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.

4 comments:

  1. Got stopped out yesterday on 75% of ST at 1077 with a nice profit. Holding the other 25 ST & 100 IT shorts over weekend.

    GL, have a great weekend.

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  2. Thanks, it was a fun week. Somehow was able to conduct business and also make money on this fractured market.

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  3. Dollar looking bullish. Bounced off its 50 day MA a few days ago, but popped through it pretty decisively.

    http://quotes.ino.com/chart/index.html?s=NYBOT_DX&t=f&a=50&w=1&v=d6

    Metals due for a pullback (started today?), I am bearish on equities.

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  4. Looks like it is ready for an impulsive wave 3 up.
    Hey so in your run for office you must be meeting lots of people, have you noticed them getting sketchier and sketchier?

    ReplyDelete

Insightful and Useful Comment!