With the FCM brokers MFG and now PFG imploding on fraud with customer accounts, I thought I'd check one of my brokers that is near the bottom of a ranking list. FXCM, a listed company, is in a coiling (triangle) pattern since its IPO. Bust the top is good, break the bottom....not so good.I have a chart worked up suggesting a continued decline till about $10.25 or so then taking off. Long at the target with stop under the lower swing and is a fairly good R/R with 7% vs. 100%Moving chart:http://www.tafool.com/Charts/FXCM071212animate.gifTAfool
FXCM Update. Almost to the lower target point. Still looks good!http://www.tafool.com/Charts/FXCM0720124h.png
Lower turn target hit for full cash gain of about 8%, or 16% on full margin, so now it's a long to either the upper target of about $20 or the lower stop-out at $9.46.Big line chart:http://www.tafool.com/Charts/FXCM0723124h.pngAnd small bar chart:http://www.tafool.com/Charts/FXCM0723124hsmall.png
Hey Ray. I put the latest SPX chart under the SP500 post ( http://boards.fool.com/Message.aspx?mid=30172592 ). Time is here. Maybe just a little pop on Monday but it hit 1385 which was in my range of 1390±6Short is the place to be and stops can be very reasonably placed
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