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.'








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!

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

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.

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

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;

Aye good call.

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...

I closed @ 5710.5 + 24 cheers again.

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

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!

Further to post 10;

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



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.

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



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

Somewhere along the lines of this fits;



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

Bigger version of 'A';

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;

Didn't think this was likely when i thought about it earlier, but now seems it is a possibility;

Poss daily count, Euro;

Alternative Dow;

Looking for a bullish day on Monday to give a nice set-up. here i'm looking for an hourly candle to finish at 6775 area and give a target of low 6900's, within the next two sessions...

Obviously complete contrast between the last two charts, so i need the market to show its hand. Will post an exact set-up as it happens. No trigger, no trade. Discipline and patience are equally as important as reading charts in a traders world.

Fridays action on the Dax (in particular) was puzzling if it was indeed to be as i had labeled it (a 'i'&'ii' leading to (sub)wave 'iii'), (bigger red circle);



Although powering up in the morning, there was simply no continuance. I was expecting something like i have shown, but instead we got the action within the blue circle, which was at least a red flag so to speak.



I closed the long and although i was tempted to re-enter as it drifted down in the evening, i thought it better to wait for more evidence.
Well, from the off this morning it looked like the alternative count was indeed the way forward, (this on the Dow, but they all make the main moves roughly in conjunction with one another);



Sure enough i got a short trigger on the FTSE at 08:01 and would consider we have quite a way to drop over the coming week. Perhaps a little too early to make that assumption, so the first requirement is a LL on the Dax (6529 req'd)