The Squeeze Is On!

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.

Looks like the squeeze is on – equity futures have continued to rip higher overnight and the E-Mini is now facing the 25-day SMA which admittedly has only soft context based on prior interactions. We are a bit in limbo here on the ST side so I wouldn’t suggest any pertinent entries this morning.

Here’s one for the leeches though – EUR/CHF – very nice floor pattern and it’s now trying to pop over a NLBL. I’m long here with a stop below the two SMAs – pretty solid support if it decides to retest.

More below the fold for my intrepid subs…


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On all these setups I strongly encourage you use our futures and forex risk calculators – limit your exposure to 1% maximum. If you don’t understand the concept of risk, i.e. R, then I suggest you point your browser here.

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 USD/CHF is back at its 25-hour SMA which has been acting as support in recent days. Conveniently we also have a NLBL in place and I intend to take a long breach with a stop a few pips below the SMA.

Copper also near its 25-hour but it’s a lot less defined. Here the NLBL is in play for five more hours and as the current pattern is resembling a Retest Variation Long I’d be happy to take the failure (meaning a long breach).


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,

The Squeeze Is On

Before we get to today’s charts I would like to apologize for the technical hiccups you poor guys had to put up with today. Frankly it’s been a rough start of the week on my end as I have been putting out fires in the lair since Monday morning. However the Mole is back in control – mind over matter!

So the big squeeze is on and I’m a pretty happy camper as we rode the reversal since the very bottom. Early this morning I had some concerns that Yellen’s speech may throw our charts back into turmoil but once again technical levels remained intact (as during last week’s NFP report).

We are now back in solid bull territory and if the bulls are smart they’ll squeeze this thing all the way into the close as we need a healthy buffer ahead of tomorrow’s speech delivered by ECB president Mario Draghi. Which usually results in weak hands or late comers being stomped – so be cautious tomorrow around 10:30am EST.

The YM also on fire but still lagging behind on the daily panel. That 25-day will need to be breached plus it almost exactly touches the 16,000 mark – as we all know traders respect round numbers.

I meant to keep this P&F chart for the subs but we have such nice setups today I decided to be generous and share it with the leeches. Quite a nice spike we’re painting and usually that has resulted in continuation higher. But it’s possible that we fall back a little later this week – plenty of reports/announcements that can be used to shake out the piggies. So if you have been riding this thing higher then start taking partial profits.

Gold update – if you were a sub then I hope you took that IP-L near 1260.7. We had a second opportunity after that but I don’t recall if I reported on it. Either way we have now breached the 2R mark (141 ticks = 1R) and if we close above 1288.9 then your stop moves there tonight. If we close below it then the rules stipulate that we close this trade. However, I hope that we’ll stay in – take a peek:

We are extremely well positioned here on the weekly panel. Should we continue higher I expect gold to pick up steam. So here we are – 2R in profit – with our stop right below us and we may just be able to turn this into a LT campaign. How cool is that? :-)

More goodies below the fold – please step into my lair:


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Cheers,





    Zero Indicator
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