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Technical Analysis Discuss the merits and downfalls of using technical data methods to assist trading

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Old 05-15-2008, 07:31 AM   #1 (permalink)
fx1
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Default 1.97?
With a close below the 197.40 level we have had the bounce that is expected from an initial impulsive a wave. I have been looking to play range trades until setup for the downtrend presents itself. I am expecting bounces out of 197-197.30 to contain the downtrend until we retest 198.90-199.30

I am not sure if this downtrend gets under way today, but the run up to 200 overnight suggests buying dips into 197 will work until we have a higher failure. The candle on the daily suggests that either the upside will be tested hard or the downside will explode...ranges till then.

I went short this morning at 197.74 and then covered at 197.43. Went long at 197.32 and jumped ship early
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