hi Lap,
Need it simple mate , it don't take a lot to confuse me
Little late, only had time for a quick read through the posts earlier.
(just saw your cable trades ,
lovely jubbly)Re Last post.
As always, it's dependant on time frame, with ref to the daily, I wouldn't say there's been a bias change on daily chart.
On daily, it's more of a Bias continuation so to speak. The bias change on the daily chart occurred on 25/08 (pattern #1), (or an even earlier #2 starting 05/08) so breaking the low of 08/09 , resumes the overall 'bias' (LH's & LL's). (H4 may have had a bias change, isn't obvious to me though, bit messy, don't know about H1 haven't had time to go through (I dont trade 'bias changes' as such remember)
What you seem to be describing is a breakout trade along the lines of STH's & STL's inside a STH & STL 'swing', can see it on H4, it's too 'early' for that setup to trigger on the Daily.
so you either take it as a breakout trade in its own right (if your primary time frame is lower than daily) , or if your 'belief' is that the down trend on the daily is resuming, then shorting there could be a good entry for a longer term trend trade for example.
(Same breakout/pullback setup on the 10min FTSE daily cash friday from 15:00 on, pullback right at the close unfortunately, still it would have held over the weekend.)
With regards the daily chart. my particular thinking (and last fri) is that this move on the daily (02/09-07/09) is a correction to that daily down trend (07/08 - 02/09), and could have a bit further to go to the upside, this is what I'm watching for now, any lower than todays low, I'll take as a possible sign that the continuation of the down trend has already began (the correction 02-07/09 is over), if it holds , then'll I stick to my original thinking, and will only consider longer term shorts after we've had higher prices (daily chart).
Congrats on being asked to write for that site WS
