Cruising Into The Weekend
Looking at a weekly or monthly chart of the SPX this market may look easy to trade in hindsight. But believe me when I tell you that the past nine months have most certainly separated the proverbial wheat from the chaff. And that means if you’re still here, liquid and trading, then you are a proud member of an exclusive and bad ass minority among retail traders.
You have earned your battle scars and the skills required to survive and prosper in a market environment heavily dominated by high frequency trading bots, prop desks, and multi-national quant firms with access to quasi unlimited resources. Ponder on that over the weekend and make sure you reward yourself accordingly. If you happen to live in L.A. rent yourself the tackiest lowrider you can find, then drive it down Sunset whilst cranking up NWA. Hey, you only live once and staring at chart isn’t exactly feeding the soul.
I didn’t see anything valuable on the entry front this morning so let’s just catch up on our ongoing campaigns. The E-Mini is still burning through its second stage booster and thus far our 1R MFE trailing strategy has served us pretty well. I’m tightening things up a little now however as I do expect a bit of a reversal either today or early next week. Trailing stop goes to < 2541 and the rest is up to Njord (props if you didn’t have to look that one up).
Gold seems to be ready to disappoint and that’s just how the cookie crumbles. We are in earshot of our stop and unless a miracle happens today I think it’ll continue lower. I didn’t give this one much in terms of odds which is why I fortunately stuck with lottery ticket position sizing.
ZN also not looking as if it’s going to be working out unfortunately. I actually thought the odds were a lot better for that one but apparently nobody cares what I think! 😉
Soybeans on the other hand looked like a stillborn the other day but it snapped back and may have gotten a 2nd lease on life. I’m not doing anything here although it would be tempting to cash out. That was a pretty nasty shake out attempt which IMO actually raises the odds of a take off here.
I think I’m going to start lighting candles for our USD/CAD campaign. Why can’t all our campaigns play out this beautifully? I would have retired a long time ago instead of putting up with you rowdy lot! Anyway, we are already trailing at > 3R so every added pip is just another cherry on the cake.
That’s it for me for now – see you all on Monday.