking good here – the last hurdle here remains to be the 100-day SMA and if it can be breached this week then I see little in the way of taking out that weekly NLBL on the right panel. If you’re wondering, yes I’m still holding those long positions.

2014-10-27_spoos_hourly

What I really like on the hourly panel is the 25-hour which is clearly being observed. There was an attempt to breach it but it failed right at the lower 25-hour BB. We are now starting to accumulate ST context below and that’s positive.

2014-10-27_EURGBP_briefing

Okay, on to the setups. EUR/GBP – I’m long here with a stop right below the diagonal (0.786). If stopped out I’m already set to be short with a stop above 0.788. Love this one.

2014-10-27_DX_briefing

The Dollar is approaching a convergence point between the 25-hour and 100-hour. I have to be long here until being stopped out at 85.5. Given the onslaught of excellent setups today I would not be short after that as I think there are better opportunities.

More below the fold – please meet me in the 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.

Looks like this is going to be a fun week. Shake And Bake!!

Cheers,




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