Welcome back, I trust you enjoyed a lovely and relaxing Easter holiday weekend. It’s actually still going on over here in (catholic) Spain and many other European nations which continue to officially observe Easter Monday. So it’s safe to say that I probably have the questionable honor of being the only person working in Spain today! Well me and the local drug dealers who unfortunately seem to have been replicating like rabbits here in Valencia over the past few years.
Now, you may recall my lottery ticket long entry on the E-Mini last Thursday. Which most likely you didn’t grab given the significant potential for a nasty gap (up or down) after a three day Easter weekend in combination with various ongoing military campaigns throughout the Middle East and North Korea. Well, if you actually took the campaign then you may be surprised to still find it intact this morning. It was a bit of a close shave however as the ISL below ES 2322 was almost triggered late last night.
Yup, that was close and in retrospect I should have probably put my ISL a tad farther away. But alas we got away with it and if you’re interested in following us into the abyss then now may be a good moment as price has reverted back to whence it came last Thursday. FYI – this is still a very low odds but high payoff entry opportunity, so adjust your position sizing accordingly. In case you wonder, yes as of right now the spike low represents good technical context and thus you should place your ISL a few ticks below it.
Silver has been producing a rather interesting formation which could be labeled an inverse H&S but IMO that definition is a bit over used. But I am definitely seeing a channel with one single scare and pop in the middle. What I would would like to see now is a drop back to toward the lower range around 18.3 where I would consider placing a long position with a stop a healthy distance away. Put this on your watch list but I’ll be posting an update if I see things congeal in our favor.
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