Monday Morning Briefing

Welcome to our Monday 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 holding strong this morning and a pop above ES 1923.5 probably leads us higher. The 25-hour SMA has now been well established as support and if we breach it it’s possible we gain some traction for a visit of the 100-hour SMA.

Gold – also following the 25-hour but to the downside. Here I want to be short with a stop above 1250. From there a long is possible but I probably wouldn’t take it as the 100-hour is a bit over 5 handles away. I may change my mind if we get a very small trigger candle and an entry pattern I can’t refuse.

GBP/CAD – it’s just overcame its 100-hour for the second time and if it drops just a bit more I am long with a stop below 1.8179.

More below the fold for my intrepid subs – please join me in the lair:


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Cheers,

Knocking On Heaven’s Door

For the fourth time now we are knocking on (bull) heaven’s door – a.k.a. any handle beyond 1880. So it’s definitely not for a lack of trying but no matter how you turn it there’s simply no activity looming above on our E-Mini volume profile chart. A hop higher will take some doing but I have an inkling that once she breaks loose she won’t be looking back.

This remains to be our most important road map on the equities side and you don’t need to be a seasoned chartist to figure out where participation is concentrated – until right now that is. If you want to be short then this is your best chance – right here and right now with a stop above 1880is. As you recall I’m already long since that long hammer, so let’s take a look:

Really not much going on here – we’re bumping against a daily NLBL and that’ll have to be overcome first. My position size is pretty modest here as that hammer was pretty damn long. But that also permits me some staying power as I am sure there’ll be plenty of whipsaw ahead of any potential push higher.

10-year bonds are at their own inflection point – the daily just busted above the 100-day SMA but it’s the weekly panel that has me excited. We’re bumping against a weekly NLBL plus the 25-week SMA. A push above 124’230 will put me on the bus for a ride higher (if things work in our favor that is).

More waiting below the fold – please step into my 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!

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That’s it for today, have fun but keep it frosty!

Cheers,

Ambivalence Galore

I think it was a bit over a week ago when I suggested that we may be heading into difficult territory and unfortunately I seemed to have been right about that. The gyrations of the past week have produced more ambivalence and thus far a winner has not emerged just yet. We are still at an inflection point that gives both the bulls and the bears an equal opportunity to turn the ship into their respective territory. As of right now we are still in limbo with the bears currently enjoying a slight advantage.

As you may recall equities produced a shooting star formation last Friday and it was triggered earlier today. If you played the spoos then this is your campaign – 1R equals 21.75 handles, which is 86 ticks. Your 1R point is still ways away at 1833.75.

Which is why I played the TF (as did my subs I hope) and I already managed to add that other 1/2R I was talking about. I basically earned it and my new stop is now at my trigger point, thus already bringing me to break even. Which is excellent as I have very little confidence about the direction just yet. Admittedly we are now back at the lower range of the limbo territory.

There is one chart however that is a must see on the equities side as something very significant happened today – I’ve posted it below the fold for my subs. Not to be missed and if you’re on the fence about subscribing then this may be a good time ;-)

If you can rely on one thing in this market then it’s that ole’ bucky is getting its butt kicked near important resistance zones. I suggested a short at 80.5 last week and I barely got triggered by a few ticks. I have earned 1/2R on this one and will keep the other half running with a new stop at 80.2.

Bummer about the CAD/JPY this morning – didn’t trigger long before faking a short. FX is pretty nervous lately and it’s affecting equities a great deal. A few setups below the fold for my intrepid subs:


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.

Cheers,





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