Technical Templates

[whipcrack]

I appreciate your very detailed responses, you obviously go to a lot of trouble to answer queries & for that I'm grateful.
Thank you.

You’re welcome. Just as long it helps & doesn’t hinder.

No, definitely not. In fact I went through all of the majors yesterday, marking off the key momentum levels on my hourly timeframe according to their primary trends on the Daily chart.

I identified 3 pairs that looked more promising than the others that I intended to watch & after the pullback action during the London morning trading, I set up my watch levels as detailed.

EURUSD long at 1.4992
GBPUSD long at 1.6751
AUDUSD long at 0.9353

Given the fact the Pound usually returns the highest daily ranges of the majors, I chose that to trade & triggered in long during the New York trade session earlier as it traded through 6751.

At that point it had moved only 83 pip off today’s low of 1.6668, leaving approx 80-90 pips of it’s 175 average daily range still remaining!

To tell the truth, before stumbling on this site/thread I wouldn’t have given a second thought to preparing this type of analysis. But when you sit back & take your time to really look at what’s going on, it makes perfect sense.

This really is top notch information.

[spotfx]

This really is top notch information.

Agreed.
It's simple, effective analysis.
As the guy say's, actioning the high probability trades as often as you can, will ensure you're continually stacking the odds in your favor.

You can't do any better than that.

Nice trade by the way. You caught a good follow through pop on the back of that pullback

[whipcrack]

Thanks spotfx

Hope you guys are trading safely out there. I've dropped the sma & rsi indicators off my charts completely now. Instead preferring to simply show the weekly & daily high, low points & the weekly & daily opening price.

The basic premise that Joe has expanded on here from that original strategy is simply 'trading in step with the main bias' & you don't really require anything else except a little guidance as to where the price action is in relation to the weekly & daily opening prices.

If it's trading above those levles, & the larger daily/weekly bias is positive, then look to buy dips.
If it's trading below those levels, & the larger daily/weekly bias is negative, look to sell rallies.

It's early doors as yet, but it's certainly improving my discipline in waiting for the potentially higher probability entries to come into view.

[Joe Whitehorse]

I've dropped the sma & rsi indicators off my charts completely now. Instead preferring to simply show the weekly & daily high, low points & the weekly & daily opening price.

If it's trading above those levles, & the larger daily/weekly bias is positive, then look to buy dips.
If it's trading below those levels, & the larger daily/weekly bias is negative, look to sell rallies.

Now you’re cooking.

Of course, you’re right. Price is all you need & you could do a lot worse than to keep those levels high on your chart screens.
If you can continue to keep it that simple & basic, whilst managing to make sense of what you’re attempting to do, then life will be a whole lot easier for you going forward.

I’ve compiled your price guides onto this weeks Cable chart.
If you combine them with the momentum levels (in line with the bias), you’ve got a couple solid choices to engage wherever your risk & probability angles signal you in.

Either via the daily/weekly high-low levels as price gets pushed through them, or via the momentum high-low levels as price penetrates & continues up/down the ladder.

Just think about what’s occurring as these important (daily & weekly high-low) levels come into view. Those are the levels to watch & gauge for reactive volume shifts as buyers & sellers look for fair value agreement or structural imbalance.

If there’s sufficient momentum built up leading into the level, there’s a high likelihood the move will grow legs, particularly if the level also harbours a visible prior momentum high-low reaction.

[whipcrack]

Thanks for that. Yes, that’s the type of scenario I’m referring to & is a very nice example of how to pull it all together!

I actually played the AUS/USD based around my comments & analysis.
Daily bias is up.
There was a strong bullish closing hourly bar playing out as London opened yesterday morning. It was being supported at a higher low off the weeks 0.9118 open & therefore also showing strength above Monday’s low ticks.

It pulled back again last night after London closed, but didn’t threaten my stop-loss level at all. My initial target level was that hourly momentum high at 0.9270, which it’s reached this morning after showing good strength away from today’s open at 0.9185.

