Smiling All The Way To The Bank
Smiling All The Way To The Bank
If you’re a steel rat and paid attention Tuesday afternoon (or this morning) then you should be smiling all the way to the bank by now. Excellent drive higher in equities today although there was a brief moment when it looked like we may fail VWAP. But so far so good and as long as we hold the 2050 mark momentum ought to be taking over here.
Here’s where things got a bit iffy earlier this afternoon. But the ZL signal pushed back above the mark and things are holding together so far. Just to show you guys that divergences often pop up mid session – in the end you always need to monitor price and participation, especially near the VWAP levels. A pretty good sign is when VWAP doesn’t even get touched and the tape turns a few ticks above – that happened twice today and we may just see acceleration before the bell.
The NQ gave us another entry this morning which worked out brilliantly. You now have a choice – take profits here or move your stop to b/e and convert it into a daily campaign.
On my end I’m up to 6R right now and have moved my stop to the 5R mark below 2043. That was one sweet (and fast) campaign – I’d love to hang in there but as we’re still nibbling on the 25-day SMA I’m keeping my stop at 5R and see what happens. IF equities drive higher here then I may loosen my stop a bit, i.e. keep it below the 25-day for a while.
Found a nice Forex setup today – EUR/JPY. I want to be short here with a stop below the 100-hour SMA (left panel). Could turn into a LKGB play and there’s nothing but air below. However if I get stopped out I am definitely swapping this for a long with a stop below the 100-hour. Easy peasy lemon squeezy.
Alright, that’s all I got for today – see you on the other side.
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Cheers,
