Friday’s Setups

T-bonds
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remain a possible short
should they reach, and then fail to hold above, the recent high in the 107 11/32
area. An up-down move is likely to be quick, in a same-day Turtle Soup Sell
Reversal.

Also in the currencies, the
British pound

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is looking heavy out of its bearish
flag/pullback from a one-month low formation. The BP pulled back 50% of its most
recent swing down, providing a possible resistance zone. Entries below today’s
close represent a good area to test the bear flag theory. A move above 1.4450
suggests additional backing and filling (and is a place to consider placing a
stop). A move below 1.4370 works to
confirm the breakdown out of the flag formation.



Canadian dollar

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Defining
Reward/Risk Ratios With Chart Setups in the Futures Education section). In
summary, the expectation is for a bounce off the triple bottoms (includes the
April lows) before a move lower.

Contract Symbol

Setup
Direction

Trigger


T-bonds




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Turtle
Soup Sell Reversal

Down

107
11/32


British pound


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Bearish
Flag/ Pullback From Lows

Down

Below
1.4425


Canadian dollar


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Triple Bottoms

Up (short-term, counter-trend)

.6315