Wednesday 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.

Nice short term setups across the board this morning except on equities. However here we do now have an RTV-L setup active courtesy of yesterday’s close lower. It’s also a hammer long in an uptrend – so that gives us two technical trigger. Entry and stop on the chart – as of this writing we’re getting close…

Gold weaving its way lower and I would be short on a breach of the current hourly Net-Line Sell Level. Stop will be above the 1300 mark – give it at least a handle or two as ST volatility has been very low and it wouldn’t be unusual to see a quick counter spike.

EUR/CHF – this one is a bit unusual compared with what I usually post here. Two entries – one right here on a breach of the already expired NLBL at 1.2155 – and two on a drop lower toward ~1.215. Not interested in the short side here.


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Today’s event schedule:
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.


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.

Today’s event schedule – quite a bit of volatility risk on the CAD side:

And here’s the spike controller for you Forex traders:

You have been briefed – now have fun but keep it frosty. See you guys later this afternoon.

Cheers,

Wednesday 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.

The spoos breached the 100-day SMA overnight and bounced back immediately. Of course we didn’t think they’re going to make this easy for us, did we? I’m currently long with a stop below the SMA but I’m aware that this may be another fake out spike higher. My current approach remains to be small position sizes to weather out the incessant whipsaw. I would be swapping for a short position on a drop below 1860.

The EUR/USD may just reconquer its 25-hour SMA and a NLBL that is about to expire. Taken together I think that 1.393 represents an inflection point and I would be long above it with a stop below the previous lows. However I am going to be out by 10:00am EDT one way or the other:

That’s right – Chairwoman Yellen is at it again in a bit over 2 hours from now – this is going to cause spasmodic gyrations all over the place. I sure could do without all that nonsense for a month or two, wouldn’t you agree?


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Cheers,

Don’t Get Too Comfortable

For the past two months we have been gyrating within a sideways range with its center roughly near ES 1850, take or give a few handles. This is also where we see peak accumulation in the E-Mini’s volume profile. And it is also where we now find the 25-day SMA currently offering soft support.

If you ask me where we’ll swing next then I would have to disappoint – nobody really knows and I’m rather intent on remaining objective here and not to fall prey to any directional bias. What I can tell you however is this – do not get too comfortable. There are various ways to interpret the recent formation – some would call it a sideways churn before trend continuation – others may call it an expanding triangle which may precede a medium term trend change.

The best way to survive in this tape is to remain nimble and take it one day at a time. I know this isn’t fun but thus far we have stayed ahead of the game this way – we even managed to play some of the swings. The alternative isn’t pretty and I recommend you stay with the script.

On a short term basis I’m seeing a bit of a divergence on the GBP/JPY – may be nothing as I don’t see any signs of monkey business on the momo and volatility side. But be prepared for sudden swings – obviously the tape is in full shake out mode. That said we do have a very nice shooting star slash inside day setup on the E-Mini today. But before I get excited about that let’s see the close, shall we?

FWIW – the NQ continues to produce a pattern of higher highs and higher lows. I think most technical analysts would agree with me that this chart is starting to look mighty bearish. We’re now below both daily SMAs below a brand spanking new NLSL and there’s a NLBL blocking the way above it all and it’s good for the rest of the week.

Bottom Line: Don’t get too comfortable – the tape continues to swing for the fences and the more it drags out the more explosive will be its eventual resolution. Don’t get over exposed and if you take the setups stick with a maximum of 1% exposure, perhaps even less. If she gets going even humble exposure will make it worth your while.

Meager pickings today on the setup front – what I have I’ll keep for my loyal (and apparently very patient – long story) subscribers:


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Cheers,





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