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Why Short?

Posted on 06/06/2007 08:26:38 | Link | Post Comment

C said... "Interesting trade, I would have passed on that one as the price had just made a higher high, so to sell would have been going against the trend, but who knows!"


This was my thinking, look at the weekly chart. Price is going sideways rotating around a major pivot, and actually seems to be winding up into a triangle also. My rule for triangles is that they most often break out in the direction they came in. That minor uptrend is actually against the trend, and this last action signifies a failure of this move. GMMA tells all. I wouldn't be going long into that pivot - I wouldn't go long until price broke upside of it, and formed a base above the long GMMA group and broke that weekly trend line. Until then I'm selling the rallies in a downtrend.

That was my logic anyhow, but this is the market so anything could happen. Now I've said all of this price will probably shoot north! ;-)

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