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Hey, You First!
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Hey, You First!

by The MoleMarch 3, 2014

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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Cheers,


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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