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my story

my story

2010-07-27 11:00:00
Joel Kruger, Technical Strategist
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Medium and longer-term technical studies suggest that any rallies beyond 0.7300 should be short-lived, with the greater likelihood that the market will soon reverse quite sharply in favor of a major decline back towards 0.6600 over the coming weeks. With daily studies looking stretched, we like the idea of attempting to sell into an additional rally on Tuesday in anticipation of said reversal. Once again, we will use our ATR analysis to help isolate an entry point for the counter-trend play, and with a daily low by 0.7320, the 110 point average daily range projects a push to just below the 2010 highs at 0.7440. STRATEGY: SELL @0.7430 FOR AN OPEN OBJECTIVE; STOP 0.7530. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON TUESDAY.

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