Time To Say Hello Again

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.

As you recall our RTV-S on the daily NQ was closed out without prejudice last evening as it had not produced 1R at the conclusion of the third candle. It was time to say goodbye – but today we are back in the game via two opposing but concurrent setups: There’s an RTV-S and a GARB-L on the ES – so either way this thing finally breaks we should be good to go. Unfortunately there is a bit of congestion on either side as we have Net-Lines blocking the way at almost identical distances (about five handles away). Even if we get an entry today we’ll have to deal with additional hurdles sometime next week – assuming of course the entries resolve this far.

GBP/AUD – the hourly has now breached two colliding SMAs and that’s rather bullish. Thus I feel compelled to be long here with a stop below both (~1.662).

In case you missed it – crude triggered an RTV-S at 105.46 on Wednesday and today it just dropped through a NLSL at 105.11. This is a great setup and if it pulls back a little you may still find an entry. Someone in a prior thread also suggested that it’s a H&S and after some consideration I tend to agree. Either way it’s a sweet setup.

But my favorite setup today is silver – as it looks interesting on the hourly and monthly at the same time. What – say again, Mole? That’s right – please step into my air conditioned summer lair:

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Cheers,