Just last night before the close I encouraged you guys to start paying attention as we were pushing near important inflection points across the board. And not only that – I backed up my outlandish claims via a laundry list of juicy short term setups, offering cheap seats on very promising daily campaigns. So let’s see what happened overnight:
Starting off with the most insignificant sector right now – equities. Back to the woodshed it is unfortunately and this chart is now starting to resemble Dr. Zeus’ worst nightmare. Temporary backstops here are the lower 100-hour BB near 2090, the daily NLSL at 2087 and if that fails we may hold near the 25-hour SMA at 2080. I for one am not too eager to throw any coin into anything related to equities right now. But that may change as soon, so let’s not get complacent here either.
AUD/USD – it seems like the evil market goddess favored my nefarious plans as I got what I would call a perfect entry, just as planned. I am definitely making this a daily campaign – stop now at break/even.
AUD/CAD – got extremely lucky here as well. Not so much by my entry but that I escaped stop out by a tick or two. Also staying in this campaign but am taking partial profits here. – clearly there will be a bit of a shake out after such a push outside the hourly BBs.
EUR/CAD – so far so good and my stop is now at break/even. Nothing else to be done here right now.
EUR/USD – incredibly I also got my 1.086 entry here. Better to be lucky than good I guess… Much to my chagrin of course and right after I’m done typing this I’ll head to the ATM to pull out a bit more cash. Looks like this may turn into a runner and head to 1.13. I’m not liking it but this is a pretty good hedge.
EUR/JPY – good entry as well and we are in good shape.
NZD/USD – looking good here! Stop still at break/even.
Copper is the one laggard of the bunch and I got stopped out at break/even – big deal.
Words To The Wise
Over the past few years I have been experiencing this phenomenon over and over again. The tape is pushing sideways and people are banging their heads against the wall for weeks on end, against my usual advice to lay low and to keep one’s powder dry. The board is starting to resemble a ghost town with large tumble weeds rolling through the comment section. Everyone is worn out and nobody is paying attention as recency bias rules the general outlook. Of course this is exactly when you need to pull yourself together and start looking for early signs of a break out move. You may get it wrong once or twice but as the bus empties by the day the odds for a big move are increasing as BBs have contracted and the tape is coiled up like a snake.
And almost every single time only a small minority here snaps into action and does what needs to be done. As Ed Seykota once put it so aptly: “A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That’s the kind of thing winning traders do.”
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.