Thursday 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.

Very interesting lineup of setups this morning – we’ve got work to do, so let’s get to it. The spoos are touching the 25-hour and we’ve seen that for days now. However there’s also some new resistance in the form of two overlapping Net-Line Buy Levels (NLBL). Long above and short if she remains below. Remember the Net-Lines expire in two and a half hours (i.e. half an hour after the NYSE open as of this writing).

YM looking even juicier as it’s also facing a NLSL below which in turn is sitting on top of the 25-hour. Despite my green arrow it’s permissible to be long right here as long as the NLSL holds. However a push above those two NLBLs (green lines) would be a long signal confirmation.

Crude stuck between its 100-hour and a NLBL above – I can’t wait for resolution here. Again my respective entries are shown via my green/red arrows.

EUR/JPY also at the 100-hour right now which is bolstered by two NLSLs. Great inflection point and while I’m long right now I would switch to a short position below 129.70.

GBP/JPY still in limbo but we have BB compression which is seamed by respective Net-Lines. Be patient but strike when it finally breaches one or the other.

GBP/CAD – nice pop here which ran out of juice at the 100-hour. Before going short here I was waiting for the next candle and as I’m looking at it right now (8:06am EDT) it may actually breach the 100-hour SMA. I’ll give this a bit more time and if she holds I’ll be long with a stop below. Short if she pulls back below within the hour.

EUR/CHF – the odds for a drop were pretty low when I took this snapshot but as I’m typing this it actually did push down toward the SMA. Waiting for my entry now.

CAD/JPY – extensive BB compression – once this one pops the tires are going to fly off.

CAD/CHF meeting both SMAs right now and again the BB is compressing – great inflection point.

Bonds attempting to hop the fence – not looking so bad actually although the SMA is still dropping. Not a perfect setup but worth a small contract with a stop below that NLSL near 146’20.

Finally copper is touching its 100-hour SMA as well and we also have a NLSL right below. I’m currently long with a stop below that SMA.

Cheers,