The break is clean so we are looking for a small pull back on a lower time frame to get short. We will be up early to watch European session. Stay tuned!
We are still watching this closely. Keep on your watch list.
GC is on the top of our watch list..if we can get price below the 1220 area we will start getting short. If the triple bottom breaks then we could see a very , very nice flush! WE DO NOT PREDICT THE SIZE OF MOVE...however, this is setting up nicely. Stay tuned.
The ES1! paid us well on our last trade (see post link) The only mistake is we didn't press it into the mid 1800 levels. Now the bounce is on. Here are some levels we are looking at for the next week. If we creep above the second resistance area then the bulls could step in and try to squeeze the bears.
The E6 is setting up nicely for us and we are looking to get short on the nice bear flag. The recent lows should be tested. IF so we look for profits below at #1 and #2.
Crude is now in a bounce area and we will be looking for any dips to buy on the 60 minute chart. We will look for shorter targets expecting a retest of the recent lows over the next two weeks.
If there is anything that many years of trading has taught us, it's to STUDY charts (1,000's of them) and understand when and why to trade. Look at the post of CL prior to this. . The larger time frames show you where the big boys play and the smaller time frames will help you enter the trade. Then study this chart. Ask yourself...where has price come from...
Gold did as we expected (See prior post). We are now at a critical point. Gold has triple bottomed. We have been trading for 15 years and we can count on one hand the times a triple bottom held. However , they may try to squeeze the weak shorts before rolling her over. IF you are long...USE tight stops and recognize that if this breaks the triple bottom it...
The ES1! is treating us well. We almost got both targets on the same day. So we are still holding half our contracts. From our original post we have moved our stops down to protect gains. We are expecting a little bounce before she rolls over again. FYI...we will do what we can to protect the gains of the second half of the trade while giving the market...
The emini is looking weak in this area. This consolidation suggest more downside. We will look to get short on any smaller time frame bounces. The stop will be just above the resistance area. If we break 1957 we could invite some new selling and squeeze the weak longs. PUKE'M
We are staying away from Gold for now. There is no edge in this area. Lot's of needles have drained the accounts of amateurs. DON'T be an amateur! Be patient. Another setup is around. We are watching for either a bounce into resistance or a test of the weekly double bottom. Stay tuned
We are now watching CRUDE (Weekly Chart). If we see the break 90.50 are we could see another nice leg down to the 88.00 area. We tried to test the long side and were stopped out so we will avoid the long side for now.
We are out with a loss and will wait on CL to setup again.
Whippy stuff. We got short (from a smaller time frame) in the consolidation with a tight stop. As we broke out we were able to take some off the table...but the buyers stepped in and ran it back into the consolidation and took us out of the trade. Not a a great trade considering it is still falling. But no damage was done. LESSON: Know you trade!! We like...
We are short...and taking heat. Our targets are posted. 92.50 (continuous contract) is acting as the line in the sand.
No entry for now. Bonds gapped down and didn't even get close to our entry area. We will watch for a bounce...below the zone we will continue to look short.
We like the Bonds (ZB1!) and will look to get short on pullbacks into the Entry zone.
GC1! continues to consolidate below the "go or no go" area. This is bearish and we will look to get short with a much smaller position. LESSON: To do this we will take short signals on a lower time frame and keep stops tight. We booked a nice trade on the wedge break down and are not willing to give it back. It's one thing to have a winning trade...it's...