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.

No entries on the equity side right now but we have a bit of movement on the Forex side. Here’s the EUR/CAD which seems to be loosely tracing its 25-hour SMA for the past few sessions. It’s speculative but worth 1/2R or so. Triggers on the chart – use the opposite trigger to place your stop.

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Words to the wise: Some of you may look at the big moves in equities yesterday and think to yourselves ‘damn, I wish I would have caught that one.’ Trust me – you don’t. As tempting as it may seem – odds are you would have gotten whipsawed into pieces. And if you tried to anticipate a Fed taper via a massive short – well, accept my sincere condolences. This is exactly how people lose their asses in the market. They think they know something and even worse – they continue listen to the news. Just … don’t…. read this if you have any doubts.

So in retrospect yesterday was actually a very good (and educational) day for us steel rats. We stayed the heck out and thus we live another day to tell the story – and of course to bank some mighty coin in the coming year 😉

Cheers,