Discretionary Trading
Now Reading
Riding The Wild Bronco
37

Riding The Wild Bronco

by The MoleSeptember 29, 2016

The tape has been bucking like a wild bronco and if you’re still holding long from our entry Tuesday morning then you ought to qualify for some kind of NFR award. The cash price hasn’t yet come due however as apparently this bronco ain’t done bucking just yet. Come to think of it, generally speaking traders actually have a lot in common with those “roughies” or rough stock rodeo riders, who sometimes have been described as being too lazy to work, too jealous to pimp, and too scared to steal. I reckon that shoe fits 

2016-09-29_spoos

So for now we are okay here and I’ve advanced my stop to a few ticks above break/even. Usually I wait a bit longer (i.e 2R plus) but as we’ve got a bit of history here and as the wall above has failed several times now I believe protecting our entry here is good medicine.

2016-09-29_events

And since Yellen is scheduled for later this afternoon this probably holds double true. Which is why I placed my stop a bit above break/even which may help getting out without a loss. Of course given the summary polemic that has accompanied her recent speeches she may actually make the mistake of saying something tangible, in which case we’ll probably wind up flying straight into the audience.

2016-09-29_spoos_volatilty_hourly

Hourly volatility of course is on the brink of expanding. In the past few sessions it seems to start favoring the long side again but obviously Yellen is the X factor that can change this with a simple hiccup during her speech.

2016-09-29_spoos_lt

More long term we continue to face a wall of weekly NLBLs right above and a monthly NLSL near ES 2089. We could be bouncing around in here until Christmas, and I won’t hazard making any predictions as to which way it resolves.

2016-09-29_gold_update

Gold managed to throw us out of the saddle right out of the gate yesterday which wasn’t fun but to some degree the unfolding formation on the daily panel is now looking increasingly promising. But wait until you see the long term perspective:

evil_separator

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.

Please login or subscribe here to see the remainder of this post.


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.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c

  • Mark Shinnick

    Yeah haaah !!

  • https://evilspeculator.com Sir Mole III

    Appropriate 🙂

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    I’m glad you used a bronco.
    A bull would have been biased editorial.
    😉

  • Mark Shinnick

    Long miners

  • Mark Shinnick

    Super tight trailing stop exited.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    follow-thru on the USO

    http://stockcharts.com/h-sc/ui?s=USO&p=D&yr=0&mn=6&dy=0&id=p34638625195

    that’s all about I see {yawn}

  • Mark Shinnick

    Rickerts is pushing his Ruble call option trade and RUSL been climbing since he began the other day.

    Its quaint …may even be credible…but it is moving.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    RBL is mostly an oil play, in my lens. RUSL doesn’t appear much different.
    Trending upward, but in a saw-blade fashion.

    http://stockcharts.com/h-sc/ui?s=RBL&p=D&yr=0&mn=6&dy=0&id=p68527232164

  • https://evilspeculator.com Sir Mole III

    Wow – slow here today. Where is everyone?

  • https://evilspeculator.com Sir Mole III

    Ugly price action but the Zero is only modestly bearish right now – let’s see what happens EOS.

    https://uploads.disquscdn.com/images/64bc75047911fbfad19b45b46464ce3bae785e137217756bbfdf16db757610d4.png

    .

  • ZigZag

    Heavy volume – DB rumors

  • Yoda

    Yeah, ugly it is

  • Yoda

    How dare “they” allow the tape to go red before the election!!! Omaba needs to call the FED and utter some strongly worded complaint to them about this.

  • Mark Shinnick

    After what Yellen said the other day, FED has no more credibility than a bully,

  • Mark Shinnick

    Vols suggest this doesn’t seem all that fighting…for the time being.

  • Mark Shinnick

    Some fear is definitely persisting here..

  • Ronebadger
  • BKXtoZERO

    Ruh-Ro. Still have half my TVIX position from 17.90. I didn’t get bucked completely off the Bronco.

  • Mark Shinnick

    What’s your objective price? 20.11 looked important.

  • BKXtoZERO

    A Gazillion……… no just watching for clues, I expect deeper correction, SP2000-2100 perhaps, just watch for clues, divergence. I would probably be in and out many times, I get real itchy with VIX

  • Mark Shinnick

    Ahhh, ok. It seemed to me in the past that your greatest kicking-ass was in defining ranges.

  • Yoda

    Aiming at hitting the home run, aren’t we? 😉

  • BKXtoZERO

    rt now looks like another little abc type thing up in VIX, no damage done yet.

  • Ronebadger

    …not anymore

  • Mark Shinnick

    Again, the cross-currents going on here I think are very powerful. Despite the psychological things that come into play from market stagnations that lull us, we also have northern hemisphere Fall onset (reduced sunlight) influences. Yet, these are really not the times to be caught off guard or too far from the bronco.

  • Mark Shinnick

    short miners very very tight on this.

  • Yoda

    Action will likely be A.H.

  • Mark Shinnick

    Sidestepped that one.

  • https://evilspeculator.com Sir Mole III
  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    ..surprises to the downside

  • Mark Shinnick

    Well…wouldn’t it be more surprising to have upside in the face of the DB crap?

  • https://evilspeculator.com Sir Mole III

    let’s keep watching it after hours… this should resolve soon.

  • https://evilspeculator.com Sir Mole III

    Platinum switched over to 2017… time flies!

  • Mark Shinnick

    …and goes faster-and-faster ;/

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    when in doubt, watch the Russell, LOL.

    I’m seeing a quadruple bottom, on the 5m.
    http://finviz.com/futures_charts.ashx?t=ER2&p=m5

    NAZ would be the last to go, if down is the destiny. At least that’s the thinking.

  • http://gerb-reloaded.blogspot.com/ Gold_Gerb

    **********************************
    PUBLIC ANNOUNCEMENT
    Month End – Friday
    **********************************

    Damnnnnn.

  • https://evilspeculator.com Sir Mole III