Tip Of Your Spear
I’ve been slumming it at the competition and the majority is either confused, bored, bored & confused, on vacation, or too scared to make a move. Not the Mole – I love times like this. Moments when everyone else sees only chaos and nothing seems to make any sense.
But if you look carefully – if you ignore your inner fears and if you pay attention – then it suddenly all makes sense and things come into focus. And then you simply snap into action and simply follow the tape’s direction. No need to over think this. It’s all out there for the taking. I’m the tip of your spear – follow me into battle:
AUD/JPY – super sweet here dancing below its daily NLSL. I am short right now with a very tight stop just above 81.25. If breached this will hopefully become the long trade that leads equities into the Full Monty (see my weekend update).
A lot more where this came from – dress for battle and step into the evil lair:
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Similar setup on the AUD/USD – very little risk being short here as your stop is only a few pops away. And if you wonder – yes, I would flip this for a long in a heartbeat.
EUR/CAD – inside day + NR4 – you know what to do. If not please check the cheat sheet.
On to commodities – natgas is dropping back to its NLSL. I would like to see it get a wee bit closer to take out a long position with a stop below 2.742.
Copper – I am long with a stop right below 3.4 which is where we find the 25-day SMA acting as support. Would also flip this one if it drops below.
I do like cotton right here – we have an inside day + NR4 combo. If we get a short breach the NLSL right below at 69.97 would be our confirmation. Either that or it bounces back there – heck, do you want to live forever!!?? 😉
Last but not least – crude – beautiful inside day + NR4 combo. Would take either side here, so watch this puppy as tomorrow’s session unfolds later tonight.
Have at it and don’t over think it – directional traders have their asses handed to them in tape like this. Don’t have an opinion – just follow where the tape takes you. You’ll sleep better, which means you’ll be hitting the gym more often, which means your wife and children will love you. Your boss will promote you and your rich uncle put you in his last will. Either that or you’ll lose your ass and sleep on park benches. Life isn’t fair – embrace the pain 😉