Thursday, August 29, 2013

Mid Market Crisis

Still definitely sticking with my original scenario, but doubts crippling into my mind – that happens to me when a lot of instruments are in “no trade land”.


Therefore I will try to convince myself that I am right …


Looking at Japan’s NIKKEI futures /NKD – it formed descending wedge (bullish) and in the process of doing partial drop trick to 13380 area TDST 2 hours – after which I think it will go up to say goodbye to lower side of huge triangle from May 22 high.




Silver – almost hit my target (that is why I closed that trade even though I think it might go higher, but I am not up to a choppy ride – I like more certain things.





Crude – closed close to 33% line of the channel – so far looks like that was right thing to do




SPX (pardon our messy chart) – looks like it is forming diamond bottom – reversal pattern – it it holds water – my thesis of “September 9th top” might still work




My point is – even though I am quite confident in my “preferred” scenario – if things prove me wrong – I will turn on a dime and play it by ear.

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