The second probe down to the major support level held and broke to the upside hard. We will look for entries on this pullback around the 93.20 area. If we enter we will post our targets. On the watch list.
Winner winner Chicken dinner! GC1! hit our last target and we are flat. We are still interested in gold but will wait to see if we get any bounces to establish a new position (smaller). If the "go or no go" area fails to hold we will most likely see more downside. Go back and look at our recent GC1! charts and see how this set up and how we managed it. ...
We are out! We took a small lose on crude based on a bullish pattern. The dollar is in charge and we are not fighting the fed...so we will revisit later. NEXT!
Isn't it amazing that mediocre economic data can't make a market move but a crappy iwatch can turn the market on it's ear. That's what the markets have become. The SPY is trying to break but no clear break down yet. We will watch the ES1! during the globex session for possible entries. Though we are expecting a bounce before any break.
The one that got away. Your trade plan is important and we will not get in to early or chase a trade. We are patient and unfortunately we will have to wait this free fall out. We were looking for more of pullback to establish the position and didn't get it. That's trading! You can't get them all. If you've been short CONGRATS! The next round of beers are on...
This is one of our favorite patterns and we were shocked to see it today. But hey...were traders and trade what we see. Even with the bullish dollar, Crude got bought up when it slammed into the Major Support level. This is bullish and is telling us to expect a short term bottom. There is is ample oil supply in the market and the dollar is bullish so we...
GC is still working well for us. We like this trade and are still holding for the "Go or No Go" area. We have dropped our stop another level. We are trailing until we get our level or we get stopped. Either way it's important to manage your trades.
We hit our 1st target during the globex session before a large bounce. We have pulled stops down and will look for a test of the "go or no go" area.
Holy Shazaam Batman. ZC wasn't as tired as we thought. This leg tells us the harvest will be plentiful (duh) and Corn prices are not in line with the supply. We don't have a position...yet. We will ignore all shorts at these levels and watch for a reversal day to start nibbling long. For now we will watch the free fall.
Getting closer to our first target. We think we will get it during the globex session or during the morning Friday. Our stops will be pulled down after we get our 1st target. Trim and trail.
We were watching for an entry on the bounce but it didn't get to our zone. After this big drop we WILL NOT be looking to short. That's trading. You have to be discipline enough to wait for your areas to get hit. If you are short...congrats. If crude decides to take out the major support then we could see a nice move down to the 88 area.
And we are short. We will trim some and trail a stop with a "go or no go" target around the 1240 area.
Crude has bounced nicely after a test of the major support area. We are watching for a short entry around the wedge breakout. If crude decides to take out the major support then we could see a nice move down to the 88 area.
ZC is telling us that it's tired after it's most recent move and will wait until the harvest begins. Could be a 2-3 week of this junk. We don't have a position.
The J6 is definitely weak and now has broken the April lows. This doesn't fair well for equities. If it stays below the most recent swing high then we could see more upside on the equities. The J6 didn't pull back far enough for us to initiate a short so we will keep looking for entries.
ZC is starting to feel choppy in this area so we are taking off our long position at a small loss. Like we mentioned, this could chop until harvest starts. We will keep her on the watch list. NEXT!
Watching the market during the globex session we have decided to get short on a break of 1271.00. We will keep stops a bit tighter (off of 60 min chart) at the these levels.
Will this level hold? The J6 has been dancing around for while now and I am sure it has eaten many accounts. However, now she has come down to test April lows. From this point we will nibble (small size) on any bounces looking for a break (and hold) below the April lows.