Now Reading
Elvis Has Left The Building
35

Elvis Has Left The Building

by The MoleOctober 21, 2014

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.

2014-10-21_spoos_briefing

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…

2014-10-21_spoos_LT_briefing

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.

Leftthebuilding

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

It’s not too late – learn how to consistently bank coin without news, drama, and all the 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.

Cheers,


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
PayPal: https://paypal.me/evilspeculator