Follow The Yellow Brick Road
And once again the tape is chasing everyone around the playground without much of a direction. It continues to hang on by a thread, giving both sides hope/reason for a break out. And that is some of the most dangerous tape as it leads to opinions, doubts, guesswork, and in general a shaking out of the weak hands. So let’s be clear and once again reiterate the game plan here:
And for me that’s rather simple. As the daily is traveling through limbo land I am still short with a stop above the 25-hour SMA. Will it be broken today, tomorrow, next week? Maybe. Probably. Who knows!!?? What I do know is that the 25-hour has been holding and until that changes I will simply stay in my trade. I have banked fine profits on the way down already and there’s no reason for me to over think this one. So let me make this very simple for all you short attention span maniacs cowering at the edge of the seat right now:
Get it? Got it! Good! So let’s move on to our nursery.
I’m taking partial profits on the EUR/AUD. That was a picture perfect entry this morning – wish they were all so easy. And yes, of course you can enjoy some of that early morning goodness – be a member and sign up for my Google+ feed – and/or twitter of course.
EUR/USD – good entry this morning and I’m holding it for more upside to come. My stop is below the hourly SMA.
NZD/USD – you may remember that entry from the other day. Unfortunately it faked us out and I didn’t go short due to the weekly support that’s waiting below.
USD/CAD – great inside day entry and we’re off to the races – well, kind of. I’m keeping my stop below yesterday’s low.
Silver good entry this morning – yes, you ought to roll out of bed earlier! I’m holding it as I like the 25-day SMA breach.
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This entry was posted on Wednesday, November 14th, 2012 at 2:24 pm. Both comments and pings are currently closed.