The King Of Stops
So I have been getting extremely lucky with my stops lately. If you’re keeping track then you realize that Ms. Market has been suspiciously gentle with me over the past few months. What’s going on? Must be my boyish good looks, or perhaps I just getting better at reading the tape? 😉
Honestly I wish I was that good but I’m not. Bout of good luck I guess and I’m not complaining. Alright, I actually had put my ISL at ES 2898 but told everyone to keep it < 2899, which ended up being the session lows. Does it get any closer than that?
I wonder if it would be premature to declare myself the King of Stops and immediately claim prima nocta. Clearly I would be well in my rights but fortunately for your spouses I am a humble market mole and will make do with ruling the fiefdom of Valencia.
Anyway my stop remains at ISL until I see us clear that 100-hour SMA near ES 2910.
Crude continues to stick to our script and my stop is now advancing to 1.25R. I’m pretty jazzed about this one – if you take a peek at the daily panel then you’ll see that it’s starting to traverse the upper Bollinger.
A lot of noobs would be calling a top here, and yes there’s a good chance it’ll pull back for a while. However if you have been around the block a few times then you know that futures have a tendency to trend once they get going.
So this is going to be very interesting. A retest lower followed by a breach back higher would would be a USDA Prime Grade opportunity to grab some long exposure. So if you’re not already in this one then I suggest you wait for that.
Cotton unfortunately is a stop out at ISL. Apparently it’s not ready just yet but we’ll revisit the situation once it’s done retesting its 100-day SMA.
USD/JPY has been hemming and hawing around but just doesn’t get out of the gate. Which actually is rather strange given the current formation. I have very rarely (and perhaps never) seen an inverted H&S formation that then devolves into a LV sideways churn.
Anyway, stop out at ISL here as well. I know – I know. King of what again, Herr Mole? 😉
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