We had two ‘live’ trades in play when this session began, both initiated against-the-trend at midpoint pivots. The first was in GDXJ, where we caught the low of a so-far $3 rally within a penny. The second was in June Crude Oil, which bottomed 8 cents below a 101.28 midpoint pivot where I’d suggested bottom-fishing the day before. In the latter, we discovered that even hunkering down on the one-minute chart would not have gotten us safely aboard via camouflage. Bottom line: In two heavily overtraded vehicles, the E-Mini S&Ps and Crude Oil, we should abandon our search for camouflage and initiate trades the ‘old-fashioned’ way – i.e., against the trend, at Hidden Pivots that inspire a high level of confidence.
