Looks like I closed the dollar position 16 ticks off the high. Even the losers get lucky sometimes. Here comes the Euro again off some strong support. I've got some advice for the poor Euro bulls courtesy of the new Ben Folds / Nick Hornby album I've been listening to lately.
You know what hope is
Hope is a bastard
Hope is a liar
A cheat and a tease
Hope comes near you
Kick it's backside
Got no place in days like these
Of course, my self-interest is fully encouraging new buying. Wave twos are sucker's rallies that are necessary to add to the selling pressure in the extended third wave when recognition and capitulation set in. Based on the channels, I'll be looking to reload on my position from about 1.44 to 1.45 the middle of next week.
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| EUR/USD Daily |
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| EUR/USD Hourly |
I'm sitting pretty good on some dollar shorts in the day trading account, so I'll just be managing that position this afternoon. I bought a great setup on the Russell this morning, but got washed out on a strong retrace. If only I had stuck with it.
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| Russell 2000 Daily |
