One of my more acute readers noticed that I actually posted the wrong chart in my wrap – instead of the 60-min spoos chart I put up one of the S&P cash – sorry about that. Let me remedy this slip up post haste and show you what has happened in the interim:
As you can see we are now nicely perched between a NLBL at 162.75 and a NLSL at 1259.75. Could it get any better?
Yes, it could – as we are currently painting what looks like an inside candle and you know the drill that our resident convict has drilled into our collective numb skulls: After conclusion of the current candle (i.e. 9:00pm EDT) take a long position on the breach of the high or a short on the breach of the low. Folks, we are talking a picture perfect setup here – Scott’s candle magic plus two net-lines. How could any self respecting rat resist? 😉
In terms of targets I’m pretty conservative – I’d probably give it three handles either way, depending on velocity of course.
On a hunch I checked out the AUD/JPY and as I suspected an almost identical setup is currently unfolding on the FX side. So if you’re not comfortable trading the spoos (some rats are afraid of the big bad futures it seems) then you can play this one with your Forex account.
Alright, you have been briefed, let’s bank some coin! I’m gone to martial arts practice for the next few hours and my trades are setup. I expect you guys to carry this one by the book – please chat amongst each other if you have any questions about this.
P.S.: I’m really liking this indicator. Have a feeling we’re going to have a lot of fun this summer.