Technical Templates

[xerb]

This is a trade I took this morning and the subsequent stopout. I'd be interested to hear thoughts on my approach.
Plenty of ADR gas left.

I see price made it to your pre-highlighted daily range zone before turning on it's heels West. I realise it's no consolation after having got stopped out, but all you're experiencing is timing issues, something that everyone has to accept, regardless of experience.

The important thing is you're consistently identifying the correct primary bias & facing the right way when preparing your entries. I'd congratulate yourself if I were you, because from what I've seen on my journey's around the forum network folks on this thread are way ahead of the curve as far as setting their basic groundwork out.

You wouldn't believe the confusion & contrary views being bandied about regards directional bias out there, & some of that is coming from supposed experienced traders too

Keep it simple & keep it subtle. You're not going to catch them all, but if you're obeying the core structural bias from your higher timeframe guides you'll snare more than you miss over the long haul.

[West]

Thanks for the comments all.

I see price made it to your pre-highlighted daily range zone before turning on it's heels West. I realise it's no consolation after having got stopped out, but all you're experiencing is timing issues, something that everyone has to accept, regardless of experience.

The trade represented good value for me and the setup ticked all my boxes so I'm not too worried about the outcome. The next setup is always just around the corner and I'll make sure I'm prepped to trigger when it does

The important thing is you're consistently identifying the correct primary bias & facing the right way when preparing your entries.

I find that once I have determined the state of the market (trending/ranging) on my template timeframe through the use of clear HH/HL or LH/LL price action behavior I'm consistently on the correct side of the flows. Timing of entries and managing them to extract as much profit as possible is what I'm working on so I find it very helpful when others post up examples so thank you for this.

[kipper]

I've picked 2 pairs from my watch list that have begun to adopt neutral type behaviour
Cable has developed a couple of lower highs from it's recent top at 5950 & is approaching a key support zone highlighted on the chart.
In my view it needs to attract demand here in order to get me interested in buying dips.

The 2nd neutral pair is USD/CAD.
The double bottom at 9920 has yet to be fully confirmed in my view, & will only inspire me to begin buying dips as per the above explanation should it break through & test the resistance zone indicated in the chart.
I'm leaving these 2 pairs until they either slot back into their previous dominant trends, or confirm breaks through their respective s&r zones.

Hi zilly.
You posted this up last Sunday (12th) & marked out the area's you were interested in to re-engage bets with the larger term trend.
I've put a crosshair on the 2 charts at the precise time & price you submitted the charts & tracked them on my own platform as the price action played out into the beginning of last week's action.

I know you said they were displaying neutral type behaviour & you weren't interested in trading them until they clicked back into their dominant directional bias, but did you actually take any bets on either of them when they reacted back off their respective s&r area's in sync with the dominant bias?

I've been looking back throughout the thread again at some of the zones you guys have identified ahead of time & re-checking the charts afterwards & it's uncanny how accurate these pre-identified levels are when the price action moves into the zones.
Those 2 in particular reacted almost to the pip at your pre-drawn levels, & they're by no means the exception to the rule. It never ceases to amaze me how consistently successful this s&r analysis really is, & when combined with directional bias + the set ups & triggers posted on here, the results are outstanding.

[zilly]

Hi zilly.
You posted this up last Sunday (12th) & marked out the area's you were interested in to re-engage bets with the larger term trend.

I know you said they were displaying neutral type behaviour & you weren't interested in trading them until they clicked back into their dominant directional bias, but did you actually take any bets on either of them when they reacted back off their respective s&r area's in sync with the dominant bias?

No, I didn't kipper.
Although both pairs offered up the typical entry triggers via the shorter timeframes as they moved into those s&r zones, there were (& are) far easier options out there to trade such as the Yen pairs that are trending nicely according to the basic guidelines we prefer to engage with. Those 2 pairs are back on my watch-list as they've now re-engaged with their prior dominant bias, but I've been focusing on pairs that have been displaying far easier trading potential.

If you look at NZD/JPY, EUR/JPY & even USD/JPY, you'll spot the usual price action clues such as very clear & distinguishable 4 & 1 hour dominant bias, price forming rejection and/or continuation bars such as hammers, dojis & bullish outside bars at pullbacks that typically alert us to excellent lower risk/higher probability opportunities setting up on the shorter 5 & 15 minute trigger timeframes.
I simply take these guys constant advice about always trying to make life easier for myself by engaging with pairs or instruments that show strong, trending price action patterns.

Why take excessive risks playing pairs with less than stellar price action behaviour when you can jump into calmer, more sedate trending activity?

