Fun With Forex

Yesterday I hinted at the possibility of a short term reversal and the spoos promptly delivered. Truth be told the odds for this increased quite a bit during yesterday’s session when we saw little confidence either way – here’s a quick snapshot:

As you can see the Zero Lite signal was gyrating both below and above the zero mark without much mojo going either way. We saw the same type of wiggles early today but in the past few hours participation has completely dried up. Which leads me to think that this may just be an obligatory short term shake out.

Now if that is truly the case then that 100-hour SMA ought to be holding – as I’m typing this the E-Mini has actually dipped below it. Maybe just an attempt to scare the children and if it continues our next line of defense is the daily NLSL at 1537.5. A drop through that and we’ll probably be talking about a more thorough correction.

Update on platinum – that NLBL thus far has been holding up nicely. However as the Net-Line has now officially expired it’s time this thing gets into gear and descends to the downside. I would switch to a long if both the NLBL and that 100-hour are reconquered.

Bonds – we got a sweet inside day entry earlier today (based on yesterday’s setup) and it’s now tickling its 100-hour SMA. If you missed the first entry this may be your second best chance. Also, this is the first real hurdle to the upside and it will have to be overcome, especially since it’s falling. By the way – this setup is valid on both the ZB and ZN.

EUR/NZD update – this thing has been coiling up for quite a while now. Our NLBL on the daily is holding up and I also wanted to show you some of the context on the weekly, which is lining up very nicely. Time for this puppy to get into gear as well – make up your mind!

I’ve got some really nice Forex setups today – please step into my lair:

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Cheers,