Let ‘R Run!

The tape of the past few weeks had all the lure of a Soviet era eat-all-you-can-find menu. Given the limited selection I should say that we’ve done exceptionally well. Although I see a lot of complaining (and not much activity) on the board things are going well. In case you didn’t pay attention let’s do a little run-down of our favorite victims. This way at least you get to kick yourself for not showing up for work:

First up – the TF futures which looked rather solid this morning and I suggested a long at the hourly NLBL with a stop below the 100-hour SMA. It’s doing pretty well so far but before you are attempted to call it a trade take a look at this:

It’s actually shot into low volatility turf and that’s surprising. Which leads me to believe that we may have a low probability shot at a run off here. You know Scott’s old mantra – if something’s supposed to happen (i.e. a reversal ahead of a volume chasm) and it does the opposite then it has the potential to squeeze. In this case the bears may take it on the chin.

The very same happened on the NQ – similar entry on the NLBL and our stop below the 25-hour wasn’t touched (excellent).

Once again we are in limbo here on the volume profile chart. But that as well may suggest it’ll try to make a run for it.

Look – the odds here are pretty low and I’m happy to risk my current position in exchange for a lottery ticket. Plus it’s free at this point – I suggest you advance your ISL to your entry and then let the chips fall where they may.

By the way – this is where the spoos are not following along. As you can see it’s still caught in that same dreaded trading range we’ve been tortured in since the beginning of the year. One way or the other I would love to see resolution here.

Similar situation on the EUR/CAD – that was a very nice bi-directional setup yesterday which I shared with my intrepid subs. It’s taken off like gangbusters and I’m tempted to hold it and move my stop to my entry point.

Only one measly setup tonight but it’s a good one and I’m keeping it for my subs – please join me in the lair:

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.

Cheers,