Triangle Operations
Triangle Operations
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.