Technical Templates

[grantyboy]

Thanks for the insight Hawkmoon and also validation that I've been looking at the right pairs. With the exception of GC I've been keeping tabs on all those (plus AU). I've had 3 losing bets and 1 winner but mainly due to a lack of follow through with the low volumes and what appeared to be strong moves turning on a dime and either stopping out or I've intervened.

My primary focus this year is discipline and patience so here's my first test.

[jcpfx]

Hey Granty boy,

it might be useful to throw up a couple of charts to show what you're doing and how you're doing it

This week we've had some good moves in NzdUsd, NzdCad, GbpAud...were you able to jump on any of these? My latest stab was at NzdCad this morning, just after 9AM CET...ultimately ended up a scratch trade as it backed away from 9180s but hey, it was worth the shot following the trend.

[grantyboy]

A couple on my watchlist from Sunday background work but will re-assess this evening for London Open as I'm wary of trading Sydney / Tokyo session on Mondays.

- GBPAUD(long)
- AUDUSD(Short)

Unfortunately only time to post one pic at the moment..

[grantyboy]

Hey Granty boy,

it might be useful to throw up a couple of charts to show what you're doing and how you're doing it

This week we've had some good moves in NzdUsd, NzdCad, GbpAud...were you able to jump on any of these? My latest stab was at NzdCad this morning, just after 9AM CET...ultimately ended up a scratch trade as it backed away from 9180s but hey, it was worth the shot following the trend.

Oh and yes I took some profit from GBPAUD action during early last week's trade but got a bit overzealous and gave some back later in the week by trying to chase the action after the AUD and GBP prints.

[grantyboy]

EURUSD was another on my watchlist (looking for shorts) and seems to be shaping up but will give it some time for the market to show it's hand after last Friday's negative USD numbers.

[speedbump]

Don't forget the Canadian Dollar pairings.
USD/CAD & GBP/CAD are continuing to honour their trending cycles & USD/CAD especially offered very acceptable pullback opportunities last week.
Keep a keen eye on those 2 + CAD/JPY particularly if 94.50 fails to hold up.

[grantyboy]

Thanks speedbump and USDCAD is the last on my watchlist

[grantyboy]

One trade yesterday on GBPAUD as illustrated below. The ADR was high and I could have taken profits at 30 pips but am trying to take a longer term view and therefore decided to let it run at the highs from last week. Unfortunately it didn't keep going which may have been partially due to the well below expected CBI Industrial Order figure but subsequent action indicates some resistance at that level. Closed it out just above b/e. While it didn't deliver a solid profit I was still satisfied with my trade overall. Missed USDCAD while watching this trade though.

[jcpfx]

Hey Grantyboy,

i've seen those trades before...in my own blotter! I've made almost every mistake in the book..so here's what i did different yesterday as i too was in GA. I saw the divergence on the 1H chart since the 4H pricing was still bullish. We were bouncing from a logical support area/round number 1.8600. I waited for the sub-hourly charts to print higher lows and in particular we got a 15min 1-2-3 formation, where i inserted an entry order. My stop was below the day's low. I bailed up at the recent highs in the 8730s.
To me, you were pushing the ADR letter a little too much up there, especially close to a stiff resistance. A little better would have been to wait for the pullback to the overhight high in the 8670s, targeting another push towards the stiff resistance. You would have also had indicator support to engage there.
Also, by managing on a 5min chart (another thing i've tried) chances are that you will over manage your trade. You will get out because the 5 min trending action is over...but it's just an intraday spoof for some reason or another...the main levels that need to be compromised in order to seriously doubt your planning are bigger: 1H evident swing points/consolidation areas and current day high/lows, asian high/lows...etc... prices that have a meaning to them for more than intraday players.

Hope this helps!


1H CHART

15MIN CHART

[grantyboy]

Good points JCP and should have relied a bit more on the ADR staying true (which it did). I'm still keeping a close eye on trades at 5 mins as I like to gauge the momentum behind the trade in those early phases. Once under way and clear of a resistance / support zone, I'm more comfortable with scaling back but you've given me some food for thought. Thanks.

Edit: The shortlist has been revisited since the start of the week and now in no particular order I'm watching: GBPAUD, GBPCAD, GBPNZD and EURCAD