MESSAGE FROM JACKO 448

It is 1.00am NY time Monday September 14 and the market is at 1.4546

The market is struggling to get clear of the 1.4600 area.The more adventurous traders stayed with their shorts at 1.4600 and the probabilities have become more favourable to them.
I am currently still on the sidelines. For me, the situation hasn't changed from last week. I am not prepared to risk a short trade against the bullish strength at the present time.
Having said that, I believe that the bullish cycle which started on September 1 may have peaked and we may see a correction.

I have my charts open to 300 periods of the 4H time frame.
The Resistance line. By linking up the highest points on the 4H chart from 1.4444 (Aug 3) , and 1.4634 (Sept 11) we can see that the Resistance line is currently at around 1.4650. There is also another Resistance point which is the previous High of1.4720 on Dec17, 2008
The Support line By linking up the lowest points on the 4H chart from 1.3832 (July 8) and and 1.4048 (Aug 17) we can see that the Support line is currently at 1.4200.
The 50% Fib line The nearest 50% fib is from 1.4191 (Sept 4) and 1.4634 (Sept 11) and is at 1.4412

Edit 3.00am NY time Market is at 1.4545 After dropping to a low of 1.4515, the market has recovered slightly to the current price. We are now starting to see a small series of lower lows on the 4H chart. At the same time, the market has been struggling to stay above the 1.4600 mark. I think that we may see our correction this week. I am now considering whether I wish to sit out and wait for the correction to finish and then take a long position, OR join in with the adventurous traders and ride the correction down.

Edit 8.00am NY time Market is at 1.4567. The market has moved back up again. The market is again back where it was five days ago and it has not traveled very far (only a 131 pip range) in those five days. Also there are no news events today to move the market in any significant way. I will watch this market for a little longer.

Edit 12.10pm NY time Market is at 1.4611 . A very slow and frustrating market at the present time. The market is at too high a level to buy because it is struggling to make new highs and it is overdue for a correction. On the other hand, it has been a strong move up and I am hesitant to sell against such a strong move. It is now just a waiting game to see the next good trading opportunity.

Emails

Email 1
What (if any) is your experience with using multiple entries for a single trade, i.e., to scale into your position as the price gets closer to your optimal buying/selling point? I have never been a fan of scaling in...it is averaging up your buy prices and averages down your selling prices.. If I believe in a position I just hit it....If I don't believe in it, I sit on my hands