Technical Templates

[Gator]

I may be turning bearish with you, that zone is beginning to look like a stopper

[midgely88]

I may be turning bearish with you, that zone is beginning to look like a stopper

Patience grasshopper!
If you read carefully through the material you'll discover many, many times where they advise folks to "go with the flow" until the flow trickles to a dribble.
If you're trading momentum cycles (especially hourly ones) then until at least one lower high followed by a lower low prints, the current cycle is still valid.

EUR/USD hasn't printed an hourly lower high-lower low sequence on this move up yet since beginning of November, therefore there's no reason to begin shorting it unti it does.
As has already been noted, 3550 is the decision point on this current leg. If it holds & breaks, the move is still valid. If it holds & rejects, look for a lower top & grab a value short if it sets up in sync with your usual trigger.

[Gator]

Hi midgely thanks for the advice, I do need to have more patience and read through the thread in depth. I've only skimmed over it so far. I understand what you're saying about the higher highs and lows, so we are still trending until that is broken.

[Gator]

Hi midgely thanks for the advice, I do need to have more patience and read through the thread in depth. I've only skimmed over it so far. I understand what you're saying about the higher highs and lows, so we are still trending until that is broken.

Well it turned out to be a stopper and a big down day after all but this was news related and I wasn't trading it. I did get a small stopout on GU however, you can't win em all.

[speedbump]

Well it turned out to be a stopper and a big down day after all but this was news related...

Quite a lot of it usually is & accounts for a good percentage of cycle violation.
If it's a game changer then you'll always get opportunities to engage a change in trend as the contrary cycles begin to pick up momentum in the opposite direction, if it's not a game changer it's simply a case of waiting on the sidelines until you obtain a clear signal to re-engage the previously dominant trend.

Either way, patience rewards the opportunist!

[kipper]

The over-riding lesson from the quality material contained within these pages is waiting patiently for the potentially higher probability plays to reveal themselves & then riding them for maximum value.
Last Saturday (November 16) speedbump posted this:

If I quickly scan through my Daily timeframe menu the only obvious, standout pairs trading established trends recently which have tempted me in on (long only) hook plays are GBP/CAD & GBP/JPY.
For me anyway, the majority of pairs out there at the moment are either chopping between recent swing levels or transitioning from one cycle to another.

He identified 2 candidates from all the available pairs that were displaying established directional momentum from his primary background charts & presumably waited patiently until they offered set up & trigger behaviour via his secondary foreground charts to trigger another long bet in the direction of the primary trend(s).

Both those pairs tacked on a further +2.25% (350-400 pips) last week affording low risk/high probability opportunities reflecting perfectly the type of preparation & execution presented within the content of this thread.

The hardest part of this game is patiently sitting on hands until those potentially higher probability opportunities come into view whilst ignoring the choppy, low quality candidates - but the rewards are usually well worth the wait.

[traderguy]

Charts are from 2009, when the market crashed..got anything new?

Checkout this site in the meantime
http://www.nyse-stocktrading.com/

[Gator]

That's a nice gain on those pairs. So you mainly look for the ones that are in a strong trend? Despite getting into the holiday season, I'll be going through charts looking for an opportunity.

[Sarah Foster]

That's a nice gain on those pairs.
So you mainly look for the ones that are in a strong trend?

Both those pairs added a further 2.5% last week to compound the previous week's nice accumulation action, which isn't unusual when some of these crosses gain traction & go on a run.

The whole ethos of this approach is based on identifying the characteristics of a bias or trend & only trading to the correct side (or the prevailing strength) of that developing price action behaviour until it runs out of steam or you've achieved your individual objective for that particular bet.
If it's not trending or at least showing signs of establishing a potential bias then it's advised to leave it alone & go in search of something that is. If there's nothing of interest on the charts, then you sit on the sidelines until there is.

If you're smart you'll pay attention to their constant references to developing & practicing the key attributes of patience & discipline & only engaging when the optimum conditions dictate you do so.

[bigdog]

EURUSD has been moving up (slowly). Not the best candidate in terms of daily range or trending ability but here goes.

1H chart below. For me its a long only (buy stop) from 13610 based on the most recent 1 hour momentum high as a trigger.