All I want for Christmas is for this range bound market to finally find its quick and painful ending. There, I said it, and I’m sure many of you can empathize. It’s not just that equities are running in circles, almost every symbol I pull up these days is stuck in sideways mode. The number of weekly campaigns I feel comfortable taking (and recommending here) has steadily dropped since the summer. And although that has kept me and hopefully you as well out of a boatload of trouble it’s mentally taxing. Especially if you’re a financial blogger and are expected to keep things interesting and profitable for your readers.
Now to our credit we have managed to grab a series of fortuitous entries over the past few weeks but quite frankly not since high school have I worked so hard for so little coin. If there were any lawns to mow here in Valencia I may feel tempted at this point. So it’s probably time to remind ourself of the fact that you can’t ever force the tape to do your bidding. When the going gets tough, the tough do not get going – they hunker down.
Whether or not we’re seeing any type of resolution before Halloween is anyone’s guess as that daily formation could resolve any day or keep on coiling up for a few more weeks. Best we can do is to take entries when the odds are on our side, like we did last Friday. That campaign now is in humble profits and I’ve moved my stop to near break/even ahead of the ISM reports at 10:00am Eastern.
The soybeans futures may be just pretending to build a floor here but I would be foolish to not take out a long position with a stop below the recent spike low. The hourly BBs are squeezed almost to the max and I expect resolution to arrive within the next two sessions.
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