A Good Short Opportunity in the Works…
Today I’m going to talk about the euro. But first, the USD/CAD pair is STILL in an UPTREND, this
despite a good jobs report on Friday. One piece of positive news
does not a trend change!
And, now back to the euro - this because Herb Schmidt wanted
to know if he was safe with his shorts at 1.2770Â and a second
lot at 1.2787. He asked this question last week, and I
responded on Friday that he should be careful, given
some strength I saw in the charts.
Well, today we had an uptrend continuation pattern unfold on
the 15 minute chart, driving price ever higher. But, what I see
happening is a paradox. According to the monthly and weekly
charts, we’re in a down-trend, whereas the lower level charts
would have you believe other-wise. Translation: A good short
opportunity in the works, if you believe what an oscillator like
Stochastics (STO) is telling us (read, overbought).
For more on price patterns and how indicators
work, head on over to the members area at
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