Thursday Morning Briefing
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.
This morning we are being graced with January retail sales, so be cautious as this may affect equities as well as USD cross pairs. You know the drill – if necessary reduce position sizes and widen stops, at least temporarily.
Event risk or not – odds have it that we are going to get at minimum a sideways session, perhaps we’ll even close lower. Nobody has a crystal ball but after seven consecutive higher highs on the daily spoos we should be in the upper 90 percentile favoring a lower close, even if it’s by a tick. As the session progresses watch the 100-hour and perhaps VWAP for possible support. We here at the evil lair favor the Zero indicator, go check out a few of the wrap up videos if you are unfamiliar with it.
GBP/CAD – if it manages to climb higher above that NLBL then I think we may continue higher – trigger on the chart.
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Cheers,
