We are still waiting. As Crude continues to drop we have to move our entry down. A descending channel break to the upside should see a nice pop. No Trigger, No Trade! Be patient with this one. Crude can clean out your account quickly.
Crude is getting real ugly. This product will test you. While there is no doubt that oil in the 30"s is attractive it would be painful to buy on the way down. Nobody...and we mean nobody knows how far crude will go. However, we will watch the Descending Channel for an upside break.
OK...look at the charts and learn how selloffs work. We were looking for a pullback Friday and never got one. This market is weak and it is inflicting it's pain on people. The $NQ blew through support and is selling off again in the Globex session. We are watching the support area below for a trigger. The trade long will be for a bounce. The path of least...
The market is continuing her move to the downside. This is why we "WILL NOT ESTABLISH A POSITION ON FRIDAY". We will be watching the Emini and other Indexes for a reversal from the support area on Monday. We WILL NOT enter a trade without a trigger. Knife catching will kill your account. It is not recommended. Be patient!!!
As with the ES...the NQ is in the same boat...although it has not broken down it's support level. If the NQ takes our support look out below. We are looking for bounces to short. NO TRIGGER...NO TRADE!
The market is technically broken. Today's sell off on volume did some much needed damage. It was good to see this. The market needs a pullback. We don't think we are done to the downside. However we are expecting a bounce at these levels. We will watch it closely Friday. WE WILL NOT establish any positions on Friday on the Indexes. We will wait for Monday....
Crude is in a free fall and shouldn't blindly be bought. We are see a descending wedge forming, which is one of our favorite patterns. Will will look at this trade as a "POP" instead of a position. A break of the wedge and we should see a quick move to the 21 day EMA. If we can get some MoMo then possibly higher.
Nice consolidation since the Euro's knife has stuck int he ground. We would like to see a solid break of the channel before getting involved. Stick it on your watch list.
After a major dump...Goldie is consolidating well below it's break. This is Bearish and provides opportunity. 1040 is Major S/R. Gold bugs are crying foul. Remember...you can't buy milk with a gold coin.
Aunt Janet proved we traders are no match for her. After the FOMC announcement almost everything went green...including goldie which stopped us out. That's trading. We move on and wait for a another setup.
GC triggered for us and now we manage the trade. First target is 1130. Today's FOMC will have some effect on Goldie so we will be watching.
We may have missed the Crude trade however, Corn is a different story. We are expecting Corn to trigger today. Our targets are listed. If Corn triggers and then closes inside the wedge we will close the trade, otherwise our targets are posted. Stay tuned
THAT'S TRADING...we were looking for a pullback that didn't happen and our rules say "No Trigger, No Trade" and we didn't get a trigger therefore we are not in this move. Does it hurt...YES! But discipline pays and with discipline you will miss some moves. If you are short CONGRATS! Be sure to take some profits and move stops. $41 is approaching fast. We are...
Crude has broken down and we will look for pull back triggers to get short. We will look for crude to visit the 41 area. REMEMBER: NO TRIGGER, NO TRADE
Why you don't try to catch a falling knife. It would be great to be short..but we are not. Knife hurt when you catch them. On side lines with the euro.
Corn has broken and closed below it's wedge on a weeky time frame. We are looking for pullback triggers to get involved to the short side. Targets are identified and the stop will come from the trigger (on a 60 or 240 min chart)...NO TRIGGER, NO TRADE!
GC is setting up for a visit of the November lows. Pull backs are sellable. If you are in from the bear flag trim and trail. We are looking for a test of the lows, then 1100.