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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.

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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