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Will The Real Slim Teddy Please Stand Up?
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Will The Real Slim Teddy Please Stand Up?

Will The Real Slim Teddy Please Stand Up?

by The MoleSeptember 24, 2012

As weak hands are in the proces of being flushed down the toilet we are approaching inflection points across the board – and in particular on the FX side. So if you’re not already set up for trading Forex then I strongly recommend you get cracking as you’ve already been missing out on a lot of fun. Besides – if you’re trading equities you are already implicitly trading currencies – nothing bullish happens without Bernanke kicking ole’ bucky into groin – and it’s been a sucker for punishment. Whether or not that will change anytime soon – well, I do have some pertinent charts for your perusal.

First let’s take a quick peek at the spoos. All I’m seeing right now is an eetsy bitsy volume hole which the teddies have been unable to conquer in six sessions. Compare that to the upside progress we have been seeing in similar time frames. And mind you that is while Mr. VIX is stretching its legs near the 14 mark. I guess none of the remaining bears is suicidal enough to bet on significant downside ahead of the election. Just look at the recent tape and you can practically smell the fear.

Can I have your attention please?
Can I have your attention please?
Will the real Slim Teddy please stand up?
I repeat – will the real Slim Teddy please stand up?
We’re gonna have a problem here…

While the bears are once again busy being spineless in the face of short term opportunities AUD/JPY is touching support right now. I think right here’s where the rubber will meet the road (or not). If it can breach through 80.65 then equities are going to follow suit. Until that happens it’s a good spot to be long with a stop below the 100-day SMA.

A few more goodies below – please step into my trading lair:
[amprotect=nonmember] More charts and non-biased 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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USD/CAD is playing eager beaver and I thus far I give it an A for effort (btw – ignore I said EUR/CAD on the chart – sorry). However things are just about to get real as we’re now pushing into resistance. Can it heave its battered carcass above the line? If so I shall take long positions here – until then I am short.

The real EUR/CAD got homesick and decided to descend back to whence it came when it breached that 100-day SMA. Great spot for a reload – actually these are some of my favorite setups as many of the candle chasers have been taking to the cleaners. Of course our stop shall remain below the Maginot line.

AUD/USD – took out its NLSL and is being all feisty as it’s approaching the 100-day SMA. If it breaches I will be short – until then we have a cheap long entry here. Once again the SMA determines our trading direction. Ambivalent but simple and effective.

ZN just hopped above its already expired NLBL. As you know we got a great ID entry near the bottom and I’m tempted to add positions here. If you’re mathematically challenged use Berny’s Pyramid calculator – it’s available to all subs.

Crude – no real setup but I would keep an eye on 90.2. If that gives I think we could see some real fireworks. And that’s why we’re all here, right? And if you put on your tinfoil hat then low gasoline/crude prices during the peak of the election season may not be too unrealistic.

Have fun and keep it frosty. I know the tape hasn’t been easy but heck – it has been profitable. Don’t worry about the noise – just focus on the setups and what’s right in front of you.

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Update at the Closing Bell:

Mole signals once again spot on today – are you scalpers paying attention?

Cheers,

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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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