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Channel Intact

Channel Intact

by The MoleJune 29, 2009

10:20am EDT: Last week’s channel remains intact and as suspected this little kabuki dance we just witnessed was nothing but a little gratuitous bear trap:

Good chance we’ll see 930 today.

10:37am EDT: Geronimo just scalped its 7th successful trade in succession 🙂

1:00pm EDT: Very tempting to go short here but I’m going to hold out for 930 – let me show you why:

The orange fib is the percentage of wave {v} in comparison with {1}. So, we busted slightly through 61.8 but if you are a Zero sub you can see that we are slightly below the zero mark right now – but no major negative reading either. Breadth on the SPX is 2:1 positive right now – on the NDX 2.6:1 positive. I don’t see any divergences and thus I must assume that we’ll churn around here for a little and bust higher into the close. BTW, who wants to back up the truck in this whipsaw anyway? 😉

1:42pm EDT: We’ve got quite a move in the USD/JPY today:

I was actually planning on going long this morning but then got distracted with blogging (damn!). Well, seems to me that 96 should pose some resistance – anyone trading those currencies (besides lovely Fujisan)?

About The Author
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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