Ramp & Camp
Thus far all I’m seeing is a ramp & camp day, so this could turn out to be interesting. I’ve said it before and I’ll say it again: None of the news sponsored emotional spikes matter – it’s the follow through we really care about. Under normal circumstances I would be all over a no-show session like today. But unfortunately the lack of context is dampening my appetite for picking a side, for now:
That doesn’t mean we can’t have a bit of fun, right? Let’s kick of our first setup of the new year via gold – beautiful 100-day SMA touch and although I think it’s looking bullish I am short until (or should I say when) it breaches that SMA. If that happens then I’m happily long with a stop below. A pop above the 25-day would be confirmation and I hope it’ll happen as this IMNSHO would be the more profitable direction.
AAPL painted a pretty lonely candle today but I’m granting myself a few lottery longs here with a stop below the 25-day SMA. Caveat – that one is still dropping thus I suggest discipline with your stop . Obviously AAPL has been very volatile as of late and if you follow me into the abyss then play it small and permit yourself a stop at least a bagel throw away.
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Sugar – I know it’s not in everyone’s cup of tea, but it’s painting a very very juicy setup right now. Short until I see a breach of the 100-day SMA. Once again a long breach would be my preferred direction but unfortunately nobody cares about my deep desires (ask Mrs. Evil).
Over in currencies the USD/CHF just painted a juicy spike after faking out the bears. Nasty and it’s getting an E+ for an extra evil session. However, other schmuck’s pain shall be our gain – I’m short here at the 25-day SMA and willing to flip if she pushes above. Either way I expect a bit of turbulence ahead – a spike this like this usually is answered by a shake out of some weak hands. So be patient and don’t get over positioned, entiendes?
USD/CAD – almost eery to see some strength on the Dollar side for once – I hope it lasts but who am I kidding. Anyway the daily just chopped through both its 25 and 100-day SMA. I am short with a stop above the new falling 25-hour SMA.
NZD/USD – this one is going to take a bit more finesse. I suggest a light Bordeaux and a short position if it drops below its 25-day SMA (which would be quite a failure). Long with a dry Chardonnay if it pops back above its daily NLBL. If you don’t like wine then you are not allowed to trade this one.
EUR/CAD – boy what a slaughter. I would be willing to risk small exposure if I see signs of life here near the 25-day SMA. Too far gone for me to get into a short here – unless it’s preceded by a test of the SMA. Hey, I never said I was easy!
Similar idea here on the EUR/AUD – again, be patient and don’t step below a falling sword please.
Last and least (I’m kidding – this is a good setup) here’s the AUD/USD. Similar idea as above on the NZD/UDS: A long above the NLBL and a short below the 25-day SMA. You are free to pick your favorite beverage on this one but I recommend Fosters 😉