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Wednesday Morning Briefing
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Wednesday Morning Briefing

by The MoleJune 12, 2013

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.

I’m going to do a bit of a reverse flip today in that I have a very juicy equities setup on the daily which I’ll reserve for the subs. Fort the rest of you guys here’s platinum looking pretty good as it’s retesting its 25-hour SMA and a NLSL. I think either direction here is good to go as it’s a crucial stage in the attempted reversal.

NZD/JPY – just pushed above its 100-hour SMA and I’m long with a stop below. Not interested in a short breach at this time.

AUD/JPY still pinned below its SMA and I’m short here below that NLBL until price tells me otherwise.

Alright, let’s get to the really exciting stuff – please step into my lair:

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Cheers,


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at various social media waterholes below.
  • Bun Dance Kid

    Great stuff, Mole. Don’t suppose you have triggers for YM too?

  • http://ibergamot.blogspot.com/ i Bergamot

    Thanks for platinum. Keep forgetting about this one.
    Have etf for that PPLT – not very liquid, so limit orders only.

    Watching HL and PVG. Both setting up nicely on daily chart.
    HL needs to hold 3.50 level and take out 3.75 asap
    PVG not so clear, plus its one of Eric King stocks, but any reversal from here and especially above 9 – and this pos will go +50%

  • http://dartht.blogspot.com/ Darth_Gerb

    Trading Mom is posting charts? the World is not safe
    😉

  • newbfxtrader

    @schwerepunkt if you took the gbp/aud eur/aud usd/zar shorts instead of gbp/usd shorts you are welcome.

  • Schwerepunkt

    Thanks, but I took no shorts. I’m feeling a bit skittish at the moment.

  • http://evilspeculator.com molecool

    I could tell you but as an exercise I suggest you look at the chart and figure it out yourself. The cheat sheet contains the definition. Teaching a man to fish and such 😉

  • Bun Dance Kid

    Agreed. Realised after I posted that I can work it out for myself if I have access to YM charts. So now looking into setting that up.

  • tradingmom

    megaphone on hourly zero

  • ridingwaves

    I’m going to have to join the club, I bet if you traded QCOR on zero you could live north of Mole in some villa or something surrounded by spanish women drinking raki..

  • Skynard

    Nice looking gap and crapper today, maybe see 1575 after all:)

  • http://www.facebook.com/profile.php?id=100001131611045 Exar Kun

    Took the long mole arrow. Opening gap up and sold down too quickly. If they want to trap longs, they should wait for 30-45mins before selling it down slowly to cook as many frogs as possible 😉

  • Joe_Jones

    Same thinking here

  • ridingwaves

    10 yr is Ben B’s big worry right now…need more flight to safety…

  • Skynard

    ZL saying sell the news:)

  • Bun Dance Kid

    So you take a long Mole arrow even when zero line is below zero? Me waiting.

  • http://www.facebook.com/profile.php?id=100001131611045 Exar Kun

    yeah, very risky indeed when ZL shows decent shorting participation. Still the timing of the drop dont feel right, so I am long. TP half of my longs from the rock bottom as a precaution though 😉 The other half at break-even trailing stops now.

  • Bun Dance Kid

    Appreciate reply. I’m still in learner mode, so always good to get another viewpoint

  • ridingwaves

    That ticker DCTH I men’t yesterday to get in at .42/.43 is at .49 and climbing..somethings up or mm’s running shorts for cover…I think that’s 14%

  • http://www.facebook.com/profile.php?id=100001131611045 Exar Kun

    sure, fyi, technical line in the sand for me to be long or short today is 15158 for Dow.

  • Bun Dance Kid

    Thanks. Looks like that’s where the scrap is right now…

  • Bun Dance Kid

    All three Z signals -ve. I’m not arguing with that.

  • tradingmom

    spx 10 min

  • tradingmom

    sorry. Obviously need more practice!

  • Joe_Jones

    we may have a nighty night on HL today:
    http://stockcharts.com/h-sc/ui?s=HL&p=D&b=5&g=0&id=p44255082211

    Where is Cabrera btw?

