WASHINGTON (AP) - Democratic leaders in Congress sidetracked legislation to bail out the auto industry Thursday and demanded the Big Three develop a plan assuring the money would make them economically viable. "Until they show us the plan, we cannot show them the money," Speaker Nancy Pelosi, D-Calif., said at a hastily called news conference in the Capitol.
http://www.breitbart.com/article.php?id=D94ISTF80&show_article=1
Today's market developments are starting to develop back into strong directional moves. A couple of pairs today have pushed through major Support or Resistance levels and appear to be breaking away from the about week long period of consolidation.
The biggest development today was the EUR/USD. We had been in a wedge formation with lower highs and higher lows. We broke through the key support level around 1.2700 today and have been hovering around the 1.2550 area for most of the afternoon. There is a good chance this pair continues to move to the down side throughout the middle of this week.
The other pair that broke through a major resistance level today is the USD/CHF. This pair has been consistently bumping its head against 1.1800 for the past week. We have made 3 attempts to break through before the push finally occurred this morning. This pair had been developing an ascending triangle, a pattern of similar highs and increasing lows. This pair might continue to run to the upside throughout the middle of this week.
I have been getting some heat in regards to System1v2...
The system has not produced any executions in several days...
To me, this system is working perfectly...
It is designed to target trending markets...
Take a look at the EUR/USD over the last 100 days...
As you can see, the market recently stopped trending...
When the market stopped trending, the system stopped trading (exactly as designed)
The GBP/USD continuation leaked me about 128 pips this morning after 830 am CST. I closed out the trade with a gain because the ATR placed my target at over 400 pips and i always get jittery after my hundred drops in my lap. Remember, do not be shy to move your stop loss and TTS up after you are well into profit, in order to make money you have to take money. Eye the charts between 9-11 pm CST and again at 7-8am CST to find the best setups for KryptoPipTonic ambitions!
Happy Trading!
-kev
