Juicy Setups Galore
Juicy Setups Galore
After Friday’s push higher we shouldn’t be surprised to see things gyrate along sideways today. In fact this has become a pretty reliable pattern over the past two years and it has often bestowed us with excellent entry opportunities – today is no exception. Before we get to the setups we first have to attend to a maintenance update on our current long position on the E-Mini:
You may recall that we used Bernie’s Pyramid Calculator to produce a snapshot of our R intervals. But I may have been already under the influence of my Hefeweizen as I screwed up the calculations a little. So above the corrected one which shows us all R units. BTW, if you have no idea what I’m talking about (or what R stands for) then I strongly suggest you catch up.
I’ve painted the levels on this chart so that you can see what’s going on. The 1R mark just so happens to sit a few ticks below a NLBL which incidentally was also breached today. Depending on what happens EOS we have two possible options tonight a minute or two before the closing bell:
- We close above 1807.25 (i.e. complete 1R) and that means we would advance our stop to the break even point at 1794.5 (i.e. our entry).
- We close below 1807.25 and that would mean that this campaign has come to an end – thus we close our position.
Now on to the setups – we have a nice inside day candle on the TF today and I like it. Actually it’s an RTV-S today with a trigger at the Friday but apparently that’s not going to happen.
Quite a bit more below the fold – we’ve got excellent setups on both the FX and futures side. So grab your secret decoder ring and join me in the lair:
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Cheers,
