Sideways High Impulsive Tape
It’s the worst market period of them all – sideways high impulsive tape, a.k.a. SHIT. I’m the first one to admit that the current market phase is taking its psychological toll. Which is why I am spending as little time as possible looking at my roster of charts. The short term panels seem to be running like a hare since about the time I returned from Mexico. The first few days were great but it’s been a pretty brutal grind since the second week of April and I’m very tempted to buy another flight ticket and head to a nice beach without Internet access.
Alas I have a responsibility to steer you guys through difficult times as well, which is part and parcel of what you subs are paying me for. Which is why I hope you can forgive me if I start sounding like a damn broken record as of late. Stay the heck out, don’t touch this tape, no edge here, don’t you dare press that buy button, take small position sizes, stay nimble, extra picky, keep your powder dry – heck I’m sick of listening to myself at this point! Where’s the fun in that?
Problem is however – we’re not here to have fun really. Although I do my best to lighten things up on a daily basis trading your own money is a dead serious endeavor and it only takes a few weeks of bad decisions to wipe out a big chunk of your principal. So please take me very serious when I beseech you to not get drawn into crappy tape. There is no real reason to participate here and as soon as that changes you will be the first to know.
Repeat after me: Cash is a position!
That said – the lowly Mole knows to extract promising setups even in the most dire of times. Here’s CAD/JPY which is looking pretty promising today. We have a double IP near the 100-day SMA and means we got a binary entry opportunity. On a breach in either direction tomorrow put your stop on the inverse entry trigger and Bob’s your uncle.
A few more below the fold for my intrepid subs:
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Don’t worry folks – even this market phase shall pass. It always does and your patience will soon be rewarded once the fireworks season starts again. Just ask Captain Boom 😉