Thursday’s Futures Setups
Long
Candidates:
|
Contract |
Setup |
Direction |
Trigger |
| Cocoa ( CCH3 | Quote | Chart | News | PowerRating) |
Rally out of Pullback |
up |
above Wednesday’s hig |
| Dollar ( DXH3 | Quote | Chart | News | PowerRating) |
Fib Extension |
up |
above Wednesday’s hig |
| Cotton ( CTH3 | Quote | Chart | News | PowerRating) |
Rally from Triangle |
up |
above Wednesday’s high |
No trigger on February Live Cattle
(
LCG3 |
Quote |
Chart |
News |
PowerRating), and now it looks like
a 1,2,3,
so it’s off the long list.
So much for the pullback in February Gold
(
GCG3 |
Quote |
Chart |
News |
PowerRating). The tail on
Tuesday didn’t follow through with lower prices. I keep looking for a pullback,
but the longer-term trend still looks up.
The Dollar
(
DXH3 |
Quote |
Chart |
News |
PowerRating) triggered just above Tuesday’s high and
promptly fell. Bummer. I still think we bounce in the next few days.
March Cocoa
(
CCH3 |
Quote |
Chart |
News |
PowerRating) still looks ready to continue its
rally from a pullback.
March Cotton
(
CTH3 |
Quote |
Chart |
News |
PowerRating) is rallying out of a triangle, and may
continue Thursday.
March Copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating) is near the confluence of its 50-day MA, a
.50 Fib retracement, and 9/11/02 support. We may have another down day, but this
looks like it’s setting up soon.
Short
Candidates:
| Contract |
Setup |
Direction |
Trigger |
| Yen ( JYH3 | Quote | Chart | News | PowerRating) |
Hitting Trendline |
down | Below Wednesday’s low |
The Yen
(
JYH3 |
Quote |
Chart |
News |
PowerRating) is hitting
a down trendline from July, and should go lower here.
If Bonds
(
USH3 |
Quote |
Chart |
News |
PowerRating) get
turned back at the down trendline, at around 110-24, they might be a good short.
March Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating)
triggered. Now it’s a pullback from lows, and looks like the next large move may
be back down.
Please
note that while there are strong trends, one bar or a series of bars
forming a setup can sometimes indicate a contra move for the next day.
This contra move may not be long-lasting — maybe only for a day or
two. Trading with the main trend is always the highest probability
trade.
Remember,
use stops on all your trades.