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Paul Cote wrote:
>
> 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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