Posted on November 7th, 2008 at 5:37 AM
The Canadian Dollar continues to show bullish behavior. We have now hit the MOB from the small pivot on the 4th of November. It is currently acting as resistance, and giving a possible Continuation setup. So for those of you who missed the initial entry, you may get another chance if we get a full pullback.
Also, if this 60 minute triggers, it will give those of you who wish to trade this on the Daily a more favorable entry. We closed outside the regression trend channels with yesterday's bar, and today's bar has taken out yesterday's high. Thus, you SHOULD be long on a Daily chart. This pullback though will give you what I (jokingly) call "positive slippage", if there is such a thing. :)
Nate McCartney
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