Sharpening Edges

Just a few days ago I saw very little edge in taking trades. But that has suddenly changed and I see trading opportunities across the board now.

Stainless steel rats across the board can rejoice as we are presented with solid set ups in a variety of markets now. Tons of juicy charts to sink our rodent teeth into 🙂
[amprotect=nonmember] Tons of charts and 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 subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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Let’s start with the spoos which is battling two NLBL on the daily panel right now. A breach of 1323.25 would be positive but if the longs can push it above 1327.75 then expect some follow through which may get us to 1350.

Copper busted above its NLBL and is currently retesting it – great opportunity to take long positions whilst enjoying a stop nearby (i.e. slightly below the NLBL but make sure it only triggers near the end of the session – you can set a second stop further below as plunge protection).

I was ambivalent on silver the other day and now we finally have something to work with. That NLSL is either support or a sell signal that will take silver lower.

Similar situation on Gold – we are now in a tight range in which we can either swing trade between those two net-lines or take an inverse medium term entry at a breach of either.

Cotton – first appearance here on Evil Speculator. It’s been dropping like a rock in the past few weeks and we now finally have both a net-lines sell and buy level. If you think the floor is in then that NLSL must not be breached. If we make it to the NLBL I think we will however bounce back rather soon as the 25-day MA looms. So, I would not take long positions here yet – we need to see a bit of floor painting here first.

The range on Cocoa (also a first here) is super tight and I think we may even paint some symmetrical triangle here. Watch out for those net-lines as a breach of either is a good opportunity in either direction. In particular I like the short side here as this would be a breach/failure of the 25-day and 100-day MA. Of course I take a long trade if I see the setup – the 25-day BB is favorable still as it’s pointing up.

Also in a nice manageable range is sugar again – similar setup as cocoa but obviously long trades may be favorable here as we can set a tight stop.

Coffee may be near the end of the line here as support is looming below. Caveat – both BBs are now pointing downward and it’s possible we are looking at a slow continuation slide lower. So I would definitely wait for a better entry. But I wanted to put it on the map. Tomorrow’s NLBL is 253.25 – most likely it will time out before it gets touched.

Completing our commodity theme is crude which is also in a tighter range – we finally painted three wicks up and thus have a NLSL nearby now. I am not too hot about going long here as plenty of resistance looms above. Perhaps this is a good shorting opportunity with a stop slightly above the upper line of the 25-day BB which also happens to be near the psychological 100 mark.

30-year treasury futures – also finally in a tradeable range supported by the 25-day MA. We pushed to the NLBL and bounced back. Not a trade here I would take but we are out of the limbo period and at some point this will resolve one way or the other.

Last but not least, the EUR/USD – similar situation as in crude actually and I would rather be short than long unless of course we bust confidently above that NLBL.

That should keep you guys busy in the last 30 minutes of the session 😉

Cheers,

Mole
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