Bounce It!

Equities seem to be hooked onto Juicy J’s recording studio as they’re on their way to winning his much publicized twerking scholarship (cough it back up Ms. Holmes!). Now we’re back at the bottom of ‘ze zone’ and whether we’re bouncing back up now is of course the big question as there’s not too much in terms of technical context.

As a matter of fact all we really have right now is our trusted volume profile chart on the spoos:

As usual a spike into the no fly zone after which point the bids dried up quickly. Basically we’ve now built our house of pain with the floor being near 1830 and the roof somewhere around 1880 – 50 handles of market maker bliss.

If you haven’t lost your appetite for equities then that IP candle on the NQ may look tasty. Triggers on the chart – not a bad range and I may throw 1/2R on it.

I tried to get in early this morning but got whipsawed out. That hourly NLBL would have been a great catch per our plan but it didn’t work out for me.

Gold update – I actually realized that I committed an operator error. Technically I should have closed out on Friday as it had touched 1R and then pulled back. Well, sometimes it’s better to be lucky than to be good – I’m staying in it and will move my stop to 1306 – 1R locked in.

NG – almost touched the 1R mark today and here we also will keep her running.

Wheat – a setup this morning which I also tried to get in but then got stopped out. Afterward I was heading to the gym and I missed the spike higher. BUT this is a textbook example of an inverse H&S as that little head fake is very very typical. The perfect entry IMO would have been that little IP near today’s bottom. If you caught it then call yourself one lucky bastard (probably not – if so speak up and reel in your glory). Anyway, good chart – keep it around as a great example of H&S formations. They are not easy to trade despite their popularity.

AUD/USD update – 1.5R in one day – that’s how we like it. Move your stop to 0.9339 – you’ve locked in one R.

More below the fold for my intrepid subs:

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Cheers,