Subscribers who used the 1818.00 target I’d proffered in the chat room Friday to get short could have covered the position less than an hour later for as little as 1812.50. (One subscriber who played it strictly-by-the-numbers reported shorting 34 contracts at 1816.25 and covering them all at 1814.50. The gain would have worked out to about $2975.)  Near the end of the session, I further advised keeping 25% of the original position to swing for the fences. But that, too, should have been covered, since the futures traded up to 1820.00 on Sunday night’s opening bar.

And now what? Since the 1818.00 target, a Hidden Pivot, is tied to a more important one at 1841.00, that’s where we should assume the March contract is headed today.  I would rate a rally to that number a very good bet, but because the futures are in record territory and virtually everyone is bullish, the path they are likely to trace out on their way to the target is apt to be tortuous and devious. Night owls can try to catch a ride on a pullback to the 1818.00 red line nevertheless. As always, ‘camouflage’ will be the entry method of choice. However, if you’re game to try another tactic, the implied 21 points of profit (on a ride from from 1818.00 to 1841.00) gives you 7 points of stop-loss to work with if you use a buy-stop entry or a straight bid at 1818.00.

If you’re successful on the long side of this play, you should reverse the position at 1840.50 and go short with an 1842.25 stop-loss.  If you hold no position if and when 1841.00 is closely approached, try shorting a single contract at 1840.50, stop 1841.50.