Technical Templates

[whipcrack]

Morning everyone.
Happy new year & all the best for 2010

Back in the saddle this week & just got my first trade of the year away on gbpusd.

Watching 3 pairs this morning; eurusd, eurjpy & the gbpusd as they toyed with the earlier asian momentum highs.
Cable was the first to react & I’ve taken a long off the initial break & pullback at 1.6108

Prices trading above the Weeks open, so looking for longs only at this point.
I marked my potential ‘long’ trigger marker leading into the London opening ticks (15minute chart).



and entered on the pullback of the initial break. (5minute chart).
Stop loss is back 20pips below the lowest of the pullback bars at 1.6088
If it grows legs, I'll trail up underneath the 5 minute peak lows.

[whipcrack]

JimmyMac, formally of Babypips fame by any chance?

One & the same I’m afraid.

Hi Jimmy!
I followed your posts (along with Tess, Jocelyn & the rest of your colleagues) over on the Technical Template threads too. Some of the best technical material I've ever read on a public trading forum.

Great to see you over here. I hope you'll have time to contribute to the thread.

Do you know Joe from a previous professional life?
This is another terrific thread. Real simple, yet pretty cool material to assimilate & execute.

[Joe Whitehorse]

Morning everyone.
Back in the saddle this week & just got my first trade of the year away on gbpusd.
Cable was the first to react & I’ve taken a long off the initial break & pullback at 1.6108

Prices trading above the Weeks open, so looking for longs only at this point......entered on the pullback of the initial break. (5minute chart).

Well played whipcrack
eur/jpy & gbp/jpy both popped out of the break-high momentum blocks this morning too, so you were certainly watching the right grouping.

Hi Jimmy!
I followed your posts (along with Tess, Jocelyn & the rest of your colleagues) over on the Technical Template threads too.
Do you know Joe from a previous professional life?

I've traded one or two accounts with Jimmy, another of their colleagues (Art Krantz) & Jocelyn back a few years, & we bump into one another now & again!
Yeah, those threads across there make pretty good reading don't they.

[whipcrack]

Trailing up underneath the 5 minute troughs from this mornings entry, & if the usual lunchtime profit taking plays out, the trade will undoubtedly attract some heat



Just got taken out at 1.6165 on my trailing stop for a 5.5% gain this morning.
Nice kick-start to the year!

This level (6160-70) is only 65% of Cable’s average days range, so there’s a bit more potential upside to this move if New York decides to take up the slack, but I’m happy with events today!

See what tomorrow & the rest of the week provides.

I've traded one or two accounts with Jimmy, another of their colleagues (Art Krantz) & Jocelyn back a few years, & we bump into one another now & again!

You've kept some very classy company then Joe!
Nice to know the thread is being marshalled by a quality player.

[goldtop]

Just got taken out at 1.6165 on my trailing stop for a 5.5% gain this morning.
Nice kick-start to the year!

You sure picked the easier ride today whipcrack
I decided to play eurjpy & gbpjpy. Both ok from a % return perspective, but man, that eurjpy was one frustrating grind up the ladder

A shame they didn't move up during London trade as fast & as smoothly as they moved down in New York trade.
Still, life would be boring if it all went to plan every day

[spotfx]

Unfortunately I was too late firing up my workstation this morning to catch this one, but it set up nicely as it rejected today's open & broke down through the weeks open.

Nice orderly pullback too
Currently reacting/bouncing off 65% of it's ADR at 132.70 (similar % level reaction to whipcracks gbpusd from y'day).



Any of you guy's (whipcrack?) continue the break & pullback on gbpusd again this morning?

[shona123]

Any of you guy's (whipcrack?) continue the break & pullback on gbpusd again this morning?

AUDUSD also fulfilled the criteria this morning (weeks open .9278 & days open .9291), so I shorted that pair on the pullback through the weeks open.
I fluffed the entry a bit by legging in late (filled at .9257)

I’ve scaled out 2/3rds for +30 & pulled the remaining stake to breakeven, as the 4-hour pricing still appears favorably strong, but we’ll see.

.9130-50 as a fallback level would suit me if it cares to oblige!!

The GBPUSD just looked a bit choppy to me. It broke above the days open as London geared up, but then proceeded to flop around for the next 2 hours so I left it alone.

[whipcrack]

Any of you guy's (whipcrack?) continue the break & pullback on gbpusd again this morning?

Hi spotfx,

Yeah I took a stab at it via the pullback entry (2nd break of the days open) through 6115.
Got stopped at 6138 (trailing via the 5 min troughs) about an hour later.

I agree with Shona, it's a tad windy on that pair today. Shame you didn't catch that ride on the eurjpy earlier - it's motoring through the gears this morning & into New York trade!

[carl]

Decided to join the upside momentum party this morning folks….up & at em with everything well prepared to try catch any further bullish continuation on this pair.

Still only considering the long side as price remains above the Weekly open.

My buy stop order residing at 1.6210 to take advantage of a break up thru the Tokyo highs, & above the days open back at the dotted line (1.6167).

I have my protective stop loss tucked back underneath the minor pullback at 1.6190 for now, & will move it up as & if the move develops to reduce my risk & lock in profit.



I’ve got this area up at 1.6350-1.6400 as a possible upside supply level from the 240 minute chart if the momentum continues to attract buyers on the Pound.

[Joe Whitehorse]

Nice trade carl. Last weeks high rests above here at 1.6240, if it can scale through there with minimal effort it ought to head on toward your 4 hour marker.
You got a real good value risk placement on that buy order. As long as you try to execute your trades with that kind of risk balance, the trades that move aggressively in your favor will more than compensate for the losing positions.

You guys are homing in on some pretty decent risk % plays now. Looks like this type of set up & prep strategy is suiting one or two of your styles? Keep it going & also keep it simplified - you don't need any more preparational material than you're currently utlizing.