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Chart Patterns are nothing but Footprints of the Greenbacks.
Friday, June 10, 2011
The only chart that counts
This is the big kahuna — ideally we’d like a slight overshoot of the very watched 200SMA into the loving hands of the trend-line from March 2009. Nothing goes straight down but that trend-line test seems like a given. In our experience the first test of the trend-line is often a great risk-reward long. The second test, not so much.