Pay Attention Now!
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.
Equities at shot term inflection points across the board – so pay attention! Here’s the YM which has been pinned below the 25-hour since Friday morning. Several bounce attempts have failed but the bears have been unable to push it lower (and abandon the 100-day SMA I have been posting about). As I’m typing this it’s attempting a breach and I think it’ll lure in more bids above 15,045ish.
NQ – completely sideways since Thursday but it’s getting comfortable down here near the 3080 mark and 3060 (our inflection point to the downside) has not been touched since Friday. I am trying a long here with a stop below the 25-hour SMA.
The spoos looking a bit like the YM and obviously the weakest of the triplet. I think I’ll wait for 1655ish before dipping into a long position – unless I see an hourly candle pattern I can’t refuse.
Speaking about candle patterns – here’s a screengrab of the CrazyIvan.AUDJPY.360 which enjoyed a nice ride down in the past day. That’s the kind of stuff we’d like to see! If you haven’t yet then sign up for the CrazyIvan beta trial right now – it’s FREE!
This entry was posted on Tuesday, August 20th, 2013 at 8:13 am. Both comments and pings are currently closed.