And Here We Are
I’m seeing an increasing amount of exhaustion and frustration in the comment section. Which concerns me a little bit as the sole mission of this humble market megalomaniac has been to detach his intrepid stainless steel rats from any preconceived notions, opinions, habits, egos, and of course emotions. Trading is not about being right – it’s all about banking coin – period. Nothing else matters in my book and for every winner here today will be a loser on the other end of that trade – the market is a zero-sum game and nobody cares about being politically correct (except when it comes to buying the right politicians).
Look I don’t care if you’re some guy sitting at a prop desk on Wall Street, some kid trading on a lappy in Compton, or if you’re some soccer mom slinging options on your iPod whilst driving the little blood suckers to practice. When it comes to trading you’ve got to turn yourself into one stone cold killer and your emotions are best left at the door. The market is the one great equalizer and it doesn’t matter how you look like or where you come from.
All that matters are your entries and your exits – especially your exits. Anything else, my friends, are excuses and wishful thinking. Coulda shoulda woulda. Nobody gives a rat’s rectum if you like the tape or not – if you’re having the worst day of your life – or if you can’t detach yourself from preconceived notions that stand in the way of banking coin. Or if you are unable to adapt or learn something new. Like the great universe the market is absolutely and completely indifferent – it doesn’t care about you and it never will. It existed before you stepped on this blue marble and it will still be around long after you’re gone. And you know what – I wouldn’t want to have it any other way.
If a particular market is giving you a hard time – then find a different market! I can understand how futures or Forex may seem a bit daunting or even alien at first, but I ask you this: Have you ever seen a commodity or a currency lose half its value in a week or perhaps even go all the way to zero? I didn’t think so – but we all have seen stocks do that on several occasions. Yes, you can absolutely blow up your account trading futures or currencies, and the key to not doing that is to keep a lid on your leverage – this has nothing to do with margin by the way and I’ll put together a post on that very subject soon.
The SPX is painting what’s increasingly looking like a third wave – in EWT speak that is. The rest of us would call it a strong up trend and thus far it’s not showing any signs of weakness, as suggested by the AUD/JPY in the past few days I may add. We are now near our final line in the sand, which is the 1370.58 high on the SPX. You all know that a breach of that high would establish new support and at the same breath squash any lingering hopes of a meaningful correction – especially if we accelerate higher from there.
Of course a failure here would be a fantabulous short opportunity – and a very cruel one to boot – which is why I’d love to see that. If you EVER wanted to know how it feels to step in front of a speeding train then this would be the time and place to try your luck as your upside risk is a mere handle or two. The daily spoos are showing us a stacked cluster of NLBLs terminating at 1369.5 – this will somehow have to be overcome and if it is chances are it’ll happen in overnight trading.
Euro/Yen has finally pushed into target – and then some! I would take profits right here now you lucky bastards! 😉
Dollar/Swiss – yup, it’s doing that we thought it’s gonna do – I’ll be waiting at 0.885. Come to daddy!
I sincerely hope you took that long setup on the Dollar/Yen after yesterday’s inside candle – if you did then do yourself a favor and take profits ahora mismo!
Cable – what can I say – from zero to 60 in 2 days – not bad for the old lady! Take profits – und sofort! That NLBL plus the dropping BB line will pose some resistance – you can keep some lottery tickets into 1.6 if you like but I would not overstay my welcome.
Euro/Aussie – finally that beast managed to broke free. It’s been such a long time I don’t even remember when we entered. But I like that candle and we now should be good into 1.28.
Aussie/Yen – interestingly the Retail Variation Sell setup failed today and we are now at yet another NLBL – can you believe this? Crazy tape but we don’t judge – we take the breadcrumbs we are given. Leave the bitching and moaning to the debating team over at ZeroEdge.
Support on the Kiwi/Dollar held and bestowed us with a nice long opportunity. If you grabbed this one then holding into 0.842 may be good medicine.
And that’s all I have for today – enjoy your weekend!