End Of Month Session
It’s the final session of the month and instead of preparing for October I have been busy putting out technical fires all over the place today. My apologies but as the old saying goes – when it rains it pours. Nevertheless the show must go on and I managed to collect quite a few charts. But first some house cleaning chores:
Corn – touched support this morning and gave us a picture perfect entry. Although we still have a few handles to go until our first target I strongly recommend you guys take profits. Don’t you wish it was always this easy?
USD/CHF – you may remember the ID entry last week and it’s time to take profits as we are near the SMA. This took long enough and I hope you let ‘er ride.
Crude – hourly and daily support held perfectly. There is little anticipated upside until (or as long we are unable) to breach that daily NLBL.
The spoos seem to have acquired a mental block regarding the 100-hour SMA. After a little shake out we are now back at an hourly NLBL. That’s the first resistance cluster and the 100-hour is the next one. Nothing bullish happens unless we push above 1440.
Yes, there a setups – of course. You didn’t really think a burning lair would keep the Mole at bay? Emergency days are when you get to show what you’re made of!
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Soybeans is my only commodities play today but it’s looking tasty. Unfortunately we missed that daily SMA touch (if you got long anyway you are a lucky bastard) and I think the next best entry here is the 100-hour SMA. Well, I’m taking it with a stop below.
On to currencies – USD/CAD is retesting its 25-day SMA and there’s also a bit of a diagonal it ought to be holding. I think that’s a good long with a stop below the SMA. Unfortunately the SMA is dropping – so stay disciplined (look it up).
EUR/USD – also near its 25-day SMA – seems to be the theme today. Some hourly support I like and I think a long here is warranted. Perhaps the best play is to wait until Sunday night on this one – perhaps it’ll come down a little.
EUR/JPY – still clinging to (you guessed it) the 25-day SMA. The hourly is what we should be looking at IMNSHO. Unfortunately the 100-h is dropping but the 25-h is rising, so let’s go by that.
CAD/JPY – the good news on the daily is that support seems to be there. I would use the hourly for an entry as we already breached the 100-hour.
AUD/USD – last kiss goodbye to the 100-hour and then it dropped. We are below the daily NLBL and if you managed to get a short there then I envy you (I was too busy bitching at tech support). I think we are pretty safe here by trading the 100-hour down with a stop above.
AUD/JPY – attempting to breach hourly resistance as well as tboth SMAs. It’s above the 100-day but needs to get above the 25-day for anything bullish to transpire. So this makes a great short right here until we get above 81.25.
As we’re at the EOM I’ll cover our LT charts this Sunday. Until then enjoy your weekend!