We have a brilliant long entry opportunity today and I am posting it early while I’m still hunting for other symbols. Long here now or on a little dip lower with stop below the overnight spike low at 1992.25. Odds are mixed – 50/50 at best but pretty significant upside potential if it plays out. This is the type of trade I would take every single time.
Long on AUD/USD on a dip lower near 0.713. Stop would be below 0.7080.
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Not much else going on here today on the setup front. While the Dollar is on a tear we have little entry opportunities on the Forex side. I suggest we watch and see what the remainder of the session shows us. Participation on the equities front is absolutely ridiculous (see Zero snapshot above) given that this is traditionally a very busy week on Wall Street. Also yesterday’s late session squeeze could once again be a sign of distribution. Watch your six people, meaning keep your stops loose and your position sizes small.