Technical Templates

[jcpfx]

Hey 2Taps,

if you've had a great week, then repeat after me "I will not allow yesterday’s success to lull me into today’s complacency"

Aussie for me is in neutral at the moment and will turn into a long stance above 0.9700 so we'll see!

Just a quick question: for someone (like me) that thought Cable was worth a punt this morning, was there any "logical" entry that anyone would have considered?
I was personally thinking that a break of friday's high + pullback would have been right but unless one played the 5240 level straight with a LE, there wasn't really an appealing entry to me. Anyone have a different view?

Thanks & good luck!

[kipper]

Just a quick question: for someone (like me) that thought Cable was worth a punt this morning, was there any "logical" entry that anyone would have considered?
I was personally thinking that a break of friday's high + pullback would have been right

What's an LE?

The immediate background criteria looks ok if you're considering an intraday bet I guess - prices stair stepping up on the hourly & pulling back etc.
So if you can obtain a decent stop loss placement that matches your initial profit level, it's up to you if you fancy a pop at it.
The only dark cloud for me is the fact it already travelled 90% of the average range this morning into the 5280's so from an intraday play that would rule it out for me personally, but your risk, style & plan criteria might/will be very different to mine.

Plus I hate Cable.
It's a scrappy, particularly volatile pair especially when trying to play it from an intraday stance.

[jcpfx]

What's an LE?

Sorry, my bad for being lazy on the keyboard A Limit Entry. There are some traders (not from Tech Templates) that advocate the Limit Entry criteria in order to hit the bid right at a level you expect to hold, or hit the offer on a resistance you expect will hold. I had tried it a while back, but it was not my style of trading.

The only dark cloud for me is the fact it already travelled 90% of the average range this morning into the 5280's so from an intraday play that would rule it out for me personally

That was my reasoning as well. And also I diddn't insert the stop entry at 1.5252 just now, because of the US ISM number due. It would have worked, but it's always a real coin flip going into important releases.

Plus I hate Cable.

Fair enough!

[jcpfx]

Well, it was quite the session today!

Tomorrow we should have a plethora of opportunities, as the following currencies have a strong bias:

1) EurUsd Long
2) GbpUsd Long
3) UsdCad short
4) AudUsd Long
5) UsdJpy Short (new entry)
6) EurJpy Short (new entry)

EurAud, GbpAud & AudJpy are now in neutral stance. It was to be expected, after such impressive trends.

Lets see what tomorrow has in store for us.

Good luck to all!

[jcpfx]

Evening everyone,

today put into discussion some of my favorite pairs. I tried to hop on the EurUsd on the break of 1.3080 today, but scratched it a while later as there was no follow-through.

I was really bullish the Aussie until this morning, when 9700 diddn't hold. My focus then turned to the possible resumption of AudJpy which I entered with a stop entry at 96.65 and took half off at yesterday's low (96.25) with a b/e stop on the other half.

Given today's action, I would expect EurAud & GbpAud to come into focus tomorrow as well. The Euro may still show strength if it doesn't fall below 1.3050 overnight.

[speedbump]

Every one of the spotlight pairs mentioned over the past few weekend pre-open summaries have once again rotated back into dominant trend mode jcp, so patience & discipline has been rewarded.
Like the guy's say, wait for price to offer a higher probability set up opportunity, identify a consistently successful trigger on your timeframe of choice & if the risk is acceptable, take the trade.

It's not like there aren't plenty of available & likely pairs to choose from at present.
Leave the ones that are iffy & play the ones that are showing most promise.

[jcpfx]

Every one of the spotlight pairs mentioned over the past few weekend pre-open summaries have once again rotated back into dominant trend mode jcp, so patience & discipline has been rewarded.
Like the guy's say, wait for price to offer a higher probability set up opportunity, identify a consistently successful trigger on your timeframe of choice & if the risk is acceptable, take the trade.

It's not like there aren't plenty of available & likely pairs to choose from at present.
Leave the ones that are iffy & play the ones that are showing most promise.

I agree speedbump, and gradually things WILL fit into place.

I did miss EurAud & GbpAud this morning however. Prices had already covered 50% of the ADR when I got to my screens at 7.30 CET so I refrained from entry (bad mistake).

I am currently in an intratrade drawdown on EurUsd, as I put up half a position on the break of yesterday's highs with a stop below today's low. I have the same setup on GbpUsd which did not trigger yet.

I am also in an EurCad long, which looks a lot better to me:

[jcpfx]

Update: closed 1/2 position at 1R on cable, stop on EurUsd & EurCad.

[jcpfx]

Update: closed 1/2 position at 1R on cable, stop on EurUsd & EurCad.

While I admit, in hindsight, that the 1st EurCad trade was poorly planned (1H was still not cycling higher), I am a little (a lot!) disappointed with the second attempt of the 1H 1-2-3 off 1.3530 (slipped 3 pips on data - acceptable for me) with a stop at 1.3502 (slightly below today's low). I took 1/2 position off at today's highs on the first impulse move for 0.5R but was stopped out of the rest...only to see price move in the expected direction

Same thing with Cable... where I had brought my stop to par on the second half and was stopped out.

The only acceptable stop in my view today was the EurUsd upon failed break of yesterday's high. The other 3 trades had to be managed better.

Hope you jumped aboard some easier (and more satisfying) trades today!

[Sarah Foster]

The only acceptable stop in my view today was the EurUsd upon failed break of yesterday's high.
The other 3 trades had to be managed better.

What were your objectives (day trades or rollovers) today with those trades jcp & how differently or better do you think you could have managed them?