Weekend Setups

It’s been a good week and our active setups are proceeding nicely. But since we run a tight ship here at Evil Speculator one of our prime directives is to never rest on our laurels. After all – you’re only as good as your last trade, right? In that spirit let’s close to week with a few more setups – but first a quick update on the equities side:

It seems like the spoos survived another 25-hour SMA test – since I took this snapshot we actually pushed a bit higher again. Everything is proceeding nicely and at today’s highs we were close to logging 2R on this campaign. Remember a breach of 1793.25 put us at the 2R mark and if we push above it and then close the session below we would have to take profits. But as of right now we should be holding it – as I said yesterday in the comment section: Don’t cut your legs off!

What I meant by that is that you need to employ equal discipline in letting your winners run. Many traders make the mistake in doing the exact opposite of what’s recommended: cut your losers short and let your winners run. In other words – be disciplined with your stops – know your stop before taking on a new campaign. Only risk 1% of your assets or less. And when you got a winner – let it run! Our stop has already been advanced to the 1R mark and should we pull back to that it will take you out of this trade. That’s what we mean by disciplined campaign management – and it’s our bread and butter. Anyway – I will keep you guys advised on this – should be a great exercise for all you noobs.

I don’t see any new entries on the NQ or the YM right now but there happens to be a very juicy one on the TF today (Russell 2000 futures). However I’m going to keep that one for my subs – sorry guys 😛

FWIW – the 1-min Zero had some real fun this morning in the bot driven saw-tooth tape. I put up a poll two weeks ago but thus far I haven’t received too many votes in its favor. And quite frankly, unless at least 50 scalpers are willing to pay for it I won’t bother making it available.

Anyway, the Mole promised setups and he always delivers – here’s one freebie for you leeches:

Possible floor pattern here on the AUD/USD – which by the way is the second most FX contract out there with around 12% of all Forex trading volume. I actually think this not only qualifies for an inside period but also a Retest Variation Long (RTV-L). I love the context there right on top of the 100-day SMA which is now swinging up. Excellent setup and I won’t miss out on this one. Valid starting Sunday night so keep an eye on this.

Alright – more below for my intrepid subs – please step into my lair:

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And y’all know what time it is now for us steel rats:

It’s supposed to rain here in Valencia tonight and I’ve got myself the 3D Blu-Ray of Wolverine and a few pairs of 3d glasses. Throw in a few bottles of German brew and I’m good to go. Simple pleasures….

Have a great weekend – I see you all on Monday morning bright eyed and bushy tailed (of course mileage may vary depending on beer consumption).

Cheers,