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The recent rally in the DM looks like a correction to downtrend and DM looks
like a good short again, however 5530-5540 area bears close watch. I had fib
projection to 5521 on my last short with a sell order in at 5531 but it stopped
short at 5535. I tend to view such action as possible prelude to trend failure.
I had a H&S plotted for the last decline however it didn't make the target of
5505 and the neckline has now been penetrated to the upside so I question
whether the H&S projection can be considered still in force?
Earl
-----Original Message-----
From: Stig Olausson <olausson@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, June 18, 1998 6:12 PM
Subject: "0" DECLINATION & DOLLAR
>So I sold Deutchmark (Bought USD as seen on the enclosed gif) yesterday on
>a perfect inverted Head & Shoulder, with a stop just below the neckline and
>the top "b". And was promtly stopped out by the US action against the yen!
>So much for perfect H&S
>
>Well, by drawing another trendline we suddenly have another inverted H&S
>with 2 tops. And then the picture fits.
>The second gif (dollartime) also shows the many time relationships with
>yesterdays bottom (test of Neckline). And I believe we will see a stronger
>dollar in the future. The US action agains the yen was what we needed to
>test the neckline.
>I went short on globex today at 56,30 with a stop just below the neckline
>(again). and if that stop is taken out I will seriously consider a reverse
>position, because such a failure would in my IMO call for a violent
>movement the other way.
>regards
>Stig
>
>Regards
>
>
>
Attachment Converted: "c:\eudora\attach\DM8U30.gif"
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