[2Taps]

No, I didn't kipper.
Although both pairs offered up the typical entry triggers via the shorter timeframes as they moved into those s&r zones, there were (& are) far easier options out there to trade such as the Yen pairs that are trending nicely according to the basic guidelines we prefer to engage with.

I simply take these guys constant advice about always trying to make life easier for myself by engaging with pairs or instruments that show strong, trending price action patterns.
Why take excessive risks playing pairs with less than stellar price action behaviour when you can jump into calmer, more sedate trending activity?

Amen to that.
It's the one message that comes across to me loud & clear whilst reading & re-reading this stuff.
Make life as easy as you can by ignoring the lower probability set ups in favour of the one's that scream out at you from the big spotlight levels.

[bigdog]

Here is an example of a trade I took last night.

The problem is that I was late getting to the screens . Well and truly into the london session and only two hours before the NY session. Scanned thru all the pairs and found a potential trade on the GBPJPY. I did not enter until about 1 hour before the NY Open. The optimal trade entry would have been 8 hours earlier........

As it happens I got T1 which was equal to my stop (125.75) and moved the rest to BE.

Was I too late to enter? Should I have let this one go ? If my maths is correct ADR was around 50% with about 50 pips left in the tank in my favour.

[spotfx]

Here is a trade I took last night.
I did not enter until about 1 hour before the NY Open. The optimal trade entry would have been 8 hours earlier........
Was I too late to enter?
Should I have let this one go ? If my maths is correct ADR was around 50% with about 50 pips left in the tank in my favour.

Sometimes it's simply a judgment call bigdog. Only you know how risk tolerant you are in these types of conditions & circumstances.
If the higher probability factor looks good & you're not overlooking or relaxing your key set up criteria, then as long as you can obtain acceptable risk, you're ok to proceed.

At least you had the average range numbers on your side at the point of entry + momentum was purring along nicely backed up & evidenced by the upward sloping moving average on both your primary (4&1 hour) charts. Therefore the majority of the key requirements were on your radar.
I agee, the entry level & criteria on that trigger chart maybe wasn't ideal, but again only you will know whether that scenario offers you an overall positive picture when perusing your trade log history.

[strobe]

Don't underestimate the power of confidence bigdog.

I don't know about you, but ever since I discovered the guys over on Babypips & then proceeded to digest & study the stuff on here too, my competence & confidence has improved markedly.

The thing is I'm only focusing on the background analysis surrounding & affecting the specifics of this is strategy, therefore I'm not being distracted. I'm convinced this is the reason why I'm experiencing very satisfactory progress & positive results.
When you get into a groove of analysing the technicals the same way every time & only executing trades when the higher probability events are in place, you begin to establish repetitive anchors.

If you know that whenever 2 or 3 consistently accurate elements come into view & the effect of taking action is an overall positive result, then it offers you a lot of confidence to do the same thing again next time around.

I'm becoming more & more comfortable in my ability to quickly identify & recognise when those higher probability situations are setting up & it's purely a result of doing the same logical & competent analysis on a consistently repetitive basis.

[bigdog]

Here is another example of the template I am using.

4H primary bias is long. ADR is good.

Trigger is a 1-2-3 based on the 15M chart. This is 3 hrs before London, hence the reason I used a 15M chart rather than a 5M 1-2-3.

Note that I dont enter on the stoch hook alone. I wait for a HH and HL confirmation. This may be considered conservative in terms of entry........

[Se7en]

Trigger is a 1-2-3 based on the 15M chart.
Note that I dont enter on the stoch hook alone. I wait for a HH and HL confirmation.
This may be considered conservative in terms of entry........

I don't think there's such a thing as a conservative entry or approach. Everyone will attack the markets based on their overall risk attitudes & individual styles.
The fact we're all playing from the same directional bias, yet triggering different entries off the smaller timeframe charts, speaks volumes for the quality of the basic template.

I've currently got a long only view on most of the euro cross pairs, including: eur/usd..eur/jpy..eur/aud + gold, nzd/jpy, gbp/jpy & usd/jpy
I've got a short only view on: usd/chf & usd/cad.
Once the directional bias is clear all I got to do is focus on playing pullbacks via those pairs producing the cleanest set ups on the shorter timeframe charts.

Don't underestimate the power of confidence bigdog.
If you know that whenever 2 or 3 consistently accurate elements come into view & the effect of taking action is an overall positive result, then it offers you a lot of confidence to do the same thing again next time around.

That's very true strobe.
There's nothing more powerful than knowing exactly what you're going to do when a series of repetitive circumstances come into view.
Doesn't matter if the trade fails, because we all know we're not going to win them all - but because we're taking a high probability approach evidenced by repeatedly consistent events, we're not stressing over whether this one or the next one will work out..................it's simply a numbers game, backed up with sensible & disciplined risk management!