E-Mini Gameplan

My apologies for my absence yesterday, my paltry excuse is that I was busy catching up with a laundry list of chores that had been stacking up lately. There simply aren’t enough hours in the day for me and I actually wonder if they screwed something up last weekend when they switched us to daylight saving time. Anyway, opportunity awaits, ladies and leeches – so let’s put our game faces on and get busy!

And I’m primary referring to the E-Mini here which has been whipping up and downward like a head banging metal fan at a Slipknot concert.

My first campaign from earlier this week was stopped out at 1R per my rules – especially given the fast advance. I traditionally used to delay advancing to 1R until 2R was in the bank but the game has changed and fast rips are now quickly followed by sell offs.

Which means dip buying entries need to be more tightly managed now in a more volatile market. On the selling side we’ll have to delay and put up with losing early entries as counter swings can be massive. All this is is part and parcel of adjusting to new (more bearish and volatile) market conditions.

Now my new entry has pretty low odds as this formation has continuation lower written all over it. But I would be foolish to not take advantage of a possible lottery ticket given that either resolution higher or confirmation of the bearish scenario is only a few handles away.

Which also means that I’ll be taking out a short position if stopped out – assuming of course I get a retest first.

Crude was an exemplary campaign which finally ended yesterday at the 4R mark. A new entry opportunity however may soon grace us again so stay tuned and make sure you’re a subscriber as I can’t give it all away!

Now in the spirit of ‘keeping it real’ I thought it may be fair to include a campaign I didn’t take yesterday but would have had I not been so busy.

The EUR/USD delivered exactly what I had been waiting for – a dip lower followed by a juicy spike low. It looked bullish as hell and I would most definitely have taken it there.

Which would have resulted in a  stop out just a few hours later. It happens and I tell you what – I would take this entry every single time again. Why? Because it’s a great example of a ‘good loss’.

If you don’t know what I’m talking about then I suggest you stick around as we cover basic trading 101 topics on a regular basis.

Long term the EUR is getting coiled up pretty nicely here and clearly that 100-month SMA is being observed judging by all those long wicks on the weekly panel.

The downside to this is that whatever comes next will be explosive and if it’s to the upside then living in Europe is going to become a lot more expensive for the stingy Mole.

Stop out in soybeans – another campaign I would take every single time. With small exposure of course as this one was a speculative early bounce entry.

A lot more luck on the ZB, the t-bond futures, fortunately – what a PERFECT entry!

I would love to claim unique foresight but I’m afraid it was just a bit of chart reading mixed with a heaping of good luck.

I’m advancing my trail fairly close to < 145’18 given the fast advance over the past two sessions.

More goodies below the fold for my intrepid subs:

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