Now Reading
Juicy Setups Galore
112

Juicy Setups Galore

by The MoleAugust 6, 2014

Alright – I threw my back out at the gym and am now operating on a mix of illegal pain killers, icepacks, and purified adrenalin soaked adamancy. It’s only Wednesday and it’s been a fun week already. While the hapless schmucks on the other side of our trades are busy applying vaseline we are banking coin and having fun. This tape is literally plastered with excellent setups and the Market Mole will not be denied. So let’s get on with it – but snappy as the drugs may wear off any moment:

I told you that ES 1910 will most likely be a bounce zone and thus far the tape is playing along. There are good reasons for it as well as we got the 100-day SMA, a weekly NLSL, plus a 25-week SNA all looming a few ticks away. However, at least as of this writing price remains lackluster and if that doesn’t change near the EOS we may just fall off the plate this week.

The GBP/JPY correlation is still pointing down – as you can imagine I’m keeping a close eye on that one and so should you. Now this may be all a last attempt to reel in some late hobby bears. Possible yes – but a drop below ES 1900 puts us into the next participation range:

As you can see the volume hole is rather pronounced right at 1900. If the bulls let this level slip it’ll be one hot late summer to be sure. Fair chance we would see some panic selling into 1850 and perhaps even lower. But as of right now let’s assume we are holding 1910 today. In which case we may be long tomorrow on a breach of today’s highs. Stop below – you guessed it – 1900.

Quick update on a gold campaign I threw to the wolves yesterday. I got stopped out once and then entered again as today’s hourly NLSL was breached. So far so good – but it gets better. This thing either falls apart today by pushing below the NLBL or it heads higher and probably starts a squeeze. Which means I’m advancing my stop to b/e and then wait for further instructions. This could turn into a fun one.

Talking about juicy setups – here’s another one – cotton. It’s been a long way into hell and it has been weeks since it even looked at a NLBL. It touched 65.25 today and I just went short with a stop above it. IF it breaches then I will try a long with a stop below yesterday’s lows (or whatever floats your boat).

But we’re just getting warmed up – wait until I see the goodies I have in store for my intrepid subs. I’m all over this like a fat kid in a Mars bar:

evil_separator

It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Please login or subscribe here to see the remainder of this post.

So, did I promise too much? Didn’t think so – now go out and play but don’t talk to strangers or people with strong opinions.

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.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c
PayPal: https://paypal.me/evilspeculator