Friday, August 8, 2008 - New York Close - 5:23 PM EST Wowsers, what a move. But as I said yesterday, we have been in a 6-month range and I would rather let the market show me this range break is for real before acting. We are in a thin, August market with fundamentals forcing you to pick the lesser of two evils (Euro-zone economy crumbling, or American economy having already crumbled). And as a very famous trader says, ”discipline trumps conviction every time “. My discipline would not let me go short, so I did not.
We are facing support between 1.4950 and 1.4970 as shown on the daily chart below. I will wait for a 3-wave bounce before initiating short positions.
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