Forex Strategies Forum

[strobe]

Unless I'm misreading the lie of the land the alternative trigger that bigdog highlighted & you further confirmed kyle, is simply another example of a pullback within the context of the larger timeframe trend or bias.
After all, the bias is already in play.
All we're looking to do is enter on a continuation of that trend/bias which is what the material on here already focuses on anyway.

You're not misreading anything kipper. It really is as logical & straightforward as you assume it to be.
The one major benefit I've found from studying their material is the fact they constantly encourage the reader to stay faithful to the core basics of price action as they present it (trading in sync with the primary trend/bias via directional momentum) & keep your analysis simple & uncluttered. Also the set ups & triggers they present are based on logical, repetitive sequences that present themselves regularly at key levels & zones on the technical chart.

The result of that technical chart simplicity means you can comfortably scroll through a wide selection of pairs & other instruments to identify higher probability candidates instead of limiting & confining yourself to one or two pairs.

From what I can see, identifying these extreme pullback opportunities as they're taking shape on the 1 & 4 hour charts allows plenty of time to drop down into the smaller timeframes & wait for the usual entry triggers to try & locate acceptable & keener risk placement.

Exactly.
The triggers can be different & diverse but the core structure & framework is always the same. That principle instils discipline & consistency which, in my view is crucial when trading a discretionary approach.

If it obeys the basic structure, look to identify & locate a suitable entry point & manage it according to your specific objectives.
If it doesn't obey the basic structure, leave it alone & move onto something more appropriate.
In other words....don't force it, let it come to you!

[kyle morgan]

From what I can see, identifying these extreme pullback opportunities as they're taking shape on the 1 & 4 hour charts allows plenty of time to drop down into the smaller timeframes & wait for the usual entry triggers to try & locate acceptable & keener risk placement. After all, the bias is already in play. All we're looking to do is enter on a continuation of that trend/bias which is what the material on here already focuses on anyway.

Hi kipper.
As strobe mentioned, the core price action basics they've presented are based on logical, consistently proven & actionable events. There are no grey areas or subjective observations that can trip you up. Either price is conforming to the criteria they've advised or it isn't.
If it is, then all you need to do is bring the set up/trigger mechanism into play providing it adheres & complies to the average daily range & time-of-day parameters. And that's all the analysis I plot when identifying potential entries & exits.

That's why it's best to follow a good selection of instruments & only plot the very basic bias criteria on your charts. I have the prior & current weeks opening prices (highlighted by a vertical line) showing on my chart to easily plot the key high-low levels.
I only look to take bets with the current bias/trend & use the stochastic on my 5 & 60 minute charts to help confirm probable higher odds/lower risk entries in line with that bias - that's it.

I then wait for price to pullback to clearly identifiable support/resistance zones, wait for the set up & trigger combination to signal me in, & as long as I can establish decent risk with good potential reward I take the bet.
It's the same criteria everyone else on here (& on the Tech Templates threads) follows.

The long AUD/USD trade entry example you highlighted yesterday kyle was obviously stopped out as it dropped back to the 1.0425 area, but that zone is a very clear resistance level from virtually the whole of last week which acted as solid support yesterday on the 1st real test.
It also offered another long entry opportunity during yesterday afternoons London session, trading with the current bias, on the break of the bullish 1H bar above 1.04473.

Yes it was stopped out. And yes, it offered up not one but two further bullish trade opportunities last week on pullbacks to clearly identifiable support/resistance zones with stochastic hooks on both the hourly & 5 minute charts.

If the current bias isn't compromised there's absolutely no reason not to continue trading with the dominant bias/trend.
Therefore I'm only interested in trading longs until it rolls over & changes bias.

It's the same right across the board.
I now follow 12 pairs with decent ADR's + the major indices, oil, gold & a few high volume individual shares (goog/rimm/BAC/Amazon etc) using the exact same setup/triggers taught by Tess, her colleagues, Joe & these guys. It takes me approximately 10 minutes each day to quickly scroll through my 4 hour charts to see which instruments are displaying likely potential.
I then pull out 2 or 3 of the better performers & focus on those for the upcoming week trade opportunities, keeping tabs on the others as & when they begin to display promising set up potential.

[zilly]

As strobe mentioned, the core price action basics they've presented are based on logical, consistently proven & actionable events. There are no grey areas or subjective observations that can trip you up. Either price is conforming to the criteria they've advised or it isn't.
If it is, then all you need to do is bring the set up/trigger mechanism into play providing it adheres & complies to the average daily range & time-of-day parameters.

I only look to take bets with the current bias/trend & use the stochastic on my 5 & 60 minute charts to help confirm probable higher odds/lower risk entries in line with that bias - that's it.

I then wait for price to pullback to clearly identifiable support/resistance zones, wait for the set up & trigger combination to signal me in, & as long as I can establish decent risk with good potential reward I take the bet.

Good post kyle. It reinforces & summarises the concepts perfectly.
That Aussie analysis you reiterated yesterday has set up according to these conditions right on cue with these last couple of positive hourly bars.
A doji, followed by a bullish trigger bar has prompted a 1,2,3 entry on the 15 minute chart in line with the current bullish bias on this pair.

