And Now For The Shakeout
To be frank I was a bit surprised to not see a more persistent attempt to breach the volume hole near 1440. But I’m not about to argue with the tape and the current shake out for us means new entry opportunities across the board. As I’m not completely useless I did alert my subs to a juicy short term opportunity a few hours into today’s session:
Here’s what I sent my subs – if you either saw my email, my comment, my tweet, or the flood light projecting Mr. Evil onto the clouds then I hope you took out some short positions.
It’s been a sea of red candles every since and I don’t see any substantial support until 1415.5. If the 100-day gets sliced then we may hold at 1410. Until then I would take some partial profits and let the rest ride.
BIDU – interesting setup actually. The hourly is looking bullish but the daily is facing a NLBL and the 25-day SMA. I’m long here with a stop below the 25-hour SMA. Should it give way and we close below the NLBL then I may take out a short position.
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AUD/USD – after approaching our target area Mrs. Difficult decided on an instant u-turn and is now breaching through hourly support. I’m now short with a stop above the 100-hour.
USD/CHF painting a possible NLSL breach. I’m short right now with a stop above the mark.
Cocoa screwed me this morning and as we are back from whence we came I am now short with a stop above the 100-hour. What if she pushes back above? Well, then I’ll be long with a vengeance – you betcha! Actually I have an inkling that’s what’ll happen but technically I can only be short right now.
Crude – inside day. Not a perfect one but I like that inverse hammer preceding it. I think we may some movement here – open to both entries in tomorrow’s session.
Sugar is looking interesting right now – I’m once again short with a stop above the hourly SMA.
Silver has been manhandled in the past few days – sheesh! I’m long right now despite the daily NLSL breach. Reason? The 100-day right below which ought to be good for support. But once again I’m hoping to be wrong here and flip it for a short trade as that is probably going to trigger a juicy long squeeze. Either way – I’ll get my pound of flesh 😉
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