Friday Morning Update

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 E-Mini has finally managed to breach the 25-hour SMA. I am now out of my short positions and won’t think about going long until we get near that 100-hour near 1365. And yes, in case you wonder – IF we breach back below the 25-hour I will take on a few more shorts.

The remainder of today’s chart goodies is reserved for my intrepid subs:
[amprotect=nonmember] More charts and non-biased 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 or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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NZD/USD – good short here with a stop above that 25-hour brick wall. Yes, it will fail one of these days – until then we’ll continue the same ole’ game. A long breach would be interesting but there’s the 100-hour above, so there’s not rush if you miss a long entry.

And now for something completely different – a possible diagonal breach on the AUD/JPY. I’m long here with a stop below 83.75 – let’s see what happens.

Silver bumping into an hourly NLBL and then there’s the 100-hour right above. I’m short here with a stop above the SMA, but it’s only a handful of contracts as this thing needs to pick a direction.

Gold – similar configuration actually except that the 25-hour is nearby and the 100-hour a bit further above. So gold could actually be the easier trade on the upside – silver has more resistance above and thus could be the easier trade on the downside.

Natural gas – right back at the 100-hour. Couldn’t make it easy, could ya? I am short here with a stop above that NLBL. If we breach that NLBL then I’ll be long. You always have to give your stop enough distance on NG – it’s a crazy contract. That also means you can’t get over exposed obviously – be humble or it will burn you!

Cheers,