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!

Click HERE to visit me at FXtechnicals.net

The further clue is that point 5 breaches the prior LH...
It doesn't matter what phase it is, whether it is the whole 5th to come etc, the minimum to expect after a 5/3 is another 5 regardless if impulse 3,'X', triangle etc... If you have it wrong and it was abc of larger 'A', we still have 3w 'B', so pips are safe!
When it as clear to follow as earlier, with the 100% level also meeting channel line, it is nailed on pips in the bank...

Can't help thinking we are a whisker away from a major top for the Euro, poss already hit a moment ago. Ok, so i'm not in the business of calling a top, the trend is up until confirmed different, but there is certainly a count which makes this the Y of the second set (Y of Y), i will run some fibs about in a bit, but in any case, here is the current 5w regardless of which cycle we are in;

Prediction at the turn of the year;



and so, perhaps Y will be a fib level of W, we are near to the 76.4% and coincides with above 61.8% projection;



The problem being we might only have reached the first set, either way we should be set for some downside imminent as at least an X wave.

Ok, lets see if this works, long on EJ for what i perceive as a 5th of this current cycle, tight stop and 12,440 target;

Wow, cable has been really bugging me for a couple of weeks now, but it's truly a case of 'seek and ye shall find'!

I was expecting what i considered was still the 3rd in the channel to hit a fib level of wave 1;

(yesterday);



It didn't manage that as i had it labeled, now however, i have a fresh count which indicates a full 5w move finished and we are not in a 4th right now, but actually an A (of abc) of which we will correct the full 5 waves. The fresh count hits all its fib levels to the pip, so very exact and why i believe it to be correct. Cable can be a cracker sometimes for this, despite the structure being a little difficult to determine;

This why i will only trade a 'C' wave unless i can get in right at the end of the 5th, a couple of possibilities;



The higher count would tie up a retest of a former channel line, so quite poss...

Possible end of 'A';

GJ, possible end of cycle;

Closer inspection makes this pullback a minor 4th, so higher to come later... 14,450/70 target area. Also have higher poss at around 12,465 for EJ too.

Have been run down with a cold lately, nothing major, but its surprising how tiredness affects you, feeling brighter this morning and a bit more on the ball.

I like this following chart a lot, it means higher to come yet for GJ before finishing the overall 3rd wave, (after a pullback minor 4th today and ignoring last nights chart!), this also coincides with my Cable call that we will print a B wave today (as of last nights chart, post 282).

Currently long EJ and trialling what i hope is a fantastic trading plan to be able to ride 3rd waves, small posi, but hoping this will prove itself... more about that later, but here's the chart to work to;



The reason i like it is because of the fib's. EW means little without them. The reaction at 300% of minor wave 'i' for top of 'iii' and then the minor 'v' hitting its 50% level as well as the top of the channel for end of wave 1 etc... lets see...

Post 282, Cable;



Update;

He he, what did i say earlier....? I'm not here to pick a top! I reckon we could possibly see a top very soon for Dow, wouldn't like to say how significant, just keeping an eye on some fibs converging at 14,070/80 as per previously posted...

That doesn't mean i'm recommending shorting it at that point, trend is up until proved otherwise...

Looking at a possible top of 3rd in the EJ possibly tonight (at the rate its going!);



Difficult one, cos you would expect a reaction at a round number anyway (12,800), but that fib confirms a 3rd and not an overall top...

Dow, if this is a top of a degree, there is lots of time to get short. Somehow can't see this rise ending in a fast turn around, there is too much momentum and printing going on, so i am now actually doubting it, (compared to when i posted up in Jan), but that's how it works, nobody thought we could get here so fast, remember, 'you don't want to be fighting the trend', there have been far too many bears around to keep feeding the flames.
Now we are here, everyone is bullish, perfect time for the rug to be pulled... Who know's? I posted 14,070 a few hundred points ago, now its close, maybe it will carry on. There are a plenty of other targets further up it can head too yet...

03 Jan, I have conflicting ideas for labeling;



and more recent, 23 Jan;



Going by the first count, we will certainly have further to go, 14,070 is 138.2% of wave 1 (if it can be labeled in 5), but it would be normal to expect 161.8%, so a few more hundred poss... Hmmmm, right now my head is scrambled from an arduous day and i'm about to have a nipple.... errrrrrr i mean tipple.

Like i said, don't fight the trend. none of the above really matters! Buy the pullbacks, until it breaks a prior reflex point and starts making LL's/LH's...

Thing is i need a 'C' wave back up for cable early next week, oh the possibilities are endless!
Post 281, i showed a zigzag correction and also an irregular, the other poss was a flat, which is what it currently looks like printing. If it has a couple of up day's early next week, i will keep a watch for a likely turning point. If it all works out, short the crap out of it cos its heading to 1.25...

Likely bounce points for Cable, for further proof;



If a miscount, any upturn will only be in 3w, but a further retest of the previous top channel line would make sense.

Like i said, i don't like to try to call a top, usually end up looking silly, but we are 70 pips away from my target suggested a couple weeks ago (14,070). Now look at this for the S&P. This is an awesome chart with fib relationships working perfectly everywhere. It doesn't however, give me more than the top trend line of the ending diagonal for a top, until i go down the timescales, i have a rough guesstimate at around 1525/30ish (50%fib at 1533), but with the strength around at the moment it would lead you to think it will be a rolling top as opposed to a spike, if we are indeed thereabouts. Who knows, maybe N.Korea will kick start proceedings and then debt will become the overall proverbial straw?!

Audi weekly;

Just in case, (for the not so familiar with counting and impulse/corrective etc); it means this is a large overall ABC 5-3-5 corrective move, of which we are very near the end of the 3w B, we have 5w short to come. This doesn't mean it has to be like the crash of 2008 and doesn't even have to drop so far. minimum would be 50% though. Being a C wave it could be an ending diagonal and last for years...



The caveat is as to whether the crash of 2008 was the 'C' wave and thus we are now in an impulse move. In which case, this simply wont stop climbing. I like the corrective count especially the way the fib ratios work, however, as i keep stressing, the trend is up (until it isn't!). I doubt anyone would want to work on a 1/2/5 year timescale and besides, if we do see a 'C' wave back down, which turns out to be an ending diagonal, it could take years and see many massive upswings along the way...

Its buy the ABC pullbacks until it doesn't work any longer and then we find a different sequence of impulse moves short (LL's/LH's).