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Daytrade Setup in EuroFX Futures

Scott Hoffman — Fri, 06 Feb 2009 19:39:57 +0000

Today was a momentum buy day for the EuroFX-the bottom panel of the chart shows momentum; the decline under the zero line was the buy signal. It held yesterday’s low overnight, and found a bid after the US payroll numbers. Post-NFP, Euros rallied to resistance at 12900. This was an interesting point for a number [...]

Today’s Yen Trade

Scott Hoffman — Wed, 12 Nov 2008 22:33:27 +0000

Although the Veteran’s Day holiday yesterday made me cautious about narrow range, doji bar yesterday, it gave a “trade” day, breakout setup today. See the Trade or Fade report below-it was a doji, the narrowest bar of the previous four days, and was nearly half the size of Monday’s. Given the Yen’s positive correlation with [...]

Look Out Below!

Scott Hoffman — Thu, 06 Nov 2008 18:10:54 +0000

Stocks are extending yesterday’s selloff as the optimism of the past weeks gives way to more bleak economic news. Cisco’s earnings report was a mjor catalyst, as they forecast a hefty decline in revenues for this quarter. The strength in the US Dollar and move in the Yen/Euro cross, while coming largely from European rate [...]

Breakout Day!

Scott Hoffman — Tue, 04 Nov 2008 17:47:07 +0000

Lots of markets had breakout setups today-let’s take a look at one of them to see how to trade them. Below is the Trade or fade report for December Comex Gold. I’m not showing the daily bar chart, but yesterday was an inside day, with the narrowest range of the past couple of weeks. It [...]

Is the Canadian Dollar Ready to Rally?

Scott Hoffman — Fri, 14 Dec 2007 21:16:48 +0000

The Loonie has been selling off for the past months as economic growth has slowed , and recent broke to new lows on ideas that US interest rate policy may not be as loose as traders had been pricing in. For the past weeks the March Futures have been finding support around the 9800 level, [...]

S+P Breakout Setup

Scott Hoffman — Mon, 10 Dec 2007 16:04:50 +0000

S+Ps had a breakout setup today-a narrow range and a doji bar on Friday. Today I am looking for a directional move out of that setup. This is a bit of an anomaly ahead of tomorrow’s FOMC meeting, as you might expect traders to be trading cautiously ahead of such an important event, but the [...]

Crude Oil-Is the Bull Back?

Scott Hoffman — Wed, 31 Oct 2007 16:06:12 +0000

Crude Oil saw a dramatic selloff yesterday based on three major factors: A report in the WSJ that the Fed might not be as accommodative as the markets have been expecting. A report from Goldman Sachs giving a sell signal in Crude Oil,citing poor refinery margins. However, they did say a correction could be temporary. [...]

Today’s Short Sell in Coffee Futures

Scott Hoffman — Thu, 25 Oct 2007 16:10:09 +0000

December Coffee futures have spent the past week trading between old resistance/support at 122.00 and the 50 day moving average on the top (the green line on the chart below). Taking a short sale when it finally broke under 122 support was a successful trade today. Note how 122 served as resistance in August and [...]

Trouble for the S+P Futures?

Scott Hoffman — Wed, 24 Oct 2007 15:10:36 +0000

S+Ps have seen a two day rally, as Monday’s upside reversal saw upside follow through yesterday ahead of Amazon’s earnings. After the disappointment from Amazon and a decidedly downbeat report from financial sector bellwether Merrill Lynch, stocks got a real shove after a shocking energy inventory report. S+Ps came in to the day with a [...]

Futures Breakout Setups for October 24

Scott Hoffman — Wed, 24 Oct 2007 12:37:29 +0000

Interest Rate Complex-A bull flag before another runup for IR futures? Gaming the FOMC meeting next week. Gold-Consolidation following Monday’s big selloff could lead to another directional move today. Copper-Doji yesterday, resistance at the 40 day moving average. Cocoa- Pausing above trendline support. Petroleum Complex-Quiet session ahead of weekly inventory numbers due out at 9.30 [...]