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Short Term Chart Roll Call
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Short Term Chart Roll Call

Short Term Chart Roll Call

by The MoleJune 13, 2011

That was a nice fake out move on the spoos just now – if you are a Zero sub I am fairly certain you avoided that gaping trap.

Before we close for the day I have a few charts you may want to see – time for a short term chart roll call.
[amprotect=nonmember] 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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Copper is playing with its NLSL at 4.0325 – if it closes below that mark it could have bearish implications on the equities side as well (despite that little rope a dope on the spoos we just saw). In that context you may want to read my weekend update from last night in case you haven’t already done so.

Silver busted through its NLSL but unfortunately it’s dropped way to far for me to take a position. If you are already short (congrats Scott) then I would hold all the way to about 34.

On the FX side the EUR/USD is retesting its NLSL which may be a great opportunity to get positioned to the short side as long as there is no close above 1.4451. If we stay below that level we may drop into 1.4137. Please be advised that this is a 50/50 odds trade – meaning please have no directional bias here. It’s quite possible that the 25-day SMA was the target and that we are pushing higher from here. So be disciplined and be out of that trade as soon as it appears we are closing above 1.4451. The odds on a long trade are mixed and I personally would not take it unless there’s some delicious candle setup a la Convict ‘Lover Boy’ Scott.

Cheers,

Mole
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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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