Discretionary Trading
Now Reading
Steady As She Goes Now
58

Steady As She Goes Now

by The MoleApril 25, 2013

A question came up in the comment section today pertaining to how to count lower lows to produce a NLBL. After looking at the description I realize that I need to probably rephrase the rules. Let’s review today’s NQ example:

I always used to refer to three lower lows but that’s actually incorrect. The way I’m counting them is to look for three consecutive lows – which in other words are in fact two lower lows. If we needed three lower lows then we would need four candles – the setup is a three candle configuration which requires two lower lows. I hope this clears it up and I apologize for any confusion.

You may recall that I suggested to keep using the inside day trigger on gold yesterday. Well, I’m glad I did as precious metals finally took off across the board. At this point my target is the 1500 mark where it’ll also meet up with its 25-day SMA.

I don’t really have much to add to the situation over in equities. We saw the tea leafs early on and got on the bullish bus just in time and before the VIX buy signal triggered (and sealed the deal). Well, it’s been green (white) candles ever since and thus far we are in good shape.

Caveat: The volume profile shows us a drop off not too far from here after 1590. I’m not sure that’s a huge problem as the tape in recent past has managed to bubble higher on low volume fumes. However it’s possible that we’ll see a quick correction before equities muster up enough mojo to punch things to the next level. If you’re long you should be prepared for that. Unless you really know how to micro-manage your daily positions I suggest that you pursue a strict ‘hands off’ approach. It’s easy to get shaken out and then missing the next leg up. Of course if this is your target zone then feel free to jump ship.

evil_separator

It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Please login or subscribe here to see the remainder of this post.

FYI – if you took that early morning entry on crude today then I would suggest you close out now 😉

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