Plenty of upside average days range potential with very keen risk below the 3 of the 1,2,3 @ 1.0535 in case it fails to kick on.

[bigdog]

Looking for a 1-2-3 long entry on EURUSD 5 Min chart.

Primary bias is long.
ADR is good.
I have support/resistance marked at 1.3100.
New York Open is fast approaching.
1H chart has stoch < 20.

[goldtop]

That Aussie analysis you reiterated yesterday has set up according to these conditions right on cue with these last couple of positive hourly bars.
A doji, followed by a bullish trigger bar has prompted a 1,2,3 entry on the 15 minute chart in line with the current bullish bias on this pair.

Looking for a 1-2-3 long entry on EURUSD 5 Min chart.
I have support/resistance marked at 1.3100.

It's very much a "risk off" environment out there today guys, so watch yourselves & mind how you go.

The ratings agency (Fitch) put Aussie banks on their negative watch list prior to the opening of this weeks market zilly, so that's been weighing on prices into Monday's action.
I doubt you'll get much headway on that bet today, so your tight stop to check that bullish 1-2-3 bet is a clever ploy. That'll limit any damage for sure.

Depressing activity this morning on the european stocks markets aren't helping the eur/usd make any concerted bullish push either bigdog.
All eyes & ears will be trained on the beginning of the EU summit today too with Greek & Portuguese debt the focus of intense scrutiny. Traders will be looking for continued good vibes from the European finance heads first before laying out any more big bets.
Nervous start to the week all round which is intensifying the risk-off stance.

[xerb]

Sensible advice from goldtop regarding today's price action. I've left it alone today until the environment offers up a more solid footing to get back in a long position in line with the current dominant bias.

As these guys so constantly remind us, there'll be plenty of time & opportunity to hop on the train when it confirms it's done checking out lower demand.
Unsurprisingly, the average daily range extremes came into play down at the day's lows & if you were seeking out any price patterns or trigger opportunities then a cursory glance at those numbers would have revealed a very familiar sight!!

Apart from the tentative 'risk off' stance today accompanied by the reasons goldtop highlighted, there was nothing else of any real significance to suggest this pullback price action was anything more than a sedate profit taking exercise & the coverage of the ADR coincided with the bottoming out of today's activity.....something which the regulars on here shouldn't really be too surprised about

[kyle morgan]

Giving this one a whirl right around the 1.3180 entry level.

Bias remains to the upside on the 4 & 1 hour charts.
Entry at the pullback level represents just 35% of the days range, leaving plenty of available upside.
If it covers the ADR that would take it to slightly above last weeks & friday's highs beyond 1.3240, offering at least 3:1 odds with a 25 pip/1% stop-loss back below the lower line on the chart @ 1.3155.

Those kind of minimum odds are more than acceptable to me in order to test more potential upside.
If price manages to push up beyond last weeks highs I'll look to see if there's any further mileage in the trade & manage it from there.
If it fails & stops me out, I'll re-assess, based on market driving influences & wait for another positive odds opportunity to get back in again.

[jack mason]

Nice entry kyle, good luck with it.
I was reading last night where Tess mentioned good demand for Euro, Aud & NZD into month end fixings both in Asia & Europe, so that should help support the longs that were triggered during yesterday's New York session.

I've been eyeballing the continued long bias on nzd/jpy, & the twin short bias on eur/nzd & usd/cad previously mentioned on here for opportunities this week & settled on the usd/cad short option mainly influenced by the inability to break back up through strong prior support (now turning into resistance) at the 1.0050-70 zone.
A nice topping set up yesterday during London & New York trade with dual stochastic hook confirmation on the 60 & 15 minute charts was enough confirmation to take the trade.

As you say, there's plenty of choice available across a wide range of candidates to offer a good selection throughout a typical weeks trading.

[kyle morgan]

I've been eyeballing the continued long bias on nzd/jpy, & the twin short bias on eur/nzd & usd/cad & settled on the usd/cad short option mainly influenced by the inability to break back up through strong prior support (now turning into resistance) at the 1.0050-70 zone.
A nice topping set up yesterday during London & New York trade with dual stochastic hook confirmation on the 60 & 15 minute charts was enough confirmation to take the trade.

That's a far more sensible & cleaner set up than this sloppy old Euro trade Jack.
That'll teach me to get involved in a pair with such contrary & conflicting background influences.

Until they get some solid agreement on the next level of debt financing commitments this thing is simply going to get bounced around on the back of nervous, twitchy headline output.

[whipcrack]

That's a far more sensible & cleaner set up than this sloppy old Euro trade Jack.
That'll teach me to get involved in a pair with such contrary & conflicting background influences.

You'll get a bit more bang for your buck playing this european slop fest via the indexes kyle.
I note you mentioned shares/index candidates in your previous post, those are certainly viable options to dial into when your favorite currency pairs are slopping around in lethargic trade.