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.
Pretty slow on the setup front this morning. Crude update – I posted this one yesterday and if you took it then you’re in pretty good shape as it just jumped higher. Move your stop to break/even. As you all know I’m still long since near 50 😉
Gold – worth a long if it drops back down near 1187.5. We’re building some sideways expanding triangle, so perhaps we’ll get another trip higher to test the 100-day SMA.
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A bit of event risk today right after the NYSE open – non manufacturing PMI numbers for April are due. Also watch out later this evening if you’re holding NZD related pairs.