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OK, I would like to discuss a pattern I am seeing in the DX market.
There was a rather large triangle formation with a breakout to the
upside. This breakout failed and now the dollar has dropped back down
to the apex of the triangle. This move looks to me like a fakeout
shakeout. However, the day did not finish near the low. I am
interested in going long the dmark which has a mirror image pattern of
the dx. Also, the Yen has formed a declining wedge pattern which many
persons believe to be a bullish scenario. Using software, I have
produced a regression channel, and it is pointing up with the down
pointing wedge. The Yen has rallied up from the bottom of the
regression envelope. This could also be a bullish move, but
technically, it is not normally taken until the wedge has had a breakout
which is a distance from here (friday). Does anyone else see these
patterns and what are your opinions on them? I hope I am not opening my
self up to psycho damage by asking for opinion, but have not heard much
about this. Could dollar move coincide with Bonds downswing and also
possible SPOOs pullback?
thanks,
Paul Cote
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