Short Term Updates

I’m not really hot on any new positions this morning but I did close out a few of yesterday’s short term campaigns. Although I was able to snag two good ones there’s one that played me for a sucker:

GBP/NZD – I dug deep and grabbed a few longs after seeing selling exhausting. It was the right move but the bastard wound stopping me out by a mere two pips before it took of like gangbusters. Just to show you that this happens to everyone – nobody gets a free pass from Ms. Market.

Fortunately I had the foresight to also grab a few longs on the AUD/NZD. Sweet move here as well and I just took profits.

My EUR/USD campaign has come to an end as well. As much as I would love to see this one drop lower for a repeat performance the odds of this transpiring are rather low.

There were some questions regarding that subtle divergence on the Zero Lite (right panel) yesterday and earlier this morning. First up, it’s pretty normal to see a bit of a taper at the end of an extended sell off session. That doesn’t always mean that we’ll see an instant bounce. Perhaps if the signal would have started touching the Zero mark (in blue) a bit in the last hour. In that case I may have been tempted to grab a few lottery long tickets.

Now you may look at the overnight bounce and tell yourself that the Zero called it. I would disagree there – the price action almost 11 hours ago has little to do with what we ensued after the closing bell. Correlation does not equal causation. Thus I believe holding off on getting long last night was the right decision. If you stayed up late and kept watching the price action of course then you may have had opportunities as the spoos started to test a stack of Net-Line Sell Levels.

Alright, I’ll keep parsing around and if I see anything of value will  post it here.

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Cheers,