Tuesday morning has been interesting so far. I was looking at shorting G/J because its advance was very weak and it was approaching previous high that was also coinciding with a trenline. I didn't short it right away, but rather waited for a price reaction. The reaction came in the form of a very strong bounce. I got in short and exited at previous support:
A similar thing happened on E/J but the reaction a more subdued, because E/G was trying to go higher. I again waited to a reaction, I saw U/J selling off, E/U breaking down and got in short. Exit simultaneously with G/J.
During the day, U/CAD broke the ascending trendline, but 1) I missed this because I was at work and 2) I probably wouldn't have taken it anyway, because the move was rather unconvincing in strength.
-Tyler
Tuesday, August 17, 2010
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