Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

Status
Not open for further replies.
Nice one. Wave 4/5 by the end of the week?

The only thing I see is that the whole market is expecting large amounts of shorts at ~4000...isnt that inviting a squeeze? I'm a novice so...fairly clueless! :)

Tonight I demand the finest wines known to humanity...only 4 euros from my local french off license :)

kitejedi said:
Quick follow up on yesterday's chart....

View attachment 51306

Rob
Click to expand...
 
artful_dodger said:
Nice one. Wave 4/5 by the end of the week?

The only thing I see is that the whole market is expecting large amounts of shorts at ~4000...isnt that inviting a squeeze? I'm a novice so...fairly clueless! :)

Tonight I demand the finest wines known to humanity...only 4 euros from my local french off license :)
Click to expand...

Hi there,
Just want to clarify something about this trade. This is a set-up called a 1-2-3 and has nothing to do with Ellliott Waves. It's purely a trade based around (in this case) an uptrend, followed by a retracement and then a break of the previous high. It has a pretty high probability but the key, IMO, is to make sure you have the R/R spot on - this needed a 55 point stop (text book should have been 95 but I 3767 has been a strong number hence I placed my stop there to lower the risk) but, as you can see, it has returned more than this. If you're interested in 1-2-3's I would recommend having a read of this - http://www.trade2win.com/boards/price-volume/13451-1-2-3-formations-ross-hooks.html as an excellent place to start. You can find these on all time frames and all markets but I never trade lower than 1H and only use it with indices. They do take time to work though so you need to be patient. This one fully retraced and took out my B/E stop but I got another crack at it - the lesson was that I moved my stop up too soon.
Hope this helps
Rob
P.S. Can you send a bottle over this way :)
 
Hi Rob

Many thanks for the direction and taking the time out to respond like that.

I'll check it out this evening. Do you know what came of the original author, Roberto?

Regards

Richard
ps. I would never trust a french postman with wine :)

kitejedi said:
Hi there,
Just want to clarify something about this trade. This is a set-up called a 1-2-3 and has nothing to do with Ellliott Waves. It's purely a trade based around (in this case) an uptrend, followed by a retracement and then a break of the previous high. It has a pretty high probability but the key, IMO, is to make sure you have the R/R spot on - this needed a 55 point stop (text book should have been 95 but I 3767 has been a strong number hence I placed my stop there to lower the risk) but, as you can see, it has returned more than this. If you're interested in 1-2-3's I would recommend having a read of this - http://www.trade2win.com/boards/price-volume/13451-1-2-3-formations-ross-hooks.html as an excellent place to start. You can find these on all time frames and all markets but I never trade lower than 1H and only use it with indices. They do take time to work though so you need to be patient. This one fully retraced and took out my B/E stop but I got another crack at it - the lesson was that I moved my stop up too soon.
Hope this helps
Rob
P.S. Can you send a bottle over this way :)
Click to expand...
 
kitejedi said:
Hi there,
Just want to clarify something about this trade. This is a set-up called a 1-2-3 and has nothing to do with Ellliott Waves. It's purely a trade based around (in this case) an uptrend, followed by a retracement and then a break of the previous high. It has a pretty high probability but the key, IMO, is to make sure you have the R/R spot on - this needed a 55 point stop (text book should have been 95 but I 3767 has been a strong number hence I placed my stop there to lower the risk) but, as you can see, it has returned more than this. If you're interested in 1-2-3's I would recommend having a read of this - http://www.trade2win.com/boards/price-volume/13451-1-2-3-formations-ross-hooks.html as an excellent place to start. You can find these on all time frames and all markets but I never trade lower than 1H and only use it with indices. They do take time to work though so you need to be patient. This one fully retraced and took out my B/E stop but I got another crack at it - the lesson was that I moved my stop up too soon.
Hope this helps
Rob
P.S. Can you send a bottle over this way :)
Click to expand...

interesting, a good read

I will add that into my armoury
 
nice shorting so far ..........

break out of horizontal support line and i will dive in to short again until 755
 

Attachments

  • 19.17.png
    19.17.png
    22.9 KB · Views: 134
artful_dodger said:
Hi Rob

Many thanks for the direction and taking the time out to respond like that.

