A Game Of Pinball

It seems that, until the presidential election is finally over, we will have to resign ourselves to playing an extended game of pinball. Of course sitting the remaining weeks out altogether and going on autumn vacation is an attractive option, but my subs are rather unforgiving when it comes to slacking on the job. So I’ll be doing my best to guide you all though the unfolding mess to the best of my abilities. Be advises however that playing the swings during a sideways period can easily lead to over trading. Make sure you are aware of the potential traps and thus keep your position sizing to a minimum whilst allowing for large stops. 

That said – if you’re nimble enough squeezing some coin out of this mess is not impossible. The current short term configuration on the E-Mini does look pretty juicy and a short position somewhere between ES 2143 and 2147 is a solid entry I would take any day if I wasn’t already positioned here from last week. Stop once again is near the 2150 mark. Now if we push above that then the dynamics change quite a bit and I would probably wait for a retest before I consider taking any long entries.

Gold and silver haven’t gone anywhere and I’m not sure they will ahead of the election either. As you recall we are positioned long here and that campaign is still looking good. The longer we hang around here the more technical context we produce. Which may not help us right now but most definitely if we return for a retest later.

Update on the ZB campaign. Still looking good as well and it’s slowly churning higher. Nothing to do here yet – moving the ISL to break/even would be a bit premature at this stage.

Currencies – the subs and I snagged a pretty good entry on the Ozzie Dollar last Friday near 0.7644. For you leeches a drop back to 0.767 may be the next best entry opportunity. If you took this one last week then advance your stop to break/even.

Soybean Oil really pissed me off this morning. We had a solid entry in what looked like a well defined sideways pennant. I was of course considering the possibility that we may correct toward the 25-hour SMA and placed my stop well below it. However those bastards managed to snag my stop just by a few ticks. Of course the rest is history – once the bus was empty it was all to happy to sprint higher.

Which brings me to today’s setups..

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