Hey, You First!
You’ve guys have been uncharacteristically quiet (Putin has you spooked?) so let’s focus on the essentials. Equities continue to look steady but cautious given the current headline risk. I think most participants are looking around thinking ‘hey – you first!’. Be this as it may – thus far this morning’s suggestions to ‘fade the paper’ appears to be have paid off. Not that the Mole was jumping head first into longs this morning – not my style and that’s why I’m probably still around after all these years. There are old traders and there are bold traders but there are no old, bold traders 😉
We did push to the 1.0 mark on the Zero Lite and that’s respectable – not great but decent. Since the lows it’s also maintained course above the zero mark thus far but we have 90 more minutes to go and I remain cautious.
But let’s take a step back forget about all the nonsense and just look at today’s chart. What do we see? Exactly – a hammer long in an up trend. This may change by the close but if we are closing a hammer today then the high will be our new long trigger. We can talk about the stop as we have a very conveniently placed NLSL 2/3rds in – I would probably put my stop below that instead of today’s low. Also, of course the NLSL would be our short trigger and I would take it if we drop through that – four more sessions to go before it expires.
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