Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.
Nice activity this morning which presents us with nice entry opportunities. Time to get busy! Here are the spoos which have descended a bit over night and are now approaching the 100-hour SMA. I think a long near 2121.75 with a stop below 2120 has merit. If that one goes then we probably drop to 2113.25 or lower.
Similar pattern on the NQ and you can spread your exposure between those two.
EUR/USD – liking the sell off at the ATM but from a trading perspective we are approaching the last line of defense which IMO is the 25-day SMA near 1.10862. I’m trying a long if we breach 1.11.51 with a stop still to be determined – need to see the next spike low or NLSL.
Gold – long near the 25-hour with a stop below 1202.7. That was quite a slap down! Let’s see if it can recover or if we’re back in sideways mode. FWIW – boy the June contract has been a crap period for traders.
Quite a bit more waiting below the fold – please meet me in the lair:
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You have been briefed – now have fun but keep it frosty. See you guys later this afternoon.
Many of you guys have approached me over the past few years asking about some way to let your accounts be traded automatically. Although daily systems like Thor are a lot easier to follow than for instance CrazyIvan which rolls over three times per day, placing trades manually after receiving email or Jabber alerts just isn’t for everyone. Many of you have day jobs and/or family obligations which prevent you from attending roll overs on a regular basis. Even the best system in the world is rendered useless if you aren’t there to either receive the signal or to place the trade. Another issue is placing them accurately day in and day out without making any mistakes.
You asked for an auto trading solution and the Mole delivered. Over the past few months I have been working with the people at Vankar to develop a program that is flexible, secure, and would allow you to retain complete control over your trading accounts at all times. This is how it works: In essence all trading activity produced by a master account is copied to one or more client accounts via what’s called a lot allocation management module (LAMM). Clients will have to setup and fund two trading accounts over at Vankar – one for Forex and one for futures. Authorization to accept the signals issued by the master account is given via a letter of direction (LOD) – you print it, sign it, send it to Vankar, and that’s pretty much it. The arrangement is extremely flexible and withdrawals can be made at any time.
On my end you simply sign up for the package of your choice after your account at Vankar has been activated. You’ll pay monthly subscription fees right here as a member just as you may be currently doing it with Thor or CrazyIvan. There is no profit sharing and no annual management fee. All profits or losses accrued are yours to keep – simple.
The plan is to start out very small with a handful of people – about five to seven – who already have expressed interest in the recent past. Some of you have already done so and I’ll send you an email invite today or tomorrow. If you have not contacted me already then feel free to write me at admin@ - if there’s still a seat available I will add you to the list and forward you the information on how to get started.
Be advised that the minimum account size will be $100k – that is $50k for the futures and $50k for the forex account respectively. Below that it just wouldn’t make sense for you or me as various futures contracts would be out of reach (e.g. silver or copper). There is no upper limit really, in case you’re wondering. The systems I plan to start out with are Thor/Thor.0 and CrazyIvan. The latter has always been tough as a manual system but given the rising equity curve (130R as of today) it’s definitely worth adding via automation.
So here’s the rub – you will have to decide which system you want to trade. As I mentioned - there will be two packages to choose from:
- Thor/Thor.0 LAMM for $149/month
- CrazyIvan LAMM for $149/month
You will not be able to trade both systems in the same account, so you need to tell me which system you want to be traded. If you want to trade both systems then you may have to open separate accounts. Vankar tells me there is a way to create sub accounts, so if there’s sufficient interest then we can definitely explore that further. But for now you should pick one and we’ll take it from there.
Now in the first month or so I will not be charging you guys subscription fees as I want to make sure that everything works perfectly. Most likely we’ll start with very small position sizes – initially 0.1%, then 0.5% and then finally 1% as always. So if you’re an existing sub and want to switch to auto trading then don’t cancel your existing Thor or CrazyIvan subscription just yet. You won’t pay extra after opening an account at Vankar as I won’t charge for the LAMM signal until we switch to full position sizes.
If you have any further questions please don’t hesitate to shoot me an email at admin@ – I’ll be happy to answer any questions or if you’re interested put you in touch with Mark who’s my contact over at Vankar.
I’ve accumulated a good number of positions over the past week and decided to not take on anything more for the day. We still haven’t really taken off across major indices and in line with my adjusted modus operandi of remaining nimble I don’t want to get over exposed. So let’s do a quick run down of some of our recent victims:
The spoos thus far are looking good to go and I’m moving my stop to 2112 now which is at break/even.
AUD/USD – that’s a campaign I’ve been holding since last week. It somehow rolled over nail or something as it went completely flat and rolled back to the downside. Stop out at my trailing stop for a humble 1R profit.
AUD/CAD – boy that was an awesome entry this morning right before it took off like a rocket. Moving my stop to break even and will hold through the RBA minutes in about seven hours.
EUR/CAD – also one from this morning. I say meh here and this one may actually stop out. I love the formation on the daily but it was probably too early to try a long position. I only have 1/3R in this one so I’m holding it.
EUR/GBP – stopped out of this morning’s ST position. The original entry form last week is still good and my stop remains at break even. Not really loving the mojo on this one to be honest but I’m holding it.
Cable – a few more pips to the downside and I’ll be out of that one. I was hoping for a LKGB here but it kept dropping below the 100-hour SMA. Bummer really as this is a great setup and I would take it every single time. Perhaps we’ll get another chance at the daily NLSL further below.
USD/CHF – awesome entry here this morning and I’m moving my stop to break even.
Wheat – for some reason this one screamed continuation at me this morning. Very few traders would have taken a long after that long candle last week. Great entry and I’m obviously holding it although I’m pretty sure there will be a LKGB retest of the 100-day. Moving my stop to break/even and Bob’s my uncle.
The future is now – so don’t bring a knife to a raygun fight. If you are interested in becoming a Zero subscriber then don’t waste time and sign up here. A Zero subscription comes with full access to all Gold posts, so you actually get double the bang for your buck.