Monday, June 6, 2011

FXE (Euro ETF) Short opportunity 6/6

To the left is the hourly chart of the FXE ETF, which is basically the spot eur/usd currency. I think it's finally time time to sell this pair again after a little bullish run recently. The yellow trendlines show the continuation divergence on the downward trend while the purple trendlines show some normal divergence in the most recent push up. I think this is the time to sell. Normally I would also wait for a canlestick pattern on either the hourly, 4hr, or daily chart to enter a new position, so I wouldn't call this a smooth jimmy apollo's lock of the week, but I think its still a good trade.

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