Technical Templates

[xerb]

Although that eur/nzd trade of xerb's remains the more relaxing bet of them all.
I see it's slipped even further today so I suppose when it closes out the stops will be moved down to the 1.6310 area?

That's all that's required kipper. Nothing more complicated than that.
It makes sense that if you know the average daily range of the pair you're trading & you've managed to engineer a decent position that's obeying the trend with classic price coverage, then it makes sense to simply keep adjusting your trailing profit stops above or below sensible swing points.

In this case they just happen to represent the current or prior days high. And given the fact the average 3 month (60 day) range on eurnzd is 168 pips per session, that's the trade management option I've settled upon. There will a point along the way where price will begin basing out & making a stand, at which point one of these daily highs will get taken out, along with my trailing stop - but until that situation arises, I'll continue using the current days high in combination with the ADR to manage the position.

[xerb]

Talking about eventually running out of road.....
My trailing stop on eurjpy is about to get killed. I've been pulling it down to rest above the previous days highs on this one, as with the eurnzd trade, & the current stop is situated at 98.30 (above yesterday's highs).

It's come within a whisker of being hit today & looks like it will probably get taken out if the market decides to try to push further.
I don't think there's a perfect hiding place for stops. Wherever you decide to put them, eventually they're going to get taken out. As long as they represent fair value for the trade you've initiated & they correspond with your objectives for the individual bet (as advised & taught by Tess & her colleagues), then they've done their job.

If the eurjpy trailing profit stop gets blown out later, it'll simply be a case of 'back to the drawing board' & wait until another appropriate oportunity sets up to re-engage with the dominant trend.

[zilly]

Resistance/reaction levels played out perfectly this week.
Lovely hourly spinning top setting up a 5/15 minute stochastic hook short entry during morning trade on Tuesday, followed by an hourly inside bar doji setting up another 5/15 minute stochastic hook short entry today!
Both trades finding support at the opening week lows, which coincides with weekly support from last summer offering partial/full trade management options dependant upon initial trade objectives.

Overall 4 & 1 hour chart bias = bearish.
Therefore only short entry setups considered as & when price reacts off pre-identified s&r levels.

[spotfx]

I noticed hawkmoon posted up comments elsewhere late last week regarding this 5400 level on Cable & it's definitely going to be a focus zone along with the October low support that was tested & & rejected into Friday's close.

Price has now registered 2 neutral daily bars bracketed by this dual s&r zone with a doji on Thursday followed by the spinning top bearish candle into the end of week close. Setting up to be a busy action zone next week with a strong "sell the rally" bias especially on any pullbacks that reject 5400.


There are more than a few very trendy pairs working their stuff out there at the moment that are ripe to trade via pullbacks in sync with the dominant trend, including the ones both xerb, shona & zilly have presented which are headed up by the Aussie, New Zealand & Canadian crosses.

I would confidently continue to take this pair on a long play via pullbacks to solid s&r zones & a quick glance at a daily chart identifies the next upper tier target level/s on the radar of nzd/jpy, mentioned in the chart snag.
Not a massive ADR candidate, but well worth a punt with a medium term time horizon bet in mind particularly when it keys off these big s&r pullback zones.

[kipper]

audcad is in similar resistance territory probing for further upside toward that late 3rd/early 4th quarter target zone.
There are clear technical support levels below which traders will expect bids to be layered on any tests should the offers prove difficult to overcome at current levels.

I see this pair is still playing ball with the uptrend bias 10 days after you highlighted it shona. I've taken a position on it this week looking for that upper level you referenced @ 1.0600-30 zone.
Are you still playing it via pullbacks?
It's not a huge intraday mover, posting an average 80-85 ADR, but it's still displaying positive bias behaviour & the technical levels available for stop losses are very visible.

Another one that has caught my attention this week is GBPAUD. Far higher ADR at around the 160 mark & it pulled back yesterday & failed miserably to make inroads back towards that huge previous support level at 1.50

Rightly or wrongly, I've waited until this morning for it to penetrate last Thursday's low through 1.4790 before taking a short play on, but in doing so it afforded me a solid technical level (on the 15min chart) @ 4820 to stick my stop-loss behind. I did contemplate taking the short through yesterday’s low @ 4820 , but with Thursday's low so close decided to see how it reacted there.
With it breaking fresh ground down at these lows I'm intending to book partial profits based on chunks of the ADR & trail remaining stakes behind the obvious swing points off the smaller timeframe charts.

If I've missed any glaringly obvious pointers with these 2 trades please wade in & critique guys!

[jjay]

Another one that has caught my attention this week is GBPAUD. Far higher ADR at around the 160 mark & it pulled back yesterday & failed miserably to make inroads back towards that huge previous support level at 1.50

Rightly or wrongly, I've waited until this morning for it to penetrate last Thursday's low through 1.4790 before taking a short play on, but in doing so it afforded me a solid technical level (on the 15min chart) @ 4820 to stick my stop-loss behind. I did contemplate taking the short through yesterday’s low @ 4820 , but with Thursday's low so close decided to see how it reacted there.

That's fine. You've identified the fact there are/were 2 areas of potential support quite close to each other on that gbp/aud bet & your decision making will obviously be dictated by your attitude to risk & objectives for that specific opportunity.

You entered with over 60% of the average daily range still available & it's just about covered it's normal daily range journey down at the current days lows around 1.4710, so that area would be a good place to book some of that profit.

Whenever prices break out into all-time highs/lows you should prepare for quite an aggressive pullback as traders will be booking profits & testing the participation of fresh orders.
As long as you're continuing to identify likely candidates that present strong, obvious directional bias behavior & use the available technical tools highlighted on here to avail yourself of the opportunities, you'll put the odds in your favor & lessen the risks accordingly.

Those are two well researched & executed trades. Well done!

[shona123]

I see this pair is still playing ball with the uptrend bias 10 days after you highlighted it shona. I've taken a position on it this week looking for that upper level you referenced @ 1.0600-30 zone.
Are you still playing it via pullbacks?

I am kipper yes.

I simply put into practice the principles presented in this thread of constantly seeking to identify the higher probability candidates (those which are quite clearly trending or displaying unambiguous bias behavior), wait for a solid set up/trigger combination that offers me good risk & ample reward, & providing I have sufficient average range availability then I'll take it on.

That pair is still offering entries in line with the general bias as are NZD/JPY (long), EUR/AUD (short), AUD/USD (long), EUR/NZD (short).
Just pick your target, wait for it to offer you a suitable opportunity & get aboard, as you've done with your two candidates.

[strobe]

I'm simply using the basic template guides that Tess, Jocelyn & their colleagues laid down to keep me on the right side of the money.

Looks like the party has changed locations, so might as well knock the door, wipe my feet & stick my beers in this fridge!

[bigdog]

Hi All,

I am interested in any ones view on the following entry trigger based on the 15M chart. All comments welcome.........

I am only interested in long entry as the 1H points up as of Wednesday this week.

My belief is that entry should be taken at the high of the first bar to cause the stoch to hook up.

NB: My primary entry is still the 1-2-3 on the 5M.

[Joe Whitehorse]

I don't see anything wrong with your interpretation of the bias or type of entry consideration & critera, but I don't see the 1-2-3 entry trigger.
How are you interpreting a 1-2-3 set up bigdog?

Usually it's played as either a continuation or reversal trigger, but I can't see where it's forming a clear set up on your example.
However, the bias, time of day & general intent are all agreeable from my end.