The SETUP and the Chuvashova Fork

bullshit

Moved target to 161.8 as Alligator is very strong.

Here is how the trade went:

A weak bearish SETUP formed after the 100 target. (Weak because AO is above zero.) I figured I could maybe try for the 161 target bu the pullback concerned me so I took profits as shown on the chart.

Since then we have had a sideways correction and a new bullish SETUP is forming, so I just entered as trade on it. (I have illustrated it in blue.)

Note the bearish Chuvashova Fork (red) and how it and the white line of the weak, bearish, SETUP coincide.



Now, we have to wait for U and P to form on the blue SETUP to project its target, quite likely at the 161.8 of the previous bullish SETUP.

I would have traded this a bit differently but I had to be away form my computer. You can try this, go to a LTF and check out what happens around the 100 target level on the M5 chart, a bearish SETUP but a really messy correction on the M5 scale.

As I am writing this a bullish Chu Fork showed up. You can see how this adds a bit of extra analysis (when it works.)





Here is a little present for everyone. It will draw the green and red lines on the chart that I said I would use a few posts back. It is actually pretty good for helping with the HH HL LL LH stuff. You really have to do that yourself and not rely on an indicator, but this is as good as I have found so far, Like the Chuvashova Fork it sometimes gets things right but you have to know when it is wrong.

Live trades ... warts and all.

Good thing I had my stop in place. I had to be away for a few hours and when that happens and you aren't there to keep an eye on things, this happens.



Not one that I could have caught with any degree of confidence on any time frame.

Small position, tight stop loss, small loss.

Next.....

Hi Wab,

Thanks for your insights and trade examples.
Nearly all of my trades today went bad, I don't think I'm all that good in counter trends, or at all, but I am trying, sometimes it works wonderfully but some days like today I have to feed my small account so that it won't die
Everything that looks super great for me is turning upside down. I think my entry points are to be blamed. Just when I think I've found the U, it either goes further down or up and I'm no longer sure in it but already in a trade that goes bad for me.

I will provide some charts tomorrow (I got my huge SL on the UJ taken, seeing the reversal makes me cringe but this is learning even if it's real money).


Thanks again.

Try these videos for some HH HL LL LH and also hh hl ll lh input:







This one is really good IMHO.

(This one is good for low cost re-entry of major trends from a micro trend AKA a correction or a counter trend.)
Look at how he uses the minor trend to find a minor e line. (Though of course no none but me uses that term.)

Another really good one. I feel like I am talking to myself as I listen to these.
You should be able to pick out the E lines. SETUP, E lines. etc. are just my way of trying to standardize this stuff so that it is easier
to analyze and discuss.

Finally, here is a Renko chart showing a minor trend (or a correction if you like.)
It is labelled in lowercase: hl hh, ll, lh, after a LL bottom works its way up to a LH.
A counter-trend (or micro trend) e line, the CT e line tells us the LH has formed and
we need to go short to get back in phase with the larger down Trend.



It will make senses if you persevere. The last two videos are really good.

Ficibald, the low cost entries really become possible as you gain skill with this.
Entering a HTF main trend on a correction with a LTF SETUP and its CT e line is extremely powerful.

As mentioned earlier in the thread, watch the HTF Alligator and when price touches it look for the LTF SETUPS.

Hi Wab,

Thanks for the videos, I'll watch them later when I get back from my walk.


I'm attaching GBPAUD, if its too cluttered let me know and I'll clear out the fib.
As I read it, the E line was broke, P was formed and we were heading for a bullish SETUP.
Then U got higher (I think) and a new lower P was formed and there went my trades.
Disregard the short trades as I was hoping it'd go down more.
Still have pending order, if P breaks the T I'll remove them.

Hi Wab, and everybody
Thank you for the content here and the detailed explanation of the SETUP system and the examples given. I've only recently discovered this thread, but I've been following it with a lot of interest over the last couple of weeks.

I have a question for you, and I apologise if this has been answered and I missed it. Does the SETUP only work on forex or stocks as well? Does this system also work on more volatile markets, such as crypto markets?

If it only works on forex, can you please give a brief explanation as to why it doesn't work for other markets? In this case, can adjustments be made to the system to allow it to be applied elsewhere?

Thank you and keep up the good work!