Discretionary Trading
Now Reading
Leading A Horse To Water
99

Leading A Horse To Water

by The MoleOctober 18, 2013

Well, apparently (and judging by the silence in the comment section) you guys missed out on some nice setups this morning. Or maybe everyone is just being quiet and busy counting profits – which would be fine but forgive me for having doubts 😉

If you were quick you may have caught that sugar trade which fortunately panned out as planned – that run up quickly turned into a profit taking frenzy. The Dollar also got stomped on again as anticipated – exactly, what else is new…

So I’ll be quick then. The spoos are bouncing around in a typical post-squeeze sideways session but it’s worthwhile pointing out that our early morning entry is still in the works and has banked us some coin. I would take partial profits, advance my stop, and perhaps keep a few lottery tickets into the close. What’s interesting here is that the E-Mini is in the process of pushing through a diagonal resistance line. Plus there’s more good news on the weekly:

You recall that weekly NLBL at 1707.5? It’s long gone and barring any last minute calamity we’re going to close way above it today. Which means we’ve got a weekly buy signal and we got a great entry. It’s possible we’ll see a retest of the NLBL but it’s likely this thing just keeps on squeezing.

Before I call it a week – one more chart of importance. The EUR/USD is now peeking above its upper 100-day Bollinger, which is overhead resistance with a reasonable expectation to produce a pull back. However, if it ignores it and pushes higher then we’ve got a runner on our hands. And in the context of the monthly panel it’s starting to look like we’ll confirm the monthly buy signal from September (close above both monthly SMAs).

The implication of that is shown on the P&F chart – here via the FXE. We just triggered a double top breakout and the bullish price objective now points to …. (drumrolls) ….. 1.455. Yikes!! A move like that would make this expat’s life quite a lot more expensive. And you guys over in the States wouldn’t be spared either as you’d see it reflected in higher food, energy, and commodities prices. As I told you all during the recent government shutdown kabuki dance: at this point there are no more good choices or solutions and the one that was chosen again (as usual) was that of slow currency death. It benefits a tiny connected minority at the expense and detriment of everyone else.

Which I think is a perfect segue to my favorite Friday evening ritual:

May as well enjoy it while my Dollars still buy me a few bottles 😉

Enjoy your weekend.

It’s not too late – learn how to consistently bank coin without news, drama, and all the 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.

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