The Euro has found some legs and is fighting to keeps it's head above water. Will Mario step in a hammer this nail? We are still short but price is getting close to stops. We would love for them to take out the double bottom. Stay tuned
Thank you Mr. Dragi. As long as he keeps printing money the E6 will remain weak. We were expecting another move down...but not this quick. We don't control the markets, we just trade them...so we will take it. Stops are lowered as we seek target #2.
GC is acting as suspected. Look at the wicks and tails on the most recent candles. They tell us there is a lot of indecision. Gold is still weak and we like the down side but choose to stay out o this mess. We will watch for areas to get short. For now we are on the side lines.
With a monster gap up Friday the indices sold off nicely. NQ1! is out favorite to trade and with this reversal candle we will start to nibble on the short on any bounces. If the NQ can get some legs to the downside we will look for 4200 and then 4150.
The bears were hunting for any bulls poking their heads out of the sand and by howdy did they hammer them. Crude still cannot make a break to the upside. Fridays price action tells us that there could be more downside. While crude is still weak we are not short. We will wait for better parameters.
After hitting target #1 we are bouncing which is to be expected. Stops are in and we will look for a break of the low and final target. This coming week could be choppy to up before a retest happens. For more watch: youtu.be
After a few days of back and fill trading GC broke to the upside and squeezed the weak shorts. The pop was with good volume. We are still watching for more opportunity to the downside but we could chop around for a few weeks before seeing another leg down. Remember...the Dollar has broken out of a multi year consolidation and is expected to move...
Crude got a much need bonce on Friday after making new low in the globex session. While the bounce is nice don't expect crude to go straight up. We will look for another move lower from the upper trend line (red). We will wait for a lower time frame trigger. This trade will have great risk/reward. See this video for more: youtu.be
Of the many years of trading we can say, with confidence, that other than the psychology game of trading, studying has been the biggest attribute to successful trading. Reviewing charts...looking at how our setups forms and play out. In trading you are not trying to be right...you have 2-3 solid setups, control emotions and follow your rules. Then study you...
This mini is in need of a pullback but with every hint there's a rally. Friday produced and nice reversal candle on a Daily basis and we passed on the signal. When the algo buying starts you can get trapped quickly. Watch the price ladder...when pullbacks are shallow and aggressively bought be rest assured the algos are in charge. Either get on board with them...
GC is having a nice bounce. This was needed after a large move from the last push down. We are expecting GC to rally a little further and chop until after the first of the year. Make no mistake Gold is still in sell mode with targets at 1100 and lower. Expect a good fight form the bulls on the bounce. Stay tuned.
Let's take a look at the longer time frames today. CL made a nice break on the Monthly/Weekly charts and is now in need of a bounce...if you are wanting to catch the bounce I get it...however stay in control of your stops. Take a look at what happened late 2008. That is what we call an account killer. We like a bounce and break of the 76 area for a move to the...
See our last post...the next leg happened and 76 was achieved. We were not short and now have CL on the watch list. Make no mistake...CL is very weak and stepping infront of this train is hazardous to you account. If you missed the move...take time to find out why...then be patient it will find a bottom eventually.
This is why we don't blindly step in front of a trade. SEE our last ES post. We pick areas and watch. We also said that if we traded through area #2 we could keep going...well? No need to be a hero and try to catch tops and bottoms. Find areas on higher time frames...wait for price to come to you and then use smaller time frames to trigger the trade. Keep...
SEE OUR LAST POSTS...STUDY THEM. The GC1! trades this year were enough to make your year. Patience is important!!! We are short (see prior posts) and in a risk free trade. If you are short...try to push this. Our final target is 1100. If we get stopped we will look for another short.
This is a text book pattern from our last post. We are short and looking for targets below. We are now in a risk free trade. REMEMBER...trading is about controlling risk and following bigger targets. DON'T over complicate things. If you are short...congrats!
We were hoping for some bottoming action on crude but the consolidation suggests another leg down. If so the 76 area is on tap. If they squeeze the weak shorts on a momentum move up then we will look for a level 2 entry for higher targets.
Crude seems to be forming a bottom so our thoughts of getting long is valid. We will drop down to a smaller time frame to and watch for a break to get long.