Elvis Has Left The Building

One of the prime directives I preach here on an ongoing basis (soap box included) is that we as traders must, by all means and without hesitation, yield the iron when it’s hot. Despite the emergence of financial media, trading blogs like this one, social networking, FB, twitter, etc. the daily grind of being a trader is really not that exciting. Unless you are completely nuts and addicted to a daily dose of adrenalin (which means that you are day trader) 90% of the time you wind up sitting around waiting for the moment to happen.

And when it finally does you strike without hesitation because you know that just for a moment the odds may be in your favor. The market has shown you a door and odds are it’s about to step through it. There are no guarantees and there never will be. But that is beside the point – you are a trader and this is what you do. Take action when the odds are shifted in your favor. And then you wait agin.

The orange arrow on the chart above shows you exactly that very moment yesterday near the open. That was one sweet entry and any self respecting steel rat should have at least grabbed a handful of contracts there. What happened instead was an ear shattering silence and tumble weeds rolling through the comment section. Maybe I should have put Ebola Alert in the subject line. As the old saying goes – you snooze you lose…

And still I concede that this may turn into one fat bull trap – yes, nothing is baked in. But to me it doesn’t matter because I got positioned near the lows when the odds were in my favor. If I wind up getting stopped out – that’s the cost of doing business.

The monthly panel now shows us in earshot of the NLSL we breached over a week ago. IF that really happens then the bears will be on record for having fumbled the best shorting opportunity in years. And you know what I’m going to say next – exactly: There will be a price to pay. Until that happens there is a short opportunity right below the monthly NLSL – but in order for this entry to be considered we would have to see some considerable weakness here today and tomorrow. What I’m seeing in the futures right now is not encouraging for the bears.

No ST setups this morning – Elvis has left the building and the time to get positioned was yesterday. For now we watch and wait…

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Cheers,