DailyFX Forum - View Single Post - Discuss the GBP/USD with a DailyFX Analyst

		DailyFX Forum
Sidebar Wrapper

1,181 Users Online

Thread: Discuss the GBP/USD with a DailyFX Analyst

View Single Post

#4767 (permalink)

08-06-2008, 10:21 AM

cmellon

Member

Join Date: Apr 2008

Posts: 1,495

cmellon is an unknown quantity at this point

Quote:

Originally Posted by Million$Man

Price is on the TL taken from 14th May.....CMELLON, you see price breaking the TL?
M$M

If only based on EW, price should find support at around 9455. However, based on Delta count, the direction is still down until August 15. Therefore, further price weakness is possible as long as we are still before Aug 15. In Delta, time is more important than price target. Once the time is in, market has to turn, that's the concept of Delta.

I will just go a little long this time since Delta direction is still down. But if Aug 15 passes next week, I'll start looking to build long more. That is if 9455 is reached today. If not, I'll keep my short.

Last edited by cmellon; 04-05-2009 at 07:26 PM..

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.