  • ridingwaves

    Vix etf’s are trading higher than vix..that’s something I’ve not seen in a long time…

  • Ronebadger

    VIX Step One Signal…..coming up!?!

  • Skynard

    Hehehe, caught those longs:)

  • http://dartht.blogspot.com/ Darth_Gerb

    something about canoer season.
    (dunno)

  • AmazingLarry

    Gold traders: http://m.youtube.com/watch?v=VLZzoH5UYIM

    Arensberg’s COT rundown as of last Tues. Cliffs:
    – Goldman et all now net long
    – Little guys all but capitulated
    – LCNS still lowest in 8 years. Basically says the “smart money” is not betting on lower prices.

  • Skynard

    /DX on the weekly, 81 looks to be long term support. Went long

  • http://www.facebook.com/profile.php?id=100001131611045 Exar Kun

    Taken new long positions at the bottom 15101.. The last 25min dropping on air.

  • Joe_Jones
  • Skynard

    Follow the red line:)

  • amokta

    The plate is about to fall off the cliff, it seems?

  • Skynard

    Dang hillbilly:)

  • AmazingLarry

    Vol hole vacuum. The great destroyer of all hope. 😀

  • Bun Dance Kid

    Is there some kind of confirmation to watch for to support a Mole arrow signal? They seem to be as much a warming of continuation as a reversal?

  • http://evilspeculator.com molecool

    Frankly stated I would ignore counter trend Mole signals during strong trending markets. They are best used during sideways or slowly trending markets.

  • Bun Dance Kid

    Thanks Mole. I was a bit unsure how useful they’d be when ZL is so negative.

  • Bun Dance Kid

    Then again, maybe worth noting if the Mole signal also turns up too…

  • http://dartht.blogspot.com/ Darth_Gerb

    Never bring a ruler to a laser gun fight.

    Muwahahaha.

    http://s23.postimg.org/4bavdkp0b/ruler.png

  • http://evilspeculator.com molecool

    LOL :-)

    I think the bulls have other problems to worry about right now. I’ll talk about it later but we are accumulating a lot of technical damage here.

  • http://evilspeculator.com molecool

    ‘the timing of the drop doesn’t feel right’?

    That is a perfect way to blow up your account mate – arguing with the ultimate denominator which is price and imposing your opinions on what should happen.

  • http://ibergamot.blogspot.com/ i Bergamot

    Opposite side of Bull
    Not necessarily a Bear, but nasty still
    (Reload to see answer – Brace yourselves!)

  • http://evilspeculator.com molecool

    Don’t use ‘learner mode’ as an excuse to trade by committee. You need to drive and own your trades mate.

  • http://evilspeculator.com molecool

    You should have watched more of those videos, BDK. Also see my comments below – I’m getting a bit worried about your need to trade by committee. Own your trades man! Have a plan before you get in and then execute accordingly. The Zero signal has been pretty damn clear today:

  • http://evilspeculator.com molecool

    Chart didn’t attach above…

  • Skynard

    reversed /ES now long:)

  • Joe_Jones

    bucky at lower 100 d BB. Temporary support?

  • DarthTrader

    That’s the Shit

  • amokta

    Any chance we break spx 1600 today, or shall i pencil it in my diary for tomorrow?
    (ok, no one knows, just trade da setups, wid da rulez)

  • Bun Dance Kid

    Yep, think I’d best go watch some more. It always looks so easy in playback. Mind you, today’s trading so far has been OK as I was ready to go short and then used the ZL signal as confirmation. I’m still getting a feel for how much notice to take of ZL, which is why I was seeking some input as I was unsure if I’d understood it properly. Right… I’m off to watch some movie classics…

  • http://dartht.blogspot.com/ Darth_Gerb

    the knees I understand.
    look at those balls shine. would be curious of the guy/gal ratio.
    then again, maybe not.

  • http://dartht.blogspot.com/ Darth_Gerb

    oh no you don’t. You got a peak into my crystal ball yesterday.
    I’m batting 100%. can’t ruin that.

  • http://ibergamot.blogspot.com/ i Bergamot

    99% guys methinks
    mucho grande….

