Monday, August 2, 2010

Missed Opportunity to Get Back into Currency Shares British Pound (FXB)

I closed out Currency Shares British Pound (FXB) July 23rd when it was at an inflection point - it was either about to make a double top OR a double top breakout.  (I am ignoring the weird spike on the 22nd)  This is the "then" chart:

When stocks/etfs break out over a double top they are generally good options to purchase, as we can see clearly was the case last week when FXB broke over the "double top" area of $154.  In fact I did that exact same trade over and over (and over) on the S&P 500 in summer 2009 through early 2010 as we had double top breakout after double top breakout.  Missed the signal to get back into this one however.

This is the "now" chart

So much for the cheap European vacations....

No position

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