You Snooze You Lose!

And the short squeeze is on! Almost all of the setups I posted yesterday are well on their way and if you took only a few of them you should be sitting pretty at this point. And if you weren’t a sub – well, this post is dedicated to you! Let’s play that little game we call: You Snooze You Lose! (too subtle?)

Just last Sunday I mused about a little conundrum in my weekly analysis, in that the long term picture remained to be positive but that the short term strongly indicated a impending correction (recall that the first red candle appeared a week ago). And apparently that’s exactly what we got – a quick stab lower followed by a snap back all those hobby bears are still trying to wrap their heads around.

Like everyone else on the outside we missed that first candle up but got a technical entry at the daily NLBL plus the 100-day SMA yesterday. Today brings us back to the 1376 resistance zone which will have to be breached should we touch our 1390 P&F price objective (again mentioned in last Sunday’s update). The odds for a continuation of this short squeeze are good right now but of course nobody really knows. I’d feel better if we breached 1376 either today or next Monday.

AUD/JPY – we breached our NLBL today and are now heading toward the Maginot Line. A breach there would be our confirmation and establish new support. Nothing but air looming above.

AUD/USD – breached our NLBL yesterday. Now well on its way.

CAD/JPY – breached our NLBL this morning – well on its way.

EUR/JPY – breached its NLBL today. Hasn’t pushed far so put your stop below the NLBL and let it do its thing.

EUR/USD – you could have taken an entry yesterday or early in the session today – same difference. Either way it’s looking good and the NLBL is now new support.

But we’re just getting warmed up. NZD/USD – great entry yesterday – well on its way. And nothing but air above. If you’re not depressed now then I’m not trying hard enough!

Short entry on USD/CAD yesterday. Breached its Maginot Line today which is technical confirmation. Nothing but air below.

USD/CHF – you could have taken the NLSL entry today or yesterday. Seems good to go.

Ole’ bucky also gave us a clean entry yesterday. Looking great right now – of course I’m not liking where my EUR/USD exchange rate is heading – yuck…

Gold – still not eatable but great entry today at its Maginot Line. We may see a retest here but if it gets going I expect this to accelerate as she’s been coiling up for months.

Sugar – NLSL entry yesterday and it’s now heading for its 100-day SMA. A breach of the Maginot Line would be confirmation, so we’re waiting for that.

And finally we breached through a NLBL/NLSL cluster on the 10-year treasury futures yesterday. Looking really good right now, hope she keeps it up.

Alright, and for my intrepid subs I’ve got a very special game in the works:
[amprotect=nonmember] More charts and cynical 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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Today’s theme is ‘Wait For It’ as we have a few setups which are almost ripe enough for the taking. We start with the only exception which looks ready to roll right now:

Silver is at its NLBL and that makes it a buy. I would keep an eye on gold as it may finally pull silver out of is miserable summer rut.

EUR/AUD – we have a NLBL touch but as of this writing it has not breached yet. Wait for it….

Similar story on the EUR/CAD – wait for it!

Cable – pumping its head against its Maginot Line – wait for it! I think this one could be big, nothing but air looming above.

Cotton – right at its NLBL level. Wait for the breach.

Copper – almost there. A breach would also be bullish for equities – in theory – who really knows these days. Anyway, waaaaaiiiit for it!

And finally crude – bestowing us with an inside day + NR4 combo. How kind! Wait for a breach in either direction. A long would also favor the equity side.

I guess when it rains it pours and I hope some of you guys have been paying attention. Sometimes we endure really painful tape for days or weeks until suddenly everything comes into sync. And if you didn’t waste your time reading perma-bearish news and instead stuck with the program then you are probably smiling at your trading account right now.

Enjoy your weekend.

Cheers,