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  #1369 (permalink)

Trading Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: AMP/CQG
Favorite Futures: ES, NQ, YM
trendisyourfriend's Avatar
Posts: 3,853 since Oct 2009
Thanks: 3,428 given, 4,872 received

Big Mike View Post
If you are asking, if we breakdown below 2490, do I think we will move lower? I guess the answer is yes. My stops are a little bit outside 2490. But if 2490 is broken, there is a big gap of support until 2384 on my charts at least.

I took the long simply because it was good R/R in my opinion. Everyone thinks we should move lower. Price was near day low, week low, month low, year low. It was good r/r to go long with small stop. If we do start to move higher, there is sure to be a good squeeze


Your profile chart seems to indicate some dental work could be done between the last two POCs. I got this pertinent commentary this morning regarding the EUR in line with your analysis:

EURUSD – yesterday’s sharp move above 1.2600 did indeed find some selling interest after the single currency once again made a marginal new 22 month low at 1.2515. As long as we can close the week below the 1.2600 level the move towards the 2010 post first Greek bailout lows at 1.1880 remains on the cards.

Any rebound, short squeeze, whatever you want to call it needs to be contained by the highs this week at 1.2820/30, though yesterday’s highs at 1.2620 should also provide a decent top. With the outlook even more bearish the concern remains that we could see a short squeeze on a break above 1.2820 towards the 1.2950/60 level.

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