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Winding Down The Week

Winding Down The Week

by The MoleJuly 2, 2014

Today will the last full NYSE session for this week and I’m sure most of you guys are already mentally checked out. I’m glad however we paid attention yesterday as that short term campaign on the equities side paid off very nicely. As I’ve said in the past: the bus moves the fastest once everyone got off.

I don’t expect a repeat of yesterday’s smooth run higher – but the GBP/JPY carry trade correlation is looking positive as of right now. So let’s see what we got:

The NQ has camped sideways and the 25-hr BB is now compression. That hourly NLSL right below in combination with the SMA may be good for a final spike higher but I wouldn’t risk more than 1/2 on it plus the ISL should be nearby (~3880).

Platinum has been riding its 25-hour very nicely over the past few sessions and I am waiting for a touch to grab a few long contracts. The idea is a retest of yesterday’s highs after which I would be out.

CHF/JPY – I’m short here right now with a stop above the NLBL/SMA. The idea here is a last kiss goodbye move. Again, I’m risking less than 1/2R here – easy to get stop run in low volume weeks.

Finally here’s EUR/NOK – I think this is the first time I feature it here. This formation reminds me a bit of what we saw on the equities side yesterday. Long here on a recovery of the 25-hour SMA and Net-Line Buy Level (NLBL). Once positioned my stop would be placed below that diagonal on the chart, i.e. below 8.42.

I’ll probably chime in quickly tomorrow, assuming anyone’s here to watch the half day session.

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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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