Happy Monday Morning Briefing

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.

Equities still struggling for bids this morning and this thing could swing either way. I am considering a long here on a second breach of today’s IP-L trigger. However I would only grab 1/2R and then add another once we breach the magic ES 1880 mark. Of course the short side is an option if we breach the lower IP trigger today. But again I would scale up my exposure – sideways volatile tape is unkind to Ivan style setups, so we have to remain nimble.

However, this is not my favorite setup on the equities side – I keep that one for my intrepid subs ;-)

The AUD/CHF may be to your liking we have a bit of BB compression going on here and after pretending to give up its 100-hour it may just be ready to make a run for it. Long above 0.835 with a stop below the NLSL. I forgot to point down on the NLSL breach – meaning I would be short if it falls through it in the next two hours (before it expires).

More below the fold – please step into my lair:


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See you guys later this afternoon.

Cheers,

Fish In A Barrell

While most of you leeches remain hypnotized like moths by the spasmodic flames which are consuming hapless victims on the equities side, we stainless steel rats have been banking coin courtesy of the laundry list of AAA graded setups I have been delivering here on a daily basis. I told you guys you’re going to miss out again and this time was no different.

Let’s start with the obligatory spoos update. Not much to be said here – we’ve got a total flatline on the Zero Lite which means there’s no participation today. Could mean anything and most likely it’s a bit of a shake out before they ramp it.

However, we may not be done yet – quite a distinct divergence on the GBP/JPY today.

Same on the EUR/JPY – short term it’s pointing down. Possible we may see a further slide on the equities side EOD.

NZD/USD – I told you guys to get back in on a second breach and that happened today. Banked us 1R today and I actually intend to keep this one open as well. My new stop would be at b/e.

Wheat – our first campaign earned us 1R and we just banked another courtesy of the IP we painted yesterday. Judging by the overall pattern (left panel) we may have a runner here. Thus I have decided to keep this thing going even if we close back above the 1R mark today.

Copper – back at the trigger point – this is your 2nd chance to get in.

Gold – now at its make or break point. If it pushes above 1310 then she’s going to take off like a rocket. That was one sweet entry and had you been a sub you would have known about it (hint to you leeches).

Dollar – looked at that position when I came back from the gym and I couldn’t help but laugh. Didn’t I say it always pays to bet on Dollar weakness near major inflection points? That short right below the daily/weekly SMA combo paid off nicely. Plus there’s a new setup on the table – more below.

CAD/CHF – IP trigger yesterday (we subs got in late and avoided the shake out) and she’s off to the races. Again I’m leaving my stop at the b/e point.

So there you have it folks. I’m trying to make this as easy as it gets but in the end you guys have to pull the trigger. That said, let’s get to the setups – we have a plenty!


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Have at it boys and girls – FWIW, I would enjoy to see less P3 talk and more constructive participation here. I’m glad everyone’s finally showing up to work but is anyone banking coin? Participation here is not a rite toward becoming a successful trader but it sure helps.

Cheers,

Pushing Buttons

After yesterday’s sudden spike higher it was reasonable to expect a sideways session today. Nevertheless I’m sure that lackluster tape and in particular the non-confirmation on the Russell is pushing all kinds of emotional buttons, especially among late comers (which is probably the majority). Well, I guess that is the general idea – keep ‘em guessing and chasing their tails.

Now obviously my TF campaign has found a quick and ignominious end as I was stopped out at 1125. Not much lost and that’s the reason I kept it pretty nearby. Of course that is regrettable but on the other hand it does open the door to a much better entry – more on that below.

This is actually quite an improvement – we now have an inside day right on top of the 25-day SMA. That is definitely something I can work with, especially given that it’s bi-directional.

The NQ is still in the running but the day ain’t over yet. My stop remains a tick below 3600. Nothing to do here.

Wheat – I forgot to post an update about it yesterday as we closed out a previous campaign at 1R. And now we get another IP very near the 25-day SMA, which is still rising. I would take both entries on this one however.

Quite a fine collection of setups waiting below – please join me in the lair:


More charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don't waste time and sign up here. And if you are a Zero subscriber you get free access to all Gold posts, which gives you double the bang for your buck!

Please login or subscribe here to see the remainder of this post.

Good stuff on the roster today and I’m curious how things are going to play out as Forex and equities seem to shifting into a new market period. Whatever you do – keep with the program and don’t let your emotions lead you into risky trades. See you guys tomorrow.

Cheers,





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