Little did we know that the spike low at the Thursday open would end up being the session’s low. No Zero signals yet providing us with clues and the available technical context was premature at best. Obviously a really tough one to catch and the next best opportunity would have been later during the session, which clearly exhibited signs of a short squeeze in the making:
See how the Zero signal spiked to over 6 plus – which was a strong indicator that the bots had switched into overdrive. For future reference a 3 plus signal right in the first hour or two sets the tone for the day.
If nothing else a positive signal of this magnitude most definitely was everyone’s wake up call to get out of any remaining short positions.
A bit frustrating however were the swings back below the zero mark, starting after about 12:00pm Eastern. This sometimes happens after a strong open and my main guide in these cases is VWAP. If it’s barely touched – or not at all as in this case – then only use dips below to take profits and then BTFD again.
Unfortunately I was still busy catching up with life after my French excursion. Which means I didn’t manage to catch a long entry during any of the dips.
Now if see a spike low near that 100-hour SMA followed by a retest then I’d be interested in grabbing a bit of long exposure.
Caveat: IF I enter long and there’s no upside progress during the session then I’ll probably just close it out and call it a week.
Julie is going to rejoice as she missed the gold entry and it’s back at the ole’ entry range – which isn’t that surprising however:
If you look at the long term picture it’s clear that the 100-week SMA is a crucial inflection point for gold, which also represents the epicenter of the LT congestion zone (on the monthly panel).
I’m out of crude with 2.2R. A re-entry is a possibility but not on a Friday if I can help it.
The bond futures are finally off to the races and I’m advancing my trail to the 1R mark. Looking extremely promising here and may I add that we really deserve this one after patiently coveting this bad boy over the past few weeks!
Okay before I head out here’s one more goodie for my intrepid subs:
It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.
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