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.


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:
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,

Eyes On The Hourly

The suspicions I shared this morning were confirmed by price later in the session. And as suggested the 100-hour SMA has been holding the fall as of right now. And that is pretty much all you need to know on the equities side as we currently have little context to work with:

Judging by the daily panel that 100-hour better hold as there’s nothing but air lurking beneath. Which is the downside of low volume short squeezes – you better not overstay your welcome. As you know I started to be pretty skeptical over a week ago but thus far magic buying interest continues to show up.

Same picture on the YM – 100-hour holding as of right now.

And here is the NQ – not looking bearish really. This one may have decent odds to hold the line.

Short side momentum is looking tepid as usual – the grizzlies apparently gave up sometime late 2011 – hehe :-)

I don’t see a pressing reason to sell here. However, there are a few bearish signals buzzing in my trading lair – please grab your decoder ring and have a look:


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,

Bring On The Carnage

Yesterday I probably should have given more credence to the possibility that we may get follow through to the downside for the mere reason that none of the bears saw this one coming (we did – cough cough) and are probably either faking it at their favorite watering holes right now or are busy outside kicking a tree. My money is on this guy:

See, you can’t blame him – he really doesn’t like bananas. Now seriously the continuation lower today changes things considerably and I’ll tell you why. We should have had our bounce, then a drop lower toward support, then a final scare and finally it’s back to business as usual. What happened here is going to pop a lot of stops and leave folks rattled. When the invariable dip buyers finally show up they will be easy pickings for another leg lower – in other words today’s continuation kicks open the door for a medium term correction.

There is of course no predicting how far we’ll drop but the next logical support zone is near SPX 1920ish plus minus a few handles. Please refer to yesterday’s update if you don’t remember why. Although I don’t enjoy making lofty predictions I have pointed out a possible scenario which I call Soylent Orange (anyone remember those days?).

The only remaining equities setup yesterday was the TF and if you grabbed it you just earned yourself one R. I would probably take profits here at the EOD and call it a day as its other three brethren are rapidly falling toward their respective support zones.

I’ve said it before and I’ll say it again – betting against the Dollar near important inflection points always is a good trade. Not much else to be said here – I still have hopes ole’ bucky can push higher but who am I kidding?

Coffee is looking pretty good here as it’s retesting its 100-day SMA and if we get an IP-S tomorrow I’ll take that one. The long side here does not interest me right now.

More below the fold for my intrepid subs – we had big moves across the board but I managed to eek out a few promising setups:


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.

Have fun but keep it frosty!

Cheers,





    Zero Indicator

  1. poll

    • What is your average spread on the EUR/USD?



      view results

      Loading ... Loading ...


  2. search warrant


  3. recent misdeeds

    1. Last Chance For The Bears
    2. Three Strikes You’re Out
    3. Binary Proposition
    4. Time To Wield The Iron
    5. Zone of Fuckery
    6. Whipsaw Galore
    7. Fridays Stunning Reversal and What it Means
    8. Eenie Meenie Miney Moe
    9. Campaign Updates
    10. Cautious Thursday Morning Update




  4. yes we can!



    NinjaTrader
    Kinetick