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Two Steps Forward One Step Back
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Two Steps Forward One Step Back

Two Steps Forward One Step Back

by The MoleAugust 29, 2013

It seems the bulls are as unable to gain traction here as the bears are to slicing through that support zone below. Frankly speaking I spent the day more productively by adding bond style fractions (e.g. 132’9 instead of 132.28125) to the CrazyIvan messaging system. That should be a welcome improvement for you bond traders and it works on all type of fractions including the ZN, ZT, and ZF). I’ll deploy it once I see a quiet period or over the weekend for sure.

So my long still remains in place (sorry Scott) – thus far as we have not taken out the NLSL despite this morning’s little attempt to scare the children. Although I’m starting to see higher highs and higher lows now it would be too presumptuous to declare the bearish case as dead. The 100-hour SMA held up like a brick wall and I’m curious as to what’ll happen when price meets that rising 25-hour SMA. I think the bulls would be well off to mount some defenses there as they are far from being out of the woods.

The NQ long I took out yesterday has been recovering back into solid green territory and I’m not going to touch anything until my stop gets taken out. Technically we triggered another long entry as it painted an inside period yesterday. The stop is only a few ticks away from my current one and I decided to leave it below the NLSL.

The symbol hunt didn’t yield much today but what I found is definitely worth the effort so please step into my lair:

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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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