I Love The Smell Of Profits In The Evening
So I was feeling on top of the world this morning – happy to be back and all – when somewhere around 3:00pm it suddenly hit me and I literally couldn’t keep my eyes open. I took a little nap but am degrading quickly over here, so let’s make this a snappy one as we have much to catch up on. I hate it when I lose a day crossing time zones but that doesn’t mean my account was losing – quite on the contrary:
If you were dropping by last Thursday then you may recall the possibility of an impending bear trap. The tape smelled like snake oil and various measures on my end suggested that the bears may be heading into a short squeeze. Turns out I was right (again – ahem) and it’s been pretty brutal since. Yes, I was one day early but how many other trading blogs/sites do you know which were pointing up late last week?
Oh yes, and I was traveling – thus I had very limited time to look at my charts. Feel free to send me tokens of your worship – alternatively you may click on the subscribe now link. And yes, if you wonder – the self indulgent humor comes at no charge 😉
Soybeans – great entries last week and it’s heading in the right direction. Do nothing but feel free to move your trailing stop a bit lower if that’s what you use.
Bonds – remember that I was hoping for a long break out but mentioned that I had to be short until we saw a breach of the Net-Line? Well, I’m certainly glad I didn’t jump the gun as my shorts are smoking right now (no, I didn’t eat any chili). We just got confirmation and I am planning on holding until roughly 145’11.
Coffee – some of you may have forgotten about this trade but it’s alive and kicking. First test now at the NLBL – you can move your stop lower here as it’s slowing down.
Currencies – ole’ bucky is asking for more punishment and I am seriously considering charging you guys in Euros as my exchange rate is flushing down the tubes. Fortunately I put up a good hedge last week right at the first sign of resistance. I somehow had an inkling that ole’ bucky didn’t have much mojo. I hope you guys went along for the ride, otherwise – why am I posting this stuff all the time?
The comment section has been pretty quiet as of late and wonder how many excuses you guys can think up to pass up on such kick ass trades as this one: Cable – such a nice entry near the lower BB – yes, I admit that I mentioned that it was speculative but I suggested a small position which could be built up. If you didn’t grab this one (or any of the other ones on this page) then you only have yourself to blame… you snooze you lose (or at least don’t win).
EUR/JPY – ready to take profits here as I’m seeing resistance. Frankly this one ran higher than I anticipated and I had probably gotten out earlier had I been around yesterday. I guess it’s better to be lucky then to be good 😉
EUR/CAD – must I say more? Two entries on the bottom – I was all over this one. Is anyone opening a bottle of Cristal courtesy of this one tonight? I frilling hope so.
AUD/USD – entry 1 and entry 2 – and off to the races. Don’t do anything as you got a wonderful setup here (I certainly hope you did). If not then Dr. Mole prescribes 10 minutes of self-flagellation. Use the iron spikes please.
AUD/JPY – one of our favorites – and yes similar entries at the bottom last week. The writing was on the wall so to day, wasn’t it? I would hold this sucker although it’s permissible to take partial profits after a candle like this:
Two new setups – nothing much on the setup side of things today. There are times to strikes and times to sit – today’s session is of the latter kind:
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EUR/AUD at hourly support and leaning against daily resistance. Now that’s an interesting one! I suggest to follow the hourly here as it’ll decide whether or not we see a daily NLBL breach or failure here.
And yes – gold again. Not sure if you guys are excited about this trade but I am very much so. Same game plan as last week – follow the 100-hr SMA and you should be good to go. If you are noob – this means to go long on a breach and stay short if we remain below today. Stops are obviously on the opposite side of the SMA.
By the way – I do have a little surprise in store for you guys – but you’ll have to wait a few more hours. Alight, I hope to catch up on some sleep tonight. Hopefully the melatonin I smuggled in (yes, illegal in Europe) and some good ole’ American pharmacy treats will do the trick 😉