Looking at the bigger picture (fx)

Happy Turkey Day to all celebrating…

With all the panic going on over the Euro/ Debts and Super Poop in general, I pulled up a couple longer range charts on the GBP-USD (Pound/dollar)

Just to get a little perspective, a Monthly and a Weekly:

The top of the Fib -Nov 07 to Bottom Jan 09

Working it’s way into a wedge pattern but staying in a range. At present it is still 100+ pips from the 23.6 fib line and 300+ from the bottom trending wedge line. The trend is still down looking at the 50 sma, MACD and RSI with STOCH just above the 20 line

WEEKLY:

I’ll be keeping an eye on the 23.6 for a rest, if it breaks down then I’ll be watching the trend line<—if that breaks I’ll start to join in and slam the panic button. We are seeing lower lows so I am expecting a break of that fib line. The 50 sma is flattening out a bit and momentum seems to be slowing, still trending down

Unless you are trading with a 500 pip stop, MOST of us (including me) are just looking at longer time frames to get a clearer view of what is really going on as Media can screw things Royally listening to minute by minute Euro snarking, Super Grouping and ‘bamaBashing.

On my own blog I’ll be adding a few more charts (US-CAD, AUD-US and EUR-US)…Just about same “tells”

I’m long yen (small position) and will add to it if it drops more…> intervention and lots of it, with a track record of ballistic viagrated moves…small is good

In general I will post in the evening (blog) for moves over night I am looking for and that is about as much exposure as I am willing to dip into.