Life Often Has Other Plans
Life Often Has Other Plans
I’m sure you heard of the old expression: Life is what happens while you’re busy making other plans. Case in point, I was about to head out of town this morning when I received ‘one of those phone calls’ informing me of a death in the family. So looks like I’ll be sticking around after all as I will have to make pertinent arrangements. Since I’m around I however thought I may as well throw up a few charts before the weekend. Let’s run through a few key markets – several which are now at or are approaching critical inflection points.
Yesterday I cautioned you all to keep an eye on that NLSL on the DX. And for good reason as it dropped through it overnight and is now heading lower fast. I am pretty certain that unless you live East of the Bosporus you missed that little last kiss goodbye on the hourly panel, which would have been a great spot to go short. Remember the formation however – long candles down, breaking the SMA – a tepid revisit and then the roll over. That’s classic.
Meanwhile Cotton has been running hard over the past few days and is now touchings 100-week SMA. I know most of you don’t trade the soft stuff but if you are then you may want to start taking profits as I expect some resistance here.
Crude now at its 25-day SMA. May have enough mojo to breach higher – let’s see. I would follow those ST SMAs which are still rising nicely, price better keep up now.
Gold looking rather similar although the trend is not as forceful. I think we have a 50/50 odds scenario here so don’t have an opinion and follow that 25-hour as well as that hourly NLSL.
Here are a few more for my intrepid subs:
It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.
Please login or subscribe here to see the remainder of this post.
Alright, this is my last post before Monday – as you can imagine I now have other matters to attend to.
Cheers,