Tuesday Morning Briefing
Tuesday 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.
The GDP Estimate released by the NIESR is due to be out this morning around 10:00am EDT – it’s a big one for the Brits and I recommend you stay out of GBP pairs ahead of time.
Equities have descended lower overnight but I’m seeing the possibility of a ST entry right now. Long the NQ above 3,507 with a stop below the psychologically important 3,500 mark. Inversely being short below 3,500 with a stop above the NLBL may be a good play (sorry for not painting that on the chart).
A little H&S formation on the hourly wheat chart. Interesting and I am tempted to slip into a few long contracts on a breach of about 675.5 – the 100-hour SMA is producing a pretty good neckline here. Good setup IMNSHO.
CAD/CHF – a bit more speculative but again I like the formation as it’s still in a daily uptrend. Long above 0.807 with a stop 10 pips lower. I’m not so hot on the down side here – but yes she could move fast if she breaks, so proceed at will.
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Cheers,