Technical Templates

[spotfx]

If I lose my remaining stakes & my stops get hit on a move back through .9235, I’ll re-assess.

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

You played that uptick nice & cool. Bad luck on the kick back.
Did you plot the momentum back down again whipcrack? or do you limit your exposure to tracking the stronger directional bias only?

[whipcrack]

Hi spotfx,

No, I don’t place any limitations on which direction I’m going to go.

Obviously, I prefer to trigger in line with the strongest bias.
So, wherever possible I’ll try look for buying opportunities on pullbacks in an up trend, & selling opportunities on pullbacks in a down trend.
If prices are exhibiting clear trading signals that I like to trigger off then I’ll set stop-orders up to take advantage of any 2 way breaks.

I set 2 way orders on the Aussie earlier this morning as it flirted with the .9200 round number leading into London trading.

It retreated from the days open at .9317 quite aggressively into the Tokyo session & bounced the .9200 level for nearly 3 hours before falling thru the momentum low.

I’d tagged the weeks open at .9118 as my initial downside level & back up at the days open as my initial upside level if it broke back above the consolidation high.

Follow through buyers were scarse yesterday as evidenced by the reluctance to break above last weeks open.

It’s still trading as an “inside week” so far, & we'll need to see how tonights Asian, & tomorrows early London sessions play out.
No doubt one or two bargain hunters will be tempted out into the open, but we're quite close to last weeks (.9060) lows down here, so it could be a very interesting end to the week

[Joe Whitehorse]

No, I don’t place any limitations on which direction I’m going to go.

I set 2 way orders on the Aussie earlier this morning as it flirted with the .9200 round number leading into London trading.

It retreated from the days open at .9317 quite aggressively into the Tokyo session & bounced the .9200 level for nearly 3 hours before falling thru the momentum low.

I’d tagged the weeks open at .9118 as my initial downside level & back up at the days open as my initial upside level if it broke back above the consolidation high.

Follow through buyers were scarse yesterday as evidenced by the reluctance to break above last weeks open.

It’s still trading as an “inside week” so far, & we'll need to see how tonights Asian, & tomorrows early London sessions play out.

Great work there whipcrack. Nice straightforward, simple analysis & going in with an open mind/attitude certainly paid handsome dividends for you this week.

These momentum moves occasionally kick up a real sweet pay day huh?

All the hard works been done. Simply a case of managing the position now!



The 240 minute chart clearly highlighting where the impulse spike got repelled? Cool yeah?
That’s your next downside target level I shouldn't wonder!

[whipcrack]

Great work there whipcrack. These momentum moves occasionally kick up a real sweet pay day huh?

The 240 minute chart clearly highlighting where the impulse spike got repelled? Cool yeah?
That’s your next downside target level I shouldn't wonder!

Hey Joe!

Well once again, all I’ve done is simply transfer the basic principles of what you’ve been kind enough to share on this thread & slot them into my work plans.

No more need for indicators, no fancy or complex analysis – just stripping the chart back to bare bones with a few important levels for guidance.

I’m really starting to see the logic & benefits of observing the daily & weekly open/high/low levels in tandem with the natural momentum high/low levels. After all, they represent common sense reference points.

I guess if players are looking for potential reaction zones, then what better than an extreme bar point (daily/weekly high/low) or a prior area of inception (daily/weekly open).

Thanks for your continued support man!

I've dragged trailing stops down above the early mornings uplift at .8990
I'm not going to risk a sharp pullback against a 200 pip profit ride, especially with it being a Friday + a holiday in the States. There'll probably be reduced liquidity in the system today & these moves can attract spikey, irregular bursts in either direction.

I'm more than satisfied with this weeks results!!

[goldtop]

I haven't been around on the thread for a couple weeks, but have been toiling away in the background.
Thanks Joe for your kind pm exchange with advice regards setting up a basic template!!!

I got it all down & tight & have been developing it on demo. It's coming along just fine

Some great content as usual guys, nice to see the participation is increasing too!
Take care & enjoy the holiday weekend (all fellow Americans anyhow).

Looking forward to next weeks activity.

