Let’s Recap!

As our long positions on the E-Mini is progressing nicely I would like to take a breather and revisit some of our activities in the past few days. I don’t think I am exaggerating by stating that the tape has been a royal bitch and it was extremely easy to get shaken out in what appeared like almost random gyrations. Now let’s assume for a moment that 1) were a Gold sub here at Evil Speculator and 2) you didn’t pay attention to the news and instead simply followed our charts (I know it is a lot to ask):

Actually I didn’t point out the short entry near 1764.75 in the morning of the 13th – which was followed by a bounce right at our lower diagonal near 1755. From there we rode the bus higher at which point we reached another ST inflection point at 1764.25 – here I suggested that a breach of that NLBL and the diagonal would probably drive us higher. Which is what happened and we now proceed to the daily NLBL at 1770 which was also correlated with a daily RTV-L setup. So basically you wanted to be long on a daily basis after 1770.

But not so fast – you recall that we were originally short on a daily basis from slightly below 1770 – I think I posted that short on the 11th. So you either rode it all the way down and then back up or you played both sides – either way at most you would have lost a few ticks – at best you banked some nice coin round trip. Since then we have enjoyed a nice rally higher and thus far our RTV-L entry appears to be working out and has earned us about 1.5R by now. There was a morning entry as we dipped toward that 25-hour SMA and once again you had an opportunity to be long. All in all I think that we played the tape like a fiddle and that’s more than 99% of the participants should be able to claim. I hope you were along at least for some of the ride.

Now, as I said we’ve banked 1.5R right now given that the previous candle (11/12) measures 11.25 handles. You add a tick on the bottom and the top and you are at 11.75. Our entry was roughly at 1770 and we need a push two 1793.5 to get us to 2R. How you play this is your own choice – the rules state that a push above 2R and a fall below on the same day would trigger an exit at the close. Our stop was advanced yesterday to 1R which is at 1781.75 (1770 + 11.75). I hope all of this makes sense.

Some EUR/USD perspectives. We are actually looking at a possible RTV-L setup tomorrow. But I also want you to consider the weekly panel as that candle closes tomorrow evening. So far the 25-week SMA has held up nicely for two weeks and I think it’ll now serve as a support base.

More goodies looming below – please step into my lair:

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Cheers,