The Shorts Got The Shaft
Some brutal candles on the E-Mini in the past two hours and I hope you didn’t get caught with your pants down. As you recall the warning signs were on the horizon yesterday which is why I got out of my short positions once we breached that 25-hour SMA this morning. I have been banking some fine coin on the way down and frankly don’t really care about a few more candles down here:
It’s been a long ride and the odds of a meaningful bounce are now outweighing any downside profit potential. Although it’s quite possible that we fail the hourly NLBL and drop even lower on Monday I’m now more interested in finding a good spot to get positioned to the upside. But let’s not rush things – the fat lady may not have sung yet and thus patience is key. A breach of that NLBL today would be a good start – a push above the 100-hour SMA on Sunday or Monday even better. Either way – when it happens the Mole will be there to report it
As suggested to my subs I flipped my natgas short for a long position this morning after we breached that NLBL. I am very much liking this setup as the daily now sports nice support. So I’ll hold this position into the weekend with a stop below the 100-hour (which is conveniently rising).
CAD/JPY – finally we got the breach we were waiting for. I am now long with a stop below the 25-hour SMA. This thing has been coiling up for months and we could be seeing a nice move here. So if you haven’t yet here’s another reason for you to sign up for my Google+ alerts – the early morning pickings have been most delectable lately!
A few more goodies below – please step into my lair:
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We had another smashing week and you know what’s on Mole’s agenda now:
Aaah – simple pleasures…. Wishing you all a great weekend!
This entry was posted on Friday, November 16th, 2012 at 2:01 pm. Both comments and pings are currently closed.