Technical Templates

[jcpfx]

AudUsd long on Pin 1.0380, out now 1.0397

[jcpfx]

continuing to trail up nice & tight underneath these mini ledges given we're trading right into a very key big figure (1.30).
if it gets stopped it's a decent 2.5:1 reward/risk bet, putting just shy of 5% in the bank, so not such a shabby deal at all for a cold, Wednesday morning.
if it stays out of harms way, i'll continue to trail it up underneath the next mini ledge until it gets snapped.

This is a perfect example of setting out a specific objective & having the discipline to adhere to it.
Objectives will change according to the conditions we're trading under, the inherant risk in the market & the game plan designated to each scenario & specific pair, but it's important that an objective is present when preparing & executing each bet otherwise you're going to constantly second guess your intentions & lose control in the middle of the bet.

Good to have you posting on the thread jcpfx.
I, as I'm sure everyone else will look forward to your contributions strengthening an already solid thread!

Thanks Joe, these guys are good..it'll be tough to keep up with them! You also nailed a personal weak point: staying in the trade until the objective is hit. How many times have I scalped 10-15 pips that were going well but still could have been held...only to experience larger losses? Many... and it's still a weak spot...

[Joe Whitehorse]

you don't have to keep up with anybody, well certainly not here anyway.
Trade at your own pace & post at your leisure. It's a very relaxed, convivial environment where everyone learns from, stretches & encourages each other.

The emphasis is directed towards betting in sync with whichever influences are currently driving & orchestrating the price action & as you've read from the content, that objective is achieved by referencing only the key, logical & common sense technical tools necessary to achieve that aim.

As a previous poster so eloquently put it....less = more.
The less clutter & weight you have to carry around with you, the more efficiently the engine will perform.
It's not, & never has been a case of how much or how many technical tools you need to get the job done, but the quality of the tools you're utilizing that ultimately makes the difference, & you'll see the benefits of that tactic throughout the thread going back from inception.

[jcpfx]

Thanks for the follow up, Joe. It's nice to be a part of this.

Happy trading to you as well today

[West]

Nice trades all. I snuck into Cable on the break and pullback through yest/Asian highs. It was a tossup against EUR but I preferred the HH/HL 5min price action on cable during Asia. Booked close to ADR and pre-week high supply zone.

The examples posted lately are really helpful for my own learning so please keep them coming!

Thanks for the follow up, Joe. It's nice to be a part of this.

Welcome to the thread jcpfx

[jcpfx]

Hey west,

good stuff this morning.

I chose Euro rather than Cable as the price action on Cable was "crawling" around 6080s and it was not as clear to me as the euro which had the boost up yesterday. I prefer to follow impulse instead of stepping in, even with trend, when price is "crawling" because in my experience, price can go both ways until there is a clear direction taken.

That is just my view and as you've seen, there was money to be made bidding (or betting? ) on GbpUsd this morning.

Just my 2 cents...

[Joe Whitehorse]

Hey west,

good stuff this morning.

Ditto those comments.
Your reading of the bias, flow & primary structure is right up where I'd expect it to be West.
Keep your charts & mind as clear & logical as that & you'll be far better placed to maintain tight control over your positions whether they move into profit or loss.

The important thing about structure is it offers you discipline.
You know exactly where you need to be placed every time you open up your chart templates because this approach dictates the bias, the most logical entry & the most efficient bet management based on your specific primary timeframe & objectives for the day/week or preferred period.

Your contributions are maturing along with your confidence
Good job today

[West]

I chose Euro rather than Cable as the price action on Cable was "crawling" around 6080s and it was not as clear to me as the euro which had the boost up yesterday. I prefer to follow impulse instead of stepping in, even with trend, when price is "crawling" because in my experience, price can go both ways until there is a clear direction taken.

Thanks jcpfx, I see where you're coming from. I guess a quick heads up at the EUR/GBP HH/HL prints off last weeks low would also indicate eur/usd was a more logical bet than cable.

The important thing about structure is it offers you discipline.
You know exactly where you need to be placed every time you open up your chart templates because this approach dictates the bias, the most logical entry & the most efficient bet management based on your specific primary timeframe & objectives for the day/week or preferred period.

Thank you for the encouragement. I'm finding the disciplined and straightforward structure to be immensely beneficial in keeping emotions and second guessing aside.

[jcpfx]

Long ES_F (mini contract) on pin (5Min chart in line with 1H trend)

Here goes nothing...on first day of re-opening and end of month...fingers crossed & stop in the machine...

[jcpfx]

Long ES_F (mini contract) on pin (5Min chart in line with 1H trend)

Here goes nothing...on first day of re-opening and end of month...fingers crossed & stop in the machine...

Bad Idea...stopped out even after a nice 1H wick formed...go figure...