You Snooze You Lose!

The Mole posted a series of short term setups this morning which apparently were mostly ignored. Well, your loss and my gain – or in other words: You snooze you lose! And you know I love to rub it in. Well, as we have ourselves a Jewish holiday today participation is minimal. But as I’m seeing a ton of AAA prime rib setups today and I encourage everyone who showed up for work today to wield the iron while it’s hot. This could be a live one.

Before we get to the setups let’s revisit the EUR/JPY which has finally pushed into our target zone – and it took just about one week. Perfect setup and perfect execution. By the way, I really hope you took that long break out I posted early this morning – those were some easy pips to be had!

Alright, let’s roll up our sleeves. I’m almost ecstatic about today’s inside day on the spoos. What do we have here – long prior candles? Check! Possible buying exhaustion candle? Check! Inside day? Check! Narrowest range within four days? Check!

Plus all that is happening outside both of our Bollingers – and that my dear ratlings, is a prime location. I’m not seeing a long breach here is impossible (anything can happen these days) but suffice to say that I would very very much like to see a short breach tomorrow.  Added bonus: Today’s candle only measures five handles (thus far), affording us a very cheap stop. Caveat: things just started move so we may be pushed out of some of today’s entries – please follow your charts not my screen grabs.

A lot more where that came from – please step into my dusty lair:
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Inside day setup also on the USD/CHF – and I particular like that tiny range of about 60 pips.

What I like even more is the location – we are touching daily support and I expect a long breach to burn quite a few shorts.

Here’s the Dollar – sweet mercy! Outside both BBs painting a tiny ID + NR4 combo. Did I just die an go to heaven?

Here’s the current range for your convenience. Obviously this may change toward the EOD, so check those values before you dive in tomorrow.

Crude – originally this was a nice ID setup but after I posted we dropped like a rock!

Now things have changed drastically – I am seeing possible support here at that 25-day SMA + NLSL combo. If we breach that today or tomorrow then we head lower.

Cotton – once again attempting to breach a daily NLBL. I think it’s actually possible to risk a small early position by being long here with a stop just below that 100-hour SMA. I actually would love us to come down all the way to that hourly NLSL to take a long position. Otherwise just wait for a bonafide breach here. Bonus points: We have the 100-day SMA below us now and thus I mostly care about a long here.

Copper – same story – I think we’re having ourselves a theme here!

Once again the current trigger points – of course your exact quotes may differ a tiny bit based on your broker. Use what you have – don’t rely on mine.

Natgas at support – although it’s expiring today. I am long here with a teeny weeny itsy bitsy position and a stop below today’s lows.

Sugar – inside day. In particular I like this ascending support line – possible floor formation here.

Here are the current trigger points. Caveat – we did get a bit of an exhaustion candle yesterday but sugar does swing wildly every day. So don’t get over positioned, alright? In general sugar is a consistent mover though (check out the daily) and I really enjoy trading it.

Silver – inside day – boy it’s so tiny!! Again, a possible temporary high here. Well, we’ll see tomorrow, shan’t we?

UPDATE  14:05pm EDT: Sorry, it’s already bust – no setup here.

My least favorite inside day setup today – BUT….

… look where it’s happening! I just can’t say no to this and am eagerly awaiting the start of tomorrow’s session. If you are a noob then I strongly encourage to check our cheat sheet to familiarize yourself with how one handles inside day setups.

Alright, this should keep you guys busy for a while. Dig in!

Cheers,