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Friday, December 17, 2010

Friday 12/17/10 update

9:55 AM
Last night's buy signal on EUR canceled with print below yesterday's lows

9:00 AM
EUR has just been a whipsaw since the 1st of the month.  Covered short EUR last night on a hourly Trend/Osc buy signal, made a profit but not what I thought I might.  Did not go long, still might but am assessing.  This might be a situation where the best strategy is to trade a breakout of the recent range.

ES has been tough as well.  Don't have a position there, been waiting for a top that I believe is coming to go short.  The pattern from an Elliott standpoint is difficult to label with any degree of confidence, below is my best shot.

What we're seeing is pretty typical of end of year holiday markets.  Lack of participation and no definite direction translates into sideways sloppiness.  Tough to pick a profitable direction.
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