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

[Geofract]

Are you causing trouble again Dr. B! 🙂

 

[dr.blix]

Are you causing trouble again Dr. B! 🙂

who...moi? :whistling

 

[wallstreet1928]

equity analysts in a note to investors.said it was the increased sales in thongs that was driving up the marks ans spencers share price
customers were cutting back in the recession

haha.......

 

[Da.DesiTrader]

well, really chaps...firefox has an in-line spell checker, no excuses now.

6/10

must do better

🙂cheesy:😆)

I am at work, using M$ explorer. I call em Stos for short 🙂

 

[Geofract]

EY likes 130.70 so far - that is also the 61.8% retrace of the recent move up. No 2m trigger yet though, and if it triggers soon, I would have to have a large stop, so will have to wait a while yet.

 

[dr.blix]

I am at work, using M$ explorer. I call em Stos for short 🙂

sorry lonlad, just me being silly...bit bored and that usually ends in mischief 😀

i must get ready now, off for a weeks break in the algarve...shame i'm going to miss the first week in october, as i'd love to see if my mystic meg prediction comes tue.

can't see that it will though, as we're floating nicely above 5000 at the mo.

anyhoo...have a very good week trading fellas, i'll catch you all in weeks time.

 

[kaisen]

sorry lonlad, just me being silly...bit bored and that usually ends in mischief 😀

i must get ready now, off for a weeks break in the algarve...shame i'm going to miss the first week in october, as i'd love to see if my mystic meg prediction comes tue.

can't see that it will though, as we're floating nicely above 5000 at the mo.

anyhoo...have a very good week trading fellas, i'll catch you all in weeks time.

Have a great week my friend!

🙂

 

[pentlow1]

Any views on why the DAX is being such a laggard today...

 

[Da.DesiTrader]

sorry lonlad, just me being silly...bit bored and that usually ends in mischief 😀

i must get ready now, off for a weeks break in the algarve...shame i'm going to miss the first week in october, as i'd love to see if my mystic meg prediction comes tue.

can't see that it will though, as we're floating nicely above 5000 at the mo.

anyhoo...have a very good week trading fellas, i'll catch you all in weeks time.

Have a good one mate 🙂

 

[Manya1983]

EY likes 130.70 so far - that is also the 61.8% retrace of the recent move up. No 2m trigger yet though, and if it triggers soon, I would have to have a large stop, so will have to wait a while yet.

I missed it! Dissapointing esp as I was shaken out of the same move y'day for b/e.

🙂

 

[Chelski]

Short Cable 16091.

Think we may get a small pull back here. MACD showing divergence. seems to be struggling past 16100.
Or perhaps not!!

 

[Geofract]

I missed it! Dissapointing esp as I was shaken out of the same move y'day for b/e.

🙂

Yeah, dissapointing for sure! I had a 2m trigger, but the stop would have been 50 pips, so no go for me! I could have bought off the fib level, but that's probably a little too agressive!

Will have to wait for a reasonable retrace now.

 

[lapalabra]

Hi Lap,

I found and tweaked a Proscreener code for oversold Stochatics in a cross (can never spell it right), then I look for bullish patterns like MACD divergence/ pinbars/bullish engulfing, and also look for longer Tf support and resistance. If I see a support holding and stos crossing above, I go long with stop 50 pips below previous low.

Reverse for shorts.

I also look for high probability on a standard error channel formed over past 5 to 6 months to current price, if price is failing to cross lower channel line, its confirmation for long.

Difficult to add fibs to it, because ideally the previous day low would be the 0 on the fib, however I use fib for targetting around 43%, so by that token CAD/JPY should reach high range of 84 for me to take profit.

Its not a set system mate, just trying out a couple of things. As I said, its a paper trade, once I have confidence in it, only then I will try it on live account as the stop losses have to be very wide for this EOD/Swing system.

Btw, I noted the news calendar and went short on AUD/USD. Didn't work out. I think AUD is overbought in comparison to USD. Although, looking at WS's analysis, USD may not have anymore legs and may fall off the resistance trendline (to be noted though that AUD didnt respond very strongly to the news). Only about 80 to 90 pips.

Let me know if you or anyone has any ideas/comments about this system.

Desi,

Ok, so essentially you are trying to find a reversal point for a pair - is it oversold on my MACD? If so, is there a candlestick reversal pattern? On a higher TF are the lows at a resistance level to limit the downside? All sounds very methodical and you've got a process for confirmation, so good luck with it.

Having tried this (and oh so much more) in the past, the reason it didn't work for me was that the lag with indicators meant you could never really know what price was doing at that present moment where you had to place the trade. Knowing on a higher timeframe that there is divergence and a move may be losing momentum may be useful, and I'm still looking into this, but essentially I wanted to have a decision point where I could see what price action was actually doing and take a trade that put me on the side of the trend on low and higher timeframes.

Using fibs to give those decision points on forex works for me, and knowing that price action has those two patterns (and there are only two) for successive breaks of highs and lows which then give a bias gives that process of confirmation - taking into account the preceding price, candlestick patterns etc. I know for a fact that all the time that GBPCHF or GBPJPY were on oversold territory for aaaaages I would have in the past been wary of shorting, but now I have the confidence in knowing what and when to look for.

When it doesn't work, it snot an indicator that was wrong, it is price and price only that has changed its mind - no indicators or my interpretation of indicators or patterns. And in the long term I am realising even after just this brief stint using this method that being on the side of the trend and following the patterns on price action will give the edge in the long run- it already has me @ over 80% success just on the side of making the right decision on *direction*, although of course that is only part of it!

RE: AUDUSD and news and stuff, personally I love being around during the news to get movement, but can't pretend yet to understand what to expect in every instance, although I'm swotting up on this. I just wait to see what happens, jump on board if I am convinced there is enough momentum to get me to zero risk, and let the market take me.

 

[lapalabra]

sorry lonlad, just me being silly...bit bored and that usually ends in mischief 😀

i must get ready now, off for a weeks break in the algarve...shame i'm going to miss the first week in october, as i'd love to see if my mystic meg prediction comes tue.

can't see that it will though, as we're floating nicely above 5000 at the mo.

anyhoo...have a very good week trading fellas, i'll catch you all in weeks time.

Have a great time DB, I don't feel we've had many witty ripostes between us recently (that's right, ripostes, I tell you!), look forward to your return.

 

[Chelski]

Short Cable 1604.6 Better entry.

looking for quick 12-20 pips.

Out+14

 

[madoff]

Will be interesting to see what the US non-farm payrolls brings this Friday. Yet another leg up or will we see finally a 'proper' leg down?

 

[lapalabra]

Short Cable, 16089

50% retrace from Sep 23 high, nice trendline and 200MA at that 16122 level.

 

[lapalabra]

Short Cable, 16089

50% retrace from Sep 23 high, nice trendline and 200MA at that 16122 level.

Ack, Data out in an hour and I won't be here to manage this... out -2

 

[lapalabra]

Ack, Data out in an hour and I won't be here to manage this... out -2

Whooooo and cable falls...still, right decision to step out.

 

[madoff]

like the volatility!!