Told Ya So!
Told Ya So!
Here’s your Evil Speculator prime directive when it comes to picking targets for your discretionary trades – do not overstay your welcome! You put on a hot trade – it’s pushing in your direction and eventually touches your target. And that means you are out – the only exception being a few lottery tickets if you can plausible justify a second target area.
Case in point: Silver – just yesterday I told all of your short term traders to be out of silver post haste. Today’s candle may have been a rude awakening to anyone not heeding that call yesterday. The story is a bit different for medium to long term trend traders of course and it’s something I addressed in my recent posts.
How do I do it? Pixie dust mixed with evil magic of course. Alright, moving on – please step into my lair:
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Ole’ bucky is back for a retest of its two SMAs (i.e. the 25 an 100 day I follow). The question in our collective rodent brains right now is whether this is a last kiss goodbye or if it can stage a reversal. As much as I would see the Dollar regain some of its faltering purchase power I think the bears currently retain the home advantage. Wake me up once this thing pushes above 79.1 – until I am going to take this as a short trade reload.
Natural gas – this is the continuous contract chart and be aware that if you put up /NGJ2 you will get a similar price but your chart will look different. Anyway, I go by the continuous chart which proved yesterday’s buying opportunity as a good call. Remember that we are dealing with an ascending line here so you may have to adjust your stop upward in a day or two as we churn around here.
USD/CAD looking pretty sickly at this point and I would not want to touch any long positions with a hazmat suit. We may get a retest of that NLSL – use it to take on more short positions with an easy stop just a few pips above. This so far has been a great trend trade and as long as that 25-day SMA remains intact there’s very little for anyone holding positions to do.
Last but not least the EUR/JPY bestowed us with the coveted inside/inside day candle. Trades just like a regular inside candle but I think the odds are better (Scott – correct me if I am mistaken). You know what to do – if not please consult the Evil Speculator cheat sheet.
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Cheers,
