Are We Having Fun Yet?

I love it when an evil plan works and although we had very little to work with directionally our ES inflection point at 1760 triggered and then resolved as expected. At this point I am treating this as a possible weekly sell signal (remember the weekly NLSL at 1765.5) and thus have decided to hold my daily short positions for the possibility of a long ride lower.

If there’s a bounce – fine, I’ll live with it – after finally finding an entry the smart move is to let a potential winner run. Obviously we may see a last kiss goodbye off the 100-day or the 25-week SMA (hard to see but we are below it). But given several layers of upside resistance the potential for a medium term correction is real. So let’s treat it as such.

You remember my CPCE Deluxe chart and based on the current readings fear is real and alive in the market. Which means we should expect a short term bounce in the near future. But medium term I think the bears may just be able to take this thing lower – I have a very pertinent chart waiting for the subs below 😉

Besides the daily inflection points we also enjoyed short term entries on the TF and YM this morning. If you flip back you’ll see where I pointed at and here are my actual entries when it seemed like she’s going to fall off the plate. I’m going to start taking them off the table now – given the CPCE readings. If we see a LKGB push higher I don’t want to lose short term profits.

Ditto on the YM – again my entry as per my plan this morning. Will also start taking short term profits here.

Experimental setup on the GBP/CHF – as you can see we are touching the 100-day and 100-week SMAs. Not a hell a lot to go on but I’m willing to risk 1/2R here and see what happens. Stop below 1.4655.

Alright – but the BEST chart of the day and perhaps the month I keep for my subs – it’s a MUST SEE plus I got a few more setups waiting. So please join me in the lair.

It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Please login or subscribe here to see the remainder of this post.

Cheers,