Looking to increase my long positions again on a pullback towards 1.3620. Further upside possible if hourlies work off overbought conditions. Dailies are nearing heavily overbought readings, indicating that a larger correction may take place soon. Will try to buy bounces with tight stops.
Hourly Chart:
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David Said,
March 19, 2009 @ 11:06 am
Great work catching that sharp upturn Carsten – you called the strong potential for a big bull run a short while ago!!! Lets see how it unfolds for the rest of the week. I am short 1.3703 – against the trend, but just looking for a small drop back to the 1.3620 area….
admin Said,
March 19, 2009 @ 1:56 pm
Brave Man putting yourself in front of that roaring freight train! LOL Good luck with the short. I think we’ll end the week with one more upleg since price is consolidating near the days highs yet again, but at 1.38..39 the dailies will look pretty overbought and we may not see the same size upleg we saw in December. That falling trend line could put a stop to it, at least short term.
David Said,
March 19, 2009 @ 6:57 pm
We got the drop to 1.3620 – did that trigger you long?
admin Said,
March 20, 2009 @ 8:55 am
Looks like your short wasn’t such a bad idea after all! The markets are always good for surprises, when you think you got them figured out they go the other way.
David Said,
March 20, 2009 @ 11:03 am
yes, they have this ability to move into the little expected space….