Technical Templates

[Carll]

I assume you’re using some of the well documented levels & zones on here as your trade management guideposts?
I’m eyeballing previous day & week high-low levels….obvious previous swing rejections from the hourlies….average days range percentage limits.

If the move away from my entry is rapid & well supported, I’ll trail via either the swing tops/bottoms on my entry timeframe (the 5 min), or by the peak-trough action on the 1 min timeframe.
The latter option works especially well when prices really open out & move with good, solid momentum.

So far I’ve only needed to use either of those two options. I use the average day’s range as a guide to price extensions & possible trade exits.
To be honest, the majority of the trades have lasted less than 4 hours from entry (the London mornings action). But when I do trail them up or down, I'm always aware of the average daily range numbers & levels.

Are you recording your trades & progress with the strategy Carll? I mean other than pulling the info from your trade station records.

I transfer my end of day trades across to a spreadsheet (attached):



I also update a log of the relevant info to give me a detailed feedback of my current & future progress (also attached):
Both will help to highlight, focus & tweak areas of the strategy that might require closer scrutiny & even out the changes in market conditions.

[jack mason]

There are perfectly good opportunities available throughout the 24 hour trading clock, & the Yen pairs will obviously be active during their local session.
Just demo & test it out across the differing trading shifts.

I've been focusing solely on this set up & trigger combination for the past week & I'm really happy with the returns & the simplicity of it.

I've traded it across 3 pairs:
GBPUSD, USDJPY & EURJPY from last Wednesday through to today & it's triggered 9 trades.
5 wins, 2 losses & 2 break evens (minus comms), for a 6.74% uplift on my account after expenses, risking a max 1.5% of the account.
I've missed a couple of decent trades too, so the overall scenario is very positive indeed.

I need to do a little work on the trade management aspect, but on the whole, I think it's a superb little strategy to hook into the momentum of a pair once you can get the right side of the flows.

[whipcrack]

I've been focusing solely on this set up & trigger combination for the past week & I'm really happy with the returns & the simplicity of it.
I've missed a couple of decent trades too, so the overall scenario is very positive indeed.

Good for you Jack. The structure of the entries that Carll & yourself are using to engage the market hasn't changed, it's simply that you're dressing it up a little with the moving average & stochastic primer to help shine a light on the more practical area's to focus your attention on. Kind of like a torchlight in the dusk

I need to do a little work on the trade management aspect, but on the whole, I think it's a superb little strategy to hook into the momentum of a pair once you can get the right side of the flows.

Making use of a pairs average daily range will offer you a couple of very simple, yet effective options, if you're not already observing it?

If you stick to the majors & the pairs that attract good intra-day participation you should be fine for using the ADR as a prompter for extensions of moves. You'll find most of them cover their range quite consistently & they definitely print at least 65% of it virtually to the pip as prices roll into the New York action.

You could use that as a primary or secondary confirmer alongside whatever else you're utilizing to assist with trade (as well as exit) management considerations?

Fire off a pm to JimmyMac. If you ask him nicely he'll put you onto a real cool item of kit that will mark out those key levels on the chart for you.

If that aspect of the strategy is all you got to worry yourself about, then you're on a sound footing in my book!
Don't rush it, it'll all click into place in good time.
Ask plenty questions here if you're stuck, folks will help you out & get you back on track if you slip!

[Hermes-x-3]

Navajo, Jimmy, Spot, Goldtop, Shona, Whip, Jack, Carll, JJay

Where is everyone ? I have been here daily and i cannot seem to find you all for a few weeks.

I just want to say i have been a silent observer of this thread and its trading style, in addition i have been demo trading and
working my way to find my footing with it. It is my intention to understand and implement this style and way of trading.

Reason being, it makes a great deal of sense to my mind. Now that i have said all that i hope i can be a contributing factor to
this thread, if you guys do not mind a neophyte sitting at your feet, thank you.

[Joe Whitehorse]

Hey Hermes,

I think folks are still around, they're just getting on with their trading & keeping their heads down.
The structure & generics of this type of market execution is very simple in it's concept that it doesn't really require regular input to the thread.

Jack appears the most recent novice to trading judging by his comments & posts & he appears to have grasped the concepts ok from what I've witnessed. I don't guess there are too many questions that need addressing once you're able to determine the price action bias for the day (providing there's a clear indication), & repetitive posts/charts just get kinda boring after a while

But please feel free to post up your comments & charts etc. I'm sure you'll attract responses from the regular contributors. I'm pleased it makes a whole lot of sense to you. As you've observed, it's not particularly complex or difficult to assimilate.

Find a bias for the day (or week), find a simple, uncomplicated set up & trigger combination to get aboard & let your trade management do the rest!

[Carll]

Where is everyone ? I have been here daily and i cannot seem to find you all for a few weeks.

I just want to say i have been a silent observer of this thread and its trading style, in addition i have been demo trading and
working my way to find my footing with it. It is my intention to understand and implement this style and way of trading.

Hi Hermes,
I’m still alive.

As Joe mentioned, there’s not really too much that requires repeating once you’ve got a handle on the directional bias & your own individual set-up & trade primer.

