Mystery Monday Wrap Up
I just want it to be on the record that if you believe that silver’s fast drop last night had anything to do with OBL’s killing then I have a bridge in Alaska you may be interested in. Anyway on to today’s tape in the spoos:
Interesting day – the lack of buying interest is telling and perhaps – just perhaps – we’ll get our little fake out drop after all. It truly would be a lot of fun if we did 😉
Some of you may be interested in this – Geronimo is doing short trades now. After months of observing the tape I started to see short signals that seemed to be promising. I first just flagged them and kept a log of patterns that seemed to play out (and also stop out our long trades). Back testing was not possible as those signals did not exist in the past – plus it also seems that back testing slightly shifts the entries in NinjaTrader. Anyway, I finally decided to add new short rules to the system and in the past two weeks they have been doing rather well – I’m currently seeing a 2:1 success ratio when taking short trades.
That in turn may also point toward an overdue correction. As you know however I’m a bit split on the matter as we have come a bit far for a reversal. Over the weekend I stated that it would have to happen today and we saw distinct weakness, so it’s on the map but would have to continue over the rest of this week.