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  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again...
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday!
  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy
  • Some Evergrande offshore bondholders do not expect company to make interest payment by Thursday deadline
  • The flash September US PMIs slowed more sharply than expected. That was a general trend across the developed world with most economies continuing to slow from their post-Pandemic peak recovery paces
Double Top Entry

Double Top Entry

Richard Krivo, Trading Instructor

Instructor's Response:

Using the MACD, the divergence that you mention and the crossover after the Double Top occurs would certainly have been a signal that a trader could have taken.

On the basis of the Double Top formation alone, a trader could short the pair at the open of the candle after the Double top is confirmed...see the chart below.

Keep in mind that all indicators are lagging to a greater or lesser degree since they are based on price action that has already taken place.

It is fine to enter a trade after the initial move takes place. An "optimal" entry is not necessarily the one that gets you into the trade the soonest, but rather it is the one that provides the trader with a higher probability of success. Trying to rush into a trade as soon as possible can oftentimes lead to taking the trade based on false entry signals. Whereas the "lag", can provide a certain level of confirmation since the move has shown that it is sustained.

chart 2 16 10

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