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

[lapalabra]

@ BW81 / forexers - gbp chf about to break its wedge on the upside (finally)

 

[masnachu]

Geo (and any others following bias change ?) , £Y H1 , bias change pattern 2.

 

[Geofract]

Geo (and any others following bias change ?) , £Y H1 , bias change pattern 2.

Well spotted Mr. Mas.

I'm looking at H3, as it' still up. And price has hit the 50% fib of yesterdays low, and the overnight high. No 2m tf bias change yet though, but I would favour longs for the mo, subject to the right signals.

I know this H3 bias change is a bit clunky if you want to get in early, but I am conservative 🙂

 

[lapalabra]

Morning All,

@ Mr. Lapster - I think in general you're correct. This would be my plan - eur/cad will make a new bias change to the upside on the break above the high of the 31st, using the alternative bias count.

For a fib pullback setup, presuming it breaks above that point - wait for it to create a new swing high on H3, say at 1.55 for example. Then measure from the new high, to the previous low with the fib tool (last nights low). Wait for price to retrace to a minimum of 50% on H3, or 61.8%, but check it doesn't change the bias.

Then you can start looking at the 2m TF, for a bias change for confirmation, and a long entry. SL is the other side of the pullback. If there's no bias change on 2m, then wait - if it never happens, don't buy (There are other entry methods btw, but I'll leave those for now).

You can use fib extensions on the measured swing for a target.

HTH - Best to check out the info on PNs site to be honest - he has some good video tutorials, which will explain this all better than I can. I'm happy to give my opinion, and discuss as many setups as you like, but I'm aware I could get something wrong! 🙂

Geo, thanks a lot for taking the time to explain that - I see now where you're coming from.

I've been absolutely battered today - gathered quite a big loss, so will study rest of the day I think and get involved with PN's site.

 

[masnachu]

Re: PN, he's taken that price action part of his site to subscription only :|

Geo , still watching £Y , no real conviction either way right now , waiting to see what happens. Keep an eye on the last swg H dailies, could be in a Res zone ? will see.

 

[Geofract]

Similar situation with A$Y too - it's hit the 61.8 fib of the previous swing, and looks quite close to making a 2m tf bias change. Also price at 31st highs, potential support?

 

[bw81]

Geo, thanks a lot for taking the time to explain that - I see now where you're coming from.

I've been absolutely battered today - gathered quite a big loss, so will study rest of the day I think and get involved with PN's site.

I know how you feel, I was severly battered yesterday on FX, but today Im back in the black fortunatley.

Ive never traded the GBP CHF, I normally trade the USD CHF I understand that chart better. Will take a look at the GBP one now, thanks, Lapster 🙂

 

[Geofract]

@ Lapster/Mas

PN's site is £50 for 6 month strategy and forum access - it's a ruddy bargain IMHO. I have subscribed.

I should be on commission 🙂

 

[lapalabra]

Well spotted Mr. Mas.

I'm looking at H3, as it' still up. And price has hit the 50% fib of yesterdays low, and the overnight high. No 2m tf bias change yet though, but I would favour longs for the mo, subject to the right signals.

I know this H3 bias change is a bit clunky if you want to get in early, but I am conservative 🙂

Hey GEO, so until the 3H changes, bias for you is still long and you are taking longs from the fib levels. I have 16011 as the 50% on the £Y - I zoom in, and now look for the bias change for the upside, which would come at the break of that 16065 high @ 0958am?

(been counting bias changes everywhere all morning, tell me it gets easier? 🙂 )

 

[lapalabra]

I know how you feel, I was severly battered yesterday on FX, but today Im back in the black fortuantely.

Ive never traded the GBP CHF, I normally trade the USD CHF I understand that chart better. Will take a look at the GBP one now, thnaks, Lapster 🙂

'understand the chart better?' 😕

I thought we always pair the weaker with the stronger currency to provide the best trending relationship? In this case would be GBP not USD for CHF?

 

[bw81]

@ Lapster/Mas

PN's site is £50 for 6 month strategy and forum access - it's a ruddy bargain IMHO. I have subscribed.

