As someone already pointed out in the comment section today: The market is exhibiting remarkable resiliency here and it seems that our YM short trade will find its untimely end soon. Fortunately we may not even have to wait for our stop to kick in as today’s action will give us an opportunity to lower our stop and even hitch a ride on the next bus:
So let’s take things from the top and let’s start with the YM which has been the symbol we shorted on Wednesday. Unless we close above yesterday’s highs we’ll produce an inside period again and that means we can lower our stop to today’s high. Plus it also means that we’ll be able to reverse positions there and enter a bonafide long trade. IF and only if we drop back lower again tomorrow anyone left out of the recent short will have a second chance to jump into the fray as well. But frankly speaking, as of this moment, this possibility looks questionable at best. Well, it is what it is and we never question the tape – it’s like surfing – you grab the wave the ocean throws at you and then you cross your fingers and hope the sharks don’t bite your legs off 😉
Ditto on the ES – here we weren’t short but tomorrow may bestow us with an IP-L. Technically speaking we will have an RTV-S here as well as long as we don’t push above 1799.75 – but once again allow me to be skeptical.
NQ – rinse and repeat – triggers on the chart if you prefer to play tech.
FYI – it may be worthwhile observing the UVOL activity during your session. The simple plot here strongly suggests that the bots were kicked into overdrive this morning – things are looking way too orderly here. And FWIW – I should have warned you guys about this all along as none of the last two sessions showed us a signature that pointed to the downside, quite on the contrary. Mia culpa and I apologize. But I sometimes get a bit overwhelmed running the blog, the system, respond to inquires, etc. – how’s that for a paltry excuse?
Gold – looking like an experimental long here at the lower 100-day BB. I wish I had more context and I’m not going to risk more than 1/2R on this one. Fortunately the candle is pretty small so we should get clarification here soon.
Some juicy setups below – as always the Mole delivers. FWIW – I would appreciate more feedback in the comment section. So if you’re a sub and you’re trading any of them please don’t be shy and chime in!
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