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Let’s Cook!
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Let’s Cook!

by The MoleOctober 16, 2013

You couldn’t find a better script coming out of Hollywood. As the world is mentally masturbating to an impending financial doomsday scenario the protagonists in Congress are blissfully ignorant about the fact that the damage has long been done. But perhaps we’ll manage to screw things up just a bit more. Spoiler alert – we lose either way, so why worry about it? Meanwhile we here at Evil Speculator have been doing what we always do – ignore the noise and focus on banking coin.

If you were a sub yesterday then you would have had not one but two opportunities to hitch a ride on the EUR/USD. I recommended an early entry near the lows with another later in the session. It’s been running like a hare since. My preliminary target is near the upper 100-hour BB however I may only take partial profits there and here’s why:

On the daily we may get a FO-L entry today – assuming we breach 1.357. So if the momentum continues upward then a breach of that level today would be a long signal. Which would hopefully get us out of this sideways hell we’ve been stuck in over the past few weeks. Our stop would be today’s lows at 1.3505.

Alright, I’ve got a ton of great setups this morning and I’m tired of seeing tumble weeds here in the comment section. So wean yourself off the doomsday pørn and suit up – it’s time to cook!

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About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at various social media waterholes below.
  • http://dartht.blogspot.com/ Heisen_Gerb

    Stephen Colbert +666

  • http://dartht.blogspot.com/ Heisen_Gerb

    /es 1707, twitter rocks.(Boener caves)

  • ridingwaves

    financials carrying load today…they are in the know! debt deal shenanigans- you would think a sell the news event is next…opex week and debt deals…combo number 1 at hamburger shop..hold the retail..

  • Sean

    Shorted /es at 1710.5 with a stop at 1714.5 (or noon, whichever comes first)… this is based on the ticks >70% above zero plus negative linear regression for the 1st 45 min… let see how this plays out…

  • SilverEagle

    Juggernaut.

  • ridingwaves

    long VIX again..

  • http://www.ProfitFromPatterns.com/ Ivan K

    There are two ways to find out how sharp a knife is … run it over a piece of paper … and see how it cuts … or … run it over your wrist … and ‘see how this plays out’.

    Perhaps a rigid back application would be the way to go at this stage!

  • Skynard

    Hourly showing dbl div and 5 min now. Still short to see if they take out the high.

  • Sean

    You’re probably right… going to have to learn to resist the allure of that bright red stove top…

  • Fearless

    This is an up trend day material. Be careful with the shorts.

  • http://dartht.blogspot.com/ Heisen_Gerb

    so much drama, Ivan, you’re loosening up.
    I like it!

  • http://www.ProfitFromPatterns.com/ Ivan K

    Additionally the outcome of just one campaign has zero meaning in the bigger picture … a back app is also a vastly superior way to use your precious 86,400!

  • http://dartht.blogspot.com/ Heisen_Gerb

    Ivan, you wouldn’t have been in the audience that day?

    A clear headed quantative look at trading.
    Jump to 21min mark regarding loosing streaks. wow.
    http://www.youtube.com/watch?v=ew1L6SLpHgM

  • ridingwaves

    or a sell the news day…..

  • http://www.ProfitFromPatterns.com/ Ivan K

    I was one of the founding members of the ATAA … as well as the initial editor of their newsletter … small world.

    EDIT: (your edit) … jump to … and YouTube … and Internet … and Vanuatu … are pretty mutually exclusive … all comms are via sat here until a fiber cable from Fiji arrives in 2014.

  • http://evilspeculator.com molecool

    It never fails. The market takes off and retail starts thinking about short setups.

    I’m not trying to be an ass folks – but it’s important that you guys learn to read the tape and trade with it – not against it.

  • http://dartht.blogspot.com/ Heisen_Gerb

    it’s the best video I’ve seen, ever.
    not to diminish anyone else’s work.
    I thought you might be linked.
    “next thousand trades”.

  • http://evilspeculator.com molecool

    Love the video but think about it. All these things he touches on have been covered here over the past few years. And are quickly forgotten. Like Winston said: ‘Men stumble over the truth from time to time, but most pick themselves up and hurry off as if nothing happened.”

  • http://evilspeculator.com molecool

    I recommend to watch the entire video.

  • http://dartht.blogspot.com/ Heisen_Gerb

    Yep.
    😉

  • http://dartht.blogspot.com/ Heisen_Gerb

    trend or range? if only I had an indicator for that.

