Rise And Shine
Rise And Shine
Wakey Wakey! We’ve got work to do! I just popped up my charts and it seems we have some attractive setups this morning that probably won’t wait around for long. Equities in particular are looking tempting at the moment so grab yourself a cup of java or tea and then let’s get to work.
We did see quite a bit of divergence on the Zero indicator late in the session yesterday but I wasn’t about to pile into long positions without more price context. Thus far equities continue to hold and I am now long a 1/2R with a stop below 1960. YES, we may see another stab to the downside, there is never ever a perfect time to time a bounce after a significant sell off like this. Cost of admission – which is why we keep position sizes small.
Similar view actually on the USD/JPY. that was one nasty drop below the 100-day BB and once again I was waiting for a bit of normalcy to return. Long here with a stop below 101.45. My target is the 103.3 mark – plus minus.
Zero Update
First up here’s a snapshot of yesterday’s session in case you had problems logging in:
After wasting hours reporting issues to aMember support I had a hunch that the login problem may be related to corrupt HTTP sessions as I noticed strange behavior in the little login panel you get when clicking on the key icon on the top right. Turns out I was right and my hosting guys reinstalled LightSpeed overnight. So all you Zero subs who ran into problems yesterday should be able to get back in now via your existing login. If you still continue to experience problems please email me asap at admin@. Apologies once again for any inconveniences.
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Okay we are truly going to grab the tiger by the tail here. I’m now long cable with a stop below the lower 25-hour BB. Not sure if you heard but the S&P rating agency yesterday acted like a bitch and downgraded the British Pound. So far it seems to be stabilizing but you never know of course. Which is why I recommend a very small position size of only 1/4R at most and do not use a limit order for your stop, understood?
I’ve recently started trading the CME currency futures after additional SEC regulation forced several introducing brokers and broker-dealers out of the forex business. Silly situation really in the U.S. as apparently retail traders are getting regulated to the max with institutional players simply moving offshore. But it may not really matter as I actually like those contracts quite well and there appears to be more than sufficient trading volume. If you’re interested here’s the same setup on the 6B contract – the smaller one is called 7B I think and it’s 1/10th the size.