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Triangle Operations
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Triangle Operations

Triangle Operations

by The MoleJuly 29, 2009

10:50am EDT: I had a rough night (not in a good way) and just fell out of bed half an hour ago. I am a bit riled about missing a great long scalping opportunity at the open but otherwise the early morning tape has been for the dogs.

We are close to completing a running triangle here (psalm 1-43 in our bible) – either we are done with the {e} wave or are finishing it now. Actually, as I’m typing this I hedged myself long in the futures – VWAP has been sufficiently tested and things seem to be pointing up. But I’m cautious – those gyrations in the futures today are a bit crazy.

11:08am EDT: I just dumped my futures hedge as these gyrations are too crazy right now. I have no idea which way this will swing short term so let’s just wait and see.

11:18pm EDT: Theme song for today’s futures tape – glad I got myself out of there at VWAP.

This one is for you, Eric 🙂

11:45am EDT: The Dollar painted one long needle to the upside – this favors the bears quite nicely today.

I’m actually a bit confused about this – a turn here was completely unexpected. However, it’s possible that we are looking at a possible truncation and that would spell some problems for the bulltarts. Let’s however not jump at conclusions – this is only one day and would have to be followed up.

BTW I went long the ES at 966.5.

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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