Hi MLMT -- great site! Have been working with v8muscle for a while on a few channel ideas for EUR/USD. Was glad to see your reference to it on xtrends earlier today and will be posting this reply to you there too-- see the charts for our thoughts.
Just like taking the derivative and setting it equal to zero in calculus, this has become a more frequent go-to move when I tend to get confused with channels. No, I can't believe I just made that analogy, either. It's late...
Thus I suggest we could start considering 33% extensions on channels whenever we expect any overthrow to occur and/or we need a 'fake breakout' target before a reversal. What are your thoughts?
sam
For FSLR July 160 calls ---- is that a intermediate term position ?? any target for that .
I know that FSLR bounced from 155 and closed HOD these are positive points .
Right now, it is intermediate term position. The upside target will be $175-$180, which was the support in $175+ region.
I mainly entered it as a swing long, but I like the prospects esp if the broader market moves up in next two days.
I am quite wary of holding this option over the long weekend though. So there is a chance that I might close it on Thursday morning or at least hedge it.
If the bears don't get the sell off that they are looking for at the start of a new quarter, then they will look for one on Monday after long weekend.. I will want to hedge myself in that event.
The biggest positive for FSLR is that it showed resilience on what was a pathetic day overall.