[Edward Revy]

Congratulations!
Beautiful stuff, guys, let me be an observer this time

Best regards,
Edward

[Joe Whitehorse]

Prices haven’t strayed far from their opening day levels much during late week trading across the major pairs guys huh?

Barely a few pips difference between Wednesday & this mornings opening ticks. Looks like the thin holiday liquidity might be coming into play a little earlier this year.

Still half decent opportunities off the opening prices as the momentum picks up through prior days high-low levels, but profit taking is definitely quick off the mark along the way as evidenced by these tight intra-week closing/opening levels.

Hope everyone is stocking their accounts for the holiday season!!

Congratulations!
Beautiful stuff, guys, let me be an observer this time

Hi Edward!
Hope you enjoyed your short break in the Swiss snow
I was over in Innsbruck not so long ago (a little hamlet called Sistrans)...really pretty corner of the world.

[carl]

Prices haven’t strayed far from their opening day levels much during late week trading across the major pairs guys huh?

Still half decent opportunities off the opening prices as the momentum picks up through prior days high-low levels....

Certainly not on the Cable that's for sure
Looks like the tug-o-war competitors are psyching each other out!



I was late to the Yens party though. Completely missed Monday's action & only picked $/Yen & Eur/Yen halfway thru Tuesday's London session.

Popped stright out of the Weeks opening blocks & never looked back - nice V shaped trip back down the ladder - shame I wasted a stake on $/Yen at the expense of Pound/Yen

Ah well, it'll hopefully get a little scarier the closer we get to Xmas week!!!

[goldtop]

Prices haven’t strayed far from their opening day levels much during late week trading across the major pairs guys huh?

Barely a few pips difference between Wednesday & this mornings opening ticks.
Still half decent opportunities off the opening prices as the momentum picks up through prior days high-low levels, but profit taking is definitely quick off the mark along the way as evidenced by these tight intra-week closing/opening levels.

In your view, what would be the most important or appropriate data to be aware of when researching & analyzing potential trade set ups?

Everywhere you look around the forum world traders are pushing systems & strategies pivoting around some sort of indicator or math line (Fib, Elliott, Gann etc).

You then have trading channels, trend lines, bollinger bands & starc bands, moving averages & all the other stuff in between.
It’s all fed from the pure price ticks anyway, so why don’t traders simply utilize that simple, basic seed & work from there?

If you had to sum your trade foundation up into a small, neat package, what would it be Joe!

putting you on the spot now

[Joe Whitehorse]

putting you on the spot now:)

Not at all.
Very good question & observations.
It’s all there really in the prior few posts goldtop.
Especially whipcracks last couple posts!

In your view, what would be the most important or appropriate data to be aware of when researching & analyzing potential trade set ups?
If you had to sum your trade foundation up into a small, neat package, what would it be Joe!

In most cases traders make life far too complicated for themselves.
I think it stems from where & how they get introduced into this business (initial impressions & influences) & what their aims & aspirations are at the time, or what’s driving & motivating them if you like.

Most of them possess the incorrect mental hardware to make this thing work. Very few are equipped psychologically to get this trading gig off the ground & keep it afloat for any longer than it takes to blow up several accounts.

They’re looking at the wrong information for starters & they’re also using tools (indicators) that many of them don’t understand.

Wavy, straight, boxed or angular lines don’t direct or influence prices. Neither do channels, bands, dots or any other mental/physical crutch (indicator) you choose to chuck onto your chart.

Certain items like a vertical line separating the different trading sessions or maybe a horizontal line focusing the Weekly or Daily opening ticks are ok, because they assist in visually focusing your attention toward important data, but a chart doesn’t need anything else on there in order to extract profit or manage risk.

If you want to use something sensible & concrete as a guide to where prices are in relation to the major bias or price flows, then observe the Weekly Opening ticks.

The only other line or guide you’ll need is the Daily opening price. Those 2 key items of information will tell you all you need to know about who is directing operations for the current week & specific trading session.

The other (less important) levels to keep half an eye on are the previous day & previous week high/low points.

If either of those levels are compromized, you know there’s some pretty heavy duty influence being exerted out there.

Base a method or strategy around those key elements & you’ll put yourself firmly into the driving seat as far as staying afloat over the long haul is concerned!