thescalpmaster
Long

ANOTHER FALL IN THE CHINESE ECONOMY? USDCNY

FX_IDC:USDCNY   US DOLLAR / YUAN RENMINBI
56 0 3
This is a rising pattern with momentum to the upside because of the same pattern repeating again. First let me explain this pattern.

This is a breakout to the upside pattern because the downtrend always gets rejected upon intersecting the curve be either in the form of flat, failed descending wedge or failed descending triangle . This pattern is generally observed in stocks where noticing that its slowly descending , start selling so that larger institutions with a long term view start buying. Another thing I want you guys to look at is the Shanghai index . Any decent technical trader can draw a pattern and realize that it's still going down by 10-15%.

For fundamental proof, take a look at economic data china releases every week and its so obvious that they are trying to show that the economy is improving but in reality their markets are going down. Another thing is that almost all the large hedge funds are betting against the chinese yuan (you obviously know about the warning China had given to Soros on betting against yuan).


To make a lot more profit , its even better to short chinese stocks like Baidu             , Alibaba and Commodity futures like oil             and copper            
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