Monday 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.

The spoos are back at the 25-hour SMA watering hole. Great spot to add positions and climb the latter. If we get a breach then look for a drop to the 25-hour BB below and then the 100-hour which would then be near 1490.

Gold working its way further down – the 25-hour seems to be a great spot to add postions. Long on a breach of course, especially it happens while that Net-Line Buy Level (NLBL) is blocking the way.

Meanwhile over in the woodshed ole’ bucky is not getting its butt out of the gate – again. Taken down twice at line of scrimmage and I’d be short there until further notice.

More goodies below for my intrepid subs – quite a bit of action on the FX front this morning:
[amprotect=nonmember] More charts and non-biased commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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Soybeans seems to be wanting to work its way higher. We now have both SMAs rising below and I like that type of context. Long with a stop below both SMAs.

Bonds – the 30-year failed its 25-hour and is sitting below its hourly NLSL. I’m short with a stop above the 25-hour. If you’re late to the game use the NLSL to structure your entries (e.g. short with a stop above).

Okay, on to FX: The USD/JPY may be painting a last kiss goodbye of that 25-hour. I’m currently short but willing to flip for a long (above the SMA) if it turned out to be a false breach.

USD/CHF – this trade has been like taking candy from a baby. Please sir, can I have another?

USD/CAD – inverse situation going on here and I like the context.

EUR/JPY – may also be a LKGB situation. I’m short with a stop above.

EUR/CAD may be losing momentum. Short right now but am keeping my stop above that expiring NLBL as the SMA is still rising. Odds support continuation so I have no compunction about changing into a long dress if the occasion merits it (i.e. a breach of the SMA). Yes, I’m wearing underwear.

EUR/AUD – just follow the red brick road.

CAD/JPY – I’m on the fence here. Based on the other Yen pairs I currently want to be short. All of those will most likely resolve in the same direction so watch them together and see which one sticks its head out first.

Cheers,