Discretionary Trading
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Told Ya So!

Told Ya So!

Told Ya So!

by The MoleFebruary 29, 2012

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:

[amprotect=nonmember] More charts and cynical commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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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.


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.
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