We’ve Got A Squeezer

Interesting bounce off those lows again and quite a few bears got shot out of the water here. We lowly steel rats however grabbed some early morning entries like bosses and if you participated your account should be flashing green at this point. Strangely enough some of the positions I was most excited about didn’t make much of a move and I have decided to close most of my short term forex and futures positions out. So let’s review the keepers:

EUR/JPY is one – in fact the JPY is looking good across the board. Definitely hanging on to this one. Yes, it’s at break/even but it’s not unusual for the daily NLBL (right panel) near 130.18 to be rested.

USD/JPY – nice entry there and I think it’s off to the races. Alright – I concede we haven’t moved much yet but this first spike higher is looking solid. I’m moving my stop to break/even here.

EUR/USD however was not a keeper and neither were any of the other EUR pairs I posted today. No damage whatsoever fortunately and I’m closed everything out at b/e. Plus I can’t really be too unhappy about the potential of this break out failing. Quite honestly however I don’t think the fat lady has sung here yet. The current formation is looking bullish on the daily and I’ll be sure to revisit this one tomorrow morning.

And I kept the big winner of the day for last – the NQ futures. GORGEOUS entry right before we took off. I sincerely hope some of you guys participated in this one. I’m going to take 50% profits here at 4360 and keep the rest with a stop at the 100-hour SMA. In case you’re wondering, I’m not convinced that the bulls are out of the woods here and it’s got nothing to do with penitent pennants – why I tell you below the fold:

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Good participation today – really glad to see how some of you new guys are embracing what Scott and I have been presenting here. Keep it up!

Cheers,