Discretionary Trading
Now Reading
You Are Welcome
54

You Are Welcome

You Are Welcome

by The MoleOctober 17, 2013

Remember on Monday when I told you guys not to panic and instead to fade the doomsday news and to follow our charts? I hope you paid attention and ergo your accounts are flashing green right now. Well, you’re welcome, but as they say – you’re only as good as your last trade, so let’s get on with it, shall we?

At this point the bots appear to be in complete control of the equities side. Take a look at the Zero Lite and the Mole indicator right below which is producing a pattern I have NOT seen in five years of following it on a daily basis. More specifically I have never seen a day where selling pressure is absolutely non-existent. As of this writing the red line has spent most of the session in plus territory and that is highly unusual. Seems like a lot of folks are being squeezed out of short positions today and the bots are mercilessly driving this thing higher.

Which in itself strongly suggests continuation higher. Plus we have a weekly NLBL on the SPX which has been taken out today. A close above it tomorrow would be a weekly buy signal.

The P&F is also looking very interesting as we’re about to breach a previous high and that confirms the bullish price objective of 1880. Again, we probably don’t get there in one swoop but that’s what I told you guys a few months ago when the PO was pointing at 1770ish.

Gold has pushed higher today as well and is now finding itself near a daily NLBL which is positioned right below the 100-day SMA. Then there’s that 25-week SMA which is falling hard and should catch up with price  in a few days. Quite a bit of resistance. I would be short here with a stop above the 100-day. Now, the odds for a breach are actually not bad so I have no directional bias. Meaning that I’ll be long on a breach of the daily NLBL and the daily SMA. The weekly NLBL at 1,353.8 would be confirmation of the long side. But we’re far from getting there right now – until proven otherwise we should be thinking reversal right now – one step at a time.

Once again we are graced with some juicy setups today – please join me in the lair:

evil_separator

It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Please login or subscribe here to see the remainder of this post.

Cheers,

Sign up here to receive my FREE early morning briefing:

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.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

BTC: 1MwMJifeBU3YziDoLLu8S54Vg4cbnJxvpL
BCH: qqxflhnr0jcfj4nejw75klmpcsfsp68exukcr0a29e
ETH: 0x9D0824b9553346df7EFB6B76DBAd1E2763bE6Ef1
LTC: LUuoD6sDWgbqSgnpo5hceYPnTD9MAvxi6c
PayPal: https://paypal.me/evilspeculator