E/U long @ 3736

Bit of a boring day so far.  After missing 4 decent buy signals from today's Monday Asia session, the rest of the afternoon was spent waiting for a setup.  The LSE opened to a flurry of excitement; the market rose sharply and fell swiftly back to current levels.

Fibre

Trade opened at the level of the buy signal is generated.  A tight stop is in place; I have no appetite to place a SL at the proper level 90 pips down, especially considering the +200 pip length of the current rally.

Update: stopped out for -21 pips, or -0.27%.  About -0.6% down on the day.

Entered a long  'last chance' trade because although a sell signal was generated, the bears failed to follow through.  Maximum risk is 10 pips but the reward could be much more.  Not prepared to stop-and-reverse this as the SL objective is ridiculously high, as indicated up the latest column.

Update: Stopped out for -15 pips. (Should have move SL to BE when trade was +30?).

Gold

Watching Cable, Yuppy and Gold but no other trades opened concurrently; although Gold has a similar price structure.  It is currently bouncing off a rising support, and I suppose if I was paying more attention I should have entered around the bottom of the current column:

 

Update: market has come back enough so I enter @ 1358.7, with a proper SL @ 1353.4. 

Update: Trade is now in dangerous territory, I have added one last-chance-saloon order 10 pips above the stop loss.  Foreseeably, I stand to lose up to 0.8%.

Update: Stopped out for -0.9%, bringing the day loss to -1.5%. Did not take the stop-and-reverse trade as I am not comfortable shorting Gold -- old habits die hard.

Summary: Overall down -1.61% for the day.

There's been a number of catapult signals today (2 sells on E/J and Gold atm) but as you can see from the E/U point and figure chart above the price action today did not throw up a a flat base or wedge formation so I have not taken any of those signals. The only legit catapults were the 4 from the Asia session this morning.

The E/U trade losses from today only accounts for 32.8% of all total losses. It was the Gold trades that put the hurting on me today, much like it has been for me in recent memory. Maybe the universe is telling me not to trade Gold.

Daily E/U recap from Zero Hedge:

• The pair finished the session lower on Monday after the initial bout of optimism over the resolution to the Irish sovereign crisis waned and in turn prompted investors to question the possibility of assistance from the EU/IMF for other EU states.
• Still, the final details of the aid package are yet to be released and current consensus sees the need for around EUR 80-90bln in loans.
• Britain with its large exposure to Ireland has committed GBP 7bln in bilateral loans, which should mean that UK banks’ sovereign loans exposure to Ireland will not be affected.
• To make matters worse for Ireland, Moody’s ratings agency said that it will likely downgrade Ireland by several notches, while Ireland's Green Party, a partner in the government's coalition, called for an early general election in the second half of January next year, a sentiment which was also echoed by the main opposition party.
• As such, the selling pressure on EUR is unlikely to abate in the near-term and going forward, apart from uncertainty over the EU periphery, the price action on Tuesday will also be driven by the economic data in form of manufacturing and services PMIs.
• In terms of technical levels, key support levels are seen at 1.3550/30 and then at 1.3480.