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).


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Cheers,

Setups Galore 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.

We’ve got a ton of juicy setups this morning and equities are looking like they may ready to make a move. So grab a cup of java (or tea) roll up your sleeves and be ready for action – time to have some fun. So the GBP/JPY carry trade pair is still pointing down. If you look at recent shot term divergences you note that the pair always won.

However, I’m willing to consider both directions this morning, the potential for a fast move on either side is just too delicious to pass up. The Russell futures are treading water and are now facing a NLBL and a NLSL just a few ticks away. You know what to do – take a breach and use the inverse as your stop. DELICIOUS!!

I provided a bit more detail on the YM chart – very same setup. I mentioned ‘short until then’ but I should have said ‘short below the NLSL’.

The spoos not giving us ideal entry conditions and I would probably stick with the former two. However if it pushes above the SMA/NLBL combo then the bulls may just muster up the mojo to climb a few handles. Otherwise it’s looking pretty sad down here on the equities side. Bears rejoice but don’t get carried away.

But we’re just getting warmed up. Check out this beautiful configuration on the Dollar – I expect a big move coming and once again we have a small range separating the respective triggers.

More below the fold – please join me in the lair:


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Cheers,

The Session After

I have been cruising the comment section and am elated to actually see folks show up for work and exchange productive discourse. That’s the type of collaboration I had in mind when I hatched the evil lair in the first place. So keep it coming folks and if you’re a noob don’t be shy and jump right into the fray. We’ve got a solid crew here doing their thing each and every day and you may just learn a thing or two. Knowledge is power – well, at least it can’t hurt ;-)

Let me get you guys on track with the equities side. Depending on your entries I trust you’ve moved your stops down to the 1R or 2R point. I’d be surprised if it triggered already and per the rules I wouldn’t touch it. However after yesterday’s wipeout it’s no surprise to see us in a sideways range-bound session today and that’ll probably complete as an inside day candle. Which moves our stop to 1,785.73 on the SPX – that also would be our long entry for tomorrow.

Most likely you played the spoos so here are those as well for your convenience. Each side has good odds in my mind – at this point I have no directional bias. Medium term this can easily continue lower and short term a little bounce wouldn’t be much of a stretch here.

If you played the YM then you’ll be enjoying a very teeny weeny IP starting tomorrow’s session (i.e. post 4:15pm EST tonight). I actually may dip into a few longs if we trigger 15,417 later tonight or tomorrow morning.

Natgas – boy, that one really took off like a rocket. Already printed 1.5R and that means you’ll advance your stop to 5,223. Congrats if you jumped into this one. The futures have treated us well lately and I have got a few more waiting below today.

GBP/JPY – not sure where/if you got your entry yesterday but if you’re in this one then advance your stop to the SMA or your b/e point today. Good show – I really like this one but be prepared for a last kiss goodbye move.

A ton of goodies below the fold – please grab your secret decoder rings:


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,





    Zero Indicator
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