Early 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 posting this a bit earlier than usual as this is the time we seem to be hitting inflection points on many fronts. Also, I’m making this a freebie as the regular crowd seems to be a bit worn out. I know it’s been pouring setups lately – I suggest you enjoy it while it lasts – X-Mas is on our doorsteps and although I keep asking for Evil Santa we’re probably getting the same benevolent fat guy as last year. Upside – the Santa Rally – can’t argue with easy money.

Anyway, the tape is moving – let’s get to work: EUR/USD at cross roads. The 100-hour will be the decider of today’s direction. I’m posting the whole panel as the context here is also important as we are at possible daily support.

EUR/CAD – bounce at the 25-hour corral – at least thus far. Take opposite positions if we fall through.

EUR/JPY at NLSL – could provide support. If not be short.

NZD/USD also at hourly NLSL – same idea here. I would prefer a continuation to extend the current short squeeze.

USD/CHF at the hourly Maginot Line – I think GWB is uncharacteristically pro Swiss here right now, let’s pretend to agree until we see a breach.

Here’s the Dollar index which is thus far holding support. Interesting – the 100-hour is moving up, so ole’ bucky will have to deal with it decisively sometime today, not more freebies.

Cotton at daily NLSL which is why the current ST setup could prove to be an early entry into daily goodness. I would love to see a breach of that NLBL in the next few hours.

Gold – what a sweet ST entry! Right at the hourly Maginot Line – it’s been a while! I’m short here with a stop that I’m occasionally moving down to follow the SMA. I need to code an SMA based strategy that automatically moves my stop lower – should be relatively easy. One of these days…

Cheers,