I'm poised.

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The 1.1 forcasted looks cooked to lower expectations. Anything lower than 1.1 could then be disastrous but in what direction this translates to is the intrigue, like you pointed out.

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Hope PA retests the low 1.58 regions very soon - I'm on the wrong side of the trade - I'm short from 1.58140 area.

Cable Update (GBPUSD)

In which case, I'm a mere Fraggle

EURUSD

The Aussie abhors a vacuum, apparently.

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This gap. It's the entrance to a rodeo ride, right? Or a Bear cave.

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I've risked a large portion of my meagre account on a long position in EURUSD at the bottom of its retracement - sorry to deviate from Aussie discussion meant for this thread - but I've got to get on that market-maker gravy train.

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Agreed, there are s/r that arise arbitrarily when one draws trend-lines or observe channels. Pivot points. Can one not argue that they are indicator tools used for predicting retracements? Yet they work by way of creating varying levels of s/r, ...

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Yes, but I've come to realize that s/r lines that one finds by back-charting, didn't just come about arbitrarily. They are old fib levels from a range of TF that folks had charted in time past or even future ones created using fib extensions. The ...

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Semantics. IMO. Aren't support/resistance levels a means to anticipate retracements?

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I use fibonacci for support/resistance levels.

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I use my ema, stochastics and RSI, seeing how they match-up on all the relevant time-frames. I'm still learning the ropes on candle stick patterns, and hoping to explore more.

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Koalas are miniature Bears, right?

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Exactly. What. Situation puts me on the spot - no pun intended. I'll wait till a clear signal says short now to 1.04xxx or short pending sale at 1.055xx.

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The stochastics on my 1H, 4H TF seem to be bending towards my what I've been thinking. The current candle on the 4H frame may close a Doji. It's previous mate could almost pass for a Doji too. edit^^^^ may close as a Hammer.

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The cryptical DB! Yes, numerically correct. Unfortunately you and I know that PA doesn't simply translate to current price drifting to the closest target.

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The more I look at all time-frames/indicators on my chart, the more I think that we might see 1.055xx again before we see 1.04xxx.

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Or more precisely, that there is tomorrow, the day after and then the last day.

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Now, I can't believe it - it's now doing a retrace that, IMO, may surpass 1.05550... I'm closing my shorts now... To re-enter on top - The 30M TF stochastics seems to be stealthily aligning slowly with the 5M, 15M TF ones in the strong over-sold ...

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Earlier on in the day, I closed my longs at 1.0547X - I managed to pull away from my SL before it then reached my said TP. I then shorted at 1.5550 pending sell limit. edit ^^^ 1.05550

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