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

Hi, are you still looking for a 1.22 high for GBP/EUR prior to a fallback or do you think its running out of steam?

Hi Shortie,

It's got me a little unsure, so i currently have no trade on the EG. Would i be right in saying that channel line you're referring to is IT's automatic system?

I have a channel line, but it's very weak and wouldn't really use it with any confidence and according to mine is still 150 odd pips to our south.

My only theory is that both Cable and the Euro are about to head North, but Cable, moreso, thus i am still biased short for the EG...

Problem being, i need more than a bias to take a trade! If i see owt, i will post it.

Regards.

I find myself now turning into a bear again for both the Euro and for Cable. So soon after posting the opposite last night!

Ok, but not before we are due a decent abc pullback after this current cycle plays out...

Previous possibility that we have seen a truncated C wave;



Eurusd-could-we-see-a-short-c-wave-fibonacci/

Truncated C waves are very confusing, however, it now appears it could be correct and we have a 5w minor short forming;



http://fxtechnicals.net/2013/05/eurusd-dive-dive-dive/

Cable channel now turned resistance;

Previous;



Later, channel line break with some minor PD developing;



Now res;



http://fxtechnicals.net/2013/05/gbpusd-quick-update-position-closed-and-now-waiting-for-more-pa/

This makes the EG an even tougher call. I think cable will head lower throughout the rest of the year (with the usual pullbacks along the way), but i have no idea right now which will be the weaker of the two between the Euro and the £...

Hi Davai,

The pink line above was from IT's auto system which I happend to agree with. I look at a combination of technicals, ichimoku clouds, your elliott wave system, candels & MA, before deciding what I think. Within EG though I am switching views almost daily on the technicals but think Euro will weaken overall looking at economics.

I gather the ichimoku clouds are popular, yet will confess, i know nothing about them. The thing is, i could easily over-complicate things for myself and i'm finding i really don't need to...

I try not to tie myself to any particular chart. I often have dozens of trade ideas, but that doesn't mean i trade them all. I look for something which looks obvious and presents a low risk, decent reward ratio. It takes discipline and patience, but that is the ultimate key to being profitable imo.

For example, a Swissie trade that i banked earlier. This from the 21st April;



Usdchf-corrective-wave-finished-and-more-upside-to-follow/

The ABC was staring at me like a gift, following a 5w impulse cycle, thus we know we will have another to follow, update from earlier;



http://fxtechnicals.net/2013/05/usdchf-swissie-updated-chart-what-a-ride/

The Swiss does look very nice Davai, must confess I've been spending too much time messing about with the GBP/JPY on hourly charts to pay much attention to anything else. EUR/GBP is a favourite of mine to trade hence I'm always interested in other peoples views. I'm new to your Elliott Wave system but feel that if your charting agrees with my own then there is less risk in taking a position than if we disagree.

Yep, nice one.

When i first read about Elliott Wave, i couldn't understand it at all. I completely dismissed it as a load of crap! Then some time later, as i learnt about a flag trading system, the necessity to learn the basics of EW came apparent.

In the end, i found the flag trading system was simply not mechanical enough and needed far too much user input, (there's a word i'm searching for to describe this, but i'm damned if i can think of it right now!).
Hence i needed a greater knowledge of EWP to know what likely phase the market was in.
In the end through concentrating on that, i realised that there wasn't really any point using the flags anymore!

A little further down the road and i personally think EWP is simply the best method for deciphering market moves, but that's after many thousands of hours study and countless mistakes along the way. The learning process never really ends!

GbpNzd;

Original plan;



http://fxtechnicals.net/2013/04/gbpnzd-more-upside-in-c-wave-for-short-term/

Current;

'Discretional'

That was the word! I swear i'm gonna be an Alzheimers sufferer when i'm a little older...

I have a nephew who would like to explore FX trading (something I don't really do).

Can anyone recommend a demo account provider other than CMC or IG?

Skinners,

It's a minefield! He's welcome to message me through one of my websites - there's a contact form at Forex Broker CashBack if he wants to ask any questions.

Thanks Hils,

I'll pass it on.

Ooooops, hadn't looked in for a while...

skinny;

Oanda or FXCM are prob good bets.

OANDA is a market maker. That's OK if you're happy to trade against your broker, I suppose. Personally, I'm not.

And here's one VERY GOOD REASON why not to touch FXCM with a bargepole.