If it looks like a chicken and walks like a chicken, it’s probably not a duck. Early price action has me wondering if we will see a trend day down. The market is doing a good job auctioning lower. The pushes are smooth and covering about 12 points a clip. Profile is thin until a soft zone at 4122 then leans out again until all the way down at 4066.50. Between those two points is the 4100 century point otherwise it’s thin.
My best advice is not to be a heroic knife catcher here. Let a bigger buyer step in first—someone who recaptures the daily mid. As a matter of fact we need to make a new session high before I can consider adding exposure.
I stopped out a few longs so far this morning.
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Raul, I miss our ducks and days of laughter… As a matter of absolute coincidence, I’m smoking a sample of Cornell & Diehl’s “Exhausted Rooster” pipe tobacco as I type (the one from this pic: https://instagram.com/p/5vZ726NfjE/) – What kind of omen is this? Are the chickens running out of steam? I’m hoping so.
well Unc, market profile logic states that trend days carry the highest amount of directional conviction and offer a ‘risk free’ entry in the direction of the trend, heading into the following session….If you can spot a trend day early, you can work it for every red cent it has to offer, relentless beating the futures with your claw hammer, and you definitely don’t take new risk until a major buyer steps in because you expect the low of today (if we trend, which so far we are but lots of day left) to be exceeded Tuesday. It’s valuable stuff for the next oh…21 hours, IF YOU CAN SPOT A TREND DAY EARLY….people talk about trying to do it…I’M DOING IT….big difference
Making me want to get out my pipes – been smoking cigars lately and I think all my pipe tobacco is dry..
Mr. Melancon – I always think of Solani Silver when I see your name. If you wind up shopping for a fresh tin, I’ve been enjoying the GL Pease Sixpence. You might like it…
I will have to look that up – will let you know once i burn a bowl or three
p.s. Raul – I’ll tread lightly around you for the next 21 hours or so…