The Euro rallied – yeah, the Euro rallied! I’ve been talking about that, it’s a little unorthodox. You’d expect risk off and the Euro to weaken. But the chart (and ‘Better’ indicators) says otherwise.
Euro Breaks Out Above $1.34
Here’s the Euro daily chart above. We’ve been holding above Resistance and so are heading higher.
Confirm the breakout of resistance into an uptrend by looking for Professional “support” (or agreement). Look at the Professional bars before the breakout – were they on dips and their lows have not been broken? This is a sign the Professionals are getting ready for an uptrend and buying dips. For more information watch this video: Trading Breakouts: How to Spot Winning Breakout Trades
We also got:
- Emini breaking through 1,640 – Falling through the ice – which is Support on the daily chart.
- Crude Oil, Gold and Silver rallied – we’re going to intervene in Syria (and really piss off Russia).
- Bonds rallied – flight to safety.
- Yen rallied – carry trade covering.
Quote of the day
Excellent work by Clinton:
“Hi Barry, Using your indis I made in excess of 15 points on the Emini today. I’ve now packed up for the day (as it’s almost 5 PM in the UK, 2 hours after US trading opened) but wanted to say a quick thank you again before I go.” Clinton
Hope you made good money today. And if not, why not?