Technical Templates

[Joe Whitehorse]

I like the Aussie this week to be honest. Some M&A activity driving it overnight with Millers brewers back in sniffing around Fosters again. It could do with a push or two trying to climb the hill beyond yesterdays highs, but it's still putting in a decent days work.

Did you get back in the saddle this week after last weeks pullback zilly?
Looks as though that daily/hourly chart combination you posted up a bit back offered a couple of cracking entries during the early Tokyo sessions this week.

Typical lacklustre week again out there.
eur/usd still a decent value buy-on-dips, but will be glad when the usual summer lethargy is over & volumes get back to near normal levels. Might just spark one or two of these pairs into action.

[spotfx]

Did you get back in the saddle this week after last weeks pullback zilly?
Looks as though that daily/hourly chart combination you posted up a bit back offered a couple of cracking entries during the early Tokyo sessions this week.

You certainly couldn't have asked for a clearer indication that they were done selling it than last Friday's (closing) spinning top. Pretty obvious clue right there!

Same as Thursday's Daily hammer close on Gold. Back in with a long above 1774.60, or front running it 2 days ago (during Thursday's New York a.m session) off the Aug 9th & 12th 1720 twin supports with that stochastic hook on the hourly above the hammer through 1740.

Can't argue with price action when it sends alarm bells out as loud as those

[zilly]

Looks as though that daily/hourly chart combination you posted up a bit back offered a couple of cracking entries during the early Tokyo sessions this week.

You certainly couldn't have asked for a clearer indication that they were done selling it than last Friday's (closing) spinning top. Pretty obvious clue right there!

Hello boys. You're right spotfx, those clues are always well worth paying attention to.
I picked it up again into Tuesday morning trade Joe. Yes, the combination of price action & stochastic confirmer is generally a very accurate signal especially when the current fundamental themes add substance to the move.

Same as Thursday's Daily hammer close on Gold. Back in with a long above 1774.60, or front running it 2 days ago (during Thursday's New York a.m session) off the Aug 9th & 12th 1720 twin supports with that stochastic hook on the hourly above the hammer through 1740.

Can't argue with price action when it sends alarm bells out as loud as those

I also concur with your Gold analysis. Didn't trade it myself, but a very nice price action/indicator combination entry nonetheless.

[goldtop]

Going long pullbacks has paid good dividends this summer on eur/usd. Even with all the negative vibes washing around the worlds economies it looks like they're still favoring the european regional currency over the buck & if that's the case then dip buying is the primary focus until a major bust of those higher lows say otherwise.

Those early summer round numbers (1.46 & 47) are now back in the sights with clear supports underneath to check renewed bids on a failure to generate sufficient momentum this time around.


Longs will also be now eyeballing that tasty prior s&r zone at 1.0800 on Aussie if the positive risk bias remains on the table into early week trade. 1.03 will be crucial for holding this up on any risk aversion that creeps into the market on this leg.

[whipcrack]

Longs will also be now eyeballing that tasty prior s&r zone at 1.0800 on Aussie if the positive risk bias remains on the table into early week trade.
1.03 will be crucial for holding this up on any risk aversion that creeps into the market on this leg.

Classic risk aversion reaction off that 0800 s&r level Dean....nice one!

All eyes will be on the FOMC statement later today. Prices are being buffered until traders get a feel for how the Fed are positioned near-term on the back of recent data output.
No real difficulties in identifying the likely focus levels from current price on this weeks charts.

[CoeurdePirate]

Hello,

first, I like to thank all contributors to this thread. I am following this thread for a couple of month and I have implemented the methodology presented here in my trading with positive results to my bottom line. I am astonished how "simplicity" can produce positive results, quickly.

No real difficulties in identifying the likely focus levels from current price on this weeks charts.

Transferring the likely focus levels between $Dollar Index / EURUSD [and GBPUSD] and vice versa is an issue I am struggling with. The chart example posted by whipcrack makes it look easy and logical. How do I identify the corresponding focus levels in a $Dollar Index Chart?

I am trading EURUSD,GBPUSD AUDUSD and EURJPY.

My apologies for a question in my first post in this thread.

Merci.

[jjay]

All eyes will be on the FOMC statement later today (Wednesday).
No real difficulties in identifying the likely focus levels from current price on this weeks charts.

