Technical Templates

[Joe Whitehorse]

Close but no cigar... there must be a load of pressure and/or stops of faders that were hit to drive it down so much so fast...
Sometimes you plan the trade...but can't trade the plan as the market just doesn't get to your trigger.

At least you're looking the right way & prepping your outlook correctly!

These guys will tell you (& it's evidenced back through the thread often enough) that they scratch, pull or miss just as many of these micro timeframe set ups than they actually trigger & ride, due to either a lack of follow-through, a shift in the initial momentum wave or simply an overly aggressive pop which doesn't offer a risk positive entry opportunity.

It's frustrating when your best laid plans fail to ignite, but as long as you continue to adhere to a logical structure & honor the market rhythm, you won't come to too much harm.
The market & it's participants will always throw up plentiful opportunities as long as you're prepared to patiently wait until those opportunities fit your criteria.
It's all about discipline!

[jcpfx]

It's all about discipline!

Thanks for the kind words Joe,

i would like to go more in-depth on the concept of discipline. First off, I thought that discipline meant "study study study until you come up with a great entry technique". Got to that point but it was not sustainable (r:r was not a consideration). Then i thought it meant "sacrifice all else in your life until you come out successful on the market". Got stressed out and suffered a panic attack. So I studied and studied and studied market dynamics, and came acquainted with flips, supply/demand, impulse vs. chop, ecc.

At that point my fiancèe stepped in with a very straight forward view (she trades too, we learned together): you aren't using discipline in the right way. You have to have discipline in another way: trade when the conditions are right. Trade with the trend, don't fade (big one for me). And she wrote down a framework to follow (which I still break now and again...) which boils all down to trading with patience, following 1 plan, following the trend, always having a protective stop in place.

I had misinterpreted the word discipline...

Hope this little story will help others progress without going through some tough times

[Joe Whitehorse]

You have to have discipline in another way: trade when the conditions are right. Trade with the trend, don't fade (big one for me). And she wrote down a framework to follow (which I still break now and again...) which boils all down to trading with patience, following 1 plan, following the trend, always having a protective stop in place.
I had misinterpreted the word discipline...

Absolutely.
Your partner has it bang on.
The more successful operators in this business are usually highly disciplined individuals who experience overall positive results when applying a successfully engineered structure on a consistent basis.
Well, that's certainly my experience anyway.

[xerb]

Interesting to note how the tone & risk has shifted from repelling 2750, as 2Taps illustrated in his post of yesterday, to supporting it (for now anyway).
Long entries into today's momentum off & through Tokyo will have grabbed some pretty decent value if the market uses this fulcrum as a springboard.
Certainly represents acceptable odds to check it out.

[jcpfx]

Interesting to note how the tone & risk has shifted from repelling 2750, as 2Taps illustrated in his post of yesterday, to supporting it (for now anyway).
Long entries into today's momentum off & through Tokyo will have grabbed some pretty decent value if the market uses this fulcrum as a springboard.
Certainly represents acceptable odds to check it out.

Yup..I'm currently in on the 14.10 5Min Wick @ 2757 with stop @ 2749... if it pops, it pops...don't like the counter action on S&P & Dax though...feels strange but a level is a level.

[kipper]

Jocelyn was reporting multiple confirmation of strong option interest on euro up at 775/2800 into the NY cut...

we're now rolling into the cut (10.00est/15.00gmt) & 2800 defense is holding.
if it's a biggie we'll get to see which way they want to sling price into the fix/london close.

there was talk earlier about a big dividend payment going through on eur/gbp (to to the euro side) into the london fix, but amounts haven't been touted.

[hawkmoon]

You got your initial (knee-jerk) answer kip!
Click, click....boom, defense successful & up she pops 25 pips to check out the offers/stops layered into the 28 handle

looks like strobe, jcp & others who legged into the (eur/usd) momentum will be smiling today, as will the Yen cycle players.

[strobe]

there was talk earlier about a big dividend payment going through on eur/gbp (to to the euro side) into the london fix, but amounts haven't been touted.

kip, Sean P reports it's a UK pharmaceutical distributing bonus payments.
half was done into the ECB fix, the remainder being worked into today's London fixing....it's not going to have such a dramatic effect today into the (london) close...all the fireworks were lit after the options expiry & US data prints.

I'm out & cashed on my intraday portion of this bet.
we've tagged the ADR today into the current highs, we're dealing at a round number & the primary objective for this particular bet was purely a check for continued (intraday) momentum.
Objective achieved with very acceptable 2.5/1 odds payout, so job done.

[jcpfx]

Had no idea about the payment going through on EurGbp but the chart & trend were my compass in this.



Took half off just below today's high @ +12 pips placing stop at par on remainder. Took other half off on 5 min rejection of 2800 handle.

Good job to all those who played this, and congrats to all those who got into the Yen sell-off (Abe should be promoted just for what we're seeing )

[jcpfx]

Evening all,

before putting my coin back in my pocket for the day, I was wondering if anyone saw/though about this Cable trade:

1H chart:



5Min chart:


I wanted to brainstorm a little because this trade looked "risky" to me as the short flip level was 5870/80 but on the way up, price formed a bid zone around the daily pivot in the 5850s. I took the trade and exited at the bid zone but was very nervous along the way. Is there any real reason that could qualify my "uneasiness" ?

Thanks.

Good luck to all for tomorrow!