Grand Theft Entry
I’m a bit strapped for time today and was about to skip this post. But then I came across a promising looking setup on the E-Mini and decided to whip out a quick drive-by entry post for you guys. If you recall, yesterday I was waiting for a dip lower preferably followed by a spike low to grab a speculative long position. Well, we got the dip yesterday and overnight a decent looking spike low has formed.
I say decent looking as we now got a nice long wick on the bottom. However there is no retest yet and thus this entry is highly speculative. What plays in its favor is that the spike low sort of lines up with previous ones from last week. So if you squint a little then you can see sort of an inverse H&S formation.
Admittedly this is a bit like looking at clouds and what now looks like an inverse H&S could quickly devolve into a sideways mess that eventually breaks to the downside. So IMNSHO we are dealing with a high risk high payoff situation here and that’s how we’re going to treat it.
I’m deploying an 0.3% R size here with an ISL < ES 2909. If it pans out then I expect a push to new all time highs. And if it fails we are dealing with a more pronounced shake out ahead of the October earnings season. Remember the seasonal stats I posted yesterday, which are a great guide.
Happy hunting and always make sure you’ve got a plausible alibi.