Juicy!

I was slumming over at the Slope and other bearish watering holes and am seeing a healthy dose of capitulation, thus further discouraging me to participate in any long trades lasting more than a few hours. Besides the lack of participation on the Zero Lite also gives cause for concern. You may be sick of hearing this but although I don’t know when this run ends the odds of participation do not offset the possible wipeout risk. Once that last buyer is looking for someone to sell back to I don’t want to be anywhere close to what happens next.

I think my little post-it note says it all – no participation as the tape bubbles higher is dangerous turf to be prancing around shopping for equities. Stay away and focus on less risky setups. Great example of a monster short squeeze, however! Next time someone tells you that the market can’t possibly run higher due to [fill in opinion piece of your choice] just show that enlightened individual this chart.

Quick update on GBP/CAD – one of the setups I posted yesterday. Nice LKGB via a shooting star which was followed by an inside day period. And once again we are off to the races 🙂

Per the title of this post here’s today’s favorite setup of mine – crude. As it’s bumping against medium term resistance it is also producing a very juicy inside day candle. You know the drill and if not please consult the cheat sheet.

Silver – equally juicy and I can’t believe I’m giving this one away. That was one monster wipeout, which by the way was also preceded by an inside period.

I’m glad Psy agrees!

Repeat offender as it’s one of yesterday’s goodies, AUD/USD, is now tinkering with the upper ID trigger. A breach higher won’t be without drama but if it clears that NLBL at 0.9918 it should be good to go.

EUR/AUD – if (and only if) it closes in the plus today then we have a bonafide Retest Variation Sell setup tomorrow. Which would require a drop through 1.31036 to become active. If it drops lower and breaches 1.31142 today then we have an inside day trigger and I would be short again. If it drops lower but stays inside, well then we are SOL for now and will have to wait for further instructions 😉

GBP/JPY – back at that NLSL – as long as it remains above it’s a buy, a breach below 155.387 turns it into a sell. A little caveat – it looks like it’s entering a low volatility period so this may need some TLC before it picks a direction. Don’t get over exposed or you may be whipsawed and lose too much R early on. Perhaps dip into this with a 1/2 R  position and build it as it goes your way. At the same time use a generous stop – and that means your actual $$ position will be smaller as a 0.5R loss over a wide stop greatly reduces your campaign investment. In other words – if more ticks are required to add up to a 0.5R loss then your invested amount needs to be smaller. I hope this makes sense.

It’s not too late – learn how to consistently bank coin without news, drama, and all the 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.

Cheers,