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Chop Until You Drop
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Chop Until You Drop

Chop Until You Drop

by The MoleJune 23, 2009

10:26am EDT: Told you rats it would get choppy today 😉

Here’s your channel du jour – nothing happens until the upper boundary is being breached.

Do yourself a favor – stay out of this chop as you are bound to get hurt. As the old saying goes in poker: If you’re looking around the table and don’t know who the sucker is – it’s probably you! 😉

BTW, can you guys please quit advertising your own blogs constantly? It’s getting out of hand…

11:19am EDT: I just hedged myself:

Per last night’s ‘light orange’ scenario we completed a 5th and my momentum indicators have all been going flat at this point. So a bounce here is a possibility and I decided to hedge my positions with some ES futures.

11:50am EDT: Just dumped my hedge at the VWAP – that worked out nicely. Here is a 2nd possibility of what me might see today:

We might breach VWAP and push towards 896 – then turn and drop towards 881. Not sure yet – need to see more of this tape – this far it’s pretty thin.

Observation: I recently am having trouble getting filled at the mark on the ES futures. There are plenty of bids/asks there – mind you – just seems that the MMs are holding the order longer than they used to. When we dropped a little just now I tried to go long at 888.25. I saw the mark at my entry for over 10 seconds and it wasn’t filling it. Of course then the tape took off in my direction without me. Are you guys experiencing the same on TOS and if so – we might have to start looking for a new broker as this is getting old.

12:08pm EDT: I’m grabbing breakfast – hold the fort, steel rats!

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About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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