
When the market coils it is generally waiting for some news. For example today the currency market was waiting for the success of the Spanish bond auction (which I didn't know). I took my long position and at 9:00am as if by magic the pair took a rocket ride.
Lots of reason for the long position - lots of shorts out there bearish on the euro, stochastics in the "overbought" area (don't know if this applies to daily as much to hourly in a trending market)
A good point raised by a poster on the DT site is that it's the ECB underwriting the bond auction by buying the bonds ... surely this is effectively just money printing?
Also another tip I read in the "Master Swing Trader" is not to try and short the triple top as it may become a break out
No comments:
Post a Comment
Note: only a member of this blog may post a comment.