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Old 07-25-2008, 06:26 AM
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I may have been a little optimistic this time yesterday with the retracement calls.
Only a few hours early mind you. USDJPY did eventually drop as did USDCHF, and after a little scare EURUSD did manage to recover a little bit late on.
The dark horse, GBPUSD was up to his old tricks, demomstrating that the correlation thing is seldom perfect and sometimes not very good at all.
There was a time when I would have take that trade, but not now.
I have lost too much playing the odd one out just to realise -30 pips later that he wasn't that odd in the first place, just a little delayed.

Anyway on to today, it's Friday, the institutions may possibly be taking some profit off the table with some retracements being the plays.
It certainly looks that way with our two fearless leaders looking like some upside will prevail for the short-term.
Both have crossed the pivot, so that's a start. The 84CCI's from the 15m chart (21cci on the 60m chart) are pointing up so it looks quite promising.

As mentioned before the move on the Yen has begun already, but the Euro would be well worth a go long if it pulls back to the 15m 20 at 156.80, which has now crossed the 60m 20.
The Swissie also. She has quite a bit of red on the 15m chart but a pullback to 1.0360,with a couple of green Heikens might pave the way for further shorting opportunities.

Don't forget we need the fat controller and el presidente to continue moving up to justify these plays.

Have a great morning.
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