Playing The Edges

Futures down on talk of no debt deal . . . futures up on rumors of a debt deal. I find political risk to be my least favorite unknown.

Last night when the Globex session opened, futures took a quick hit for nearly 20 points. At times like these I try to refrain from guessing outcomes and play at the edges. In this case, I'm interested in Friday's close (1340ish) and 1322, the Globex lows. In general, I'll look to be a seller above and a buyer below.

That was the call at last Thursday's close @MarzBonfire: ES - will look to be a seller above 1345 and a buyer below 1335.

It worked out well. I traded quietly and in control. (Quietly means no Tweeting, which I still find immensely distracting.) I did not sell above 1347, but I did buy below 1335 and then left early for a big weekend with friends.

USDCHF is at record lows this morning. It could turn out to be a pivotal week for the Swiss franc. I'm not going to pounce on it here, but I will be waiting intently for a spot to get long.

USDCAD also has my attention but it's not quite "there" yet. I'm watching a trend line on the weekly chart that suggests under .93 is a possibility.