Thursday Channel Magic
11:26am EDT: While the tape decides whether or not to do a New Orleans on us, let’s see where our action points are:
I have to say – my channels are pretty spot on lately – let’s hope my streak continues. Anyway, the bulls will have to push above this thing if they want their fireworks – so far this looks more like a ‘stem the tide’ strategy. The bears have a lot of downside from here – ’tis a steep channel and nothing holding this thing if some big sellers show up. Interesting tape today – for now I’ll remain on the voyeur side of things – just watching and waiting (and playing with myself).
12:25pm EDT: This tape reminds me of a drill set up to slowly go through glass. Steady & slow pressure does the trick 😉
12:45pm EDT: A lot of action in FX today – just went short EUR/USD (I’m crazy – don’t do what I do). Anyway, the triangle in the Dollar so far has not been overcome and might still breach to the downside:
We could be completing wave E here followed by a drop towards 77 or 76.
1:00pm EDT: This is for Lester 😉
1:20pm EDT: And here it goes – no surprise there:
BTW, if you got whipsawed to hell in the past quarter and lost a lot of money – I have an inkling who’s spending your coin on coke and hookers right now…