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.

Quite some directional moves have been happening in the early hours. The E-Mini, that sneaky bugger, has been dancing on the 100-hour since the Sunday session open and then started to push higher.  Not that this is a big surprise to us, the signs of a continuation higher were on the horizon on Friday already. We now have established support on the 100-hour SMA and I am long with a stop below 1360. I’m a simple man – no reason to over complicate this.
[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.
[/amprotect] [amprotect=1,13,9,12,5]

Well, I don’t have much this morning – most of the interesting stuff took off hours ago and even if you live on the East Coast you wouldn’t have caught it unless you’re suffering from insomnia. Here’s the EUR/AUD however – right at the Maginot Line. I am thinking short here with a stop above the SMA. Quite frankly I would prefer a bounce as that would be more easily defended. FWIW – isn’t it a well behaved contract? So directional! Compare that with the roller coaster moves we see over in Natgas or with the twisted gyrations cable is putting us through! Oh well – the crazy ones happen to rock in bed they say 😉

Speaking of difficult love interests – here’s the GBP/USD which is right back at the 25-hour SMA. Now my system tells me that I should take a trade but boy, looking at the past few sessions I am not very motivated. Maybe that’s why I should – it’s been a big shake out down here. Always fade your emotions.

Gold – what can I say – it would have been a better chart four hours ago. Heck, maybe we’ll get a retest in a day or two – if so then I want to be long the shiny stuff.

Cheers,