Let’s Get This Show On The Road

Yesterday’s late session hours presented us with a possible long opportunity but I wouldn’t blame you if you missed it. The divergence on the Zero Lite was pretty pronounced after the fact but proved nearly impossible to time.

If that is you then congratulations are in order – move your stop to break even and then do exactly nothing until further notice.

For the rest of us the current 100-hour inflection point may be a good opportunity to get in. I have taken out a long position here with a stop below 1910. What I like in particular is that the 100-hour BB is starting to compress quickly, suggesting acceleration is on the horizon. Caveat: that acceleration may easily resolve downward as we do not have any daily/weekly/monthly context here.

Words to the wise: The bulls need to get a move on here today or we are dropping to ES 1800.

I took a somewhat anticipatory entry on the CAD/CHF yesterday which backfired. I did a great job of nailing the ensuing low (with my stop) after which it took off like gangbusters. What I should have done was to wait for a dip lower and then grab a long position. During times like these one has to be extra conservative when timing one’s entries.

Which to my credit is exactly what I did on the AUD/JPY. Here I got on the bus on the dip down and based on what I’m seeing on the BBs we may be off to the races here.

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