The Wallace Trading Method

Thur session June 28

at 1:25pm the price is hanging on the 61 like a kid on monkey bars. what it does tho if
the C is on the 61 is form an AB base and potentially, a small rally, but possibly lots of
sideways movement during the next 2 sessions until the ECB summit is concluded and
whatever statements made

and then looking at the D, wonder if the price will just drift on down to the 85 which is
around the 1.2335 , then again next week to another lower 85 around 1.2322 , which
at that week's Friday forms an AB on the D, although the price could just as well drop
all the way down by this Friday

and then again, that D AB could just be part of a correction prior to more Down

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Fri session June 29

the price didn't hit or close on any fibo level of any of my charts, but did hit various chnl
lines at the bottom, so I suppose that's good enough

the rally's already started and I expect it to continue thru this session and C up for the
day and week, but then I'm sometimes overly optimistic

if the price does go up, it might only go as far as the 61 1.2463 , 1.2490 or all the way
up to the gap line/50 around 1.2520 , and depending on what news is released during
the rths, might break that 1.2560

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Sunday for Mon session Jul 2

this will be my last post for a while

the journal has done its job again, helping me make additional steps forward
now I want to implement what I've learnt without the distraction of updating the journal



there's 2 news events this week to take note of:
will the ECB drop the EU rate from 1% to 0.75% , lower ? Thursday 8:30am EST
NFP on Friday 8:30am EST, consensus 90K and range of 35K - 167K which is quite a
spread, plus whatever 'revision' might be announced

I don't expect the price to stay up until the end of the week but top during this session

price targets: 1.2836 , 1.2910 , 1.30

then there's not going higher than the recent highs, around 1.2740 , since I consider
the price formation these last few weeks a correction that will be completed today

breakdown levels are around 1.2290 then 1.2195

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Sunday July 8 for the Week of July 13/12

it's difficult now getting much useful info from the D chart. the price has entered that
zone where not that far away is 1.1875 the next downside target, and then the 'last'
support area around 1.1700-1.1650

on the W the price stopped on an ml, the same one the price closed on last w of May
and rallied from; but the price on both the D and M is below their mls, so while some
sort of correction might be expected, there isn't much to suggest one yet, tho I have to
mention that that formation looks like it might be a base. continued Downside

between 2008 and 2010 the $ formation appeared to be a correction suggesting the
price might drop and break below .71 . by mid 2011 the $ based, since rallying and
breaking thru the last outer down line of one set of chnls and about to do the same
on the first of the last two that have relevance. up chnls have the price below the ml
and the breakthru area is around .855-86 , then resistance levels up to .925 before
the $ goes into free space and breaking the last outer chnl line, into the stratosphere

Oanda no longer offers 24/7 trading: http://www.forexcrunch.com/oanda-closes-weekend-trading/
alternate source for weekend quotes: http://www.xe.com/currencycharts/?from=EUR&to=USD

gone quiet hasn't it
ECB President Mario Draghi testifies at the European Parliament tomorrow, does he
or questions result in mis-speaks ? then on Thursday the monthly ECB Bulletin
in between on Wednesday is the release of the US FOMC Minutes

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Sunday July 15 for the Week of July 20/12

the price has played with the 50 , closing on it on Wed - 1.2238 , below it Thur and just
above it Fri at 1.2248 . the XE.com site shows the current price 1:45pm pst at 1.2273

the likelyhood now is that the price will continue to rally thru this week and reach the
61 R fibo level of 1.2490 , possibly higher to the first gap line at 1.2519 , and possibly
continuing the rally into next week, possibly, breaking the 1.26s to form another up leg
in this correction that began at the beginning of May

there's the possibility of the rally lasting into August and the NFP as a TT turning point
a slower price rally to the 1.27s reached, completing the correction formation scenario
and then down from there

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hi Bernard. no, I'm fine, and not withstanding last week's post, I probably shouldn't
have started posting weekly but like to post. later
 
I didn't realize there was an early closing today

I'd 2 trades going, Sell 1 6E at 1.3329 and Sell 1 M6E at 1.3329 . the 6E trade was a
daytrade and depending where the price closed, the M6E might have remained open

at 1:12pm pst the 6E trade was closed 'externally' by AMP because there wasn't
sufficient margin to hold the trade overnight. after some time, one of the AMP reps
told me the market had an early closing, also the reason NT wasn't updating. 'oh'.
the Econoday calendar usually states there's an early closing but didn't this week
but bottom line, I've only myself to blame. the trade made 7 pips but I'll be paying
AMP $25 for closing the trade + the comm. not sure if Globex is open for trading on
Monday, but had I known about the holiday I'd have closed the M6E since while this
is a Days-to-Days-to-Weeks - DDW - trade, I wouldn't have left it open with a no
Globex trading day on Monday and spot running wherever it wants
so, not a particularly auspicious re-start to the journal

I don't plan on writing a daily update as I did before; what I will be doing is posting
the M6E trades after I've entered them. these trades are intended as BuyandHold
or DDWs in my lexicon, but I may trade the corrections if I'm awake at the time and
able to take advantage of such trades
the other addition is to Close the trade and wait out a correction, re-entering the
trade in the direction of the trend after the correction is judged to be complete
M6E $12,500 contract ~ daytrade: $100 ~ overnight: $330 ~ rt comm: $1.99 (?) via AMP

I was thinking/expecting for the price to run down to into the 1.3270s, maybe the
1.3250s, however it's likely (I hope if there's no Glbx trading Monday) that that won't
happen until Tuesday
my analysis is that leg 3 of a correction is going on rather than the Mon to Thur/Fri
top being a reversal formation
the price down to the '1.3250s' , the trade will be a Buy with a target in the 1.3620s
breaking Wed's LL of 1.3256 may mean the Sell is still on, plus a re-analysis

I may also post daytrade profits/losses
the DDW trading is something I haven't done before, not really sure why I started
today and in the middle of a trend, except to say it may have to do with resolving
something I'd been thinking about, as well as thinking about re-starting these posts
once I started the M6E DDW trades, as I now have . . .
 
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