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psperos · 11-08-2004, 13:40

Some intresting things developing here. Going short last night with a stop above yesterdays high( see red arrow) would have been a good play. Too bad i did not do it. Live and learn i guess!

The saudi news just caused some bearishness in oil. The dolloar was still a bit strong from the FOMC meeting yesterday limiting the up side to the yen for the short term... till the dollar pulls back

Just now today we are starting to see some dollar weakness. -3 at 88.90 now. was up as high as 89.11 today

Take a look at 1 2 and 3 on the stochastic area of the chart. a break in the '?' area may leave some oppertunity for a good down move. We will need some more dollar and oil weakness to do this though.

If this happens we can look for these areas:

minor Supp
110.39
110.30
110.13
110.00

Major supp
109.80
109.13
108.82
108.10

Most of these adjust as time goes on.

All this would also translate into a euro bounce eventually. If it can get some bullish consolidation going here this might play out.

im curently short at 110.66. If looking to short i recommend waiting for a bounce in here Or shorting on a break of that stochostaic trend on the chart.

11-08-2004, 13:40	#3 (permalink)
psperos level 3 Join Date: Oct 2003 Posts: 407 Rep Power: 0	Some intresting things developing here. Going short last night with a stop above yesterdays high( see red arrow) would have been a good play. Too bad i did not do it. Live and learn i guess! The saudi news just caused some bearishness in oil. The dolloar was still a bit strong from the FOMC meeting yesterday limiting the up side to the yen for the short term... till the dollar pulls back Just now today we are starting to see some dollar weakness. -3 at 88.90 now. was up as high as 89.11 today Take a look at 1 2 and 3 on the stochastic area of the chart. a break in the '?' area may leave some oppertunity for a good down move. We will need some more dollar and oil weakness to do this though. If this happens we can look for these areas: minor Supp 110.39 110.30 110.13 110.00 Major supp 109.80 109.13 108.82 108.10 Most of these adjust as time goes on. All this would also translate into a euro bounce eventually. If it can get some bullish consolidation going here this might play out. im curently short at 110.66. If looking to short i recommend waiting for a bounce in here Or shorting on a break of that stochostaic trend on the chart. Attached Thumbnails Last edited by psperos; 11-08-2004 at 13:43.