Hi Cmellon, great stuff so far! I finally entered with 1 lot at 1.7815 stop so far at the low for the day! Have you moved your stop at entry?

Where do u think is a good place to add more to longs, as in when it wud be confirmed that the Low today was the lowest till Dec..
\\Cheers

hey guys

i missed the 7790 lvl for going long. any chance it will get around there. wat would be the next best lvl to look for?

Hi cmellon,
the swing looks like holding on and I would cosider to add more longs on a pulback, but with a hard SL below todays low.
I would also consider it as MTD3 and reserve my judgement about LTD12 for time being.The 5EW pattern should be followed by ABC retracement of which wave A is likely to have a 5 wave structure. Let see what the market shall provide.
Happy trading to all,
2be

I'm in too with 7813
SL 7768

Guys careful, watch for reversal signal before going long..as bearish trend is so strong.
Just a thought.

Regards
-PE

Sorry guys, first, i don't see UK fundamentals better than the US economy. Mainly because UK housing bubble is showing signs of popping and US is starting to see a rather soft stabilization in housing prices. Hence, I believe what PE said is true. Many shorts are just selling on relief rallies and the bearish trend will persist till the end of the week.

My second profit target triggered this morning at 1.7875 when I was still asleep. If I would have known that we would maintain Monday's momentum, my target would have been moved lower and stop moved up.

Can't believe there are so many ppl going counter-trend. I guess a lot of you have shorter time frames than myself.

Anyone longer-term shorts? How about longer-term bulls?

__________________
John Kicklighter is the author of Dynamic Carry Trade Basket, Watch What The Fed Watches, and Forex Trading Weekly Forecast on DailyFX.com

A wedge has formed on this pair, a break out?

Hi John,

You trade on fundamentals or technicals? and how long you been in forex trading?

Regards
-PE

Hi Rodie,

Can you please post chart?

Cheers,
-PE

1.7350 - 1.7450 may be the next support as it is .50 fib of overall rise from 10/06/2001 to 4/11/2007.

Cheers,
-PE

Interesting you give 1.7350 a possible target as this is the measure for the weekly head and shldr break or near as damn it. I have been searching for some confirmation all day that we have seen a bottom but can't seem to find much. Have resisted the temptation to go long so far as if we have seen the bottom the retrace will be fairly substantial when it does come.

The only thing i have found is the longer term studies show bullish divergence but have done so since 07th august and we have come down some 1300 pips since then.

Will keep looking, have you seen anything yet?

ps
is a hammer and spinning top on the 4hr good enough?

Hello,

I do not move the Stop Loss. I sold one of my longs to fund the trade. We have yet to see if 1.7779 can hold, so I won't do analysis on where to add more longs yet.

Hello,

It's a quite complicated system to explain in a forum. There are books out there, and also other sources you can check, such as The Matrix Newsletter: History of Market Matrix

The method is not perfect. It doesn't predict exact date nor exact price to enter and exit. For that, you need to do your own analysis using multiple different tools, such as Delta, EW, Fib. At the end of the day, you still need to use your best judgment, and sound money management is required.

What the method helps me is in giving me confidence in my own trade, regardless what all others are saying.

I use both. Fundamentals to keep me with the long-term direction and to plan for increases in volatility. Technicals for trade entry, stops and targets and medium to short-term trend. Realistically the latter is a reflection of the former, but many ppl refuse to believe this.

__________________
John Kicklighter is the author of Dynamic Carry Trade Basket, Watch What The Fed Watches, and Forex Trading Weekly Forecast on DailyFX.com