Now Reading
Final Hurdle

Final Hurdle

by The MoleApril 24, 2013

In my morning briefing I proposed that the current up swing needed to start kicking things into fourth gear at this point. The fact that I continue to see sideways tape and the possibility of distribution suggests that we may (just may) get another shake out before continuing higher. Let’s line up the usual suspects:

The NQ has yet to push above its daily NLBL at 2834.25 – that one is valid for one more day. This means that price needs to reverse by tomorrow or we’ll probably see continuation higher. A lack of context usually means that the prevailing trend leads forward (bullish up and bearish down).

The S&P futures are sitting above the daily NLBL at 1570.75 – that’s positive and as long as we remain here until tomorrow evening we should be good shape. A drop back below could drag us back to the NLSL at 1535.25. A drop from here would rattle some of the late chasers and thus could easily accelerate. That’s why I’m putting it on the map – it’s one of those low probability but high velocity moves that you often don’t see coming. I would give the bearish scenario about a 35% chance right now – if it is to happen then it needs to happen pretty soon.

Here’s a juicy setup courtesy of the Convict (i.e. Scott): The USD/JPY is painting a Retest Sell setup and the short trigger would be a breach below that hammer. I wrote shooting star on it as it’s usually what the entry rules demand. I would however still take that one, especially given that those NLBLs were on our setup list two days ago. But if you think that one is good let me raise the stakes a little:


It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Please login or subscribe here to see the remainder of this post.


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.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c