Friday Family Fun
Seems like anyone with an opinion is being taken to the cleaners this week. Personally I remain pretty ambivalent at this stage – at least until we either breach SPX 1330 or make new lows. Everything in between is prime woodshed territory – so try to look busy and keep a low profile.
Of course that doesn’t mean that the Mole wasn’t able to dig up any setups. Rest assured that if there’s a tasty Perigord truffle buried somewhere in the tape the Mole’s finely tuned snout will dig it up. Here’s ole’ bucky – sitting all innocently back at its NLSL. Well, we can’t have it get away with that, can we? I think we’ve got an excellent long here with only a few ticks of risk. And yes, if stopped out this bugger turns into a short position in a jiffy – may actually be the better trade.
As usual there’s more where that came from – please step into my lair:
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USD/CHF – similar situation here – easy long trade with little risk. Again, flip that sucker once it hits your stop below that NLSL – there’s nothing but air below.
Next runner up – NZD/USD – already retested its NLSL and is now at the only remaining resistance, it’s 25-day SMA. Great long here and you can either put your stop below the NLSL or right below that 25-day SMA.
EUR/USD – actually we are already back above that NLSL – nice long here as a failure to breach constitutes a successful retest of the NLBL. I would not want to go short here if it drops back below.
Sugar – almost identical setup as on the EUR/USD – same strategy/execution. Again, I would not want to be short.
Finally crude – I am waiting for a push above that NLSL. May not happen today but if it does (either today or in the next few sessions) then you know what to do. No short position for me here – support looming too near below.
Enjoy your weekend!