Eyeing a Euro ETF Trade

Gold has recovered nicely off its lows. The euro looks like it is trying to shake off a bearish price pattern and signal a buy. All this while stocks try to push to new highs and the long bond breaks out. Logic and correlation are out the window. Confusion into the non-farm payroll numbers tomorrow, perhaps? From a short-term trading standpoint, I have kept my positions very tight in terms of entries and exits. This has resulted in a bunch of nickel and dime trades today. It's fine since winners have outnumbered losers, but frustrating to see a dime winner later become what would have been a fifty cent or even a dollar winner. There are days like this. For me, it is just about keeping the emotions in check and not doing anything stupid.

CurrencyShares Euro Trust (FXE) Source: StockCharts.com View Chart » View in New Window »

Looking at the CurrencyShares Euro Trust (FXE), the price pattern on the weekly chart looks risky. One could argue this is set up as a head-and-shoulders pattern with a target down toward $122. What draws my attention, however, is the relative strength index. In the past, buying FXE in the bottom of the range or just coming out of the green box has been very rewarding. Selling at the red line, the top of the RSI range, has also been rewarded....141 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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