We mentioned this pattern before (Just Saying...see below) and the neck line has broken. If this pattern plays out we could see a visit of the 2012 support area which falls in line with the measured move. It would be a monster move but...Just Saying. ;)
We are over sold down in this area and looking for a small bounce into resistance. We will look for a shorting opportunity at the watch zone. NO TRIGGER, NO TRADE!
We are over sold on the current down move. If you are short, it may be a good idea to tighten stops or cover positions. We are looking for for a short term bounce in the Indexes over the next two trading days...but only a short one.
In hindsight we covered our trade a little early. However, a mentor told me if you pick tops or bottoms you will go broke...if a move is for real there will be plenty of time to make money. wise words!
Today's move was the reason we didn't trust the short side after after the euro moved back into the range. LESSON - When fake breakouts/breakdowns occur we usually see a day that has a monster move. The crowd that participated in the break are now stuck. They are forced to jump out of their trade which accelerates the move. Today was that move. We will watch...
There was no trigger for us so no trade. Also, the Euro moved back in the range so we are on the side lines. Aggressive traders can still look for a trigger shorting this area. At this point we don't trust it and it doesn't meet our trade plan. There are better opportunities available.
Second Target was hit intraday today and we covered our final leg on a globex pop. This trade work out very nicely with very little pullback. This is the exception and not the rule. Most moves have some back and fill before hitting 2nd and 3rd targets. From the looks of it, 2016 could be a very good year for traders. If you missed this trade DO NOT CHASE! ...
With a break of the previous days high and as it inches to our second target we are pulling our stop up closer to the entry. Manage your trade!
The nasdaq held it's previous days low but didn't provide us a trigger so we DON'T have a trade...yet. We had an inside day and couldn't climb above 50% of the previous days range. This may not be good for the bulls. We are flat on the indexes and will wait to see if we test Monday's lows. It could remain choppy until the jobs number on Friday. NO TRIGGER...
The Euro has made a statement with a clean break and close on the lows. We are seeking pullback triggers to get short. If we move back into the range before a trigger trips then we will avoid. NO TRIGGER/NO TRADE!
The indexes got knocked down on Monday, however, the late day rally gives bulls a chance. The Nasdaq is sitting at support and we are short term over sold. We are watching yesterdays lows and overnight lows. If we hold the overnight lows then we will look for a trigger to get long for a one or two day bounce. REMEMBER: NO TRIGGER, NO TRADE!
We are long Goldie and got our break out. We took a little profit and on the first break. We have pulled stops up a bit and are now looking for two more targets.
Goldie is being Goldie. She is hurting traders with indecision. She has now formed a triangle and we are setting up a nice signal on a daily time frame. The pat of least resistance has been down and we have been using th $1,000 level as a magnet. We still like $1,000 but if she decides to hurt more people she will break to the upside and we will target the...
The EURUSD is another on our watch list. We will not jump the gun on this. We will wait for the break areas and look for a lower time frame trigger to get involved. The flag patterm suggests this currency is wanting to put more hurt on the Hedge Funds who positioned themselves short for the puke. Now the massive squeeze could be on. Keep on your watch list.
Crude is a trade we are stalking for 2016. We see the possibility of a bottom and will look to buy for a longer time frame. DON'T expect crude to bounce straight to $100...because it won't! We are taking a longer term approach to this. However we will still trade around the core position. We have a descending pattern that is one of favorites. We will watch...
Corn is ripe for the picking and ready to POP. With glut of corn in silo's we like the downside...BUT, this can either way. Be nimble. We expect a nice 6-8 day run.
Gold bugs need to keep Goldie above 1066 area or the next stop on the bus could $1,000. Look at this chart and ask yourself where stops area. Above the 1086 area and we could see a pop on the squeeze. Either way good trades are setting up!
If 4588 gives way on volume then 4475 will act as a magnet. Keep on the watch list.