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Channels Galore
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Channels Galore

Channels Galore

by The MoleFebruary 5, 2009

UPDATE 1:55pm EST: So far the ES 844 R4 pivot has held but I’m still a bit suspicious about a possible snap to the upside. The Yen is actually pushing up and equities have been burning a lot of MACD/stochastics without giving up any points. Not good – I’m really torn here between not wanting to re-hedge at the top and not wanting to take it up the rat’s rectum towards the end of the day. I need to see some movement now – the longer we hang out up here the weaker the short term bearish case.

Since channels have worked well for us lately let’s watch this one.

UPDATE 2:08pm EST: FYI – I just rehedged myself when we breached this channel. Maybe it’s a mistake and I locked in profits here but I don’t enjoy seeing the Yen pushing up and trend indicators burning down without equities giving up any points. Smelled like a consolidation before a big push to the upside.

UPDATE 2:22pm EST: Take a look at this little nugget:

You know this chart by now – and it’s not looking good for the short term bearish case.

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The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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