Quote:
Originally Posted by John Kicklighter
I agree. I think this could be a confirmation breakout for a reversal. We have had a good period of trend, it evolved into a period of basing congestion, and now we could see the impetus for reversal.
This pull back to former resistance is a good place for entry should we indeed see a changing tide. Small position for me now (so that my stop can be placed below 1.0950) and will add if we get above 1.13.
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It's building this morning. The dollar is strong across the board. Talk of
intervention across the commodity bloc (don't know how much weight I would put into it; but it doesn't hurt).
Already took profit on the first jaunt into the position for 170 points. Allowing the rest of built-up position to run.
My CADJPY position has also played out nicely - though it looks like the pivot at 85.85/95 is going to hold up progress. After such a sharp decline, it may be difficult to find follow through. Moving up my stop to secure some profit.
