Technical Templates

[whipcrack]

.....If it can gain a little traction around here you might just get a piggyback ride up towards last weeks high @ 4345.

End of month book squaring & a flip back into positive risk appetite mode finally shoved it up to cover the average weekly range then Jay!
The (shaded) level that you earmarked it from last Thursday will be a major influence on the near term journey should it get sold back down from current levels.



I guess we'll get to see the strength of any impending supply at this dual resistance zone (1.4350 to 450) into early week & if it puts that to bed 1.46 will be the next zone to test the renewed bullish optimism.
Liquidity will be light tomorrow (UK bank holiday), but previous experience has shown that doesn't always negatively impact prices once they get the bit between their teeth.
If it does decide to take up where it left off into Friday's close, those stops layered up to & beyond 4450 will come under pressure

[JimmyMac]

I guess we'll get to see the strength of any impending supply at this dual resistance zone (1.4350 to 450) into early week & if it puts that to bed 1.46 will be the next zone to test the renewed bullish optimism.

If it does decide to take up where it left off into Friday's close, those stops layered up to & beyond 4450 will come under pressure

Well, month end order books have crossed the t's & dotted the i's, & in so doing have bounced prices nicely into the bottom (4420) of your lower tier range channel Bobby.
Signs are good for continued upside if they hold a steady line through Asia & support 4360 back to last weeks highs @ 4325.

Strong buy stops through 450 should propel it to your 2nd tier channel into the 4600 figure, where I'd expect to find stiffer potential supply.
If it hadn't been for month end squaring we'd have seen a few more sparks fly today for sure given the vicinity of current prices.

[shona123]

Signs are good for continued upside if they hold a steady line through Asia & support 4360 back to last weeks highs @ 4325.
Strong buy stops through 450 should propel it to your 2nd tier channel into the 4600 figure, where I'd expect to find stiffer potential supply.

It's quite similar to the technical picture that's opened out on Cable Jim.
A case of re-engaging longs on that positive close through 1.63 with near term supply to absorb up here currently at 1.65 to 6570 offering relatively clear air up to the current years highs @ 6750.

Keep it simple..
Risk on - buy the dips
Risk off - sell the rallies

[whipcrack]

Signs are good for continued upside if they hold a steady line through Asia & support 4360 back to last weeks highs @ 4325.
Strong buy stops through 450 should propel it to your 2nd tier channel into the 4600 figure, where I'd expect to find stiffer potential supply.

The long side played out more or less as planned again this week with prices finding pockets of resistance @ 4450 & renewed bids on a drop back to test the supports @ 4350, the level Jimmy alluded to earlier in the week as being important to maintain euro bullish appetite.

Picking up where last weeks close left off at the circled level, price lifted nicely through 350 into the new week, encountered offers as expected on the approach to 450 before continuing the bullish bias via the pullback into this weeks closing ticks.

It's ended the week in fine form, printing 125% of it's average daily range as it holds a strong bullish tone into the close.



A quick check of the Index highlighted the continued depressed Dollar tone by focusing another large timeframe doji underneath that critical 75.0 s&r zone (2nd circle).
Good enough confirmation to offer a green light to add further eur/usd long bets to the core stake.

[whipcrack]

The (shaded) level that earmarked will be a major influence on the near term journey should it get sold back down from current levels.

That shaded 1.41 zone earmarked back on 26 May certainly confirmed it's influential status 3 weeks later as it revisited the area of prior demand, initially having bounced another minor support zone ahead of 1.43 a couple days before dropping into that 1.41 area.

Technically, 1.45 (last weeks highs) then became the 1st target area for euro bulls but the bounce from 1.41 temporarily hit the buffers yesterday & now offers clear 2 way order flow potential on any further slips from current levels.

Once again the peak-trough/medium term directional flow activity back & forth through these key supply & demand zones have offered plenty of opportunities to place & profit from each-way bets.

[jack mason]

...the bounce from 1.41 temporarily hit the buffers yesterday & now offers clear 2 way order flow potential on any further slips from current levels.

