I have been too busy this week to watch the majors as closely as I'd like. I'm long the Oil ETF (USO), and that's doing what I want it to so far. One thing about the commodity ETFs (like GLD, SLV, USO) is that they lag the price of the actual commodity kind of badly. It's actually better to be short them than long, but I don't know of another way to profit directly from oil other than futures, and I don't trade futures. Do you think EUR/USD is building a base at 1.3420?
I have no idea how the FOMC report is going to turn out...but my gut is saying we are going south for a protracted run. We are back at the tops of the last two Major tops on the monthly chart.
I entered just after the FOMC announcement. We will see what happens. Stop is below the low at X. Target 1 is 1.3450 and Target 2 is around 1.3490.
<object width="425" height="350"><param name="movie" value="http://www.youtube.com/v/6hiPrsc9g98"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/6hiPrsc9g98" type="application/x-shockwave-flash" wmode="transparent" width="425" height="350"></embed></object> http://www.elitetrader.com/vb/showthread.php?s=&postid=1517726#post1517726
Weekly chart here, good possibility of a correction towards 1.2800 zone, short daily charts on weakness IMO. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1517797>
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