Wednesday Morning Briefing
Wednesday 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 is a friendly reminder that we are near the upper trigger of yesterday’s inside day on the E-Mini. Overnight we already officially broke the 1851 mark but frankly speaking I don’t trust the price action a whole lot. Let’s see what happens when we touch that 25-hour SMA – preferably I would see that one holding and then a push above the daily NLBL at 1851.
FWIW – and this is completely subjective and comes directly from the paranoid regions of Mole’s deviant reptilian brain: I don’t like the price action in Forex right now – there seems to be a lot of indecision which has caused us to reduce our Heisenberg candidates to around three this week. Although we are close to the upper trigger I would not rule out a shake out later in the session – so be cautious and don’t get over exposed as this will only serve to push your emotional buttons. In iffy tape like this you need to make sure to batten down the hatches, which means to assure that your comfort level is well within tolerable parameters. Literally this means small position sizes and wide stops.
That said – I intend to take a long breach if it happens – but I will be playing it with 1/2R only. On the short end I would use my regular position sizing. Finally, the configuration is identical on the YM, NQ, and TF – so pick your poison.
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Cheers,
