WEEKLY VIEW of Crude. We have been hearing a lot of predictions about crude and we have even stated that we like the upside...but if you take a close look at the weekly chart it illustrates how crude tested each side of it's range and then closed in the middle for 5 straight weeks. Lots of indecision. The weekly pattern screams more upside but the indecision...
NOTE: If you haven't looked at the daily chart of gold we posted...please do so before reading this further. Now that Goldie has founds legs we have two weeks of buying at the bottom which could mean they will test the upside range. The erratic behavior is an indication that one side will take control and when they do it will run. LOOK AT your weekly and...
WHAT A MOVE...The jobs number spiked Goldie. The spike took out the last days highs and also blew through our trigger zone with virtually no chance of triggering short. THIS IS WHY WE USE TRIGGERS. If not, it would have been a very quick stop. So this trade is no dead to us. We still have Goldie on the watch list. The erratic action is telling us that she is...
Holy Shizz...Goldie didn't bounce before selling off. We DID NOT get on board. However, we will short bounces. We adjusted our trigger zone a bit and will see if Goldie will throw us a bone. Why not chase it down at these levels? Goldie has teeth and will bite. ;) Never chase...you will miss some trades. Set YOUR criteria a make the market come to you. ...
The Indexes continue to sell and are in need a of a rest or snap back. We WILL BE HOLLDING OFF on shorting bounces. Rallies can be violent so we will wait to see how far we bounce. There are plenty of good opportunities setting up in GC, E6 and CL. No need to force a trade. Patience pays!
Two inside days means we are about ready to rock with Crude. This is a clean flag and we still like the upside but BE MINDFUL THAT CRUDE can go either way. There are a lot of factors at work with oil. Don't be a hero and guess. Wait for the market to tip it's hat and look for a trigger.
This is a great lesson for those who want to get on a good trade. Look at the monthly chart. Not since 2001-2002 have we seen a nice wedge pattern like the current. But more importantly look how far price moved when it broke. We expect the same with this current pattern. You don't have to catch the break...rather drop down to a smaller time frame (Daily or 4...
After being stopped out on the long side we are back in the wedge. The fake breakout could reverse hard and squeeze the gold bugs so we will short any bounce. The failed pattern is a great pattern and one of our favorites. We also have a MONTHLY signal that fired short so we will press the short side of Goldie. Remember...NO TRIGGER, NO TRADE!
We were stopped out of our Gold position and are on the side lines. We mentioned that we had a larger time frame signal setting up and the long side was fighting that signal. We are now back in the wedge which could mean a fake break out and lower gold prices. Keep this on your watch list.
After covering our last trade the NQ is still selling off. We will establish new positions on bounces. For now these will be smaller positions. As we have mentioned...snap back rallies can be violent. Remember NO TRIGGER, NO TRADE!
Crude is getting closer. We are still monitoring around the clock and will drop down to a lower time frame and look for triggers. We still like the upside but with crude you never know. When she breaks she will most likely move quickly and far. Keep on your watch list.
We are still watching the Euro. It's back in the middle of the range in no mans land. We will continue to keep an eye on this. We have a weekly signal getting ready to fire and with all the junk happening in the Europe this currency will move and we will try to be on it. Keep on your watch list.
We are still holding onto to Goldie. She is acting well. First targets were hit and stops pulled up. She may consolidate for a couple of days before reaching for higher levels. We will honor these stops...if we get taken out then no harm done. Stay tuned.
We have covered the last leg of our NQ trade. It was a solid trade. Understand that when markets are selling off the snap back rallies can be violent and quick. Today's afternoon rally was enough for us to cover per our plan. For now we will watch the NQ, ES and TF for more opportunity. Trade well.
The NQ has hit its first two targets. Stops have been pulled to lock in more gains. From this point target 3 is open. However we will watch the break down area at 4218, if price starts trading above that area with volume then we will cover the trade and look for another setup. Ideally we would like to get a quick slide to 4150 area but that would be a perfect world!
We will be the first to tell you we didn't think this trade was great but I will also tell you that you take your setups and manage risk. We blew through our first target on this morning on the pop. We are pulling stops up to lock in more profits. No risk is on the table at this time. If you missed this opportunity DO NOT chase at these levels. Go back and...
OK...price has popped pre-market and we are pulling stops a bit tighter. We are now at entry minus 10 ticks. We have a very low risk for the incredible reward. If we take out the most recent highs at 1140.70 then we should get our first target. Stay tuned.
The dynamics of crude are changing. Crude is getting close to popping and now that this flag has formed we are liking the upside more and more. We are monitoring this around the clock and will drop down to a lower time frame and look for triggers. Watch fake breaks to either side. Also, a hard break to the upside it could spell trouble for the equities.