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Let’s Dive Right In

by The MoleSeptember 8, 2015

Hope you had a relaxing weekend – yadda yadda. I’ll spare you the usual pleasantries as we seem to have hit the motherlode this morning. I’ve literally got setups crawling out of the woodwork, so without further ado let’s dive right in!

On the spoos we are in a prime LT position to get positioned. The only problem is that we are still dancing on the knife’s edge and I don’t see a valid setup. So taking out a position here would be tantamount to a coin toss. As of right now the bulls have a minor advantage as major LT support levels have been successfully defended. Clearly the whole Labor Day weekend business has ruined last week’s chance of snagging an entry. Hopefully we’ll see an opportunity today or tomorrow – if we do I’ll be sure to post it in the comment section. Absolutely watch the Zero today – it will most likely provide us with important clues.

Gold – I’m already long and I hope you still manage to catch a seat. Stop below the recent spike low and then some as I expect a bit of volatility.

Quite a bit more waiting below the fold – please meet me in the lair:

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.

Now have fun but keep it frosty. See you guys later this afternoon.

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.

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Bill

Morning and GL to all.
https://evilspeculator.com molecool

Morning. Now get to work!!! BTW, coffee is for closers.
https://evilspeculator.com molecool

https://www.youtube.com/watch?v=QMFwFgG9NE8

In case you’re some kid 😉

The other day at the gym some guy didn’t know who David Bowie was – I shit you you not.
Bill

I’m a bit younger than most of you guys but I know “Glen Gary Glen Ross”. Absolute classic.
evilasevildoes

ZB hit 154
https://evilspeculator.com molecool

Maybe there’s hope for the new generation just yet…
https://evilspeculator.com molecool

We need a roll call – who’s present and accounted for?
M E

here
wandering196

Here
Paleface

Here
Huey

Took your gold long after the bounce off of 1120, stop under 1114
BobbyLow

I be here.
M E

me too
tradingmom

Here!
Bill

Checking in occasionally during my day job.
OzarkHillBilly

My boy and I are here.
RonnieH

Here
Richard Foster

Yo
Wyo_Redneck

yo
bravenewworld2011

Here
Mark Shinnick

Long JNUG (for the time being 🙂 )
randomuser6789

Present
Ronebadger

Present but not trading…vacation soon…still watching
BKXtoZERO

hear
OJuice

Here
evilasevildoes

GOOG SEPT.11 CALL 615 flow at 5.3$
DollarChaser

still here.
Bill

Gold looking good so far.
Ronebadger

Decent WEDGE since Aug 26th…let’s see where it breaks
http://stockcharts.com/public/1092905/chartbook/229826273;
Skynard

Looking for a Yen .0084 retest here, see if she has it. AUD/JPY running
Billabong

PM miners are also starting to move up …
OzarkHillBilly

….. just another morning with a 30+ pt S&P gap. Getting rather ho-hum.
Mark Shinnick

Stay puckered, however….still a inflection point and nothing a given.
ridingwaves

Volume on miner etf’s is decent, fed shenanigans next week could suppress it… it’s an active month for silver delivery wise..
CandleStickEmUpper

here here
ridingwaves

entry zone for go pro? like seasonality potential but alas things can always go lower..

http://s23.postimg.org/60gl1dwmj/go_pro_weekly_buy_zone.jpg
M E

chart looks awful
ridingwaves

looked much worse on 10-14 and 8/11 this year…looking at it more of a scale in point with chance to see quick 10-15% gain before the end of year
Mark Shinnick

…what were you saying about blood on the streets?
CandleStickEmUpper

Shorted NQ 4251
https://evilspeculator.com molecool

How’s my crew?
BobbyLow

Just fine Boss.

Still have the same open positions that I carried over the weekend and I added a Long GBP/JPY position this morning.
Richard Foster

Out of sorts… by one of the methodologies I have been using there has been 4 solid set-ups in ES today and I could make a good case that there has been 6. The smallest trade would have netted circa 5 points and some closer to 10. How many entries did I take….none. I just butchered two. WTF?

Can’t make up my mind whether to go for a run or beat my mouse clicking finger with a 2lb hammer. Rhetorical point. Either way game over for me today.
ridingwaves

first batch L 36.84…buyers are around, late to cover shorts could get some pressure
M E

well, if you must then buy a small position and play around it. There are so many better stocks than GPRO
Huey

Sitting on long EUR/USD and GC positions, waiting for some kind of action.
randomuser6789

Waiting for daily SPX to resolve what looks to be a bear flag.
mugabe

looks like a mess 🙂
hellbent

I didn’t do it
https://evilspeculator.com molecool

I don’t see anything bearish today.
hellbent

All good, boss. Little pissed at the stream of emails coming out of NT promoting suckerware. Am I wrong or is the whole ecosystem push ‘low rent’?.. I never actually looked into it.

“Viper Trading Systems….. Charles Boyle & Gary Donahoo- FREE Indicator – Learn to Trade in an Hour” SPAM!
Skynard

Nice arrow if it sticks. Time for some Yen action.
Bill

Looks like ES just broke to the upside out of that big triangle. Might be false, time will tell, but certainly not bearish. Lot of shorts out there. A squeeze here could be quick and nasty.
https://evilspeculator.com molecool

What did they send you? I didn’t get anything…
OzarkHillBilly

Might just be a bit ugly; seems like this happens more often than not. Either way, I have no position here. I’d like to fade this before the close depending on what the next hour gives us.
hellbent

And again 5 min ago..
Skynard

We have 2 juicy gaps a Mole signal with a div and a volitile market:)
Skynard

Little 4 carving out, could see a spike here.
Richard Foster

Mugabe – just watched the Nick Radge video you recommenced. It’s excellent, thanks.

