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 E-Mini is near possible ST support this morning – great spot to dip into long positions as long as the 25-hour SMA is holding up. We did have a false breach yesterday after the open which was quickly reversed. Nevertheless I would venture into short positions if we see another failure. However right now I think the momentum continues to favor the bulls.
AUD/JPY back at its own 25-hour, which has been acting like a wall. Until I get further instructions I’ll be short here with a stop above the dropping SMA. We should get resolution quickly. And yes, long on a push higher, i.e. 93.5 in the next hour or so.
Gold was looking a bit confusing at first sight until I realized that it made complete sense. We’ve got a rising channel here with the 25-hour at its center. I would use border touches as opportunities to trade the swings. Not huge momentum going on here right now though.
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This entry was posted on Wednesday, January 23rd, 2013 at 8:32 am. Both comments and pings are currently closed.