Monday 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.
As you probably are aware the NYSE is going to close early today at 1:00pm EST. Thus I don’t expect a whole lot of movement in the hours ahead. But you can’t be sure given the political brinksmanship in Washington which could give rise to a healthy dose of volatility at a moment’s notice. So if you must trade today then please do yourself a favor and reduce your exposure to a bare minimum. You’ll thank me later.
The E-Mini is back at the 25-hour SMA and this usually is a good place to get positioned on a short term basis. Short on SMA failure and long on a breach – you all know the drill by now. However, in the context of those monster candles still in sight from last Friday (flash crash – cough cough) I am rather hesitant and probably will stick with some setups over on currencies and commodities.
The recent EUR ramp and run game still seems to be the going recipe. Risk is on during trading hours over here in Europe which is then followed by a sell off during NYSE hours. At this point the EUR/USD is back at its 100-hour SMA and I am long with a stop below. If they play the same script today then I’ll grab a short position as soon as she drops below the 100-hour again.
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Public Service Announcement: This will be my last post for today and since I expect most of you to take a few days off I’m planning on reducing the frequency of posts over the coming days. Expect me to chime in intermittently and if we see any significant moves then I’ll be sure to put up some charts, no worries. Starting January 2nd I will resume my usual daily chart-a-thon – assuming of course that I’ll survive the truckload of fireworks that captainboom sold me (what does ICBM stand for again?) And yes, all indicators and systems will continue to run as usual throughout the week.
Wishing all you Christian steel rats a very merry Christmas! And the rest of you a happy holidays! Light a candle for the Mole but please keep the fire extinguisher handy. That means you captainboom!
This entry was posted on Monday, December 24th, 2012 at 8:21 am. Both comments and pings are currently closed.