Stepping In Front Of A Speeding Bus
It’s been another tumultuous week and fortunately a profitable one as well – assuming you didn’t trade your emotions and instead followed some of the setups presented here. Someone (name omitted to protect the guilty) asked about the possibility of a top in the IWM earlier today and once again it was time for the Mole (and some helpful seniors) to dish out some tough love. Why in the world would anyone look at the IWM of all symbols and decide that this one had run its course?
Now that day may come Monday or it may come months from now – but unless we accumulate strong technical evidence that suggest that equities are ready to hand the reign back over the bears I humbly submit to do yourself a favor and move on to easier victims. Look, every time you find yourself in a rut in your trading career look in the mirror and ask yourself if what you are doing is aimed at feeding your ego or if it is to bank some coin? Because if it’s the latter it’s hard to equate why anyone would attempt to step in front of a speeding bus. The good news? There is a better way. Stick around and we’ll sort you out in no time. You know our motto: Yes We Can bank coin in this crazy market!
Soybeans – nice entry we get there on Monday and I’m ready to call it a trade as we are running into resistance near the 100-day. I may be looking for a short here next week but would like to see more of a test.
Partial profits on EUR/USD – the entry a week ago paid off handsomely and I don’t see a reason to get out just yet. However today’s candle could be signs of an impending shake-out and I’ll be taking a few contracts off the table.
ICE – we got our inside day (ID) entry earlier this morning and I’m ready to call it a trade. Yes, that was uncharacteristically quick, but I the odds of a reversal this far outside the 100-day Bollinger are pretty high. When you make easy coin get out while the getting is good.
Gold is looking interesting despite the sideways whipsaw we had to endure over the past few weeks. It appears to be painting soe side of sideways triangle – not a perfect one by any measure but the diagonals are converging and have been well defined. This thing is coiling up and I would most definitely like to get positioned once we see a breach to either side. Caveat – we often see a false breach before it picks a direction – you have been warned. I’ll be sure to harp on this one as soon as it’s ready to hatch.
Natgas – the cruel mistress. Interesting on a short term basis near the 100-hour. On the daily we may get a last kiss goodbye of the 25-day – not perfect sure yet. To make things easier for us it’s painting an inside day – just follow the entry rules and you’ll be fine. Take it easy with trading NG – she’s temperamental.
That’s all – time for me to call it a week – my well deserved Hefeweizen is waiting See you all on Sunday – I will put together another update from the POMO front as well as some long term musings on the Euro.
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.
This entry was posted on Friday, February 1st, 2013 at 2:09 pm. Both comments and pings are currently closed.