Come To Daddy
We are now counting six consecutive higher highs on the weekly panel and although that is not a reason to dip into short positions I am starting to enjoy seeing the odds swinging back to the selling side. At least on a short term basis we are heading into a correction sometime this month. Timing our entries will be what separates the steel rats from the field mice.
As of right now I’m seeing a juicy short opportunity on a little pop towards ~2091. If stopped out and Zero permitting I will long 1/2R after that and add 1/2R if we breach 2100.
Before we get to the setups here’s a USD/JPY Update. You may have grabbed some longs there with me last week and it’s due time to take some partial profits. The remainder 1/2R I’m keeping in the run with a trailing stop near 123 – nice number.
Cable – I’m sweating a little bit on this one given the current sell off but I’m long here with a stop below 1.5. Let’s see if it sticks.
Bonds – similar setup actually – interesting. I am the first to admit that there isn’t much of a support line here as we barely have three touches. 1/2R only.
More setups below the fold, please join me in the lair:
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