Chop Until You Drop
Welcome back to the chop zone! There is really not much to be said until we clear what appears to be a textbook symmetrical triangle:
Are we going up – are we going down? Yes and yes. Look, what some of you noobs may miss to understand is that congestions zones like this are pure manna from heaven for market makers. Obviously the tape is stuck in rut here and has been running like a hare since early August. If you read my weekend update then you have a pretty good idea of why the odds are pretty lousy here.
To predict the outcome of this chop fest is a sucker’s game – instead I recommend we wait until this thing is ready to resolve one way or the other. If it does we may see some early warning signals on the hourly spoos or the AUD/JPY. If we do I will let you know of course.
The patient traders waits his turn and lives to trade another day. Remember, you do not have to trade every session. Of course your clearing broker would disagree 😉