Surprise Monday Wrap Up
The May indecision run continues unabated. Today’s session was treacherous to say the least but I think the Zero signal gave us enough edge to keep us from falling into any nasty traps:
Was it a picture perfect signal day? Far from it – but if you pay attention and watch the beginning it’s clear that the ZL told us right away that we may have a drop and stop day on our hands.
Before I run here are two sweet setups for the subs:
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.
That’s a sweet inside candle on crude – a breach of the prior candle’s high would also probably get us above the net-lines buy level – of course a fail here and a drop below the prior candle’s low would be pretty bearish and be considered a failed attempt of the NLBL. FYI – according to Chris Carolan’s five day rules that net-lines buy signal will expire by the close of tomorrow’s session (which is already running).
Awesome setup in Silver – we are clearly painting small pennant here, which traditionally is thought to be a continuation pattern. I’m wording it this way as I frankly don’t put too much value into those types of patterns. What I do know however is that we painted three dojis in a row and that we’re coiling up for a big move. Which way I really don’t care – I take the bus that leave the station first. Again, you know what to do. Please be aware that the NLBL will expire after the close of tomorrow’s session. The NLSL is good until Wednesday but don’t let that stop you from taking the candle that gets us out of this formation.
And as you probably know we got that net-lines sell signal on the EUR/USD – however my target zone has already been touched, so I won’t dip into this one. It’s possible that we breach the 100-d MA and drop a lot lower and perhaps it’s fair to keep a few lottery tickets in the running here.