Wednesday, April 22, 2009

April 23 - GBP USD Delta Update


Attached is the count and possible scenario that I am currently following.

MTD 11 seems likely already IN with ITD 7 at 5067, although Delta rules allow it to be due at ITD 9. If it's due at ITD 9, then ITD 9 should be higher than ITD 7 (higher than 5067). However, we have only around 7 trading days between ITD 8 and ITD 9, so at this point it seems unlikely that ITD 9 would take out 5067 within 7 days, and thus MTD 11 seems to be IN already at 5067.

LTD 15 could also have been due at MTD 11 and ITD 7 too (part 2 of my post on April 18), but based on some other chart observations (part 3 of my post on April 18), for now my working assumption is that it's not yet due here, but will be due later with MTD 1. What this mean is that the Long Term direction is still UP and 1.35 may not be broken lower yet.
 

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