  • AmazingLarry

    200 SMA daily and the 100 month both flat like a pancake. Yuck.

  • http://dartht.blogspot.com/ Darth_Gerb

    well, if got me coke and hookers, I suppose.
    I’ll stick with EvilSpec.

  • DarthTrader

    Bullish RSI Divergence on the /TF & the /ES Between Tuesday Early morning lows and the current low

  • DarthTrader

    /ES or S&P mini RSI Divergence Bullish

  • Skynard

    Looking at the hourly ZL, not likely we get to VWAP, lower panel does however show a div.

  • Bun Dance Kid

    “not likely we get to VWAP” – what would suggest we would be likely?

  • DarthTrader

    This kind of price action is very common when market is making a high . . . it means the Big Boys are furnishing their Bear Caves. So expect powerful moves and counter moves for the next week or two.

  • DarthTrader

    Guess who is supposed to be supplying the rugs and furniture . . . so be careful out there

  • Skynard

    Well, the 5 min signal did make it above the line. That is gererally a bullish sign. If it turns tail and drops below, that would be bearish. The hourly lower panel does have a div, although the top panel which is slower indicates lower prices.

  • Bun Dance Kid

    Thanks. Appreciate the reply

  • ridingwaves

    Well for the first time in a while Mole’s trusty p&f chart idea cost me some big change on QCOR, it had a $28.00 PO a couple days ago so I let my stop get hit, only to wake up yesterday to full throttle blast off. Now the PO is

    http://s21.postimg.org/ne3wb2lc7/QCOR_6_12_pfchart.jpg

  • amokta
  • Skynard

    Going higher now:)

  • Bun Dance Kid

    How did you do that? I didn’t see any sign of that on Z, apart from the upward ZL trend line

  • Skynard

    See that trendline on the 5min chart and the signal line? Follow it, it will determine price. Both the hourly signals turned up, that would be an early indication.

  • Skynard

    Looks like a little fakeout move down.

  • ridingwaves
  • http://dartht.blogspot.com/ Darth_Gerb
  • amokta

    TSLA up 5%, always look on the bright side of life!

  • Bun Dance Kid

    Wow, it’s quite possible that has been most most instructive Z lesson yet. Thanks, Sky

  • ridingwaves

    may the scooby force be with you…their was a disturbance…now the Kraken…

  • Skynard

    Now you have a sloppy div with a broken trendline. Think it is still a fakeout, remaining long. Mainly since the hourlys have turned and the 5 min down signal is weak.

  • DarthTrader

    Bullish RSI divergence still in place on /ES & /TF

  • http://www.facebook.com/profile.php?id=100001131611045 Exar Kun

    Yeah, went long for the third time now. First two attempts stopped out with profits.. Unfortunately this still does not feel like a TD.

  • http://dartht.blogspot.com/ Darth_Gerb

    broken clock. tell me some planetary stuff.

    how bout that New moon? hit on Saturday, Spoos been dropping since Monday open.

  • Bun Dance Kid

    I see that div on the 5min and the hourly upturn. Still price gets hammered. I’m watching with bated breath :)

  • ridingwaves

    I can see william wallace right now

    http://www.youtube.com/watch?v=N1NupxasQWs

  • badflightrisk

    Big block trades buying ARNA on this dip

  • http://evilspeculator.com molecool

    ¤ø„¸¸„ø¤º°¨¤ø„¸¸„ø¤º°¨

    ¨°º¤ø„¸F R E S H „ø¤º°¨

    ¸„ø¤º°¨ M E A T“°º¤ø„¸

    ¸„ø¤º°¨¤ø„¸¸„ø¤º°º¤ø„¸

  • ridingwaves

    me too

  • Skynard

    You have a new trendline now on the 5 min, both lower and upper panels.

  • Bun Dance Kid

    hehe. That’ll teach ’em

  • Daron

    On some pretty big time frames too

  • Daron

    I would agree Sky, Tick and Trin not validating this move down. I’m long here.

  • Skynard

    Bears doing a good job though, tipping it lower.

  • Daron

    no doubt, i had a tight stop on an uber small position. back flat on equities at the moment. Try to sell the next rally, looks like it will be a fun summer.