I personally still only watch 3 pairs;
gbp/usd
eur/usd &
eur/jpy.

I pick the pair that’s displaying the most obvious & clear bias for the week or the day & then stick with it until it flattens out.

Nothing complicated, just looking to take advantage of clear momentum whilst paying attention to the usual price action signals such as potential support & resistance levels & peak-trough behavior.

Cable has been the clear bet this week.
It topped out on Monday up at 1.5500 when it failed to make a new higher high. That’s a real big psychological figure & it took a hit up there last week too.

I didn’t trade it on Monday, preferring to wait see how it played out & just biding my time until I got a clear signal to take a bet on it.

That happened on Tuesday as price again failed to make fresh highs & instead began forming lower highs & lower lows on the smaller timeframes.


The bias then became clearer (via this 15minute chart view) as the natural price action bias printed lower highs & lower lows during Tuesday & Wednesday, further confirmed by the moving average sloping down & acting as decent resistance all the way down.
As long as a clear bias exists, it makes the entry decision all that easier (in this case, selling rallies) until the bias flattens out & changes direction again.


Again, Wednesday’s London opening prices signalled another short entry with my trigger highlighting a clear set-up.


Price is clearly finding some solid support area around 1.5140 where it attracted demand both yesterday afternoon & during this mornings Tokyo session. It’s dropped 4 big figures this week already & it’s therefore not surprising to witness some profit taking & re-adjustment.

But for now my personal bias is still to the short side until price begins printing higher highs & higher lows, so I’ll continue to look for "short" opportunities until I get unseated or price begins consolidating at support & the moving average flattens out.

[Hermes-x-3]

Hi Joe / Carll,

Thanks for the response, it just gets real lonley out here at times, just need a little company here and there

even just to say howdy, and here those valuable inputs from you all.

[jack mason]

i have been a silent observer of this thread and its trading style, in addition i have been demo trading and
working my way to find my footing with it. It is my intention to understand and implement this style and way of trading.

Reason being, it makes a great deal of sense to my mind.

It also made a lot of sense to me when I first came across this thread Hermes, which is why I now trade it exclusively & am experiencing great consistency with my trading for the first time since I started taking more than a casual interest in this business.

I've browsed literally dozens & dozens of strategy & system threads on different forums, but this one ranks as one of the better quality ones out there.

I use the exact same set up as Carll on my 60 & 5 min charts.
I guess I’m still leaning on that indicator crutch to a small degree, but at least I’ve now been instructed how to use the moving average & stochastic combination correctly.

I’m only observing 2 pairs eur/jpy & gbp/usd, but they offer more than enough opportunities over a typical weeks trading.

March & April have provided excellent trade set ups on both pairs since I started using this strategy properly & I’m really looking forward to the rest of the year!!

At last I don’t have any complicated or contradictory analysis to perform. There’s either a clear bias when I switch on my monitors & look at the 60 minute chart, or there isn’t. If there is, I drill down into the 5 minute & await my signal, if there isn’t, I leave it alone & come back later or wait till the next day.

No more chasing the market or taking half assed entries in the hope of playing catch up.

[Hermes-x-3]

Jack,

Now, i have browsed many forums myself, (in addition to paying for online so called one and one tuition) but i can say this from the heart.
The moment i came on this site it seem as if a great weight was lifted from my back, then i came up on this thread and that was the ahha
moment. (I had given the big guy "market" a few dollars well).

You see all those indicators and other things that crowd a chart just did not make any sense to my neophyte mind. What i could certaianly see
was a pattern at certain areas on the chart, i did not know why but i ask myself why the market price seem to have these patterns ?
So i would draw these lines me being very cemetric and spatial minded, not understanding the foundamentals of supply and demand in a
marketplace.(that am working on)

I would spend hours just observing not understanding what was going on. I could clearly see that some numbers 00-25-50-75- seem to attract the
price, along with the patterns. At this point i still dont know and i might not need to know, as long as i utilize it for my benefit, wouldnt you say ?

There are some realy brilliant mind on this thread and am very much in gratitude for there contribitions, my journey might be long and and my pace slow
but at least there is some clarity to it all, i thank you all so very much, i do hope soon i shall be able to give something back to this or some other thread,
also take some profits I have printed this thread, bound it and i even read it on the airplane as how my travels take me.

Edward Revy, don't need and added thanks from me its all over this site but i thank him anyway, Navajo Joe, awsome man with such humilty

Complexity breads confusion, simplicty grace and elegance, (Navajo) where money is concerned.

Warm regards to all.

McLemmond (AKA Hermes)

[spotfx]

i have been a silent observer of this thread and its trading style, in addition i have been demo trading and
working my way to find my footing with it. It is my intention to understand and implement this style and way of trading.

Hi McLemmond,
How's it going? Are you managing to put together a workable plan & model based on the generics of the thread content?

What type of strategy are you demoing & which pairs do you prefer to observe?
Some nice volatility upkick the past week or so to get stuck into huh?

That's one of the benefits of trading to a model like this, it offers & throws up plenty of tradeable opportunity regardless of the conditions!