Getting Paid On Thursday
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.
Equities have dropped a little lower overnight and we’re now testing the 100-hour SMA. If I wasn’t long already in my ongoing campaign I would be here with a stop below ~1958. If supports fails then the next probable scenario is a visit of the lower 100-hour BB which coincides with NLSL at 1944.5.
Here’s another view at the scenario on the hourly panel – the onus is now on the bulls to keep up the pace or we run the risk of a little correction.
Platinum was one of our short setups from last night and it’s been very favorable so far. Time to move your stop to b/e and to take 50% off the table.
Silver was the second one and here I’m moving my stop to 1.2R and also take 50% off the table. After such a drop odds are we’re going to see a little counter response.
My only setup this morning so I’ll throw it out for free – AUD/NZD. Possible buy here at the NLSL with a stop pretty nearby below 1.124 (the rising SMA). Time for this one to get a move on, so I’ll give it three candles or so and if she doesn’t budge I’m out.
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