Holding Pattern When it comes to interesting charts or marginally promising setups I’m pretty much scraping the bottom of the barrel right now. Not surprising really, given that the few remaining market participants (bots! cough cough) are firmly set in a holding pattern after a one year sideways churn and an impending Presidential election on November 8th which is ...
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When it comes to interesting charts or marginally promising setups I’m pretty much scraping the bottom of the barrel right now. Not surprising really, given that the few remaining market participants (bots! cough cough) are firmly set in a holding pattern after a one year sideways churn and an impending Presidential election on November 8th which is thought to have the potential to be the catalyst for changes in the financial arena. I for one hold very little hopes on that end, no matter which of the two candidates will be sworn in come January.
There’s always the loonie though…
Photo credit: Fantasy Films
Some folks complained to me about politics being discussed in the comment section, but quite frankly compared with the insanity I’m seeing over at Zero Hedge and other watering holes I think our crew here has remained incredibly focused throughout all this. Which speaks to the quality of the people on this board I am proud to say. Nevertheless I for one cannot wait for all the craziness to finally die down – at least a little – so that we can go back to business and bank us some coin!
An Opportunity in the Making?
Speaking of crazy, I have been watching the ‘Loonie’ (i.e. USD/CAD) with increasing interest lately as it is displaying signs of a break out pattern. However before participating here, I most definitely want to see a retest that leads us back higher, otherwise this could wind up being one of those fake outs before continuation lower.
The 6C CME futures contract shows us the inverse chart which paints a strongly bearish picture. However, once again this could turn out a huge bear trap, especially since there was no revisit of the 100-week SMA before it dropped below the lower diagonal. Either way this is going to be one smoking entry opportunity unless it takes off and leaves us in the lurch. I think we’ll get that retest at least, so I say let’s wait for that.
Alright, and that will be it for me – time to wrap up the week as my chilled bottle of Hefeweizen is calling out to me from the fridge. By the way, when googling for an appropriate image to send you guys off I came across the one above which really cracked me up. Although the curvy blonde did distract me there for a second my expertly trained eyes didn’t miss the fact that there was something horribly wrong with that picture.
Oh no… what is this?
Photo credit: Beerfest
Yes, it’s those teeny weeny beer glasses the couple is holding between the thumb and the pinky finger. Which was a dead give away that this snapshot must have been taken in one of those fake October-fests back in the U.S. – Miami in this case.
No offense guys, but no self respecting Bavarian or even North German would ever be caught dead holding a tiny pint of beer like that – it’s a point of national pride. It’s like a Texan driving a Prius to the ranch – I think you’d actually get kicked out of the state for that. :)
The proper kind of beer mug – an oversized Maßkrug, or Maß (Mass) for short. You can read all about it here.
Photo via abendzeitung-muenchen.de
See, that’s more like it. Prost!!
Charts by: Ninja Trader / Evil Speculator
Chart and image captions by PT
This article was penned by The Mole and appeared originally at the Evil Speculator.
[Ed note: the remark about the comments section above refers to the comments section at the Evil Speculator, which is exclusively focused on trading. Feel free to discuss politics here.]