Friday, August 20, 2010

Holding moderately short into weekend

ES chart, is backtesting horizontal resistance, which is a backtest of the big H&S.

Potentially very bearish, yet Quants/Robots are blowing up many patterns intentionally to trap people in bad positions.

So, I am not adding to bearish positions at this time.

And the Cable and Euro look like they could rally...based on a "Double Swan Feet with bullish neck" pattern, and some obvious intervention.

But it is/was expiry, which often results in fairly big moves on the next Monday Tuesday.