Zero Indicator
Now Reading
So Far So Good
132

So Far So Good

by The MoleNovember 10, 2015

We are currently at a ST inflection point in that ES 2062 either serves as support or will lead lower if breached in the coming hours. If you were short yesterday then I suggest you move your stops lower or at least advance them to break/even.

2015-11-09_zero

I wasn’t very surprised to see us trading below yesterday’s close this morning as participation on the buy side was almost non existence in comparison with the selling pressure that accompanied us down. So this does have a fair chance of leading lower. And by fair I mean about 50/50 – which sounds like a coin toss (which it is) but given the current medium term trend is as good as it gets. It is important that you always consider the general direction when trading short term chars.

2015-11-10_spoos

And the downside potential right now is pretty limited – I have support kicking in as soon as ES 2050 where the 25-day SMA hails right now. On the weekly we have 2035 and if things really get dicey there is there is a stack of weekly NLSLs starting at 2008. If the bears intent on hacking their way all through that they better bring machetes.

2015-11-10_GBPUSD

Update on cable – so far so good as well but price hasn’t picked up any pace yet. I will keep things as is and advance my stop to break/even once it pushes above 1.515. That diagonal support line has plenty of touches but it was also falling and thus has less meaning to me.

2015-11-10_gold_trendline_fail

Besides, just to give you an example of what I talked about a few posts back  – here’s gold proving that in the end trendlines are just that – lines – nothing else. Doesn’t mean price will always obey.

2015-11-10_ZB

Bonds – in case you didn’t catch it yesterday – still is looking like a possible long. Same caveat as on the cable campaign: This horizontal trendline has not been touched sufficiently, thus the odds are low here. Which means at maximum deploy only 1/2R or less.

The future is now – so don’t bring a knife to a raygun fight. If you are interested in becoming a Zero subscriber then don’t waste time and sign up here. A Zero subscription comes with full access to all Gold posts, so you actually get double the bang for your buck.

Cheers,


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.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c
PayPal: https://paypal.me/evilspeculator