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  #5356 (permalink)  
Old 09-02-2008, 12:38 AM
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not sure what happened...

But enjoyed 100 pips of the ride...

Was looking to short the GU at the opening of the daily candle, but missed it due to a call... By then it had dropped 40 pips so I only risked £2 a pip with my original stop in place, if I had caught it at open I was planning £5.. aaah well...

Waiting to see if it bounces off any Fibo's before going down again.. currently stuck at 23.6 line!!
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  #5357 (permalink)  
Old 09-02-2008, 02:27 AM
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ABC correction in 5 min chart?
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  #5358 (permalink)  
Old 09-02-2008, 03:50 AM
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Quote:
Originally Posted by y_2008 View Post
ABC correction in 5 min chart?
likely scenario. I think market will try to test 7800/30 area when Europe opens.

A.
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  #5359 (permalink)  
Old 09-02-2008, 11:45 AM
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Quote:
Originally Posted by cmellon View Post
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.
Hi Cmellon,

it is there and not stopping...

Cheers,
-PE
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  #5360 (permalink)  
Old 09-02-2008, 11:51 AM
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Hi Cmellon,

it is there and not stopping...

Cheers,
-PE
Yeah. This is the level where it's supposed to stop at least for a while?
I have attempted long this time... let's see
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  #5361 (permalink)  
Old 09-02-2008, 12:08 PM
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Yeah. This is the level where it's supposed to stop at least for a while?
I have attempted long this time... let's see
what is your entry and SL?
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  #5362 (permalink)  
Old 09-02-2008, 12:11 PM
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what is your entry and SL?
7790 entry. SL soon to be at Break Even
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  #5363 (permalink)  
Old 09-02-2008, 12:28 PM
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Quote:
Originally Posted by cmellon View Post
7790 entry. SL soon to be at Break Even
Hi Cmellon, how many lots are you in with?

I was expecting around 1.7760ish to be a low and had an entry there, but guess it may not get there

All the best!

Cheers
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  #5364 (permalink)  
Old 09-02-2008, 12:42 PM
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Quote:
Originally Posted by cmellon View Post
Yeah. This is the level where it's supposed to stop at least for a while?
I have attempted long this time... let's see
Well, If it is not stoping at this level.. Watch for 1.7250 & 1.7050 for your next turning points.. this is the low from 2005... 3yr drive... Take all the gains back in 1 to 2 months..
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  #5365 (permalink)  
Old 09-02-2008, 01:42 PM
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Short, Long or Both?
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Originally Posted by cmellon View Post
7790 entry. SL soon to be at Break Even
Cmellon - Thank you for sharing with all of us, all your research and your insightful information.

Have you closed all your short and started only longs or are you still carrying both long and shorts? It is hard to believe that this short trend to continue for much longer. I know you mentioned last week that due to the Matrix count that you were not expecting a long term reversal till mid September. Any ideas?
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  #5366 (permalink)  
Old 09-02-2008, 01:50 PM
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Cmellon - Thank you for sharing with all of us, all your research and your insightful information.

Have you closed all your short and started only longs or are you still carrying both long and shorts? It is hard to believe that this short trend to continue for much longer. I know you mentioned last week that due to the Matrix count that you were not expecting a long term reversal till mid September. Any ideas?
Hi Flguy,

I have already got in 5 lots of long at 7790. My stop loss is set at 1 tick lower than the lowest price in my FXCM trading platform, which is 7778. Today's low 7779 maybe is ITD 8 low.

I don't have short anymore. Will hold this long and see where market is heading. In my previous analysis, ITD 10 at mid Sept could have the potential to be lower than ITD 8 lowest if ITD 10 is the LTD 12.

However, after further analysis, it seems to me that ITD 8 could well be the LTD 12 itself.

If LTD 12 is correctly identified, largest trend will be up until perhaps late December.

Happy Trading.
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  #5367 (permalink)  
Old 09-02-2008, 01:58 PM
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not buying just yet. can't see any definate reversal signs in the studies.

Could be blind though, anyone see anything different to me?
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  #5368 (permalink)  
Old 09-02-2008, 02:03 PM
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Originally Posted by cmellon View Post
Hi Flguy,

I have already got in 5 lots of long at 7790. My stop loss is set at 1 tick lower than the lowest price in my FXCM trading platform, which is 7778. Today's low 7779 maybe is ITD 8 low.

I don't have short anymore. Will hold this long and see where market is heading. In my previous analysis, ITD 10 at mid Sept could have the potential to be lower than ITD 8 lowest if ITD 10 is the LTD 12.

However, after further analysis, it seems to me that ITD 8 could well be the LTD 12 itself.

If LTD 12 is correctly identified, largest trend will be up until perhaps late December.

Happy Trading.
Let the Force be with you. I know that I am supposed to make my own rules, but yours have become more profitable than mines.

I am jumping in the long band wagon as well.
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  #5369 (permalink)  
Old 09-02-2008, 03:22 PM
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In for two lots, too at 7795s after shorting one lot at 7830 and closing it at 7792. could not muster the courage to make it 10 long positions. will follow cmellon's SL and leave open the TPs. after the US reports, will evaluate if need to add more when it touches 7790 again (if it does it again tonight).
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  #5370 (permalink)  
Old 09-02-2008, 04:08 PM
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GBP USD Market Moves Predictions
Quote:
Originally Posted by cmellon View Post
Hi Flguy,

I have already got in 5 lots of long at 7790. My stop loss is set at 1 tick lower than the lowest price in my FXCM trading platform, which is 7778. Today's low 7779 maybe is ITD 8 low.

I don't have short anymore. Will hold this long and see where market is heading. In my previous analysis, ITD 10 at mid Sept could have the potential to be lower than ITD 8 lowest if ITD 10 is the LTD 12.

However, after further analysis, it seems to me that ITD 8 could well be the LTD 12 itself.

If LTD 12 is correctly identified, largest trend will be up until perhaps late December.

Happy Trading.


As a new, please accept my regards to anyone in this forum. Also - many thanks to anyone’s attemptions for predicting the market’s moves.

Cmellon, great pleasure to read your analysis, based on the Market Matrix tool. If possible, please share with us - are there any basic rules, applied in money management strategies, according to the features (time related) of this system.

Thanks in advance. Have a nice time.
ALF
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