Day Trades follow up summary from yesterday’s comments.

AudUsd. Dead Cat Bounce suggested – maximum available +110 pips

UsdJpy. Dead Cat Bounce suggested – maximum available +169 pips

NzdUsd. Dead Cat Bounce suggested – maximum available +124 pips.

AudCad. Yellow Box 123 reversal alert – maximum +150 pips

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This week has been another amazing week for pips, with the maximum available on short term trades being +1485 (+1785). (These pips are reported individually in each day’s summary and are based on the previous day’s alerts). Additionally there was between $1700-3400 on the YM trade earlier in the week (nothing extra included for the meltdown later in the week), and nothing extra included for the DAX continuation. Please remember we are not counting any additional pips that may have been gained in falls associated with Thursday’s melt down which could have netted another 1300 pips on Aussie alone.

There were 3 potential losses – UsdJpy – I have taken 100 pips off to allow for a potential stop loss hit this week, although we have had a very good run of maximum +665 pips for long term holders based on the original purple trace alert point. EurJpy was a suggested scalp trade that didn’t work out (due to the meltdown) but in case anyone took this I have deducted another 100 pips, and GbpUsd didn’t retrace as expected so I have allowed for a possible loss of 100 pips.

Important note. We always report the maximum number of pips available each week from our trading alerts, but this is if you entered and closed the trade at the maximum. We know that no member would be able to achieve that exact amount, but there is no perfect way to calculate the figure as many members use different techniques for entry and exit, and some are happy with 50 pips when others want to reach for the moon. Feedback we’ve had from our members indicates that they typically make from 10-40% of the maximum available, so in an 1485 pip week, they could get somewhere up to 600 pips.

Lincoln FX is often ahead of the pack.

We alerted DJIA and DAX potential reversals zones early for our members

March 25th – DJIA we alerted Head and Shoulder topping pattern.

April 20th we said – Looks like DAX could soon roll over

Here’s EURO which we gave on 26 March 2010 -  fallen +750 pips

Here’s Aussie which we gave 23 March – fallen +450 pips

Very good move from this trade with a maximum move of 340 points which equates to a maximum of $US1700 on one mini contract. The DJIA full contract is $10 per index point – so $3400 on a full size contract

1.00  YM index point=$5.00.

1.00 DJIA Full Contract index point = $10.00

The YM futures market is based upon the Dow Jones stock index, which is one of the primary stock indexes of CBOT (Chicago Board of Trade) in the US. The Dow Jones index is calculated using the prices of the included companies and a divisor that is published by CBOT. The YM futures market is traded on the ECBOT electronic trading system, 24 hours per day from 6:15 PM Central Time on Sunday night to 4:00 PM Central Time on Friday night. The YM futures market has a daily trading volume of approximately 75000 contracts, and a daily price range of approximately 50 points (50 ticks).

Alert given 29/4 as below

It took a few days for this idea to come to fruition but yesterday saw the move anticipated (see previous chart) with a maximum fall top to bottom of 313 points. If my calculations are correct that equates to a maximum of $US7800 profit on one full contract.

The chart indicates the potential for continuation of south move from any reversal pattern occurring around Kijun-Sen/Kumo resistance (yellow box zone), with Chikou support shown on chart below (green lines)

No confirming pattern on this one at the moment, but there is always a chance of a 123 appearing in the yellow box, so a reversal pattern in that area may give a clue to direction.

Updating the chart. Looks like this could soon roll over

The Dax may be in a uniform channel which would indicate the possibility that the index might be close to a turning point. Any reversal pattern and move south could see a test of the Kijun/Kumo below.

Updating chart for our members who trade SP

The 4 hour chart shows the possibility of a [The forex alerts and charts are protected for Trader Membership members and above. Join us to see all content]

Updating the chart from the 12th March.

Action arrived at yellow box for circa 20 points = $5000 profit on one full contract, or $1000 profit on one e-mini contract (so far)

For the big contract (SP), there are 10 ticks in a point, and each tick is worth $25, making a full point worth $250. For ES, there are 4 ticks in a point, and each tick is worth $12.50, making a full point worth $50.

BTW – You can use the tag cloud on the right hand side to view all ‘SP500′ posts

I mentioned on the 4th “potential building for printing an Evening Star, although still 18 hours before candle end a more confirmation needed to be totally sure that a top is in.”

That pattern did not complete as you can see in the diagram below invalidating the Purple Trace. It always pays to wait for the completion of any candle pattern before considering a position. As you see once the candle closed it gave a completely different (bullish) picture with also an Ichimoku buy signal appearing – all 3 elements confirming (yellow spots).

Ichimoku buy signal appeared with the 3 elements confirming.