Currency Market - Swiss Franc Highlight #6
Major retracement concept presented in "The $upertrader's
Reference Manual" suggests a pause in explosive upmove.
(COMMENT # 738)
UPDATED 19981007
COMMENT 1998-738
1. The up arrow in chart of daily Swiss Franc prices shows when the suggestion " . .
. to be very sensitive to another large surge to the upside in the currencies" was
issued in COMMENT # 698 of 980924.
2. The move did not happen as quickly as expected, however, as was
reviewed in COMMENT #s 710 of 980929 and 720 of 981001.
3. In fact, we even discussed using the trading technique on pages 205-9 of "The
$upertrader's Reference Manual" to reverse long positions.
4. The reversal was never entered, however, and price, as can be seen in the chart,
eventually moved considerably higher.
5. In 13 weeks (FIBONACCI # = 13), the market has now retraced 50 percent of its over 3
year downtrend.
6. Did the currencies explode as discussed in COMMENT # 698?
7. You bet they did!
8. But was it hard for most who follow these comments to have reaped great profits from
the 980924 discussion?
9. In my opinion, it likely was.
10. Nevertheless, the COMMENTS at the July and August lows were right on the money
providing ample opportunity for less risky entry BEFORE volatility exploded.
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