Equities are finally heading higher and it seems that our Halloween lottery ticket may actually pay off. Of course as always there was method to my madness in that I first needed to see some supporting evidence of a medium term low being in place. As yesterday’s IVTS post clearly shows us: shooting from the hip when it comes to picking long entries on the way down is a losing and frustrating endeavor, especially during turbulent market conditions.
Whether or not this thing actually has legs remains to be seen, but for now it appears that buying interest is on the mend and may be in the process of starting a short squeeze. Which is what the UVOL:DVOL ratio suggested on Wednesday.
I’m now advancing my trail to the 0.3R mark which gets me a wee bit > break/even but hopefully gives it enough room for some Friday afternoon scare the children stop out raids.
Alright ladies and leeches, I have another binary entry for you guys and once again we are pitting gold against the Yen. Here’s my long entry on the GC futures near 1234 with a stop < 1226. The daily chart looks bullish as heck but going long gold still gives me the jeebies.
Another chart that looks like it’s ready to pop back higher is the USD/JPY which of course should run inverse to gold as the Yen tracks the shiny stuff. So I’m long here with a stop < 95.76 because if that spike low goes then it’s back to the woodshed.
One more special goodie below the fold for my intrepid subs:
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Well, it’s Friday and you know where to find me (but don’t tell my wife).
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