Thursday 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.

The E-Mini has been holding its ground overnight – as you can see where a bagel throw away from the 25-day SMA as well as the 25-week SMA. Actually right now this second being short with a tiny position (e.g. 1/4 R) has very low odds BUT a potentially large pay-off as your stop would be only a handle or two away. So given an eight tick stop your R size now has quite a bit of delta. Given that the VIX has come down quite a bit a few ATM options may also do the trick. As I’m still holding longs this is what I’m actually doing right now via the Spiders. Stop is a handle above the 25-day SMA (on the E-Mini – you can do that in TOS).

The Dollar looks like it’s ready to pop higher – I’ll be long on a breach of 85.905 – my ISL will be below the prior candle’s low (triggers on the chart).

Otherwise not much going on. Except that I beefed up our Futures Risk Calculator a little. Someone emailed me about a few missing symbols and I added them in. I also revamped the margin numbers and based them on Interactive Brokers, which is a pretty good retail standard (if you’re not with IB your margin will most likely differ, so check that out).

I also added a link on the bottom that points to basic contract specs, in case you have any confusion about tick/point size, trading hours, etc. And if you like this one I guaranteed you will love our Forex Risk Calculator – no changes there but if you’re trading Forex it’s essential for converting between currencies and calculating your R size. Obviously we are using these two in conjunction with Thor – so if you’re in the beta testing group you definitely want to check out both.

It’s not too late – learn how to consistently bank coin without news, drama, and all the 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.

Cheers,