Technical Templates

[bigdog]

Thanks Joe,

Apologies for the confusing post. I was only highlighting an alternative entry technique on the 15M chart. Your post reinforces my thoughts on this.

I will continue to engage via the 5M 1-2-3 trigger but was looking for another trigger on the 15M that suited my style and risk profile.

To summarise:
Entry technique using 5M chart
1. Stoch tags the 20(long)/80(short) area
2. Look for 1-2-3 trigger and
3. Engage at break of point 2

Entry technique using 15M chart
1. Stoch tags the 20/80 (Long/short) area
2. Engage at break of high(long) of hook bar

Have a great weekend.

Cheers
BD

[kyle morgan]

Thanks Joe,
I was only highlighting an alternative entry technique on the 15M chart. Your post reinforces my thoughts on this.
I will continue to engage via the 5M 1-2-3 trigger but was looking for another trigger on the 15M that suited my style and risk profile.

The beauty of their set ups & entry triggers bigdog is they can be transported back & forth across multi-timeframes with comparative ease.
The trigger you highlighted on your recent chart is setting up today (24th) on a continuation long entry with the dominant bias on nzd/jpy @ 62.38 on the 1H chart as it is (long) on aud/usd @ 1.0500 on the 1Hour.

The same set up triggered a continuation long on aud/cad on the 19th January through 1.0510 on the 4H & another long on aud/usd the following day @ 1.0415 off the 1H chart.

[bigdog]

Excellent information Kyle.

I agree completely with your examples.

I would ask that a couple of those trades were very early in the London morning (4am ish), prior to London volumes picking up. Do you take this into consideration. The nzd/jpy @ 62.38 would be an example of this.

Here is an example of a EURUSD 15M trade. 4am London time if I had taken it.

[kyle morgan]

I would ask that a couple of those trades were very early in the London morning (4am ish), prior to London volumes picking up.

Do you take this into consideration.

With me being based in the UK the earliest I'm at the screens is usually around 6.00am so I wouldn't take entries around that time of the day no.
In that type of situation though where a trigger is playing out on the 4 or 1 hour chart at that time of the day, I would typically wait for a pullback opportunity to appear on either the 1 hour or 15 minute timeframe during the London or New York sessions & get onboard at that point, providing there was sufficient mileage still available in the pairs average days range.

I will enter those 4 & 1 hour set ups at any time of the day (other than of course during the sleeping hours in UK) because the time horizons on the slightly higher timeframes would typically carry longer trade time objectives, but I never enter intraday set ups outside of the London session due to the lack of liquidity & volume participation.

[kipper]

I was only highlighting an alternative entry technique on the 15M chart. Your post reinforces my thoughts on this.
I will continue to engage via the 5M 1-2-3 trigger but was looking for another trigger on the 15M that suited my style and risk profile.

The trigger you highlighted on your recent chart is setting up today (24th) on a continuation long entry with the dominant bias on nzd/jpy @ 62.38 on the 1H chart as it is (long) on aud/usd @ 1.0500 on the 1Hour.

Unless I'm misreading the lie of the land the alternative trigger that bigdog highlighted & you further confirmed kyle, is simply another example of a pullback within the context of the larger timeframe trend or bias.
It appears to me as though entering on the break of the confirmation bar (as bigdog highlighted in his charts) offers very acceptable risk options whilst offering the ability to avail oneself of excellent reward potential.

The long AUD/USD trade entry example you highlighted yesterday kyle was obviously stopped out as it dropped back to the 1.0425 area, but that zone is a very clear resistance level from virtually the whole of last week which acted as solid support yesterday on the 1st real test.
It also offered another long entry opportunity during yesterday afternoons London session, trading with the current bias, on the break of the bullish 1H bar above 1.04473.

From what I can see, identifying these extreme pullback opportunities as they're taking shape on the 1 & 4 hour charts allows plenty of time to drop down into the smaller timeframes & wait for the usual entry triggers to try & locate acceptable & keener risk placement. After all, the bias is already in play. All we're looking to do is enter on a continuation of that trend/bias which is what the material on here already focuses on anyway.

The other example you highlighted (long NZD/JPY at 62.38) is chugging along merrily!

[strobe]

Unless I'm misreading the lie of the land the alternative trigger that bigdog highlighted & you further confirmed kyle, is simply another example of a pullback within the context of the larger timeframe trend or bias.
After all, the bias is already in play.
All we're looking to do is enter on a continuation of that trend/bias which is what the material on here already focuses on anyway.

You're not misreading anything kipper. It really is as logical & straightforward as you assume it to be.
The one major benefit I've found from studying their material is the fact they constantly encourage the reader to stay faithful to the core basics of price action as they present it (trading in sync with the primary trend/bias via directional momentum) & keep your analysis simple & uncluttered. Also the set ups & triggers they present are based on logical, repetitive sequences that present themselves regularly at key levels & zones on the technical chart.

The result of that technical chart simplicity means you can comfortably scroll through a wide selection of pairs & other instruments to identify higher probability candidates instead of limiting & confining yourself to one or two pairs.

From what I can see, identifying these extreme pullback opportunities as they're taking shape on the 1 & 4 hour charts allows plenty of time to drop down into the smaller timeframes & wait for the usual entry triggers to try & locate acceptable & keener risk placement.

Exactly.
The triggers can be different & diverse but the core structure & framework is always the same. That principle instils discipline & consistency which, in my view is crucial when trading a discretionary approach.

