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Monday Blue Plate Special

Monday Blue Plate Special

by The MoleJune 25, 2012

I’m going to come right to the point today – as things are unfolding rather quickly I am afraid that my setups may not stay in place for long. Before we get to our Monday blue plate specials let’s take a quick look at my SPX P&F chart which looks primed to the hilt:

My subs saw this chart yesterday with quite a bit more details on various support clusters. In essence 1313 is an important inflection point – if breached it will most likely lead us much lower.

The spoos show us a last kiss goodbye to our current NLSL – unfortunately we do have support looming in the near vicinity. However, I think that a breach of SPX 1310 has the potential to open the floodgate of fear. So technically we should expect a little bounce there but I would not see it as a strong buying opportunity. Anyway until we do fat lady sings we remain in limbo.

Quick update on our Dollar entry – which basically was inverse of what we see on the spoos. A quick retest of the broken NLBL (i.e. our entry) and now we seem to be popping higher. My targets are near 83 – I know – not too far away.

AUD/USD – that was a nice last kiss goodbye and a beautiful entry with little risk. So far there’s nothing to do but to let her run – I am keeping my stop above that NLSL for now.

Alright – let’s get to our latest victims – please step into my (now air conditioned) summer lair:

[amprotect=nonmember] More charts and cynical commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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USD/CHF is a long now – the NLBL was retested and will now act as support. My stop is a few ticks below.

Similar situation on the USD/CAD – a nice long with a stop below the NLBL.

EUR/JPY – great entry here with little risk. I know this candle looks scary – that’s the idea. Unless we drop below that NLSL I am long with a stop a few pips below. IF we drop through then I will flip this sucker in a heartbeat. Target zone on the short side would be ~92.25.

Okay not so precious metals – gold is not showing us anything exciting on the daily. BUT the hourly is bouncing against that 100-hour SMA. I think this is a good short if we stay below and a great long if we breach it. FYI – this is a short term trade – if you take it don’t stay in it for more than a day or two.

Silver – same story but it’s actually looking more bullish. Again, I’m not taking sides here – the right side of that SMA is where you find the candle.

Sugar – inside day + NR4 – you know the rules. If not then please check the cheat sheet.

Coffee – great short here with only a few ticks away. So far that 25-day SMA has remained resistance and as long as it does I will be short. And yes, as you may guess it – I would be very happy to flip this trade if we get stopped out. A long trade would have a LOT more target potential. A short trade here will probably only lead us a few handles lower. So if that’s what we’re getting don’t overstay your welcome.

Last but not least – copper. It’s nibbling at its NLSL. Short here until it pushes above. Has not happened yet as I’m writing this but I actually hope it will so I can be long. The reason for that is this looks a bit like a floor pattern to me – I could be wrong of course, and price will be judge.


Public Service Announcement: I will be traveling tomorrow and will most likely only have time for a brief update. Don’t worry – as always I’ll try to make it count πŸ˜‰


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.
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