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.

So if you set your stop on the TF then you will find that you have been stopped out overnight. That little jump to 1,104.1 should have triggered it for sure. So we complete this campaign with another 2R win and it looks like our Christmas stockings are going to filled to the brim this year 🙂

Frankly I’m not too upset about having been stopped out and here’s why: The spoos already bounced at a volume hole near 1774.5 and although that doesn’t directly affect the TF it’s fair to assume that a bounce here would benefit the Russell futures as well.

Plus the EUR/JPY is still strongly disagreeing. Yes, quit possibly that correlation could have been broken, it would not be the first time. But let’s also consider that it’s a week before markets start slowing down considerably and I am not too comfortable holding against the trend. In any case the rules are the rules and with that we are out – for better or for worse.

On the setup front I only ran into one victim this morning – the CAD/CHF looks like a possible long here. Nice context with both short term SMAs entangling plus we still have a NLSL below us. I’m long with a stop a few pips below those SMAs.

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Cheers,