Friday XIII 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.

Depending on your platform the spoos switched over to the December contract either yesterday or today. The hourly has us above the 100-hour SMA but below the 25-hour. I’m waiting for the two SMAs to approach each other so price has to make a decision either way.

If you were watching that weekly NLBL on the E-Mini – it’s now dropped to 1688.5 as fair value is negative and has reset. The volume profile is still most pronounced on the September contract and I’ll keep taking it off of that one (i.e. the continuous chart).

The NQ is juicy right now – Scott peeked over my (badly bruised) shoulder and fully agrees. That Bollinger compression on the 25-hour BB is almost unreal and the placement is perfect. So the idea here is to grab a nice long either now or if price swings down one more time to touch the lower of the very very compressed 25-hour Bollinger. Obviously shorts here are also interesting as a failure would trap a lot of folks . I would not be short unless I see 3166 being taken out. This is a great setup either way – so don’t miss it.

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UPDATE: Scott just hopped into a taxi to head for the airport and I miss him already. Wonderful guy and as expected we really hit it off as we have a lot of things in common – trading just being one aspect of it. There is a reason I call him my ugly brother from another mother. We spent a lot of time going through his notes from the Van Tharp seminar – really good stuff there and he tried Tharp’s structured analysis to formulate my discretionary approach and extract basic assumptions and requirements. It’s a very interesting exercise and we may share some of it in the future as all of you may benefit.

Now he’s off to another three day workshop with Gabriel Grammatidies who apparently has developed a short term Forex system yielding nearly an SQN of 3.5. Suffice to say that I’m very eager to get my paws on some details as this sounds like something I would love to automate.

Scott – wishing you safe travels on Friday the 13th (usually my lucky day). Very much hope to see you soon again – maybe next time down under. And keep practicing that Systema punch! 😉

Cheers,