Nothing much wrong with that (technical) prep leading into the major momentum driver of the week. Good job

Once the details hit the tape there really was only one bet to lay, & the 1st tier resistance @79 (supports @3450 on E/U) have smothered the price action for now.

Clear 2nd upper resistance & interim supports now visible for players to take some guidance on.
Higher value bet is to simply continue running with the dominant bias/momentum, which will be dictated by the intraday market drivers & influences.
(Hourly) pullbacks will offer the better entry probability odds, & if they're being confirmed with those reliable stochastic hooks, all the better!

[jjay]

the combination of price action & stochastic confirmer is generally a very accurate signal

Exactly, the weight of the apple is confirmed by size, and size is confirmed by weight. That makes it all very accurate

Yes, the combination of price action & stochastic confirmer is generally a very accurate signal especially when the current fundamental themes add substance to the move.
Can't argue with price action when it sends alarm bells out as loud as those

That representation of indicator & price action is not only more than acceptable but actually quite powerful when utilized in tandem with qualified support/resistance zones & fundamental drivers.

A very good example of that was on USDCAD last week leading into the FOMC meeting transcript.
We often find the cleaner & better odds opportunities are to be unearthed away from the spotlight pairs such as Cable, EURUSD & USDJPY etc.

This pair has been very well supported above .9750 all the way through August, offering a positive leg up into bets seeking to puncture that 1.0000 parity level.
It's being shouldered by that 150 sma that zilly has referenced on a couple of his charts if you care to pop it up on your Daily chart for extra confirmation.

The stochastic hooking up off the 20 extreme reading on the Daily can then be counter referenced on the hourly chart, where entries can be confidently taken providing adequate risk is available & the available liquidity is primed at key market timezones, for instance during European/American business shifts.

Pullbacks, divergences, key levels such as round numbers/figures, s&r zones can be used as added incentive to leg into the bets & usually offer acceptable risk placements to tuck protective stops at.

[zilly]

That representation of indicator & price action is not only more than acceptable but actually quite powerful when utilized in tandem with qualified support/resistance zones & fundamental drivers.

Pullbacks, divergences, key levels such as round numbers/figures, s&r zones can be used as added incentive to leg into the bets & usually offer acceptable risk placements to tuck protective stops at.

It's one of the reasons I really like the content & material of this thread.
Gauging & reacting to the focal themes, flavors & attitudes of the market by taking into consideration the driving influences hand-in-hand with technical signals, is the smart way of trading a discretionary strategy.

Which is why using a simple combination of indicator & price action on the slightly larger timeframes to obtain the bias & then engaging from smaller timeframes to sharpen up the entry & risk is the proper & more potentially successful way of using a combination approach.

A very good example of that was on USDCAD last week leading into the FOMC meeting transcript.
This pair has been very well supported above .9750 all the way through August, offering a positive leg up into bets seeking to puncture that 1.0000 parity level.

It's being shouldered by that 150 sma that zilly has referenced on a couple of his charts if you care to pop it up on your Daily chart for extra confirmation.

Exactly. Get a feel for what's driving the price action first & then simply look for the technical (indicator led) signals to slip into line & confirm the bias/momentum.

Canadan Dollar was being squeezed during the last 10-12 days from increased risk aversion, traders dumping higher yielding assets (which the CAD is a direct recipient of) & disappointing data.
Just one of those items would trigger a negative vibe, but 3 acting in tandem is a no-brainer to begin preparing to get long USD/CAD (or any other pair including the CAD) & use the timeframe combo's to get in with decent risk & high potential, such as that example you presented Jay.

[whipcrack]

Nothing much wrong with that (technical) prep leading into the major momentum driver of the week. Good job

Cheers man, but to be honest most of it is pretty much common sense.

The bias & directional view isn't particularly difficult to identify using the structure presented here, & the set ups & triggers are very consistent, especially the ones shared by Joe, Carll & Jimmy & more recently, zilly.

I & the other regulars have also found the material posted on the Technical Templates threads over at Babypips to be an invaluable additional source of information to the stuff posted on this thread.

http://forums.babypips.com/free-forex-t ... inued.html

Jimmy, Carll & yourself were/are responsible for contributing your fair share of excellent material to that collection of work & it's reflected in the quality of the information posted over here.