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.
I’m elated this morning as the presidential race is finally over and I won’t have to put up with all that useless pre-election idiocy for another few years. To celebrate that fact I’m going to make this a freebie. The E-Mini is rapidly approaching a possible short term support level at the 100-hr SMA. I want to be long here with a generous stop as emotions may ride high this morning. A breach below the lower 25-hr BB would probably lead us back to 1400. So I’m ready to flip my position at a moment’s notice (pun intended – hehe – maybe there’s a future in politics for the Mole).
AUD/USD overshooting its own 25-hr and a possible short victim. I’m going to give it until the next hour as this is one long candle down.
CAD/JPY also below its 100-hr – looking like a short but it has overshot in the past. I think I’ll give it a bit more time – of course if she runs away from us that’s the price to pay for prudence. You can just take a short here with a stop above and then flip it – but it may cost you a few pips and commish before it picks a direction.
NZD/USD at the 25-hr SMA and a NLSL which expires shortly. I’m long with a stop below – simple/stupid works well for the Mole.
Corn – the only commodity play today. Back at a major support level an I want to be long as soon as we touch it. It has triggered a ST sell signal and I’m not married to this trade. A drop below the SMA and I’m short.
Have fun and keep it frosty. And whether you are depressed or excited about the election results – expect four more years of market domination from the ole’ Mole 😉