Wednesday Morning Update
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.
Pretty slim pickings this mornings. FX has been boring me to tears in the past two days and not much exciting either on the commodities front. However, there’s gold which just retested its 25-hour SMA and is now wedged below a brand spanking new hourly NLBL. I guess you know what I’m thinking – long on a breach of the NLBL and short if she gets forced below the SMA. The only caveat with the downside is the 100-hour looming below – thus a long breach would be my preferred setup.