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FX and Index trading     

Davai - 18 Apr 2012 11:13

photo stocks1fxt.png

free counters

Thread designed to record set-ups and targets on index and FX pairs.
'A market is only your enemy until you understand it, then it becomes your best friend.'



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Any questions, please feel free to ask.

From time to time i may openly state an opinion regarding direction of a set-up and wish to add that in no way am i recommending a trade. I am sometimes only in trades for a matter of minutes and can't always update as to entry/exits taken.
As always, markets are dangerous places to be and must be respected as such. Always use stop losses and never over-leverage; 3% of your pot as a maximum per trade. As always, YOU are responsible for your own trades! Happy pip hunting!

Click HERE to visit me at FXtechnicals.net

Davai - 18 Apr 2012 13:19 - 10 of 423

Very speculative for now, but having been in a complex corrective move for so long (and i consider it a 4th wave on the daily), it must be ending soon! If this is a 1st wave (in 5waves) we might see something like this; I have shown it as an extended 5th subwave as opposed to the 3rd being the longest;

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might be far simpler;

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or could still be corrective!

Davai - 18 Apr 2012 13:34 - 11 of 423

Further to post 8;

'hmmmmm, anyway 1st target met very quickly and now fully expecting 1.6000 to be hit;'


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Update;

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Davai - 18 Apr 2012 18:56 - 12 of 423

Basis for trades, determining the trend first and then look for a retracement, Risk : Reward is 1 : 1 ratio, but using a trend confirmation indicator, it is very high probablity trading;

Example given is obviously for shorts, reverse for longs;

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Davai - 18 Apr 2012 20:48 - 13 of 423

Very clear 5 wave advance on the EurJpy, if this corrective move plays out it will be good to go long and strong;

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Davai - 19 Apr 2012 10:32 - 14 of 423

Yen pairs still trending well even when corrective, in particular the GbpJpy is being very kind to the system, with every target getting met;

Two short set-ups in the down channel. The green arrows are merely to highlight that a retrace normally occurs just after target is met, purely to create a fresh set-up;

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After the last significant high (before the recent low) is breached, we swing long;

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Davai - 19 Apr 2012 14:48 - 15 of 423

Audi is tricky, but possible count;

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Davai - 19 Apr 2012 15:37 - 16 of 423

£ is looking likely nearing a couple of tops (cable and vs Yen) so could start a decline soon.

Davai - 19 Apr 2012 17:19 - 17 of 423

Here i have a long set-up on the FTSE, which went according to plan perfectly.
We are looking for an ABC retrace within the whole corrective move. Once the last significant LH (lower high) is breached we swing long and can look for a flag to form. If this breaks in a certain way and i get a trigger from my 'trend indicator' it is a confirmed set-up. Stop is a pip below the lowest point of the pullback and target is identical distance to the risk (ie; 1:1). Again, look how price gets there by a mere handful of points before retracing. I'm now short too.

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Davai - 19 Apr 2012 18:44 - 18 of 423

Just a spectator to this one as i missed the entry, target of 19,875;

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Davai - 19 Apr 2012 19:20 - 19 of 423

We don't know what shape the next leg of the correction will take yet, so this is highly speculative, however, it certainly appears that whatever form it will be, it has at least now started;

This from yesterday;

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Chris Carson - 19 Apr 2012 19:22 - 20 of 423

Aye good call.

Davai - 19 Apr 2012 19:53 - 21 of 423

Yeh thx Chris. I closed the FTSE short ten minutes ago for +40. Its right on a flagline, which i'm watching closely. I might get a validation trigger candle tonight which, if so, means more short side will be nailed on...

Chris Carson - 19 Apr 2012 20:04 - 22 of 423

I closed @ 5710.5 + 24 cheers again.

Chris Carson - 19 Apr 2012 21:05 - 23 of 423

That was some comeback on the Dow, didn't trade it scares the shxt out of me :O)

Davai - 19 Apr 2012 21:20 - 24 of 423

Lol! Yep, that's why i closed short, still expecting much more downside but will wait to see if i get the set-up in the morning. Dow has been a bit jumpy today though!

Davai - 20 Apr 2012 07:30 - 25 of 423

Further to post 10;

Looks like a possible 1&2 with wave 3 soon;

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Complete conflict to last nights thoughts, however, i don't particularly like the structure of wave 1, with the retrace roughly halfway, however, even if an 'AB' of a corrective move, we should still head higher for a 'C' wave.
Biased long, but a break of either black line will make it more obvious.

Davai - 20 Apr 2012 07:57 - 26 of 423

There again, the FTSE doesn't look similar and looks more like this;

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meaning an ABC on the Dax (with 'C' to come)... lets see

Davai - 20 Apr 2012 09:34 - 27 of 423

Somewhere along the lines of this fits;

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I have a small DAX long with stop at 6630 (pip underneath point 'B')

Davai - 20 Apr 2012 10:42 - 28 of 423

Bigger version of 'A';

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Davai - 20 Apr 2012 14:48 - 29 of 423

Given up on the Euro some time ago. Not trending nicely at all and has an algo in play that gives me an entry right into a corrective move, so straight into a loss almost to stop out before turning. here is a perfect example of this, (despite it looking like a valid set-up, i can do without the stress!) The algo comes and goes, but it hasn't been flavour of the month for a while now;

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