thanks cmellon and arodrigz for your inputs.

Hello,

Sorry your post got delayed and I didn't realize it until now.
If 7700 is indeed LTD 12, it will start the reversal and rebound. How high can it rebound is not really our concern at the moment, because Delta is our guide. We will calculate the possible price later when the time is near for a reversal again. And LTD 13 is not due until end of December. This means, mid Sept - end of Dec is up, up, up. Surely within the journey, there will be ups and downs in the lower time frame of MTD and ITD, however, the larger trend LTD will be up.

If I can catch LTD 12 at the right time and price, I can just sit and watch until end of December.

I would expect 7790 to get some support and also have initial bounce. I will move SL immediately to break even when I am in, let's say 50 pips profit. If this price is what I expect to be LTD 12 point, price will never retrace lower than this point anymore. If price retraces lower and hit my SL at break even, I don't lose a dime, and will continue to analyze another possible reversal point.

Profit Target:

It's up to you, but LTD 13 is not due until end of December.
I can open, let's say 5 lots of long, and then decide to close 2 lots at 500 pips profit, 1 lot at 700 pips profit, 1 lot at 1000 pips profit, and another lot just keep holding until end of December.

i really do admire your commitment to your trading method as i do your optimism. good luck!

We have a saying in our country- may you have the tongue of an angel. I hope I am able to catch the bottom at 1.7790, and have the guts to open ten long positions. Appreciate so much your sharings.

i know market matrix is time based, but as most directions in currency are to some extent governed by fundementals, looking at the forward calendar i'm interested to know which forthcoming events are likely to provide the catalyst for the sterling rally.??

BOE rate decision Sept 4 (ITD 8 timeframe).
BOE statement Sept 17 (ITD 10 timeframe).

Any method however is still a probability business, so it's still necessary to have a good money management. Do not go all in based on my analysis

It's just another tool and another view to complement everyone's own trading method here.

so, you think they'll keep rates at 5% and say they are worried about inflation etc......... rather than .25 cut given the dire state of uk economy?

Strictly speaking, MM actually believes in the cyclical nature of the market, and news therefore do not have market moving impact that can break a cycle. In other words, it doesn't rely on news to produce the necessary trend according to the projected cycle.

I just listed those important events as they coincide with the ITD 8 and 10 timeframe. It is possible that the market somewhat has priced in a .25 cut, so an outcome other than a cut may be used as an excuse by the market to correct the already oversold GBP.

I agree, it is highly oversold at the moment, although i believe it will be news of another bank going under - or some other v-bad financial fiasco that'll 'coincide' with GBP regaining some ground. it'll be interesting to see which event does arrive at the same point GBP bounces back..... although like you say it hasn't a great deal to do with MM.

your confidence has gone, and maybe a little desparaton to try and regain lost trades doesn't help either, I think we have all been there, especially me......I used to trade with an underfunded account and believed (and I still believe) that you can make good money with a start capital of $100.

my Margin kept getting blown out all because I kept losing trades, then I would get desparate place a trade and it would go the wrong way, I felt as if someone was watching my account waiting for me to trade and when I did like the switch of a button they would send the market the other way.

I decided in the end to start with an account with $1000 about 6wks ago, and I have been carefully trading and so far my account is just over $10,000

so I think you have to be patient
don't trade too much of your Capital - max 5%
set your goals a little lower
don't try to get too big too soon
try and get in and out trades a little quicker to regain some confidence (make sure they are winning trades)

I have just gone long at 8008 with a 1000K trade, I am thinking a small target of 8020 - 8030 and then I will pull out.......
already out of this trade at 8013, not too sure now which way this pair is going

Take what you can and give nothing back!

Hi Cmellon, thanks for your reply! Well, lets wait n see how GBP works out! looking at how GBP is declining, believe 5-Sep will be the key day when it touches 1.77-1.78 level! I really wish I could trade multiple lots... I have really burnt myself at trading currencies lately and hence have come down to trading with 1 lot at a time!
I tried to go long at around 1.8650ish for a retracement towards 1.90ish with SL at around 1.8475..and as you know it got knocked off!
Anyhow hoping to see a turn soon in GBP!

Happy trading!

hey look look, what happened to this pair...????

G/U is nearing nicely to the fibs level, a bit fast, but in the expected direction.