Discretionary Trading
Now Reading
Tread Lightly
55

Tread Lightly

by The MoleJanuary 19, 2017

I just spent half an hour putting together two very juicy looking precious metals setups for you guys when silver suddenly fell off the plate, probably due to Draghi sneezing or passing some type of verbal flatulence. Gold fortunately seems to be less affected and if you act now you may just be able to snag one grade A entry:

2017-01-19_gold

I’m waiting a few more minutes for Draghi to finish and if she holds plan on grabbing a long position near 1200 with a stop a few ticks below 1197. However if that spike low gives then the entire formation is going bust and we may actually try a short entry on a retest of the 100-hour SMA.

2017-01-19_ES_churn

Otherwise I won’t be doing much today ahead of tomorrow’s inauguration. Over the past two weeks the E-Mini has been churned so much, at this point we may be able to start selling butter made from the tears of traders. So I suggest you tread lightly and prepare yourself for volatility, especially tomorrow.

 


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at various social media waterholes below.
  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    I turned 50 last year.
    Now I just need the pile of cash.
    https://vimeo.com/76678306

    -HeisenGerb

  • Billabong

    After all of the long/short oil discussions over the last few sessions, the reality is that if you are using a daily chart and purchased a position the 12 Dec close, you would still be at the same price today … market has spoken.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    the thanksgiving flash up, could use a matching book end.
    ‘when’, is the trick.

    http://stockcharts.com/h-sc/ui?s=$WTIC&p=D&yr=0&mn=6&dy=0&id=p27560307967

  • Tomcat

    Is Zero stuck?

  • http://www.captainboom.com/ captainboom

    Working for me.

  • Tomcat

    Yes its working now thanks.

  • Tomcat

    Sure, but based on just the postings here, RRRs have been gained and lost between now and then :-)

  • Yoda

    great trading plan for GC. Thanks.

  • StockTalker

    Nice signal and alert. See who wants to be long for tomorrow.

  • BobbyLow

    Yep and that’s what this stuff does. It’ll drive swing traders crazy with a churn to nowhere for weeks at a time. But at some point it’ll fall into an extended trend either up or down. Is there a guarantee that this will happen in the future? No. However if you take a look at the Daily over the past 15 Years or so, this is how oil has behaved.

    I’m not good enough to recognize which signal is going to be the next extended trend. But one good trend more than pays for them all. This is why I try to take every signal as they come. :)

  • ridingwaves

    the widow maker is complex little sucker….huge drawdown but little movement yet…

    miners are picking up bids in this area, take note that metals comex is next Tuesday I believe…

  • BobbyLow

    50? Time is going to appear to accelerate faster now GG. Try to enjoy every minute of it. :)

  • saltwaterdog

    243 BCF vs ests of 240?
    “U.S. NatGas Stockpiles -243 Bcf, Median Est. -240 Bcf: EIA”

  • ridingwaves

    huge drawdown expected, fixed it :) should have popped more though….

  • saltwaterdog

    200dma/61.8 supporting for the moment

  • Yoda

    I haven’t seen so many blue arrows in one given trading day.

  • StockTalker

    Never seen so many arrows

  • Yoda

    Hey, I said it first! 😉

  • Yoda

    The divergence between TRIN’s low reading and the trend day alert is really puzzling

  • Tomcat

    I am puzzled as well…

  • Mark Shinnick

    Closed this mornings short miners…see what happens.

  • Tomcat

    The front contract is all weather related, and short term weather forecasting dependent. I am out of it, because I can’t predict weather for chit…all I know is that Sat will be 50F+ here in SE MI and I am gonna enjoy it….

  • kim

    i smell movement :)

  • StockTalker

    What does that smell like?

  • StockTalker

    hehe

  • Yoda

    kinda depends on what’s moving 😉

  • StockTalker

    Ya, well this is a turd:)

  • StockTalker

    Think the Zero says it all right now.

  • http://www.captainboom.com/ captainboom

    One of Einstein’s key insights was that time is not constant, as it seems to be in a non-relativistic frame of reference. I think this is more evidence that he was correct.

  • BobbyLow

    From an anecdotal perspective, time appears to be flying at warp speed now and it’s like 50 was something that happened yesterday. . .

  • StockTalker

    Well, that was support

  • Mark Shinnick

    This activity appears significant …has my attention.

  • StockTalker

    As it should, just broke multiple support

  • StockTalker

    Lets not play the divergence

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    I have a suspicion, that QQQ’s will rally after the Inauguration.
    red Markets will been banned for the week!
    DOW twenty-thou and all that Jazz.

    https://uploads.disquscdn.com/images/9b578aabc9fa74fa4ad96631a87512235c88cfc852d89a3d9d7f6655d7659ac4.png

  • Yoda

    yeah, it’s tempting but no

  • StockTalker

    Rather, STFR

  • Edd

    Ditto. We both feel like the days themselves drag on, while the weeks seem to fly by. Thought it was all supposed to slow down in old age?

  • Mark Shinnick

    Seems like a lot of post-inauguration bearishness sentiment.

  • Yoda
  • Mark Shinnick

    Lots of suicides too. Natural selection :)

  • kim

    Moby missing :)

  • http://evilspeculator.com Sir Mole III
  • BobbyLow

    As a kid, I couldn’t wait for age 16 so I could drive.
    Then I couldn’t wait for age 21 so I could buy booze.
    Then I couldn’t wait for age 25 for my car insurance not to be so high.
    I couldn’t wait until age 30 so I could become a full fledged adult.
    Then when age 40 came along there was still plenty of time left.
    Then even at age 50, the 60’s and 70’s were still decades away.
    At age 60, I said whoa baby.
    At age 70, I said oh shit. . .
    To be continued – I hope. . . :)

  • StockTalker

    /ES 2260 back test complete

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb
  • ridingwaves

    AKAO is being accumulated in big way, buyers lined up on all dips

  • kudra

    Picked up shares in the 12’s and 13’s this year. Already sold. Didn’t realize it’d have this kind of legs and staying power.

  • Edd

    Same exact life script here!!! Luv to see some great grandkids before I go; don`t have any of those yet.

  • http://greenlander1.blogspot.com/ Greenlander

    Of my swing longs, 50% BIDU/ BABA, 30% retail turds like JWN, M, VFC, 15% GLD short. Have longer term positions in VXX short, REGN, CMG

  • http://www.captainboom.com/ captainboom

    A million years ago in the Reader’s Digest, I remember reading an anecdote by an anonymous writer called:

    “The Nine Ages of Man”

    Not old enough to know better.
    Old enough to know better.
    Not old enough to know.
    Old enough to know.
    Not old enough.
    Old enough.
    Not old.
    Old.
    Not.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb
  • Yoda

    Weird zero signal at the open. The 5 min is negative while the rough hourly is strongly positive.

  • Yoda
  • http://evilspeculator.com Sir Mole III