Once again the peak-trough/medium term directional flow activity back & forth through these key supply & demand zones have offered plenty of opportunities to place & profit from each-way bets.

It sure signalled very acceptable risk to bet short this morning Bobby as Frankfurt & London came online.
Carll's simple little set-up trigger registered 2 typical opportunities in line with bearish flows through 1.4290 & again @ 1.4260 if people missed the 1st opp, on the way back to the first of your highlighted potential support levels @ 1.42

[goldtop]

It sure signalled very acceptable risk to bet short this morning Bobby as Frankfurt & London came online.
Carll's simple little set-up trigger registered 2 typical opportunities in line with bearish flows through 1.4290 & again @ 1.4260 if people missed the 1st opp, on the way back to the first of your highlighted potential support levels @ 1.42

And when the time came for intradayers to exit the market it triggered the closure too, bang on the 2nd of those previously highlighted s&r zones.

When you get prices covering in excess of 150% of the average days range & market psychology begins displaying classic neutral/reversal signals such as hourly doji’s & hammers at pre-identified s&r zones, then it's time to either cash out & count your profits or swap hats & get long for a mini-ride back up.

60 & 30 minute charts highlighting those neutral bars..



and the smaller timeframe set-up trigger that Carll has demonstrated showing reversal potential down at that demand zone.

[kipper]

Hi everyone,
I've been closely following this thread since October 2010 & would just like to say a huge thank you for all the fabulous market information & insights you've provided.

I started demo trading Carll's short term directional bias-stochastic hook entry method in November & over a sample of 85 trades up to end of April I recorded a positive expectancy of 1.26 which is way superior to any previous short term strategy I've traded during the past 2 years.

I was confident enough to convert to a live account on May 2nd & it was a seamless transition. The only thing I need to work on is my bet management. I still have an occasional tendancy to cut short the profits by trailing my stops too close, but I'm not too concerned with that. It'll work itself out as I become more familiar with the strategy.

I enjoyed my largest intraday profits ever this month using this approach, recording a 13.6% profit v/s a 2% risk on 15th June followed by 11.4% v/s 2% risk on 22nd, both on eur/usd.

I limit my bets to a daily risk maximum of 2% & compound my position sizes to the account balance at the start of each trading session, obviously taking into account the stop loss value for that particular bet.

I'm really enjoying this approach as it doesn't require a lot of multiple confirmation or indicators. Simply find the trend on the larger time chart & trade in that direction from the smaller mtime chart.
It dovetails nicely with my longer term strategy.

Thanks all & happy trading!
Kipper.

[jack mason]

Hi Kipper & welcome aboard!

Congratulations on those results. I'm not unduly surprised to be honest as it's an extremely effective way of capturing small to medium term swings in market momentum without loading excessive risk onto the account.

That trading frequency appears to be averaging out around 3-4 per week?
If so that's not too far removed from the kind of levels I trade at using that approach. I've just begun using the concept on 60 minute charts to add a little depth & it's working out fine thus far.

Nice to see someone else coming out of the shadows & participating.
Look forward to hooking up with you on a regular basis.

[whipcrack]

I started demo trading Carll's short term directional bias-stochastic hook entry method in November & over a sample of 85 trades up to end of April I recorded a positive expectancy of 1.26...

..I'm really enjoying this approach as it doesn't require a lot of multiple confirmation or indicators. Simply find the trend on the larger time chart & trade in that direction from the smaller time chart.

Hello kipper.
I echo Jack's comments, well done. I'm not surprised either that you're managing to return those kinds of results or maintain a steady level of consistency. The concept of the method is after all based on logic & common sense. As long as you don't over extend your risk or enter in front of an imminent news release you should continue to benefit from consistent progress.

You'll obtain a good bunch of potential set ups throughout the week as prices pull back during each of the 2 principal trading sessions (London & New York).
In fact it's provided 3 typical entry opportunities again each day this week around the main european opening session, including today's pullback through 1.4370 + 2 clear additional opportunities during the early New York session on Monday & yesterday & that's just on the eurusd pairing!

Keep it going & hope to see you regularly on here