hi cmellon

wats ur stop loss?

Gees, what a ride. I'm out and trying to sit on my hands until I see a direction!
GBP is being pulled down with EUR, but USD printed some very bad figures!

Go figure..... If you have enough B*lls then pick a way a stay with it. I would be picking to the upside, but I dont know how far it will drop beforehand......

What did trichet say????

I'm also sitting on my hands at the moment, God knows which way it will decide to go. Price is currently trading at the upper trend line of the major down channel. Might get in long if a sustained break of 7850 happens, until then I'm a spectator.

21 SMA on 4H caping it (currently at 1.7852) if it breaks and close above this then we may see a rally towards 1.7890 later today.

I am long from 1.78

Regards
-PE

I hope it does break, just want to stay out for now until i see a clear direction. I have closed all my longs, made 50 pips or so from 1.7770. Good luck with your longs

Hi Cmellon, Any thoughts about recent price action?

stopped out at 1.7750. 50 pips Loss ...

Regards
-PE

just back from work,

Lost 80 pips on eur/usd this morning and didno other trading.

Looking at the hourly chart does anyone agree with me that the recent consolidation has the look of a bear flag. With the break having taken place I make the next target 1.73

Just thought I would post my first impression but like I say have only just got back from work

wow, another incredible day...
i bailed my shorts @7714 and @7698 for a good profit @7595
(bear in mind I trade a mini account, so it is no so great)

for me gbp is still a short, so looking some reaction now to enter new short positions.

1,73 in the horizon? doesn´t seem too far right now.

Dont under estimate yourself, thats a great trade!

Next level (tech) from here is 17240, but NFP's can throw it all over the show tomorrow.
Not to sure if i'll have a position tomorrow.

GL all, let the force be with you......

Just looked at both the weekly and daily charts. As per previous posts the head and shldr top on the weekly give a minimum target 1.73 and bear flag on daily gives us 1.72 ish.Surely we have come so far it seems improbable that these targets wont be met. GBP/Jpy also close to reaching the same targets it that pair.These are of course minimum targets so we could go lower still but i fancy a bounce from those levels. This market certainly aint for the faint hearted! Still upon the week but only just so may keep out of things tomorrow and take a fresh look on monday and see if we are any closer to forming a bottom.

I would not try to pick a bottom, just go short at rebounds, with tight s/l´s
no position tomorrow before the nfp (or maybe a short position in EURGBP, it had a possible reversal day today)

OK, recovered the loss. Booked 100 pips profit.

At this point.... it's going to 1.69.
Took losses and will just sit and not trade until 1.69

The largest fall ever in one month for cable was in September of 1992... it fell from 2.0110 to 1.6815...the next month it then preceeded to fall from 1.7880 to a low of 1.5535...thus from high to low in two months it fell 45.75 big figures.....4,575 pips...yes you are seeing correctly...4575 pips on one position in 2 months.....

More startling is that the largest continual fall commenced in November of 1980 until February 1985......, where cable topped at 2.4540 and finally bottomed at 1.0463...a stagerring 140.77 big figuresor 14,077 pips.......only a brief rally from September until December 1982 marred the collapse , the retracement after a fall of 68.35 big figures amounted to 19.67 big figures ( 28%.....not even a fibo number....) .

For all of you Fibo people the retracement of the overall move atained a 61.8 retracement in April 1988.........I dont know about you, but I dont think I could a wait that many years to see a position return to near profitability or minimise my loss...... I would have either died or gone insane by then.

Do Not believe you can trade without a stop......

“Independence and independent thinking are the keys. It is very comfortable to go with the crowd and do as others are doing –or as they tell you to do. Yet this is a road fraught with peril. Consider Robert Frost’s “The Road Not Taken.”

Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;

Then took the other, as just as fair,
And having perhaps the better claim,
Because it was grassy and wanted wear;
Though as for that the passing there
Had worn them really about the same,

And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads on to way,
I doubted if I should ever come back.

I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I-
I took the one less traveled by,
And that has made all the difference.

Your path, created, maintained, and traveled by yourself, will be that path less traveled, for it will be yours and yours alone; no one else will be able to follow it, just as you will be unable to follow anyone else’s path successfully. You do not share their vision, their sensitivities, or their cares, and they do not share yours. In investing, there is no holy grail other than the one you fashion for yourself.”

John Bollinger, Bollinger on the Bollinger bands, pag. 31-32.