Hand Me The Machete
Hand Me The Machete
Boy what a mess. I think a special set of tools may be needed to navigate this tape. A set of razor sharp machetes may just do the trick. Clearly trading these swings isn’t for the faint of heart, but it can be profitable if you’re one of those nimble adrenalin junkies. Overall there isn’t much left to say at this stage that I haven’t already expressed over the past few weeks. So if you’re participating here then let’s limit ourselves to simply trading what’s directly ahead of us:
Straight down we went again overnight. Which is exactly what I was referring to yesterday when I contrasted the negative momentum on the Zero with the low participation grind higher that followed after hours. This is exactly the type of information you just won’t get watching lagging or embedded indicators like the MACD, RSI, ROC, etc. And missing those clues probably cost you dearly overnight again. If that is you then you may consider signing up for a Zero sub right now – it doesn’t break the bank as it only runs you the cost of a single ES handle per month. You do the math 😉
FWIW – I’m still short as my stop was near 2150 and was never touched. IF I had been stopped out I would most likely take out a very small long position here as long as we remain above ES 2125. Below that the dynamics change quickly and we may run the risk of pulling a crude.
Short positions are a definite possibility if that happens but IMO it would be best to wait for a quick plunge followed by a retest. I think by now you grasp our general modus operandi – anticipating the most nefarious tape seems to be proven us right more times than we’d care for.
Nothing new on the gold front. She’s holding the line and I don’t remember the last time I saw the hourly Bollingers this tight for such an extended time. What follows next will most likely an explosive resolution – either higher or lower. Thus far we are positioned toward the long side and fortunately gold doesn’t roll over as often as crude as this may take time.
The subs and I snagged a second entry on the Kiwi Dollar yesterday after our first campaign was rather rudely manhandled by an overnight stop runner. Thus far it’s looking good and I’m advancing my ISL to about -.0.5R which is a fancy way of saying that I’m moving it up half the distance.
Okay, here’s one awesome setup that I truly hated to take today. Say what??
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Some Name Dropping
I actually met Danny Trejo and his now ex-wife a few years ago at some party in the Hollywood Hills. Some of the nicest people I’ve ever run into, very down to earth and not pretentious at all. Which is actually something I noticed throughout my life. The most accomplished people are often the most accessible and helpful, assuming you approach them as regular human beings and without supplicating. It’s those miserable back stabbing nobody’s who’ve never achieved anything notable in their lives you’ve got to keep your eye on.