Kicking Ass And Counting Rs
It’s officially earning season for the stainless steel rats. Most of our setups have been on fire and we’ve been counting Rs like Count Sesame. And that I may add is the difference between talking and doing. Every single day I come across a torrent of opinions across the financial blogosphere. Everyone seems to know something all the time. But when the time is right – are you ready to pull the trigger? Or did you snooze yet again – leaving you relegated to watching others bank coin while you keep reading books on trading theory?
Don’t get me wrong – you have got to know your stuff. But that’s not usually where it falls apart. It’s in the doing and for some reason retail appears to be busy when it’s time to sit and very quiet when it comes to taking action.
Since I took this snapshot the TF futures have pushed quite a bit higher and I’m suddenly rather happy that my stop got hit at 1103.8 this morning. Now whatever high we produce today will be tomorrow’s (and tonight’s) long trigger as we are most definitely going to produce an inside candle. The low trigger will most likely remain where it is. So here we are – another setup in equities – excellent!
Time again for some maintenance. Gold fell like a rock since yesterday and we are now at near the 2R mark which stands at 1225. As I’m typing this we’re slightly above it and by now you know the drill: Should we close below 1225 then simply move your stop down and leave the trade intact. If it looks like we’ll close above it then close it out for another ~2R win. I hope some of you grabbed this one – easy money.
Same story on our platinum trade – once again we’re currently above the 1361 mark and you’ll follow the same script as on gold – R intervals are on the chart.
Finally copper – I’m pretty certain very few took this one as it’s a big contract. But we have reached the 1R mark and got near the 2R mark today (incorrectly labeled on the chart – sorry). Anyway, looks like we’re probably going to stay in this one and move our stop up to 3.289. Easy peasy – lemon squeezy. Trading does not have to be difficult and your opinions are usually in the way.
I got two Yen setups tonight – any takers? 😉
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