“If I can make 40% annualised and spend just 5 mnutes a day I’m pretty happy”

Really – I’d be over the moon.
http://greenlander1.blogspot.com/ Greenlander

When the daily candles go into ‘popcorn’ mode, I like to wait until it stops popping 🙂
http://greenlander1.blogspot.com/ Greenlander

Very weak relative volume today so not getting excited from the bull side either
Scott Phillips

% annualised is a function largely of position sizing. If you wanted to have 80% PA that would be done by taking larger sizes
Scott Phillips

At support but recent price action is way easier to the downside.
https://evilspeculator.com molecool

Today’s Zero snappy:
https://evilspeculator.com molecool

I know my indicator 😉

The signal was in positive territory all day – no reason to be short.
https://evilspeculator.com molecool

The video I usually post or is there another one?
BobbyLow

You might want to write them and tell them to stop Spamming you.
hellbent

Bigger fish to fry, Bobby. All my orders cancelled at 2100 UTC again. Forex and futures.. Puzzling. Never mind, there were bound to be a few bugs to iron out.
http://www.ProfitFromPatterns.com/ Ivan K

Create a written document of what your rules actually require the market / indicator to do for you to act … then force yourself to play ‘tick this box’ before clicking the mouse … his works!

EDIT: Write the rules in such a fashion that a 10 yo can understand.
BobbyLow

Wow! Hope you can get it straightened out.
hellbent

or, or, or, order cancelled.. There goes the last one. Unlimited risk on four open trades! Software…
BobbyLow

Can you call them?
Richard Foster

Yes it’s the one you post, Mugabe posted a link the other day.
newbfxtrader

Yeah. At support but note lower high compared to 2014.
Richard Foster

Understood. Larger position sizes will give greater volatility and larger drawdowns which is the theme of much of the lecture, as I’m sure you know. The remark that Nick Radge made at the end just struck a nerve, as he made it sound so damned easy with 5 mins work a day.
I got the impression that his position sizes were quite small.
hellbent

Just waiting for them to get back to me now. No biggie really. Just better make sure it gets sorted out. I’m not exactly sure where the different stop orders sit so probably good to get all that nailed down now. I’d assumed that stop market orders were locked in with the brokers but that seems not to be the case.
Richard Foster

Point taken, Ivan. Creating a proper rules-based system is what I need to do most.
Richard Foster

Yes, why pay for an indicator and then pay no attention to it? Why would I do that?
hellbent

https://www.youtube.com/watch?v=vKj4upY1VYI
ridingwaves

Not a lot of price volume below 35PPS…would buy second lot down at 34 if it gets there…4 month campaign for me…unless it moves north faster….
http://www.ProfitFromPatterns.com/ Ivan K

To express anything ‘annualised’ is projecting forward in a wishful thinking vein … uber dangerous from my experience … yet seems so common … even when working with a robust or otherwise RBT.
Scott Phillips

Stop trading until then
TheRooster

5 mins a day now, and thousands of hours to get to that level methinks
Scott Phillips

Exactly so
Scott Phillips

Careful with ninjatrader and ATM strategies with CME bonds orders, it has a weird habit of cancelling stops
hellbent

Thanks, not just me then. The TIF glitch is sorted. Stop limit orders it can’t do, so use stop market orders, sorted. I’ll watch it like a hawk because I suspect there’s been other glitches too. Had to move some .dll’s around to get indicators to compile so been half expecting problems because of that.
http://www.ProfitFromPatterns.com/ Ivan K

Naturally a lengthy back-app is de rigeur !
Richard Foster

Yes, for sure.
http://www.ProfitFromPatterns.com/ Ivan K

Back-app totally different to back-test by the way.

EDIT: And don’t forget to add a variable column for ‘expenses’ … ie slip and bro … to add a dose of reality to all.
http://www.ProfitFromPatterns.com/ Ivan K

Regarding standing orders via a trading platform / broker … it is wise to check whose server they are kept on … for pretty obvious reasons.
CandleStickEmUpper

Needless to say, I got raped and stopped out on my nq short from yesterday afternoon. That stop saved me after the close and I live another day to trade.
http://www.ProfitFromPatterns.com/ Ivan K

How about your RBT … where is that in relation to where it has been ?

EDIT: It does help immensely to create two graphs … one of your yardstick aka RBT and one of your actual results … look for the two to run in synch … when they do not then something is off track.
CandleStickEmUpper

I’m not sure what RBT is, but I’m still positive in relation to my starting capital, if that is what you are asking
https://evilspeculator.com molecool

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( /( ( ( ) ) ( /( ) ) * )
)()) ( )))( ‘ (()/( )()) (()/(` ) /(
((_) ) ((_)() ) /(_))((_) /(_))( )(_))
_((_)((_) _(())_)() (_)) ((_) (_)) (_(_())
| | || __| ((_)/ / | _ / _ / __||_ _|
| .` || _| // / | _/ | (_) |__ | |
|_|_||___| _/_/ |_| ___/ |___/ |_|
https://evilspeculator.com molecool

I told ya guys there was nothing bearish on the horizon after the close – see below.
http://www.ProfitFromPatterns.com/ Ivan K

RBT = Rule Based Technique / Rule Based Trading… being above starting (or below) capital is only part of the equation … eg if you had a draw of 30% and now above starting capital level versus never dipping below the starting level are very very different paths to where you are emotionally and financially now.