Technical Templates

[Sarah Foster]

You're welcome Sarah. I'm no expert, just putting into practice what I've learnt & am continuing to learn from these guys.
I now have this little mini pullback area around 1.6210-30 penciled in for observation if price should decide to deflate into the early week action, ahead of the stronger S&R zone it's just cleared. But I'll continue to go long dips providing I obtain the usual confirmation to do so.

And where did Cable put on the brakes into the close of New York yesterday & all through Tokyo today?
Well done kipper. We now have a fulcrum this morning to gauge any fresh trades from.
EURGBP is also at the 80 hook extreme this morning after pulling back from recent lows, but the Euro appears resiliant today into early european trading so perhaps it's prudent to hold off re-shorting until a clear indication to do so emerges from this push back up through Friday's highs?

Just as side note Sarah, (& in case you're not already aware) I'd pay a bit more attention to the Yen next week if you're considering trading the usd/jpy or any of it's crosses. It's the Japanese Golden week holiday period commencing April 28th & it might get slightly volatile & erratic with the expected reduced liquidity from that region.

I had that event ticked off on my research notes, but thanks for mentioning it anyway kipper. I'm sure there will be some (me occasionally) that need reminding to pay attention to important calendar events!
I've re-scaled my trade sizes accordingly to account for any potential volatile price swings this week on the Yens, but am still trading the pairs which are honouring the dominant bias & technical set ups, such as AUDJPY, which has arrived at the next important technical area of 82.30-50 mentioned back on the 10th & 11th April by 2Taps & kyle.
Hopefully it will have sufficient momentum to push on further towards that next area of S&R at 80.0-80.50 that kyle identified in the lower chart!!

And the 3rd pair up right up there on my watch-list is another yen based currency.
aud/jpy broke & pulled back into 85.0 last week & I'm eyeing shorts on this one if it begins struggling to climb back up towards friday's highs.
I have 82½ as the next strong visible s&r zone, so quite good r/r available should a small timeframe setup/trigger opportunity reveal itself.
/quote]

The market will quickly focus in on the next lower s&r zones if this key 82.5 level gives way.
Quite important technical support area here.

[strobe]

I've re-scaled my trade sizes accordingly to account for any potential volatile price swings this week on the Yens, but am still trading the pairs which are honouring the dominant bias & technical set ups, such as AUDJPY, which has arrived at the next important technical area of 82.30-50 mentioned back on the 10th & 11th April by 2Taps & kyle.

And we can thank the rate reduction from the RBA this morning guys for offering a little backwind for those trading Aussie based pairs in line with the dominant trend & accompanying technical confirmatory indications.


Same deal with any further pullbacks from current prices.
Get our basic setup criteria lined up (dominant bias/stochastic hook/available ADR), ensure acceptable risk placement & pull the trigger.

[Se7en]

Same deal with any further pullbacks from current prices.
Get our basic setup criteria lined up (dominant bias/stochastic hook/available ADR), ensure acceptable risk placement & pull the trigger.

We'll certainly get a pullback strobe, especially given those stagnant UK PMi numbers that have just hit the market.
gbp/aud has also printed 140% of it's normal ADR after that knee-jerk price action on the back of the RBA rates reduction, so I guess we can expect a little blow off from this latest resistance level.

As you say, as long as we play to the proven rules & obey our risk parameters we'll pick up the bargains as they come along.
Liquidity is a bit thin on Euro pairs today due to the bank holiday, so there will likely be pullback bargains on those pairs too into the rest of the week.

[jack mason]

While we're highlighting current watch levels, I'll pop this one up on the table for interested parties to consider.
It's pressuring this prior resistance zone from back towards the middle-end of March.


There's a bit of localized support here around the 6260-80 level that's worth watching on this pair if the Euro begins to attract a general bid across the board. However, the usual setup & trigger criteria can be brought into play as & when your individual risk-reward ratio's dictate.


The origin of this move resides back at the February higher low lift which supported the euro on the drift back from the 2012 highs.

[spotfx]

There's a bit of localized support here around the 6260-80 level that's worth watching on this pair if the Euro begins to attract a general bid across the board.
However, the usual setup & trigger criteria can be brought into play as & when your individual risk-reward ratio's dictate.

