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.

Bonds – the ZB has been retesting its 100-hour while the 25-hour SMA is approaching from below. We also have an hourly NLBL to offer potential support. Great long play as long as those three remain below price. I wouldn’t be short until that 25-hour is being taken to the woodshed.

Platinum – still looking a bit soft thee but it’s attempting to conquer its 100-hour SMA. No sense in chasing and we may get another retest here in a few hours which would be a better opportunity to grab a few contracts.

Crude – prices below that NLSL which is a soft setup in my book. Rather those two SMAs are about to meet and that’s probably when things get more interesting. I think it’s fair to be short here until we see price starts pushing above those SMAs. However not my favorite entry position and I probably wait a bit longer to have more context nearby – I hope that makes sense 😉

It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Please login or subscribe here to see the remainder of this post.

Public Service Announcement: As you probably have heard – today’s another FOMC announcement day with a speech scheduled at 10:00am EST. So expect relatively flat tape ahead of that and probably some ST volatility as Bernanke’s scheduled to speak.

Cheers,