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Dangling By A Thread
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Dangling By A Thread

Dangling By A Thread

by The MoleJanuary 10, 2019

The Dollar has hit new 3-month lows after the Fed’s rather dovish minutes yesterday and not surprisingly that gave equities a much needed boost. Not a minute too late IMNSHO as they were just about to run out of steam. There has however been a bit of degradation which my open campaign has been able to survive. Thus far that is, as my trailing stop is dangling by a thread.

Thus far I’ve racked up 1.2R which isn’t too much to write home about. But even if stopped out at my trail I feel pretty confident about finding a new entry after a more extended correction. Which incidentally may be long or short – we shall see how things unfold.

Crude however is looking extremely positive and I’ve advanced my trail to about 1.8R near CLG9 50.50.

So I’m back in gold after doing an brilliant job of placing my stop right at the tail end of the the recent downward correction. My new entry is only a few ticks higher and my new ISL is the old ISL.

Let me be honest, this is a tough call to make for me psychologically but I’d be damned to let recency bias direct my decision making when it comes to picking my entries. After all had I not been long before I would pick this one every single time.

A more conservative route is to wait for a push > GCG9 1300 which effectively disqualifies the current retest variation sell (RTVS) pattern.

But wait – there is more! Please meet me in the lair 😉

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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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