Gravity Momentarily Suspended
I don’t think it would be an exaggeration to state that we are all flying by the seat of our pants at this point. Erratic intraday whipsaw rules each session while the herd runs from one side of the tape the other. Most everyone I follow or talk to is convinced a new bear market is upon us, which I am careful to not let creep into my daily trading activities. Directional bias of any sort is diametrically opposed to objective decision making and thus a detriment to our mission of market domination.
While I am more than open to listen to both sides of the argument one of our prime directives here at Evil Speculator has always been to always align ourselves with the winning side. Admittedly not a mindset that gets you into the history books for having employed unique foresight but as the old saying goes: You can recognize a pioneer by the arrows in his back.
While the weak fall against the arrows, but the greats, against all odds, continue to walk forward with at least a dozen arrows in their backs. It all sounds so heroic but what they’re not telling you is that the vast majority of our ancestors who managed to pass on their genes neither were the heroes nor the cowards, but the ones who took calculated risks when they felt the odds were in their favor.
Which is what I did once again last Monday and although the fat lady hasn’t sung yet, thus far it’s proceeding as planned. I had two entry triggers on my chart and the long side was triggered on that first spike higher mid session yesterday. What transpires from here is anyone’s guess but at the pace of things we should know pretty soon.
For now gravity remains suspended at least momentarily. The Zero indicator showed weak buying momentum so this easily could just represent another spike higher before the next shoe drops. Nevertheless my ISL remains as of now and I may bend the rules a little and advance it to b/e if my campaign gets to 0.75R MFE.
Gold has not gotten out of the gate yet and my binary entry triggers remain. Nothing to add here until we see movement.
The Dollar managed to hold the lower margin of the rising channel I painted on the daily panel. My stop now advances to breakeven as I want to give this one plenty of room to run.
USD/CAD on the other hand is in the process of forming a break-out pattern, which is extremely positive as it may trigger a short squeeze. My stop here goes to 1R and I’ll continue to trail along at a respectable distance. This is usually when more novice traders attempt to lock in too much of their gains prematurely. They also do this during trending moves which however have less potential for LKGB surprises. Break-out moves however require a bit more finesse as a revisit of the previous break-out threshold happens more than 60% of the time.
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