LESSONS: 1. If you missed the break down then you can't chase the trade. 2. If you missed the trade DO NOT try to catch the falling knife. You most likely take a hit to your account. 3. Wait for for something to setup...patience is your accounts best friend. What's up the with EURO? No setups at this moment. We are sitting on our hands waiting. Stay tuned.
Crude is still bouncing around and not finding a direction. Stops are building just above the 54.20 area. If we take that out we will most likely see a nice move. In the mean time we sit on our hands and wait for a good setup. Nothing yet. Keep on the watch list.
Take note of this. This is why we tighten stops and take profit.
GC is working on a Weekly wedge which means one thing...a nice move will happen. After trying to break out to the upside it was rejected...then price consolidated before breaking lower. Now price is now testing support. We will watch this test and see if there is trigger for a short. If we get short we will look for the 1100 are for a target. This is on the...
We were hoping for a CL break to the upside over the last two weeks but we got nothing. It's been chop city. We will be very cautious with trades to the downside. So we will sit on our hands with Crude and wait for something to setup.
Corn on the weekly chart is coiling and setting up for a great move. As we always say ...if you want strong moves that will last longer than a day then you need to watch the weekly charts. It takes patience to wait but they are nice when they explode. Stay tuned.
The ES is moving slow and forming a nice flag. We have moved our stops up to further protect profits. If the flag breaks to the upside then we will expect the 2120 to get hit. With a good amount of economic news this week (including NFP) we will either get stopped out or hit our target. Either way it has been a good trade.
Despite covering our NQ position we will hold on to the ES for a our second target. We still like the 2120 area. Stops have been pulled tighter just in case this move becomes a head fake. Lesson: manage your trades and don't let a winner turn into a loser!
We are covering our final 3rd of the position. This was a nice kick today (thanks EU). We'll take it and go home flat the NQ into the weekend. We will look for a pullback to initiate new positions. Lesson: Patience! we waited on the sidelines for this to setup and it paid well.
We are getting closer to our second target. We believe we will see it this week. Nothing has changed on the management of the trade. Stay tuned.
GC looks fugly!!! It's chopping around and is not sure which way to go. GC may be waiting on Greece and the EU to iron out their differences. We will keep an eye on it but we don't see any reason to be involved now
ES is still looking good. We have not changed anything with our stops. If we see a good move to the downside we will adjust stops but we are still looking for the 2120 area for the next target.
CL could break this week. Take a look at your weekly charts. Price keeps bumping up against the upper resistance. This is on our "watch closely' list.
CL is stil range bound and now has formed a small ascending wedge. This si on our watch list. CL could break for a nice move soon.
We are still watching the E6 closely. There was a false move on Friday. Could this have been the first pump before running? If they push it down Monday or Tuesday the weak longs will get squeezed and bail on their trades. Best to wait for a close outside of the wedge before looking for a trigger.
GC looks a little sick. Could this be a fake breakout (weekly chart)? If so you know how to play it! This is on our watch list.
The J6 has returned to the scene of the crime and has kissed it good bye. A breach of the 8388 are and we will goto a lower time frame to look for a trigger. This will support higher equity prices.
Longs triggered in the ES. Like the NQ first targets were hit on Friday. Next target for us in the 2120 area. This has potential of being a really good trade. Stay tuned.