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Catching Flies With Chopsticks

Catching Flies With Chopsticks

Catching Flies With Chopsticks

by The MoleMay 8, 2014

I know equities look just about ready to bust higher and start a short squeeze. But even if that is the scenario looming beyond the horizon I don’t think it’s going to happen today – here are several charts for you to consider before you load up on long positions:

GBP/JPY is already moving in the opposite direction. As I’m typing this the spoos seem to be following suit. This correlation has saved our butts on multiple occasions now and I have an inkling today will be added to the list.

And once again we pushed into the upper stratosphere and the bulls instantly ran out of oxygen. There is still no volume beyond 1890 and it will take quite a bit of doing to change that.

The hourly panel with my two favorite Bollingers – it’s especially clear on the top side, meaning thus far every spike outside has been instantly reeled back in. Once again this is showing us that there’s a seller near 1890. This may change tomorrow and a breach of  1886 would be a tempting long entry.

Bonus chart – today’s session courtesy of the Zero Lite (right panel). Extremely small signal range to begin with and like yesterday barely any participation. These are simply gyrations intended to run stops and swing for the fences.

I’m still holding out for a solid entry – I don’t care in which direction as long as it’s technically sound and offers me a well defended ISL. Until that happens I’m happy to watch and let others endure the pain of all these wild gyrations. Patience grasshopper, patience….

Quick update on our gold campaign – my stop at 1294.2 was touched today and that gets me out at 1R. Well, actually it’s 0R as I was previously stopped out on the IP long breach. Well – it is what it is – only one out of 10,000 campaigns – nothing to break a sweat over.

Silver was a subscriber only setup on Tuesday and it actually is faring better. It almost touched the 1R mark yesterday but pulled back. Today we’re near the 1.7R mark and that means we’re moving our stop to the 1R line at 19.292.

Last minute entry: Wheat is painting a double inside period today – I very much like the range and the configuration. Both sides look equally passable so let’s see where she takes us.



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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.
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