I'll check it out this evening. Do you know what came of the original author, Roberto?

Regards

Richard
ps. I would never trust a french postman with wine :)
Click to expand...

Hi there Richard,
I don't I'm afraid. I'm a great fan of these though - if you look at the FTSE 1H over the past couple of days there have been quite a few opportunities to get in - essentially you're trading the break-out from a previous high. As I think I said before it's all about the R/R ratio as the stops can be pretty massive - you need to know where you think price may reverse. I'm too new to this game to be giving advice but any info you can't find on 1-2-3's on T2W, I would just google.
Bye for now
Rob
 
vijayk358 said:
Hey Wallstreet
What broker do you use? Would your barclays trade have been closed now as its gone 16.30 in UK?

V
Click to expand...

I trade CFD's with CMC markets..............

I'm hoping for a gap down tomorrow with all the selling that's going on in the US banks
 
Thanks for the insight into 123 pattern Rob, looked into afew months ago, but havent seemed to put it into practice yet,, will try it out sometime. Thanks Rob

Thanks WS your the man :)
 
I have now bought S&P 755 (200MA) & opening gap support

stop loss 750
 

Attachments

  • 19.49.png
    19.49.png
    22.9 KB · Views: 139
hi wallstreet cool thread.

i traded the ftse today when the s&p fell out of its upward triangle @ 764 (rolling price) around 18.00 pm GMT.

closed for a tidy profit.

interesting to see which trendline holds the ftse up with one not too far away and the other way down in the 3733.

again interesting to see if the 1 trendline left holds the s&p up.

channel on ftse is pretty standard.. channel narrows on the s&p.
 
I often read blogs around the net to understand the goings on in the world. Jesse's Cafe Americain is pretty good. Whilst you are on the subject of the S&P why not check out his analysis. He is well respected, there is a graph included with the below text so I include the link:

Jesse's Café Américain

SP Futures Hourly Chart at 3:45 PM

The rally is looking a bit toppy but its not dead yet.

Watch the changing slopes of the support and resistance channels. If they keep rolling over and the SP breaks that key support at 740 it could be a real sleigh ride lower back down to 700.

The VIX was elevated all day, even at the high, so there is your 'tell' in addition to the shift in the trend channel to a softer slope.

Chances are they dump the market overnight if that is what is going to happen. But until there is a break through 740 this is just a pullback. We'll have to consult with other short term indicators to see if this is a top, or just a bear trap pullback.





wallstreet1928 said:
I have now bought S&P 755 (200MA) & opening gap support

stop loss 750
Click to expand...
 
wallstreet1928 said:
I have now bought S&P 755 (200MA) & opening gap support

stop loss 750
Click to expand...


I closed my S&P around 756 for a teeny weeny profit whilst having a very nice conversation with Mr Squirrel.

I thought I would close my S&P position as there may well be an asian sell off overnight and I'm worried about the DAX breaking 4000....

It allows me to start fresh on the morrow

BUT, I still have my barclays short that is still alive

looking forward for a gap down
 
Last edited:
Status
Not open for further replies.

Similar threads

wallstreet1928
Wallstreet1928 is back-Analysis & Live Calls on FTSE/DAX.aimed to help new traders 2
2 3 4
Replies
72
Views
15K
francisfinley
F
Mr Squirrel
  • Locked
Reminiscences of a Wallstreet1928 Subscriber
2
Replies
21
Views
6K
shewolf
S
rossored
emini S&P Intraday Charts
2
Replies
23
Views
5K
ES0
E
8
Ftse,dow,gold,aim....
Replies
2
Views
2K
Tempted
T
Dinos
Trading the DAX
4 5 6
Replies
101
Views
28K
DuCaan
D
Top