Three More For The Road
The market is about close – so I better be quick now. Gee – I almost missed this one in all the excitement today:
Gold dropped into support and is now trading at its lower 25-hour BB and a daily NLSL. Either it’ll fall through and get us much lower or we jump higher here on Monday. Not an easy trade but you can be creative in how to structure your trades to either side here. Watch those GC or ZG futures at night!
Just FYI – the weekly panel shows us additional support here. A fall through may have major implications. Thus far I think the long side has a slight favorable bias.
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USD/CAD – just where we want it. Unfortunately those BBs are starting to dip now and that makes me a bit nervous as we could see follow through to the downside. Let’s wait for an inside candle, RTV buy or a floor pattern.
EUR/CHF at daily NLBLs – it’s a tricky one as there’s a ton of resistance looming above. I’d say remain short here until we see that second NLBL breached which is also where we find the 25-day SMA. A breach above will eventually drive us higher.
This entry was posted on Friday, February 3rd, 2012 at 4:57 pm. Both comments and pings are currently closed.