The Writing Was On The Wall

It’s been a fun week for us rats and as I’ve got little to add to this morning’s update I’ll make this one quick and painless. At this point – and barring any late session surprises – it looks like we’re going to rack up a daily buy signal on the E-Mini:

I think the writing was on the wall this morning and despite today’s sideways churn (and lousy new home sales numbers) we are probably going to close above the NLBL at ES 1656.75. And that’s good enough for me  – I am currently long with a stop below today’s lows. I usually use a major low for my stop but that’s a mile away so the next best candidate is today’s low. Yes, sometimes you just have to pick something exotic – that’s fine as long as you use proper position sizing and then stick with it throughout your campaign.

By the way – I’m taking this trade knowing that we may easily see an RTV-L setup here next week – which would mean that we’re dropping early in the week and then run back up. The odds of that happening actually are pretty good – thus my position sizing was reduced to 0.5R and I’ll be adding contracts on the way up.

Before I crack open a bottle of Hefeweizen I’ve got two goodies on the futures front. Here’s copper which is now painting an inside day setup. I liked this one yesterday already as it was pinned between two opposing Net-Lines but the NLSL was about to expire so I skipped it. But this puts us into an IP-L, and IP-S and a RTV-S as well (didn’t see that one coming, did ya?).

And then there’s cocoa – gracing us with a double inside period. Very nice and I like the small range here as well – could turn into a runner after all that sideways churn.

And that’s where I check out for the weekend. Now go, have fun, and keep it frosty (both your nerves and your favorite bottle of brew of course). My poison for the evening: Franziskaner – on your shores you may be able to pick up one of those bad boys at your local Whole Foods (and in L.A. perhaps some cute aspiring actress as well).

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Cheers,