black wednesday?, page-18

personally I would not be putting too much faith in the candlesticks in this market. IMO those dragonflies are probably more to do with short burning as most traders would be working in the short direction atm. As Voltaire has often pointed out 300 point up days are more a feature of bear markets than bull. imo last night's swing is just a variation on that theme.

Also, I was talking about the long term support on the euro/usd chart last week. I think I phrased it by saying there would be some kicking and screaming around the support. yesterday our time we had the second breach of that support (as seen on the hourly chart below) and hence the grim US futures outlook but last night US time it rallied back above support....The euro/usd has headed back down towards support in the last few hours.....

So now you need to decide do I feel lucky ?? Is the glass half full ?? are you thinking support has held up and it's all up from here ?? Or is your glass half empty ?? are you thinking that whilst support has held so far we haven't exactly formed a V bottom at support and a breakdown is imminent ??

personally I think not only is the glass half empty but someone has punched some holes in the bottom of it.