ITD 8 low is likely already IN at 151 on Thursday. We could be on the way up to ITD 9 high due around Aug 31.
Projected target price for ITD 9 is probably around 156 (broken trend line).
Thursday, August 27, 2009
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7 comments:
Hi Cmellon,
If GBP/USD ITD 9 high is in at 1.6380, do you still feel that GBP/JPY has a chance to reach 156? It doesn't seem likely does it? Do you still have half your long open on this one?
Thank you,
Daryl
Hi Daryl,
You are right. It is possible that GBP JPY ITD 9 high has also arrived at 153.6. GBP JPY however is a little tricky since it's also influenced by USD YEN.
I still have half of my long open, but I set stop loss at break even.
Cmellon, Do you think 146.75 during this MTD cycle? Thanks for your great work.
Hi Wisdovest,
Yes, I would imagine that 146.75, which is MTD (12) low, would give a good support for this MTD cycle.
If price has not broken below it near the turn around date (Sept 8-11), I would attempt to go long with stop loss below this level.
Hi Cmellon. Do you think 163.15 will be broken before 146.75?
Wisdovest,
Not sure now. We'll see if 146.75 could even survive this MTD cycle first. There's still plenty of time before turning date, and it's already 150 now.
Thanks C
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