An onslaught of selling awaits the euro, according to the hourly chart displayed in the inset. With a 3-cent fall in the offing, we should look aggressively for ways to get short (and to back up the truck to buy ’em if and when the 1.3242 downside target shown in the chart is achieved). If you call up a 5-minute chart, however, you’ll notice, that as yesterday’s downtrend matured, this vehicle became increasingly difficult to short, stopping out numerous point ‘C’ highs before resuming the downtrend. This implies that if you do any camouflage trading, you’ll need to follow the rules rigorously. We’ll take a closer look at the next impromptu trading session, so stay tuned. ______ UPDATE: We’ll put this one on the back burner for now, since the daily ups and downs of the Eurocrisis have turned the euro’s promising-looking downtrend into trendless mush.
