Short Term Entry Opportunity

I hope you guys are rested and ready to rock & roll as we’ve got an unfolding and time critical entry opportunity on the E-Mini. I’m going in with a very small position size as whipsaw risk is real and we’re not benefitting from a lot of context right now:

The range here is pretty narrow and I’m grabbing a handful of longs with a stop below 2078. Note that we’ve got overhead resistance developing again on the daily panel. So there is a good chance we’re going to screw around here for a while longer and shake out premature Santa Rally participants. I give long resolution a 40% probability here at best this week after all that volatility in the previous one.

Friday was rife with fear which made it a great day for hunting hapless victims – we managed to snag a very respectable list of them. So let’s review – GBP/CAD is looking very good here and I’m moving my stop a bit above break/even.

NZD/JPY got stopped out at break/even a little while ago.

EUR/USD – my old nemesis as a drop to par once again was dangled in front of my nose and then swiftly pulled out of reach by Mario Lucy van Pelt Draghi. That bastard! My revenge will be swift and merciless and unlike Hollande I mean it. Anyway, so far my scheme seems to be proceeding as planned. We got that little pop higher which gave us a perfect entry opportunity. Our stop now moves to break even and now we wait.

Wheat almost snagged my ISL – it dropped to two ticks above. Better to be lucky than good I guess. I’m moving my stop near 484 and will trail it higher.

Soybean Oil now at my preliminary target and I’m taking partial profits. The remaining 25% I’m keeping in the running for a potential squeeze higher. Trailing stop below 31.7.

New setups below the fold – please join me in the lair:

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We’ve got some market movers today – GBP pairs may be rattled half an hour after the open. The Yen is scheduled for some volatility later tonight as well.

Cheers,