Thursday, March 5, 2009

A Great Intermediate Trade

I can be better. I have taken $100,000 and turned it into 151K since Jan 2. But, I can be better. I make too many trades that go against me at the outset (after the spread.) The following is a chart of the Ozzie/Yen...and I want to go long. But the pair is trading between two main S/R lines...yet I still want in! What to do?



Both the daily and weekly trade triangles are bullish...This pair is due to rise, given the MA's and how it's trading above a killer support line dating back to Feb 2.



62.21 and 63.60 are the two prices that this pair is trading between (62.90). I am going to try and get more patient but...stay tuned.

(Oh...one more thing. Great part about a trendline like this is, if I am wrong, and the pair breaks down below it, assuming confirmation, it would make a great short, because it's taken such a long time to establish.)

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