hi mate,

9360 today will not be very likely I think, but tomorrow, who knows.
If you want to play safe, look for a good price to buy starting August 18 on Monday. Delta direction is still down until next week as JohnG has pointed out.

Good luck.

Cmellon, The efforts you put into contributing to this and the EURUSD forum are fantasic, particularly the advice provided to new traders.

I have not posted for a few days, as I have had my head down trying to develop a scalping system using MACD, 1 minute and 5 minute charts, with v.tight S/L and T/P. Therefore, it has entailed lots of back-testing, dummy trades, real trades, analysis and yet more analysis. The results have so far been mildly positive but I am far from being confident of trading with standard lots.

Back to work I go...

My workplace pc doesn't show chart so I don't know how it has performed since 1.9422 low was printed. Has it ever been over 1.9460 since 1.9422?

I show the high sence then at 1.94555

Many thanks.

Edit: EUR/USD is making new lows and GBP/USD is holding quite well. Long GBP/USD positions still have hope.

EUR is the only one to keep dropping now. This means that USD is not changing.

Agree. so far, no good buying signal yet... spalping and getting small profits... but today I stop at noon time... and then in the evening a big party in whole Asia with the opening ceremony of olympic games... have good weekend!

A.

Well, this certainly breaks EW triangle pattern.
1.86 here we come

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On 08/5/2008 DjIndyFX predicted a solid line of support at 1.9336. He claimed that everyone could be watching it as it could be the line to bounce from. Would DjIndyFx be correct or are we done predicting the future?

If DJIndyFX is correct, we sure are almost there.... Otherwise back to the drawing board

LovelyFX, you've been quiet all week long. What are your charts telling you?
When is the bounce going to happen?

Looks like it RAN right through it to me...

Since Delta is still down, and EW triangle is broken. I have decided to short again at 9355 with 9405 SL. First target 8900.

hello

seems like gbp is breaking all charts. are we going below 1.90. i have some longs in deep trouble. wondering whether i shud cut them now or wait for a bounce. any advise?

I think he is licking his wounds, one of his last posts he was was buying at the 96 level and it looks like he traded $900 a pip if his position is still open then he is really upsidedown at the moment.....
I took some big losses in the week which knocked the wind out of me

Take what you can and give nothing back

Hi upadrasta,
I can't advise you what to do with your long now. Just that next time put a stop loss to avoid precisely this kind of situation.

We need to hear opinion from some more people regarding GBP. But it has broken many important support line and pattern (and same with other major currency pairs).

In my opinion, 9110 (50% fib 1.705 - 2.116) is next logical destination, at the least.

Hi all

Well..... what a move.

Stopped out for 10 pips on my 9490 long, looking at the chart this morning and wishing I had reversed to shorts instead, never mind.

Looks like all the funds and accounts who have been holding short dollar positions on any pair are now dumping those positions at the best price they can get, any bounce likely to be of the dead cat variety and just providing a better level for people to buy USD.

I will post my longer term Delta charts on the blog in a couple of hours. and will put the ITD on later this afternoon (GMT)

As cmellon says, the next obviou downside target is the .50 fib, or around that area as there are previous lows/highs close to there that might also cause a technical stall/bounce/bottom

Position wise I'm flat - might take a few 20 pip scalps later in the day but not tempted to jump in otherwise, not yet anyway.

__________________
John G

Hi

depending on how much hit you are willing to take the best option in my opinion is to hedge your positions