The Wallace Trading Method

Sunday for Mon session June 18

12:45pm pst:
". . . 'projections' showed New Democracy winning 29.5 percent and 128 seats
radical left Syriza party expected to come in second with 27.1 percent and 72
seats PASOK trails with 12.3 percent and 33 seats
to form a majority government, a coalition would need at least 151 seats' msnbc
plus winning party gets an extra 50 seats


Oanda's late noon/3pm opening saw the price open at 1.2713 and a H of 1.2733 and
since dropped to 1.2679 , rallied and at 1:45 is at 1.2695

so there's a much extended gap and the price needs to drop to 1.2631 to close gap to
gap, which is around where the HCs of the past week are
the R fibo I'm now using has the 38 at 1.2668 which last Monday's 4H HH came within
a pip of hitting, but closed the bar at 1.2633
the 50 61and 76 levels are: 1.2785 1.2902 and 1.3048 oh, and there's a gap 1.2915 ~

'Much Ado about Nothing' I think, the volatility didn't appear and price reaction nothing
when compared to May 10/10 Greek funding announcement

'Wednesday', you know how the top/bottom is That day/session, but the next has a HH
LL, wondering if that'll happen this week, just something that's bugging me

predictions ? nothing yet, want to see how the price moves during these next two days
and if the Spanish banks come into play, but revising my idea the euro will close up for
the month

attached - caption:
"Joy: A supporter of the pro-bailout New Democracy party celebrates as she watches
the exit polls which suggests they won Greece's cliffhanger euro election against the
anti-austerity Syriza." MailOnline

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Tue session June 19

by the time I'd been able to update and review my charts yesterday, I was ready to
post an update - always a doubtful after-the-fact option

the main point was to ignore the 'higher' R fibo. usually the price will hit a fibo level in
a significant enough manner to legitimize its use. the gap up opening didn't hit any of
the higher fibo levels but did hit the lower one, exceeding the 85 level by about a pip
and with closes about a pip below it on the 15m
likewise the gap lines have been S/R lines and the price has since dropped to the
now mid gap line at 1.2560 , but mainly stopped at the same R fibo 50 level of 1.2556

more downside or an up close ?
the up side a Greek coalition government is formed - enough to produce a rally ?
the down side the Spanish banks audit, a great sucking in of cheeks - you choose
when the 'true' numbers are released

the price on the M has dropped back down to the ml, and the W also turned down

so, back up above the 1.2631 gap line ?

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Wed session June 20

Spain's bank audit has 2 parts: part 1 info to be released Thursday, part 2 has been
postponed from July 31 to September
a succinct description of what's going on by Haydn Shaughnessy - Forbes contributor
http://www.forbes.com/sites/haydnsh...from-spain-and-germany-fueling-the-negatives/
don't know what time part 1 will be announced - watch out ?

and then there's this one:
'EU leaders set to announce €750bn Spain and Italy bailout deal'
by Robert Winnett, Political Editor in Los Cabos, Mexico. 7:19PM BST 19 Jun 2012
"European leaders are poised to announce a 750 billion euro deal to bailout
beleaguered Spain and Italy by buying the countries’ debts."
http://www.telegraph.co.uk/finance/...ounce-750bn-Spain-and-Italy-bailout-deal.html

it looks like there's more upside, 1.2780 - 1.2820 ? latter is the May 21 HH

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Thur session June 21

so far as channel lines go, there's still upside, and thru yesterday's numbers then the
next target would be gap lines which I think starts at 1.2903 - 1.2195 which coincides
with that higher R fibo 61 level, tho the price doesn't seem to have interacted with them

I admit being puzzled by how much upside remains, and for how long it will continue
in fact, another week or at least into next week. this suggest more ups and downs so
a decline to the 1.2631 again into Friday ? and then a 300 pip rally ?

 

Fri session June 22

the second more detailed audit of Spanish banks will be released on July 31

there's every reason to believe the euro's topped, but . . .
the next 4H bar, and perhaps the whole session should indicate if the Down continues
or, goes back up again, and on the M it could. fibo and gap support ? around 1.2519

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Greetings.

So is your method (The Wallace Method) a macro approach? Or is there another determinant to help you trigger your transactionz?

Interesting notes you have. Thanks for sharing.

 

thanks Wide Tailz, you're welcome

yes, macro
the 2 major components of my method are Analysis and Trading - the CL and TP
during the analysis, the CheckList - CL report is completed/written, from which the
TradingPlan - TP is generated, which in turn generates the determinant that triggers
a transaction, or, a 'not yet' determinant - a PT and/or TT and/or W - Price/Time Target
Wave, one or a combo, has not been hit yet

while the above sounds like a neat little package tied up with a bow, pink or blue
my method remains discretionary, so primarily, it's dependant first on how accurate
the analysis is

and

that the Price Time Wave Movement is IRREGULAR . . .

 

Sunday for Mon session June 25

busy weekend and first look at the charts

both the D and 4H look as tho the price is going Down, although the gap line and C
fibo 50 which Friday's lows bounced off give an appearance of a reversal
so those lines are the ones to watch, the 61's around 1.2461 but there's nothing imo
that Confirms downside
there's been some positive news regarding the euro debt, some action being taken
for the whole, and an easement toward Greece, EU summit ThurFri, then the next
week the NFP, so there's some buoyancy as opposed to a lead weight dragging the
euro down, at the moment . . .

 

Tue session June 26

yesterday's low didn't hit or close on the 61 - amended: 1.24635 - so it's possible the
price will drop to that level, and if it does it possibly won't rally until the eurites have
started trading

if you want some details about the EU/ECB summit, go here:
http://www.forexfactory.com/calendar.php?#details=43711
find Thursday: 'All Day - Eur EU Ecnonomic Summit' and click on the folder icon

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Wed session June 27

while the C of the higher tf charts closed above the 61 , the 15m had an AB base with
the Cs closer to the 1.2460 price than the fibo level; the spike thru the 61 was a 5+K
order/s being filled

believe today will see an up close; this session singularly or with others could be a
correction formation, or may see the price close an Up week around the 1.2690 area
the price has to go back up thru gap lines again, bit nebulous but a consideration

the price could of course not go as high as I'm thinking so an R fibo provides a 50 at
around 1.2592 and 61 at 1.2627

don't believe the price is coming off again, but . . .

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