Now That Was Fun!
Now That Was Fun!
I sincerely hope at least some of you pulled the trigger on that TF short yesterday as we have already reached the 2R mark within just one session. Boy, I wish it was always this easy! I’m actually pretty jazzed as we’ve been trading along each swing of the tape and it looks like this is going to be a good Christmas for us steel rats.
Once again it’s time for a bit of position maintenance. As we dropped below the 2R mark today we are faced with two options again – I’m certain by now you know the drill but just in case:
- The TF closes below 1103.8 and we move our stop from 1,134.4 to 1103.8.
- The TF closes above the 2R mark (i.e. 1103.8) and we close out our position a minute or so before the bell.
The E-Mini meanwhile is back at its 25-day SMA and that one has held up just fine over the past week. Will this time be different? Not sure but it’s probably not a bad spot for a small long position with a stop below the 25-day SMA. Besides there is this:
Remember the EUR/JPY – E-Mini correlation? Seems like that the former is disagreeing with the plunge in equities today. Not a reason to go long by itself but given the 25-day SMA support I think it gives us another reason to risk a small speculative entry (perhaps 1/4 R – 1/2 R max).
Alright, I dug up three very juicy futures setups tonight. We are on a roll – so let’s get to work!
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,
