Busy 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.

I’m seeing more reasons for measured amounts of paranoia on the equities side. Here’s the GBP/JPY (popular carry trade pair) plotted against the spoos. The former is descending while equities continue to hold strong.

I’m considering short positions but need a reason. Don’t have one yet on the spoos – if you’re long here then simply watch the 25-hour SMA and I think you oughta be okay. Slight BB compression by the way – we may be seeing a quick move here soon.

I’m already short on the TF but it’s experimental with only 1/2R and a tight stop above that NLBL. If it snaps back I’ll be long above the NLBL with a stop below the SMA.

But we’re only getting warmed up – plenty of juicy short term setups this morning, especially on the Forex side. Here’s the USD/JPY which is resembling equities. I would be long above the NLBL and short once it drops below 103.8 (with stop above the NLBL).

More below the fold for my intrepid subs:

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Cheers,