Friday 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.

It’s Friday and I’m in a good mood, so let’s make this one a freebie – leeches everywhere rejoice! As a side note: as you can see I’m increasingly starting to post NinjaTrader charts now due to ongoing data and support problems with ThinkOrSwim.

The E-Mini is dancing the 25-hour samba and I’m long here with a stop below that NLSL at 1503.75. Below that 100-hour I’d be short. Obviously this may happen via a fast candle (see prior occurrences) – if so then don’t try to chase it.

The DX now wedged between its 25-hour and an hourly NLBL – great inflection point and I recommend you use it.

AUD/CAD at 100-hour resistance. Short here but willing to flip if she advances above the SMA.

CAD/JPY approaching lower 100-hour Bollinger – may be worth a speculative long if we start seeing slower candles and/or signs of a floor.

Ditto on USD/JPY.

EUR/CAD at lower Bollinger and hourly NLSL – good spot in anticipation of a decisive move. Keep your exposure small – I’m seeing a lot of churn/jump on the currency side, if you’re not nimble you’ll get trapped in a losing trade. Also, watch your leverage – I recommend a maximum of 5:1 (meaning don’t be leveraged > 5 x your total assets). I will soon post a pertinent article as a lot of fledgling FX traders don’t differentiate between margin and leverage.

EUR/USD – right now I’m only interested in the short side here, assuming we get a NLSL breach (actually it would be a double breach, right?).

NZD/USD – nice diagonal that has developed here since yesterday. Matured enough to use it as a trampoline – short of course if it breaks under the weight.

Crude – short as long as she stays below the 25-hour. Long only on breach of 100-hour.

Natgas is up to no good as usual. Slowly approaching the 25-hour and I’d be short below the NLSL and long if it ignores the 25-hour and advances higher.

Silver at the 25-hour – my inflection point. I’d prefer the downside here as the 100-hour looms above, but would take either breach.

Bonds – the 10-year is nibbling at its hourly NLBL which will be good for a few more hours. Short only if she drops below the 25-hour.

Finally soybeans, also at the tail end of its hourly NLBL – long here if she advances higher. Short if we get a drop below the 100-hour.

The future is now – so don’t bring a knife to a raygun fight. If you are interested in becoming a Zero subscriber then don’t waste time and sign up here. A Zero subscription comes with full access to all Gold posts, so you actually get double the bang for your buck.

Cheers,