I should be on commission 🙂

I must have missed that post Geo, would you post the link to the PN site please?

 

[masnachu]

@ Lapster/Mas

PN's site is £50 for 6 month strategy and forum access - it's a ruddy bargain IMHO. I have subscribed.

I should be on commission 🙂

agree , good price 👍 like I said before , sound principles.

me ? pay £50 for someone to teach me , nah , those days are long gone :cheesy: 😉

 

[bw81]

'understand the chart better?' 😕

I thought we always pair the weaker with the stronger currency to provide the best trending relationship? In this case would be GBP not USD for CHF?

Couple of reasons why I tend to look at the USD CHF, is because :

a. Its a cheaper FX pair to trade (when comparing GBP CHF)
b. It tends to be very similar but exactly opposite to EUR USD in that its like simetrical opposite (most of the time)

and i sit and watch price action for ages 😆

 

[Geofract]

Hey GEO, so until the 3H changes, bias for you is still long and you are taking longs from the fib levels. I have 16011 as the 50% on the £Y - I zoom in, and now look for the bias change for the upside, which would come at the break of that 16065 high @ 0958am?

(been counting bias changes everywhere all morning, tell me it gets easier? 🙂 )

This is a potential scenario as I see it Lapster. SL would be beyond point 3.

edit: yes, counting bias does get easier with time, plus you never need to correctly identify a pattern - just watch which way the bias tells you to go. All IMHO.

 

[masnachu]

'understand the chart better?' 😕

I thought we always pair the weaker with the stronger currency to provide the best trending relationship? In this case would be GBP not USD for CHF?

makes sense.

 

[Geofract]

I just wanted to say that last week I made a concerted effort to stick to the trading rules for the 2 strats I use.

I made 10 trades. 2 broke the rules, and failed, rightly so. 1 met the rules, but was stopped out for 8pips, though ultimately the trade direction was correct. The other 7 were all winners!

Considering a few weeks ago I was floundering around and loosing left right and centre, this is a major step forward 😀 So here's to boring bias counts, fib setups, etc 🙂

Ok, I better get on, lots of work to do today. have a good day everyone 🙂

p.s PN's site Trading Strategies. | A Forex Education Community - I accept the strats may not be everyones cup of tea, but it's well worth a look.

 

[Geofract]

This is a potential scenario as I see it Lapster. SL would be beyond point 3.

edit: yes, counting bias does get easier with time, plus you never need to correctly identify a pattern - just watch which way the bias tells you to go. All IMHO.

Oh ar$e, that bias count is wrong LL! My bad - trying to do too much this am. You can't have a 4 below a 2. Sorry, no time to fix it now 🙂 But 2m bias still remains unchanged, so no trade setup atm.

 

[london_lad]

Geofracts: what strategies do you use? and is it for FTSE?

 

[Geofract]

Geofracts: what strategies do you use? and is it for FTSE?

Hi LL

I am using the Range Breakout strat, which is probably best suited to Forex. Also I use the Fib Pullback setup, which I have used on the FTSE, and I think it's well suited to indices IMO, but mostly I use it on FX, as I'm more into trading FX.

HTH.

 

[lapalabra]

I just wanted to say that last week I made a concerted effort to stick to the trading rules for the 2 strats I use.

I made 10 trades. 2 broke the rules, and failed, rightly so. 1 met the rules, but was stopped out for 8pips, though ultimately the trade direction was correct. The other 7 were all winners!

Considering a few weeks ago I was floundering around and loosing left right and centre, this is a major step forward 😀 So here's to boring bias counts, fib setups, etc 🙂

Ok, I better get on, lots of work to do today. have a good day everyone 🙂

p.s PN's site Trading Strategies. | A Forex Education Community - I accept the strats may not be everyones cup of tea, but it's well worth a look.

That's fantastic Geo - and its actually a massive step forward, no doubt about it. For me, I'm still struggling to keep it down to ten trades, yet alone a high % of winners 🙂

You've basically made trading boring and mechanical and profitable, the way it should be.