So Far So Good

This morning’s entry on the NQ has already paid off as we just crossed the 1R mark a few minutes ago. Actually I had to go back and retook a snapshot of my charts but was happy to do so. Now as you know per the rules we have to close above the 1R mark – if not then we need to close out EOD.

Here are the respective levels and I even added one tick to the top of bottom which is something we ought to be doing in order to assure proper risk management. As you can see the 1R mark is at 3581.8 and if we close above it then put your stop right there. If not then close out and call it an easy peesy R earned in just a few hours :-)

The general context is looking more bullish again – we just busted through the 100-hour SMA as well as the 100-day and a NLSL we breached last Friday. If it can keep this up then the bulls may just pull this thing out of the mud. However, we cannot dismiss the fact that we are still plotting lower highs and lower lows on the NQ – until that changes the bears still have a good shot at dragging it lower.

Update on our AUD/USD campaign – good news: We just breached the 2R point and that means we are putting our stop right there at the EOD. Once again – should we drop back and close below it then that will be the end of this campaign.

Finally an update on the NG campaign – it managed to crawl its way above the 1R mark and it’s starting to look pretty good. Move your stop to 4,555 and that’s all for this one.

A few more goodies below the fold for my subs:


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Now that should keep you guys occupied for a while – have fun but keep it frosty.

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 NQ inside day triggered this morning and if you set your alerts then you ought to be in a long trade right now with a stop below yesterday’s low. The odds here are still mixed – let’s see if it takes off.

Gold got stopped out at 1R this morning. It sucks IMO because I have an inkling it’ll really go gangbusters after shaking out some of us retail monkeys. But the rules are the rules, sometimes for the better and sometimes for the worse.

Not much else going on this morning on the futures side – I did however find a few good entries over in Forex:


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Please login or subscribe here to see the remainder of this post.

Cheers,

Inflection Point

The Russell futures have descended lower into the first support zone on our map. Here’s where the tape of the coming weeks will be decided – meaning whether we bounce and continue on our merry way higher or if we are to see a meaningful correction. The implications of a breach here would be serious in particular given the price objective on our SPX point and figure chart.

As you can see the daily is already touching its 100-day SMA and we are but a few ticks away from visiting our weekly NLSL (closely followed by the 25-week SMA). The latter has been acting as support for months now and quite obviously the bulls do not want to give that one up. Otherwise I do not have much to add on the equities front – as I said this morning, the onus is now on the bears to initiate a medium term trend change. If it was Monday or Tuesday I may consider a speculative long position here – and as you recall I was still short:

My open campaign did already reach its 1R point today and per the rules I will close out EOD unless we drop below 1143.5 again. I am tempted to change campaign management to a more trending approach but the odds of continuation lower here are limited right now plus the weekend is at our doorsteps.

Our Zero indicator also doesn’t show us anything worth writing home about. Almost a complete flatline, so participation down here is practically inexistent.

Bonds – the subs and I went long the bonds this morning. The ZN got shaken out but the ZB stuck just nicely. I’m actually going to hold this one given the daily context:

That was a nice and surprising breach and I think I’m going to play this via my trending campaign management, meaning I will advance my stop to every following spike low. Let’s see where she takes us.

GBP/CHF – knocking on upside resistance and I would be very interested in a long breach here – trigger on the chart. The weekly context is rather interesting given the entangled 100/25-week SMAs. If we push above today’s highs then we should be good until that weekly NLBL.

Have fun but keep it frosty!

It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Cheers,





    Zero Indicator
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