Short And Sweet

We’re smack middle in the vacation season and apparently very few of you are actually paying attention right now. I can’t really blame you as it’s hot as hell over here in Spain and everyone is looking forward to August when the entire country officially shuts down for the month (no, I am not kidding). Anyway, so let’s make this one short and sweet. Speaking of which – we did get a great short entry this morning (if you were a sub that is). And for a while it looked like this campaign might actually grow some legs. But not so fast!

That’s quite a bounce off the lows and looks like the bears are going to be handed the usual shyte sandwich they have learned to get by on for the past five years. There is no pressing reason to exit here but I most certainly will advance my stop to the break even point, which for me is 1968.5.

Interestingly we actually sliced through the volume hole I pointed out this morning and we’re currently in the middle of it. If price gnaws its way back into 1965 the jig is up again. Personally I’ll hold this one as a lottery ticket with a stop at entry (i.e. 1968.5).

The EUR/JPY and the GBP/JPY are still pointing down which is another reason I’m holding. But make no mistake – the odds for the bears here are pretty lousy as I just don’t see any mojo. Just like dogs trained by Pavlov most of the battered grizzlies who found themselves short this morning instinctively took profits near the lows. IF they got short in the first place which I seriously doubt. Personally I’m not into this for a quick ST campaigns – rather I’m looking for portals into larger moves. Odds have it today isn’t the day (once again) but I’m pretty jazzed about our timing and execution. And when it comes to trading that is half the battle.

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Cheers,