Tuesday 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 currently testing its 100-hour SMA. Excellent spot to get positioned – I’m standing by to jump in based on which direction she breaches.
The AUD/JPY has a lot of support looming below and I think this is a good spot for a long with a stop below the 100-hour. If that one breaches the last line of defense is the lower 25-hour BB – that goes and we go to 93.4.
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Cocoa at resistance. I”m short with a stop above the 25-hour.
USD/CAD approaching support – with some luck it’ll touch that hourly NLSL which is near the 100-hour SMA.
CAD/JPY at support – you know what to do.
AUD/USD heading into a pincer ambush – the 25-hour from the SW and the 100-hour from the NW. There will be blood! For the noobs, here’s the translation: There will be a breach of one of those SMAs – maybe both. Use that to structure your trades – it’s all about inflection points.
This entry was posted on Tuesday, January 29th, 2013 at 8:09 am. Both comments and pings are currently closed.