I’ve taken some profit off at .9270 & pulled remaining stops up underneath .9235, now looking for .9330 the next momentum high on the hourly.

I’ve seen a lot of folk use midnight gmt as the day’s open, which is probably a popular start time for pivot calcs?

On a seperate note, I've downloaded SnagIt & played around with the parameters. It's a very good screen capture software, thanks for recommending it. When you capture your charts, do you use the regions or the fixed regions in the input column in order to size your chart uploads?

I'm good with Tiny Pic, but just need to configure the SnagIt boundaries before attempting to post up a chart or two!!

[carl]

On a seperate note, I've downloaded SnagIt & played around with the parameters.
When you capture your charts, do you use the regions or the fixed regions in the input column in order to size your chart uploads?

The regions tab in inputs will allow you to capture a specific part of your chart or image whipcrack. So if you have your chart on full calibration, you can snag a small, medium or large portion of the image & save it as captured in your doc files. You can even re-size the image again from the original capture if you want to split it.

It's a very flexible piece of kit.

[Joe Whitehorse]

I actually played the AUS/USD based around my comments & analysis.
Daily bias is up.
There was a strong bullish closing hourly bar playing out as London opened yesterday morning. It was being supported at a higher low off the weeks 0.9118 open & therefore also showing strength above Monday’s low ticks.

Sensible choice
Yeah, the Aussie is still a strong buy on dips candidate. You really can’t ignore the follow on strength & you won’t get into too much trouble picking those types of trade opportunities.

I’ve seen a lot of folk use midnight gmt as the day’s open, which is probably a popular start time for pivot calcs?

The 17.00 NY (22.00 London) clock is a long recognized slot in wholesale circles. It’s also the interest rollover/settlement marker across the brokerage desks.
I’ve never bothered with pivots, so I’ll have to take your word on that one.

When you capture your charts, do you use the regions or the fixed regions in the input column in order to size your chart uploads?

What Carl say’s goes for me too whipcrack.
I use the regions option in inputs almost exclusively, especially for this type of screen capture & posting. It allows me to scroll & size the exact boundary of the chart capture without stretching it out of focus.
You’ll find that’s all you’ll require in most instances.
I don’t use any filters on the captures either. If you’re posting up similar charts to the one’s I’ve been displaying, then the basic “regions” setting will do the job ok.

[whipcrack]

Thanks for your comments guys, most appreciated!
Ok, I think I got the capture thing down.
Here goes…

Hourly charts focusing in on that Weekly Open & higher low ledge I mentioned earlier showing that rejection (bullish) bar. 2nd hourly chart highlighting my potential target levels.

[shona123]

I’ve taken some profit off at .9270 & pulled remaining stops up underneath .9235, now looking for .9330 the next momentum high on the hourly.

That’s been a very smart location to hide your stops behind today whipcrack. Are you intending buying any more of it if/when it busts through today’s momentum high at 0.9300?

Eurusd moved in lockstep with the Cable this morning too, taking out last weeks high at 1.5015 to break through to fresh yearly highs. Plenty of buy orders being bartered this week huh?

[whipcrack]

Hi Shona,
Well, it gives it enough room to breath, whilst locking in a bit more profit on the remaining stakes.

I like to stick them behind technical levels if at all possible. It doesn’t always work, but if there’s sufficient strength behind the momentum, then the stops shouldn’t get hit too often.

Are you intending buying any more of it if/when it busts through today’s momentum high at 0.9300?

I’m going to wait see how the price action reacts to any follow through advance on today’s high before deciding to add to the position. I’m happy with the entry & risk I obtained already & I’m sat at in a pretty good seat watching it all play out for now. If I can get a pullback entry beyond .9300 I’ll add more.

If I lose my remaining stakes & my stops get hit on a move back through .9235, I’ll re-assess. If it pops through today’s highs & takes out my 2nd target zone I’ll simply move my stops up & track it towards last weeks highs at .9400

All I can do is manage my risk & track the prices!