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.

Index futures are still in shake out mode – as I told you last week it’s best to stay away for now and let this play out. Thus far my caution seems to have been appropriate – just look at this tape on the hourly and tell me if that’s something you really want to be trading. As a side note – for some reason the 2088/2089 mark produces a lot of context. It doesn’t line up with anything on my charts except that I drew this line when I entered long and then got stopped out right there again. And I remember mentioning this level on previous occasions, so for some reason it keeps coming up. Like this morning when we’re bumping against it after a run higher overnight.

We have nice AUD and CAD related entries today. Which is great but if you take them I suggest very small position sizing as we have pertinent event risk a few hours away. Anyway here’s the AUD/CAD and I am long with a stop below the recent spike low. I’m giving this a few hours to ride higher and produce some distance ahead of the BoC governor speech. If it just hangs around here I’ll probably pull it as I’d be sure to be whipsawed out during the event.

Here’s what we’re facing today – set your clocks.

More setups below the fold:

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I mentioned in the sub only section that I’m taking very small position sizes here. Reason being is that we’re in clear shake out mode on both the forex and equities side. It’s a tough market to be active in and you need to be on top of your game, remain nimble, patient, and not get emotional. All those attributes are easier to fulfill when you don’t really care about pulling a loss – ergo take small positions and know your stops and targets before you enter a campaign.

Cheers,