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Another three drive move with a trend line break in the bonds this morning.
Note the clear three drives on the 15 minute chart. 1st drive to 128.22
(09/10 @ 10:05 AM), 2nd drive to 129.17 (09/10 @ 2:20pm) and the third
drive this morning @ 129.23 (09/11 @ 9:50am).
There are overbought conditions in all perspectives and the momentum is
declining. The set up was a very nice one.
In this case the t-l intersected price at 129.12, Entry stop @ 129.10 was
filled cleanly and the initial break took prices as low as 128.27. You
have the choice, if you think that the break is going to be bigger of
holding the trade or treating it as a scalp (a better idea as all the
underlying trends are up).
Anyway.... Im still trying to stimulate some discussion.
Stewart Taylor
Taylor Fixed Income Outlook
Voice: 501-219-9774
Fax: 501-228-0963
E-Mail: staylor@xxxxxxx
Web Site: http://www.cei.net/~staylor/
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