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The Early Bird
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The Early Bird

The Early Bird

by The MoleJuly 20, 2016

Whenever participation on the board dies down I pay extra attention as market fatigue usually suggests a profitable move is just beyond the horizon. Yesterday’s session in the E-Mini was anything but exciting, however it served us a nice support range in which I managed to place a long entry. I hope you guys can shake off your mid summer trading blues as promising entry opportunities are popping up all over the place right now. As the saying goes – the early bird catches the worm.

2016-07-20_spoos

My stop is still at -1R but with a bit of luck we should see a final pop higher before the conclusion of this week. That said, if you’re managing manually it’s permissible to move your stop to break/even right now as a drop below the lower 100-hour Bollinger may lead us quite a bit lower. The odds for that, as of this writing, are fairly low. We do need to see follow through here though finally – equities have still not detached themselves convincingly from a long term trading range, and thus the potential for monkey business persists.

2016-07-20_CADCHF

Alright – setups! I just went long the CAD/CHF with a stop below 0.754. I really cannot point you at a particular support range but all four panels (h/d/w/m) seem to be in some kind of fractal formation. So this is a bit experimental and I only deployed 1/2R.

2016-07-20_AUDUSD

AUD/USD (you can also trade 6A 09-16 if you prefer): I’m not long here yet as I’m still waiting for price confirmation. It would be tempting to just enter near that 100-day SMA but it would violate one of my personal rules to always wait for short term price confirmation. And without rules – what do we have? Mindless emotional trading – not an option.

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About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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