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Short Term Chart Roll Call
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Short Term Chart Roll Call

by MoleJune 24, 2011

It’s summer in the Northern hemisphere – which means days are longer, the skirts are shorter, and equities are flipped into in sideways mode. Trading the swings today and in the past few days may be to the liking of you hardcore scalpers but I personally use it to hone my skill in practicing patience. Always remember – *you don’t have to trade* as in sessions like these the odds of success are rather limited. Leave it up to the bots to sling it out with each other and save your coin for a better day.

Now, that doesn’t mean that the daily charts aren’t able to tell us a little about the road ahead, therefore it’s time again for my short term chart roll call.
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Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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Silver has been in sideways mode for weeks now – which I incidentally suggested at the end of May. We now dropped through the current NLSL but the first target is near so I don’t see much of an edge here. If we however drop through 34 then we may actually go all the way to 30.

Copper is extremely fascinating right now. As you can see we have been bouncing inside some kind of flag and there was an attempt to breach the upper boundary today – which failed. That line is also coincident with the current NLBL, which is strike two against a push higher. Now we also got rejected by what appears to be a diagonal¬†up-trending¬†line, so who knows what’s going to happen here. One of those lines is going to give and if it’s the diagonal then we probably drop back to 3.95.

EUR/USD just touched its NLSL and unless we see a counter reaction here anytime soon we most likely drop toward 1.4 again. Wait for a close below the 1.419 mark to go short.

Last but not least the spoos – as you can see we are somewhere in the middle of nowhere and this sideways action could prolong all the way pat 4th of July. Note those two net-lines – which ever direction gets breached will lead to an acceleration and a stop run.

As you can see we are currently bouncing between a volume hole and a volume abyss. Not enough mojo to drive it higher but I also don’t see too any volume supporting a run lower. The summer of sideways horrors is upon us ūüėČ

Enjoy your weekend, steel rats. I suggest you spend some quality time with your loved ones, perhaps head to the mountains or watch some waves (and bikinis) at the beach – life is too short to watch tape like this on a Friday afternoon.

Cheers,

Mole
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About The Author
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.
  • nyse

    Thanks. On the last /ES chart you say, “Note those two net-lines.” Are you referring to the two yellow ones? TIA

  • TwinTurboRX7

    He meant the previous chart NLBL(green at 1293) and NLSL(red at 1256).

  • Anonymous

    Excellent Mole

  • tradingmom

    Its odd having the buy level so far away…like we could meander around here for a while, drift upwards, and still wind up a lot lower.¬†

  • tradingmom

    Anyone else thing there’s a bigger triangle brewing on the hourly zero (smoothed or rough, does’nt matter) Mole’s green line is the bottom, connect the top peaks which are progressively smaller, this thing could take a while to resolve though.¬† Odd that the hourly zero range is compressing at just the same time as the 5 min zero range seems all over the place.

  • Anonymous

    YES….place you bets

  • http://thefxspeculator.blogspot.com Onorio

    Not looking like summer here in Berlin…German summer sucks

  • nyse

    Thanks Turbo.

  • nyse

    My buddy says the winters (or at least this last one) suck(ed) too.

  • Anonymous

    No question, today was a trend down day.¬† So, interpreting the 5min Zero, the peaks were progressively lower (trend losing strength) and the bottoms were progressively higher, so that’s the same trend losing strength as well.¬† Am I reading that right?¬† Where am I going wrong here?

    SO, if I am interpreting that correctly, shouldn’t the next “wave” be up, once this triangle breaks?

    NOW, there’s a post-4PM pop to the upside, pretty much breaking the triangle.

  • raised_by_wolves

    Repost from previous thread:

    My inside OptX period short silver trade has been triggered. Here’s my stop:

    http://content.screencast.com/users/raised_by_wolves/folders/Jing/media/b083a889-2bc0-4e7b-ae15-9241982b9c99/00003473.png

    Here’s what the trade¬†presently¬†looks like in TOS Analyze (white line = current profit/loss; red line = profit/loss at expiration):

    http://content.screencast.com/users/raised_by_wolves/folders/Jing/media/0464937c-43e9-4c88-8a2c-2c61c70f2340/00003474.png

    I’m playing this with July puts and will hedge with weeklies as appropriate with the goal of turning this into a risk-less trade.

  • Anonymous

    Thanks Mole.  Good stuff.  Please update the DZ. As for the weekend Рseeing my Morning Jacket tonight, SF Giants tomorrow and Rush on Sun.

  • http://evilspeculator.com molecool

    Deswegen bin ich ja ausgewandert, das Wetter im Vaterland is grausam.

  • http://thefxspeculator.blogspot.com Onorio

    I`m not German Mole, just here on vacations :) 

    But i google it to translate, i agree with you, the weather here is too weird, sun and rain cold and hot all mixed, pretty unbearable.

  • http://evilspeculator.com molecool

    Weather is much better in Munich and Austria. Before you leave Germany I recommend you head down there.

  • bisq

    Thanks Mole , patience patience patience. Sometimes the best trade is no trade – exactly.
    Good weekend all.

  • Anonymous

    yes. been watching it.

  • 99er

    Hey, RBW. Was thinking of shorting gold given the big drop these past two days ( http://99ercharts.blogspot.com/2011/06/gold_25.html ) but, upon closer inspection, decided not to. Note the bullish Gartley (in gold) and a Wolfe Wave (in blue) targeting around 1590 ( http://99ercharts.blogspot.com/2011/06/gold_3125.html ). Good luck with silver; that looks more bearish to me than gold ( http://99ercharts.blogspot.com/2011/06/silver_25.html ).

  • raised_by_wolves

    Interesting. Any bullish or bearish patterns on copper?

    By the way, I don’t get Disqus notification via email (so just happened to catch your reply) even though my settings are correct and even though I’ve bitched to their customer service.