If it obeys the basic structure, look to identify & locate a suitable entry point & manage it according to your specific objectives.
If it doesn't obey the basic structure, leave it alone & move onto something more appropriate.
In other words....don't force it, let it come to you!

[kyle morgan]

From what I can see, identifying these extreme pullback opportunities as they're taking shape on the 1 & 4 hour charts allows plenty of time to drop down into the smaller timeframes & wait for the usual entry triggers to try & locate acceptable & keener risk placement. After all, the bias is already in play. All we're looking to do is enter on a continuation of that trend/bias which is what the material on here already focuses on anyway.

Hi kipper.
As strobe mentioned, the core price action basics they've presented are based on logical, consistently proven & actionable events. There are no grey areas or subjective observations that can trip you up. Either price is conforming to the criteria they've advised or it isn't.
If it is, then all you need to do is bring the set up/trigger mechanism into play providing it adheres & complies to the average daily range & time-of-day parameters. And that's all the analysis I plot when identifying potential entries & exits.

That's why it's best to follow a good selection of instruments & only plot the very basic bias criteria on your charts. I have the prior & current weeks opening prices (highlighted by a vertical line) showing on my chart to easily plot the key high-low levels.
I only look to take bets with the current bias/trend & use the stochastic on my 5 & 60 minute charts to help confirm probable higher odds/lower risk entries in line with that bias - that's it.

I then wait for price to pullback to clearly identifiable support/resistance zones, wait for the set up & trigger combination to signal me in, & as long as I can establish decent risk with good potential reward I take the bet.
It's the same criteria everyone else on here (& on the Tech Templates threads) follows.

The long AUD/USD trade entry example you highlighted yesterday kyle was obviously stopped out as it dropped back to the 1.0425 area, but that zone is a very clear resistance level from virtually the whole of last week which acted as solid support yesterday on the 1st real test.
It also offered another long entry opportunity during yesterday afternoons London session, trading with the current bias, on the break of the bullish 1H bar above 1.04473.

Yes it was stopped out. And yes, it offered up not one but two further bullish trade opportunities last week on pullbacks to clearly identifiable support/resistance zones with stochastic hooks on both the hourly & 5 minute charts.

If the current bias isn't compromised there's absolutely no reason not to continue trading with the dominant bias/trend.
Therefore I'm only interested in trading longs until it rolls over & changes bias.

It's the same right across the board.
I now follow 12 pairs with decent ADR's + the major indices, oil, gold & a few high volume individual shares (goog/rimm/BAC/Amazon etc) using the exact same setup/triggers taught by Tess, her colleagues, Joe & these guys. It takes me approximately 10 minutes each day to quickly scroll through my 4 hour charts to see which instruments are displaying likely potential.
I then pull out 2 or 3 of the better performers & focus on those for the upcoming week trade opportunities, keeping tabs on the others as & when they begin to display promising set up potential.

[zilly]

As strobe mentioned, the core price action basics they've presented are based on logical, consistently proven & actionable events. There are no grey areas or subjective observations that can trip you up. Either price is conforming to the criteria they've advised or it isn't.
If it is, then all you need to do is bring the set up/trigger mechanism into play providing it adheres & complies to the average daily range & time-of-day parameters.

I only look to take bets with the current bias/trend & use the stochastic on my 5 & 60 minute charts to help confirm probable higher odds/lower risk entries in line with that bias - that's it.

I then wait for price to pullback to clearly identifiable support/resistance zones, wait for the set up & trigger combination to signal me in, & as long as I can establish decent risk with good potential reward I take the bet.

Good post kyle. It reinforces & summarises the concepts perfectly.
That Aussie analysis you reiterated yesterday has set up according to these conditions right on cue with these last couple of positive hourly bars.
A doji, followed by a bullish trigger bar has prompted a 1,2,3 entry on the 15 minute chart in line with the current bullish bias on this pair.

Plenty of upside average days range potential with very keen risk below the 3 of the 1,2,3 @ 1.0535 in case it fails to kick on.

[bigdog]

Looking for a 1-2-3 long entry on EURUSD 5 Min chart.

Primary bias is long.
ADR is good.
I have support/resistance marked at 1.3100.
New York Open is fast approaching.
1H chart has stoch < 20.

[goldtop]

That Aussie analysis you reiterated yesterday has set up according to these conditions right on cue with these last couple of positive hourly bars.
A doji, followed by a bullish trigger bar has prompted a 1,2,3 entry on the 15 minute chart in line with the current bullish bias on this pair.

Looking for a 1-2-3 long entry on EURUSD 5 Min chart.
I have support/resistance marked at 1.3100.

It's very much a "risk off" environment out there today guys, so watch yourselves & mind how you go.

The ratings agency (Fitch) put Aussie banks on their negative watch list prior to the opening of this weeks market zilly, so that's been weighing on prices into Monday's action.
I doubt you'll get much headway on that bet today, so your tight stop to check that bullish 1-2-3 bet is a clever ploy. That'll limit any damage for sure.

Depressing activity this morning on the european stocks markets aren't helping the eur/usd make any concerted bullish push either bigdog.
All eyes & ears will be trained on the beginning of the EU summit today too with Greek & Portuguese debt the focus of intense scrutiny. Traders will be looking for continued good vibes from the European finance heads first before laying out any more big bets.
Nervous start to the week all round which is intensifying the risk-off stance.