Do Nothing

Due to recent developments here is what I should add to our current NQ campaign: ABSOLUTELY NOTHING. Yes I know, your fingers are itching and it is oh so tempting to mock with a running winner. Why not move that stop up just a little or take a bit more off the table? But I strongly encourage you to simply let her run until she either arrives at her target or touches her trailing stop. Per. The. Rules. One of the toughest lessons to learn for some traders is to simply sit on your hands and let your winners run.

This is one of those charts you could show to your six year old child, or your dog if you wish, and the answer will always be the same. Don’t mess with it! By the way – whatever you do, don’t ask your cat. For some reason felines make horrible traders. Too jumpy and they constantly change their mind.

Futures are all the rage today, which is why I’m getting Forex out of the way first. No entry on the USD/CAD above just yet but I saw a potential bull trap on the daily term panel and wanted to share it with my audience. See how we are building a juicy little diagonal on the left (daily) panel? I bet quite a few people are going to grab a long position there near 1.28. And maybe it works but there just so happens to be strong weekly support waiting near the 1.265 mark and if it drops to there then I most certainly will be grabbing a long position.

Okay, on to the futures! Soybeans are rolling over and that’s certainly not my favorite time to play them. However that quick spike lower toward the 100-hour BB is worth a small long position BUT on the September contract. The thresholds are almost the same – if in doubt look at the open campaigns screengrab in the right sidebar.

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