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Wednesday Morning Briefing
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Wednesday Morning Briefing

by The MoleMay 7, 2014

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 spoos breached the 100-day SMA overnight and bounced back immediately. Of course we didn’t think they’re going to make this easy for us, did we? I’m currently long with a stop below the SMA but I’m aware that this may be another fake out spike higher. My current approach remains to be small position sizes to weather out the incessant whipsaw. I would be swapping for a short position on a drop below 1860.

The EUR/USD may just reconquer its 25-hour SMA and a NLBL that is about to expire. Taken together I think that 1.393 represents an inflection point and I would be long above it with a stop below the previous lows. However I am going to be out by 10:00am EDT one way or the other:

That’s right – Chairwoman Yellen is at it again in a bit over 2 hours from now – this is going to cause spasmodic gyrations all over the place. I sure could do without all that nonsense for a month or two, wouldn’t you agree?

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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.
  • Rightside_ot_trade

    The Usd/cad has a RTVB with a little fakeout on the lower close candle. I’ve been noticing past couple of weeks there have been numerous of these fake outs on RTV’s in various charts and time frames

  • tradingmom

    Can you update the daily zero? Thanks 🙂

  • Ronebadger

    uh oh…

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

    Last Kiss? or just another one of those morning scare routines?

    http://s29.postimg.org/71x5oibx3/lkgb.png

  • http://evilspeculator.com molecool

    Short now with stop above 1866.25.

  • ridingwaves

    that damn vix line of defense…like to see it above 14.55 and hold for a day

  • DarthTrader

    /ES has completed an ABC down from the Thursday May 2 High . . . that would also be a Gartley Buy signal looking from the low of April 13 it would be 38.2% retrace so could get a bounce

  • http://evilspeculator.com molecool

    Done!

  • tradingmom

    Thank you!

  • Skynard

    Their goes the 5 min, and the stop spike.

  • CorporalCarrot

    I’m proud of myself for having followed what I said yesterday and stayed out today. Not playing until Draghi finished tomorrow.

  • DarthTrader

    Gartley Buy – Market pulls back in a 3 part move with the 2 down moves of equal distance at the low today (shown with the yellow lines) That also is the 38.2% of the rally from the April Low from April 13th. The Fibonacci of that move is shown in Pink. I’m still of a mind we test the highs soon.

    Posted this chart/post almost an hour ago but I just came back and it was in a highlite mode so I’m reposting

  • Guest

    /TF is above the highs it made this AM while /ES is till trying to break above so in relative terms is stronger right now that tends to be a good portent as /TF leads

  • http://evilspeculator.com molecool

    Have you guys looked at gold by any chance? 🙂

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

    so when is this event? This bastardito nearly ran me over in the summer of 2012.

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

    contantly. just not the 5 min.
    as a leech, yes I’m probably missing an uber-ultimate setup.
    =P

  • http://dartht.blogspot.com/ Gold_Gerb
  • mugabe

    yeah .. seems to be suckering in the shorts 🙂 caveat sellor

  • Sean

    Yeah, those stupid shorts got suckered in for a profit of a couple of thousand dollars per contract (depending on which entry you took)… dum-dums didn’t even lose money…

  • bullregard

    GBP/JPY didnt retrace after 10AM as /ES did…

  • ridingwaves

    the 10 yr bond, how they are driving it down without market selloff is quite amazing….fear? the other white meat

  • bullregard

    I missed it… it started well before my 9:30 opening hour. Waited for a while then got in with much smaller amount, corresponding to the initial stop.

  • bullregard

    I see it actually going up… /ZN you mean? It broke the 2 days ago top.

  • ridingwaves

    see what one week in cabo at all inclusive resort does to your brain…I stand corrected..damn agave

  • bullregard

    Oh, I bet it’s worse than the Canadian winter… which doesn’t really want to go away, still.

  • http://evilspeculator.com molecool

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