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

[wallstreet1928]

I am long FTSE 4997..stop loss 4967

target

 

[london_lad]

EUR/USD needs to fall now. Its late to the party downtown

 

[london_lad]

VIX is going up. another 1st september hopefully.

 

[london_lad]

Short on cable moved to BE

 

[wallstreet1928]

I am long Nasdaq 1676 ..stop loss 1656

target 1700

 

[masnachu]

1st off a correction on my part , when I said 9th , it's the STL of the 8th Sep I meant (as usual trying to do to many things at the same time)

Hey Mas -

Personally, I am discounting totally that low of the 8th - because the 19th was the last swing high, and a lower high than the 7th (ref: Geos signature).

Assuming we're talking dailies here, I think we may be using different definitions here
(Phils site that PA stuff which is based on Williams (don't know if that's where phil got it from ?)) but the swing highs (STH , or arrows) I'm getting on Daily £Y is 28/8 , 24/8 , 19/08 , 13/08 and the Top 07/08. With regards to Geos sig , do you mean pattern #1 point 5 was on the 19/08 ? (are you aware that we had pattern #2 around the top on 07/08 , point 5 being 13/08 ? )

Therefore that STL is not really of interest as it is between the last lower low and lower high.

If you mean STL 02/09 , STH 07/09, then I understand that with regrads to phils def of a sideways market, it's still something I pay attention to though as it gives info on the structure of the market with ragards trending/corrective behavoiur (whether or not I figure out and use that info successfully though , is another matter lol ).

What matters is that we break the last swing low of the 8th @ 15135 (which price is attempting to do now) and this then gives confirmation that the reversal has taken place and the trend is down.

I would then wait for a retracement to a fib level and the ol' bias change on time frames before opening shorts.

Yes I agree , it's how it acts around that point on H4 (or H3) for eg ,that should tell me if todays leg down is the end of a correction that started on the 07/09 , or if 07/09 was the end of bullish swing (02 - 07/09) in a larger bear swing (07/08 - 02/09), and we should start seeing lower STL & STH's on the dailies.

Now we've broken that point I'm interested in seeing how the markets acts on the lower TF's , see if I can fugure out if it's going to hold around this 150 area, or drop further and retest the 02/09 lows.

Gun to head , I'm probably leaning towards it being corrective and we'll see an attempt at higher prices, but as always not married to the idea , if the market suggests otherwise, and I spot it in time, I'll start shorting the bugger.

Look on CADJPY on the 4hr. Its an easy example to give and textbook, but basically its the break below the swing lows that count for confirmation before getting involved, the pullbacks providing the entry. I've been trading that three days now in and out - very boring, very profitable. Unfortunately today @ 0400 I tried my best to get up, but didnt make the best entry - still, @ 8482 from 0600am and +54 pips I'm not complaining.

I'll have to have a look over the weekend , time permtting , I got to catch up on cable and 1 or 2 others (still trying to find a 3rd and possibly 4th market to trade, in addition to FTSE & £Y)

For me, it is about those swing lows as per the bias change diagram though, I've tried pre empting with low sin between and it just got me into trouble?

That's fair enough, as I said to Geo , your paying to learn phils stuff so concentrate on that. I would encourage you both to stick with that ring bar stuff , even if its just watching it in the background so to speak, personally I think it's well worth it in the long run. You'll begin to pick up on things as you gain experience.

Need to grab some grub now , later I'll clean up my £Y chart a little and post it up (to see the STH & STL's etc)

 

[london_lad]

So guys, when market goes down, EUR/USD ******* goes up

 

[london_lad]

and when the markets go up, the EUR/USD ******* still goes up!

 

[lapalabra]

Need to grab some grub now , later I'll clean up my £Y chart a little and post it up (to see the STH & STL's etc)

Cheers for the reply Mas, need to go eat also - fried chicken wings are calling!

I will have a look over comments, but you mentioned 'bar ring stuff' - what was this, did I miss something!?

As you mentioned, sometimes I find difficult knowing where I am - at a retracement in a larger bearswing or beginning a bull swing etc, but its all about having a system of confirmation behind every trading set up which should hopefully keep me out of trouble!

Only one trade today as only CADJPY met the criteria, real shame it iwasn't eur or gbp yen crosses, would have been really awesome. But +82 as it stands which I will have to close so IG doesnt hit me with carry charges on the spread!

Take it easy speak after the w/e

 

[lapalabra]

I am long Nasdaq 1676 ..stop loss 1656

target 1700

Fantastic entry WS....and I meant to say, bit late as always but don't come by very often - that call on the 4830 level rocked the other day.

Have a good w/e.

 

[wallstreet1928]

thank you Mr lapalabara

I am long oil 69.09 ...stop loss 68.79

target 69.8

 

[wallstreet1928]

good weekend everyone

I am off to my mates for a feast

Its Ramadan and I'm starving ...........

 

[PaulHClark]

If Oscar is right the DJIA should be on the up bouncing off the channel bottom @9570 around 5:30pm

Thanks WS for the link - Oscar seems to be quite a character

Santelli is a star and the only one I take the remotest notice of on CNBC - missed today's Dollar rant though sadly

 

[masnachu]

Cheers for the reply Mas, need to go eat also - fried chicken wings are calling!

I will have a look over comments, but you mentioned 'bar ring stuff' - what was this, did I miss something!?

As you mentioned, sometimes I find difficult knowing where I am - at a retracement in a larger bearswing or beginning a bull swing etc, but its all about having a system of confirmation behind every trading set up which should hopefully keep me out of trouble!

Only one trade today as only CADJPY met the criteria, real shame it iwasn't eur or gbp yen crosses, would have been really awesome. But +82 as it stands which I will have to close so IG doesnt hit me with carry charges on the spread!

Take it easy speak after the w/e

Here's the £Y daily chart , any Q's just ask as always.

Rings bars is the name that larry williams uses for STH & STL.
(from his book "Long term secrets to Short Term trading"). I did create a post for Geo a month or 2 back about these ring bars (the arrows phil uses on his price action article)

PS agree on the ranges of some of these pairs, It's one thing I check on before spending any time on them, my view is , if your going to put the effort in , may as well be with something thats got some welly behind it (its not like the risk is that much less on these smaller pairs that you can increase position size to compensate)

 

[wallstreet1928]

Last game of the cricket season

played against Mobberly , in the coutryside near the Manchester airport

beat them comprehensively and scored 40 not out

good end to the cricket season

Heaton Mersey Cricket Club

 

[wallstreet1928]

England lost against Australia again in the ODI's

4 - 0 to the Aussies at the moment

ICC International champions trophy in 2 weeks and England won't have a chance

http://www.cricinfo.com/engvaus2009/engine/current/match/350046.html

 

[Dentalfloss]

cable looks to have a minor top.it needs 1 box break below below to 1.6635 area to activate a count/see purple lines .target could be 165.50
10 min data
fxb..cable etf.which i think is a good representation of the spot
please let me know if you disagree

 

[wallstreet1928]

YouTube - cricket bowling at its best. bowled ! bowled! bowled!

 

[Dentalfloss]

40 not out ... a good score.

 

[Dentalfloss]

ws...whats youre batting and bowling averages for the season..have you kept a record..??
is it good..??