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Trading notes 11/02/12
The EURUSD Pair fell again overnight landing back at its September and October support levels before dipping through them and setting up a decent looking early morning system sell signal at 06:30 AM. It was not a first signal play like I usually like to have but it was the first one after waking up and it allowed a stop that was back above the old support levels and room to let it fall down on runners as we head into the US elections next week. Here is a chart view of the setup as well as the stop and initial target levels on the non-runner portion. I plan on exiting the remaining lots by the end of Monday if the stop doesn't get taken out by then because I don't want to be holding positions through the election results.
The weekly chart is still in the lower portion of its rising support level (or neckline). It has about 700-pips of room below before it breaks that neckline and enters some open space below. It has about 1400-pips of room above before running into its heavier resistance areas. That leaves quite a bit of room to play either way so just sit back and let it churn its way into a move and then get active.
I hope to see you in the room sometime. Be sure to use the bulletin in there to learn more about some of the filtering we can use to reduce trades down to the better opportunities as well as a video on how to draw the crunchies. Be sure to use email for support as well if I miss you there.