Well, surprise, surprise . . the EUR’s back to the Ledge as forecast in Friday’s post. Coming up on 5 weeks now, this really has been a line in the sand. Today’s another POMO day so I’m not expecting a lot of sell down in the equities markets and for EUR or FXE daytraders the EUR Trak is almost horizontal, displaying the flatest expectation (slope) we’ve seen for almost 2 weeks. The Trak is running 60 pips band to band today so there may still be some good trades intraday. PATIENCE is the key.
Tomorrow we’ll look at the Little Dipper, a variation of The Dipper – an overnight setup that I’ve posted on extensively and which has returned some stunning results with extremely tight risk management controls. The Dipper runs from 3:00 to 8:00 (Chicago time) if the risk control stops don’t force an exit, but the Little Dipper is a speedier version lasting only an hour (more if the trend holds) and is based on the trend signal generated by the first hour of the Big Dipper.
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