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.
The whipsaw continues – yesterday’s candle produced an inside day period which theoretically has already triggered a long. Thing is though – I didn’t take it yet.
As you all know I have been playing the TF and it kicked me out of my short campaign at break/even yesterday. It has also produced an inside period but that trigger has not been breached yet.
If you look at the hourly then you see the 100-hr SMA holding up here – at least as of now. So this gives me additional context and in this crazy tape I need all the help I can get. So if I get a long breach on the TF then I’m willing to take that trade – of course we also have a short trigger on the books, just for the record.
Quick update on one of our short term entries from yesterday morning, the NZD/JPY. It triggered as hoped and has been working its way higher rather nicely. As we may have a runner here my approach will be similar to the campaign management we employ on CrazyIvan.30 which is geared toward trending charts. After the ISL it advances stops further to the most recent spike low. The last one I see was at 87.85’6 – at least on my TOS feed – two candles ago we produced a double bottom and that one doesn’t count.
More goodies below the fold for my intrepid subs…
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