Hi Cmellon,
IMO ITD5 has come in the place you have indicated, reason for this opinnion is that the timing is more important in Delta that the niceties of having EW counts squering nicely. It is prefarable when they do square, and in majority of cases they do, but on this occasion it has not happened as the TIME factor has been given more consideration. The next ITD6 has got a lot of time to get there, and being in the triangle on ITD and MTD TFs makes it more challenging, we shall expect range trading, and possibly trade both ways, but being mindfull that Delta direction is pointing to the south atm.
On pullbacks shorting might be a bit easier due to Delta rules, going long will needs to be well substanciated by the price action.
Happy trading to all,
2be

I am still not 100% sure that ITD5 has come in, although I am leaning towards it's already coming in. If you look my chart, past history shows that ITD5 has always come in closer to the red vertical line. But if recent ITD5 really has come in at the place I put question mark, that's still in the middle between green and red vertical line, so it could be a bit too early. So the reason for my doubt is not related to the EW count, but even the TIMING seems to be too early compared to the past.

Also if you look at the past history, ITD5 has always spiked and it's quite visible in the eye. But with recent price, ITD5 seems to be very "shallow", only very few pips difference between ITD4 and ITD5 compared to the past. This again makes me doubt if ITD5 has really come in.

Perhaps if some bad news come out from U.S. this next two weeks, we can see GBP rally quite considerably, and that would qualify as ITD5. But I am fully hedged anyway now, so it doesn't matter.

ITD5 is in

__________________
John G

Hi JohnG,
Nice to hear from you. I shall add more short below ITD5 then.
Happy trading and thx for teaching this method.

imo...
19660-80:forming base now. double bottom ard lvl now.
can buy for 19820-50 before big down again.
of cos main trend is still down but s/t bounce up 1st!

0.7285:watch out, nz$ s/t shd bounce up!

cheers

Hi Flguy

a 60min time frame set at 14 on the rsi, I have been buying all morning, and not much change from the 30 level but I do expect a corrective bounce sometime today, maybe not too much but enough to get to my Target of $400 - $1000

never use stops, I did a few years ago and then I would lose on big tradea and then price action would come back again and it would really be annoying, so I decided then to manually quit positions, means sitting in fornt of the PC rather a lot


no other tools flguy, I want to keep this a simple as possible, and don't want to be torn between too many inicators to make a decision.

No Sclaping, but sometimes if I am feeling unsure about a trade, mainly a gut feeling I will pull the plug on the trade

it's a slow start today.

Hi all.Just back from holiday in Florida. Looks like things got a bit heated during my break. Charts look like we will see a bounce very soon but am unwilling to play this one on the long side. I am going to wait for possible move back towards 1.9850 and go short from there. Am still trying to get a feel for the charts again after a break so am going to ease back in gently.

For all you delta people out there, please keep posting your ideas..... I am sure your analysis helps many of us to confirm our own ideas.

Cheers for now and good luck everyone.

djindyfx@sbcglobal.net

[quote=cmellon;173361]Hi everyone,



I have decided to hedge my short by buying at 9700, which is near the low trend line channel in 60 minute chart.

I expect price to be a little more sideways for the next 2 weeks until Aug 15. Will look for opportunity to add my short if I see rallies.

Hi,cmellon, was wondering if you are still holding your long from earlier and do you think the lower trendline support of the channel is now acting as resistance.
Cheers Deputy Dawg

[quote=Deputy Dawg;173452]No, I closed it at break even. Lower trend channel in 60 minute has been broken. Still holding my short though (will keep it forever, LOL).

I will rehedge at much lower level today... at 9605, if price ever go there.
I still prefer to double up my short if price spikes up to the upper trendline again.

[quote=cmellon;173454]AARghh !!! I'm still in my long at 1.9702 and worse still I closed my short from 9914 at 9811 last week, (bugger).

Do you think it will bounce back again from strong resistance at 1.9650 ?

Cheers for the reply.

[quote=Deputy Dawg;173468]Well I suppose that answered my question for me !

Hmm What to do now,sit with it and see what happens or take my medicine.

[quote=Deputy Dawg;173468]I think at 9702, you probably have a good chance that price comes back here again, but I just don't know when. But myself personally, I don't like to have a position without stop loss because I am a firm believer of a low risk high reward trade, so I always use stop loss. If I don't have GBP short position, I won't dare to open a long since it's a counter trend. I only opened a long because of hedging. I wish you the best.

By the way, I have two funny pictures I want to share with everybody.
I got it from a forex site, and the site says the pics describe people who will eventually lose in forex trading. I tried to practice this in my trading. Here's the description from the website

"The picture is about a person going fishing, similar to people in forex who want to relax and got money, but:
Pic 1: Taking profit however small very quickly.
Pic 2: Keeping losses and don't want to cut it quickly.

These two habits are illusion which will result in a losing account over long term. The right attitude should be quick to cut loss and let the profit run. When planning an entry, we know where we want to cut loss and we should obey it. We don't need to think about the profit, because once we trade in the right direction, we hold the position open as long as possible and move Stop Loss higher and lock in profit. It doesn't matter how many we win, the most important thing is when we lose, we don't lose a lot, and if we win, we win a lot."

Attached Images

  

cmellon, Thanx for the shred of hope,I have decided to stay in this trade a while longer.

I guess I,m guilty of being in both pictures at the moment,hopefully GBP will recover some and I can recover some if not all my embarrasment .

I had been using stops, but got so annoyed/dismayed at literally just getting hit time and time again,that I decided to take a riskier attitude which had been working out until this trade.

Cheers for your help and advice,best wishes for your trades.

i am not so good with charts but does anyone think gbp can rally short term to 1.97 today?