    I typically get crushed when a range sneaks into a trend. (long or short!)
    and that begs the need for disciplined trading.

  • http://evilspeculator.com molecool

    Just saying…

  • http://evilspeculator.com molecool

    My favorite chart in the video. The stats of the ASX TT are very comparable to what you can expect from Ivan’s system – at least on the 480 with our filters. Ivan will have his own thoughts and probably tell you that you can build your own system based on your own trading goals. What I’m pointing out here on this chart is the perception of traders who attempt to follow a system.

    I had several CrazyIvan subs cancel in the past two weeks despite the fact that we actually painted 3.5R profit in the past month in EXTREMELY difficult tape. See the chart below – it attempts to visualize the perception (and horizon) of retail traders vs. reality.

  • http://evilspeculator.com molecool

    And what I highlighted above is probably more than six months – I have people cancel after one month – with profits!!!

  • Sean

    I closed out my VIX puts today, but wouldn’t go long again until the trend changes… I’m going to wait to see how things look ~14…

  • BobbyLow

    Nice Setups this AM Boss.

    I also like when sometimes you are using SMA’s and Net Lines while I’m using EMA’s and all of them agree and send a similar message. :)

  • Skynard

    No crystal ball, but this hair brain shit is what happened back in 07′. False flag or call it what you will. History “DOES” repeat itself! Guess everyone has a short memery. It does not matter WTF the fed does, what does matter is that we have a bigger bubble now. What I’m talking about is that for damn certain what happened then will not affect me this time around:) Short the Bitch! ZL is saying FU bulls!

  • BobbyLow

    Fortunately, I was out before it happened but I think this is a perfect example of a Stop Run on the 12:20 PM Candle of USD/CHF. Now perhaps they can continue with it’s regularly scheduled run up. LMAO

    Please excuse the lousy picture.

    http://screencast.com/t/LzNBfEBN5j

  • ridingwaves

    The last 2 weeks has been a day trading vix paradise as long as you take your profit..10% moves daily…I actually came into this BS with that plan…play vix while the stupid congress critters play with the public and fear…

  • Sean

    I’d be careful here… the VIX seems to be disagreeing with the short thesis today…

  • Skynard

    That thing has been all over the place and for good reason. Very indicitive of a uncertain market.

  • http://evilspeculator.com molecool

    Not much of a difference. Entries do not matter as much as you think – it’s your campaign management. Inflection points do matter but entries near them all are system dependent.

  • ridingwaves

    and has been fun to trade for last couple weeks….with opex we could get some more zigging and zagging..fat lady hasn’t sung yet

  • Sean

    Nice if it’s working for you! … I personally cannot day trade the VIX (partly because I can’t watch it that closely at work but mostly because I don’t like to day trade anything without a mechanical system)… I’m looking at more of a 1 – 3 week holding period.

  • Sean

    Maybe… but I’m not willing to bet on either direction here… closed out my long position from 10/9 today (via VIX puts) and I’m back to neutral till I see more, but that’s because currently my holding period is measured in days/weeks instead of hours (not able to trade intra-day setups/signals currently), so I don’t really have skin in the game on intra-day moves.

  • SilverEagle

    So what are we to make of the massive spike we’re seeing in the zero now but almost no price movement?

  • Fearless

    My guess – accumulation, which we shall see the results in the final trading hour.

  • BobbyLow

    Absolutely agree. Entries are relatively easy. It’s what’s done after entry that’s important.

    I’ve finally begun to consistently use multiples of ATR for both Stop Losses and Possible/Probable Targets and are submitting them at the same time on FOREX. Money can be left on the table as in what happened with the CAD/JPY today. OTOH, I don’t know how many times I’ve had profits not taken dissappear and never come back.

    The bottom line is that this trade was successful because it reached its maximum possible/probable excursion under my campain management criteria.

    See, and you thought I wasn’t paying attention. LOL

    I’m continuing to Day Trade FOREX. And I still love to Swing Trade Oil. Ironically, I closed out my last Oil Position on October 10th because I didn’t want to play “hide the salami” with Congress. I just noticed that as of this moment, Price is actually worse than it was when I closed it out. And I didn’t have to go through all the ZigZag crap. That in itself is a win! :)

  • http://evilspeculator.com molecool

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    ¸„ø¤º°¨ P O S T “°º¤ø„¸

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  • http://evilspeculator.com molecool

    Good Mole signals today…