WoW just got weaned myself off of one of those Krazy forex forums. I feel a little dirty. Gotta get back to basics. Whew!!

Update. full management mode. Notice the spot that it's hitting right here.

Possible place to add. ABCD with ABCD in BC leg.

Nice work, Duane.

I may not be reading this one right, but for a little while the pound has been making me think it wants to go a bit lower. Probably just a bigger correction. The best one would be an EXP at the lowest area I'm going to mention. All areas basis Dec '09 futures. The first area I have is 1.6600-1.6640 (notice the multiple touch TL there). The next area I have is around the TD ABCD area, say 1.6525-1.6560. The final area is for that EXP ABCD, around 1.6390-1.6430. All areas are supported by line and other work, of course.

Who knows, maybe it jumps up here as they crush the U.S. Nightcrawler, we'll see. But, like I said, I am getting a sense on this one, so if that does play out, I have some areas to watch. And if not, that's just fine, too.

I am looking at this area right here amongst others. Wave 2 of 3

That's pretty much my first area, M, which this went right to and bounced up 60 pips. I was a little hesitant to mention my areas and mess with my record of pointing out things that have then unfolded, but I thought I should discuss them anyway. My read has been spot on so far on this one. Now we see if that is it, or if it stair-steps down the areas.

Here is the second area. I do not know if we will get a trigger here, it mat be Jim's preferred area.
Jim, thanks for reminding me to keep my mind open to the various possibilities. As usual your input is priceless.

M, nice charts!!

I love it when a plan comes together. I knew there was a lot of long side bias in this thread, so I wanted to get my ideas out there. It's good to look at both sides. The 'coolest' part is that I 'sensed' this needed to go back more, and what I was sensing played out. Same as when I get a read on the ES. But, the question now becomes, is this another small flash in the pan for the U.S. Nightcrawler, or will some short-covering ensue? If so, the pound should keep going down. Very cool stuff in here, either way.

Updated chart. As far as lines are concerned this is my best area right now.

M,

There's a glitch in the latest version of QCharts. Notice on the right hand side the price level of the current price in the black box there. Also look at some retracement bracket levels. Now look at the price scale on the right, it's way off. When we look for price levels on your chart we can think it is here or there and it's really somewhere else. But, I found a 'workaround'. If you expand the scale on the right up and down they snap back to the correct level. If you check your price scale before doing a chart and do this trick if it is off it will give us easier, more accurate charts for us to follow. I should post this to the QC forum, but my to do list is just so long I haven't...

Since this is FX related, I guess I'll post it here. Did everyone see the 'flash crash' in cable this AM at 2:56? Look on a 1-min. That's spooky, it is even starting to happen in FX now. Notice the rebound right afterwords, kind of the mark of the 'flash crash'. Here's an article on it:

http://www.zerohedge.com/article/dutch-bank-algo-blamed-gbp-flash-crash