I'll be adding EUO to the watchist as a long. Remember
that I already have UUP (US Dollar ETF on the watchlist from Nov
24th), which was a good entry and a swing trade. However EUO
can still be traded as well because even under a bearish longer
term view, I would expect EUO to have one more move higher in wave
C. Of course this current wave B can still chop around for a
bit.
One could either buy EUO now with a stop below 20 in the 19's,
or wait for it to break the triangle
US Dollar looking bullish
Posted by matt on 5th of Jan 2011 at 03:56 pm
The first chart is the USD from Tradestation. The second chart is EUO, ultra short EURO, looks the same obviously.
I see this consolidation as either a wave 2 or B, so I expect another move up either in a wave 3 or C
I'll be adding EUO to
Posted by matt on 5th of Jan 2011 at 04:09 pm
I'll be adding EUO to the watchist as a long. Remember that I already have UUP (US Dollar ETF on the watchlist from Nov 24th), which was a good entry and a swing trade. However EUO can still be traded as well because even under a bearish longer term view, I would expect EUO to have one more move higher in wave C. Of course this current wave B can still chop around for a bit.
One could either buy EUO now with a stop below 20 in the 19's, or wait for it to break the triangle
Agree on the Dollar synopsis.
Posted by vimal on 5th of Jan 2011 at 05:26 pm
Agree on the Dollar synopsis. I have just taken a GBPUSD short by the way and see some room for the pair to move down towards 1.53-1.54 range for sure