WOWZA this one is on a mission
We might find a consolidation channel up here for a bit. If we break in either direction we should see a nice move. I am really curios what is going to come of this Cyprus banking / Euro / Russia situation. We have the Russians and EU meeting tomorrow and Friday. I think the Russians are pretty upset about what the EU is trying to accomplish. Think about this for a minute… You have your money safely tucked away in the bank and the governing bodies decide to tax what you have. Maybe we can get the fed to print some money and bail out Cyprus. Sure is entertaining.
This could be a crazy day with the FOMC announcement at 2:00ET. I want to hear what Bernanke has to say about Sequester and Cyprus. This Cyprus thing is troubling. Cyprus located where they are has to be the center for much of the Oil money. Anyway should be entertaining. I am going to have some fun with Binaries. Volatility and binaries work very well together.
Here is the deal. The unemployment report was good enough to make everyone feel warm and fuzzy. However it is not good enough to get the Fed to slow down the money machine. Traders understand that as long as the Fed is stimulating the market things are bullish. We should get a pull back soon but nothing like we saw in 2008. I just want to see the volatility continue.
Chart Read: The doji from Friday could be a sign that we are going to see a pull back. Doji candles are a sign of indecision. I am watching Monday for a possible move below the low of this doji which will give us confirmation that we are going to see the pull back. The high from Friday will act as resistance. If we break this top then who knows where we will find resistance. No buyers we are coming down. This is the higher odds. Monday I want to see price at resistance and get a strong pattern signaling down. If price is sitting on the pivot or S1 then I will be careful to go long. Happy Trading…
Trade did not work out. One of those days. 70% Loss
short the ES 1518 at 90.00. Cost 10.00 per contract.
short the NQ 2700-2800 Cost 10.00 per contract.
This is making the Market very flexible. OK so now that we have the new high out of the way maybe we can get a snap. I am looking to get short in the next few days for swing trades. We shall see what the market gives. Follow the rules. Today was a great example of rules making money.