Unexpectedly strong American ISM numbers coupled with extremely thin liquidity has urinated over the party today boys & girls.
It'll be a cat & mouse game now between here & Friday's NFP.
The only decent bet this week looks like being kippers eurgbp re-load short

[kipper]

EURGBP is also at the 80 hook extreme this morning after pulling back from recent lows, but the Euro appears resiliant today into early european trading so perhaps it's prudent to hold off re-shorting until a clear indication to do so emerges from this push back up through Friday's highs?

It's always sensible to wait until our tried, tested & proven price aids signal the green light Sarah.
Providing we've identified the bias correctly (which isn't really difficult considering the tools we're using to establish that directional stance) & we're not pushing the ADR envelope, then it's simply a case of matching the trigger up with our own individual risk appetite.

The only decent bet this week looks like being kippers eurgbp re-load short

There really isn't anything else out there on my radar at the moment spotfx that tickles my fancy.
Apart from eur/gbp, the only other pair on my watch list that is displaying clear, directional bias behaviour is nzd/jpy.
The rest are chopping around inside range barriers or criss crossing their respective 1 & 4 hour moving averages, indicating indecision.

The charts tell the true story.....what can't speak can't lie.
I'm certainly not wasting any of my stake money on 2nd grade opportunities. I've done enough of that in the past. If nothing stands out & smacks me in the mouth then I'll stay in cash until it does!

[round number]

The charts tell the true story.....what can't speak can't lie.
Apart from eur/gbp, the only other pair on my watch list that is displaying clear, directional bias behaviour is nzd/jpy.

That's another nice spot from you kipper. You really do seem to be very comfortable with this type of analysis & are contributing some impressive material.
The NZD/JPY pair rejected that previous support zone emphatically after pulling back Tuesday & yesterday. Can I enquire which of the next stages you have as priority on your chart please?

It's made quite a pronounced & orderly hike up the chart since confirming the double bottom support last November, & I'm interested to see what levels you have drawn out on any further drops from this bearish price action.
Cheers,
Ade.

[xerb]

Price action is currently being worked around area's on two Aussie based pairs that have come back into focus again this week after long absenses.
Next levels marked out accordingly.
I'll be keenly seeking breakout & pullback entries on either of these in line with the dominant bias as the usual setups & triggers reveal themselves.

[kipper]

That's another nice spot from you kipper.
The NZD/JPY pair rejected that previous support zone emphatically after pulling back Tuesday & yesterday. Can I enquire which of the next stages you have as priority on your chart please?
Cheers,
Ade.

Thanks Ade, but it really is nothing more than identifying the high probability levels & zones. Ensuring they comply with the current dominant bias, patiently wait for the repetitive technical set ups & triggers to appear with correspondingly positive ADR, & get the trade away!

I have next potential S&R marked up at the 62.30-60 zone, right where that corrective pullback stalled out on the move up during January.


And following on from earlier in the week when I highlighted the price action around the previous S&R zone up at 65.30-60, the usual set up & trigger signals were clearly in evidence, including a hidden bearish divergence thrown in for good measure

[round number]

I really am very annoyed & totally frustrated with the moderators on this forum.
My last post (3 back from this one) has only been visible on the thread for about an hour, yet I submitted it nearly 24 hours ago.
I was beginning to wonder if it was going to appear at all.

How do they suppose threads are going to maintain fluidity & stay on track if they can't be arsed to address new posts in a timely manner?

I have next potential S&R marked up at the 62.30-60 zone, right where that corrective pullback stalled out on the move up during January.

Anyway, sorry to distract from your excellent contributions kipper.
I did see that zone you mentioned, but I also zoomed out on my 4 hour chart & spotted a small clutch of stair-step levels on the way back down to 62.50 & wasn't sure if you gave them any relevance.
That really is yet another great live example of this concept unfolding.
I note EUR/GBP has resumed it's bearish journey post NFP. I haven't traded it as I find important news flow difficult to interpret, but I'm definitely tracking another shorting opportunity in that one.

Thanks again & hope everyone enjoys the UK bank holiday weekend!!