Replies to post #4270 on Boca_Bobby Basics

[pennies2007]

Yep, hard to tell right now. I'm actually expecting more downside here for the time being. We're shorting the Yen crosses like EJ and AJ here. Long on pairs like EA to take advantage of the coming drop on the Australian dollar pairs.

EDIT: This still looks like Wave 4 pop inside a final C wave drop on the S&P for now.

[pennies2007]

Well Boca, I went ahead and booked $815 profit for the day so I'm stopping now while I'm ahead...LOL! Still have a few trades running with longs on the EUR/AUD pair. Expecting that one to pay out nicely with about $1550 profit but could take a day or so for that to progress.

Stepping away from the screen now so I won't be tempted to chase...LOL!

[pennies2007]

The more I look at the S&P chart Boca, the worse it gets. I backed out and took a closer look and I see where we not only broke down out of the larger channel since May but we've also broken a key support level based on that yellow trendline. Dropped past it, came back up to test it and the test failed to move above it.

Still looking like we might be setting up for a minor bounce but I wouldn't be surprised at 1390 first.