Technical Templates

[goldtop]

There are a few pairs being blown into previous contact zones this week with the topsy turvy price action leading a merry dance.
EUR/GBP is a decent gauge of strength/weakness when considering taking entries in each of these currencies v/s other pairs.
This current s&r zone is in focus down here underneath 0.8300, & if it fails to shoulder the action we're only a breath or two away from the 2010 lows.

Certainly a key pair to keep tabs on while you're setting up potential bets across the euro & pound cross instruments.

[bigdog]

Currently looking at the EURUSD.

The daily bias is UP IMHO.
4H is turning DOWN.
Price is at support currently.

I am looking for the Asian lows to be taken out then a move up.

Long Entry based on 1-2-3 off the 15M chart. London morning session hopefully........very ambitious I think.

[whipcrack]

I am looking for the Asian lows to be taken out then a move up.
........very ambitious I think.

Well, never say never. You just don't know what the market has in store for us next, but I think I agree with you it does appear a little ambitious.
It's presently nudging a minor support level from a couple weeks back, but if it doesn't attract bids around here then it exposes the sub 1.30 lows from January through March.

I've left this pair & Cable alone for a while now, preferring to engage with some of these crosses that have been posted up recently.
Personally I've found the price action a lot cleaner & clearer to analyze & the entries a little smoother.
But, we all see things differently & trade our own views. As long as we can locate good risk placement & acceptable reward potential then we have to go with our hunches.

[bigdog]

Well said whipcrack.

That was like standing in front of a train......

Even though an entry was not triggered it was certainly pleasing to get it wrong and live to trade another day.

I will have a long bias until that BRN (Big Round Number) 1.30 gets put in the rear view mirror.

[Sarah Foster]

I've been following this thread since September last year & have read it twice. I must say it's some of the best trading analysis information I've ever seen, & I've hung out on most of the popular trading forums since June 2010.

The main thing that seperates this thread from a lot of similar ones & raises the bar is you guys post up & identify the levels ahead of time before price actually arrives there. You also mention which direction you're intending to trade if & when the price action makes its way to the identified levels & zones. There are very few threads out there prepared to consistently put their neck on the line like that, which is what has attracted me to spend more time reading & studying the material on here.

I'm very impressed with the content. Thank you all for providing a very high quality, iteractive thread for those of us still learning the basics.

[round number]

I've been following this thread since September last year & I must say it's some of the best trading analysis information I've ever seen, & I've hung out on most of the popular trading forums since June 2010.
I'm very impressed with the content.
Thank you all for providing a very high quality, iteractive thread for those of us still learning the basics.

I too am one of the many silent followers of this thread & agree with your comments also Sarah.
I have been reading the same titled threads over at Babypips that were mentioned on here where the original posters first presented this style of trading, but this thread is more active & includes many more contributors who are posting some excellent material.

I am finding the structure of plotting the S&R zones & identifying the bias or trend easier than I imagined due to the many live examples & repetitive nature of the info. This is very welcome for those of us who are not as experienced or knowledgeable & I appreciate the regular contributions from everyone here.
Thank you also for the entry triggers & simple set ups. I have been practicing on my brokers demo charts & account to get familiar with placing trades, but I'm so confident with the concepts I'm opening a small (£5000) live account next week.

I've downloaded MT4 so I can mirror most of your chart templates & intend to post my analysis & join in the participation to not only support this excellent thread, but to show my appreciation for all your work & obtain feedback to hopefully fast track my knowledge.

[2Taps]

I must say it's some of the best trading analysis information I've ever seen.
The main thing that seperates this thread from a lot of similar ones is you guys post up & identify the levels ahead of time before price actually arrives there. I’m very impressed with the content.

I too am one of the many silent followers of this thread & agree with your comments also Sarah.
I am finding the structure of plotting the S&R zones & identifying the bias or trend easier than I imagined due to the many live examples & repetitive nature of the info.

Those are the very reasons I decided to get involved too.
The manner in which they explain & present the cause & effect of why & how these zones so consistently react is both interesting & highly informative.

As I have found, the best way to accelerate your confidence & learning curve is to get actively involved guys. Thankfully the thread is devoid of time & space wasting fluff, padding & showboating that seems to be prevalent on other forums, which is a real breath of fresh air.

Ok, having said that I'm going to stretch my wings & post up a couple of charts with levels I've prepared & identified as likely reactive zones into next week.

Kyle prompted & directed us to that pullback zone on eur/jpy last week, correctly steering folks to the downside potential in line with the current bias & I've got the next significant zone down at 105.70-106.0 marked up as a possible 2 way bid & stop order level.
Pullbacks towards friday's highs will likely be shorted on signs of failure & exhaustion.


eur/aud has rejected one s&r zone, pulled back offering a short signal & is now approaching another one situated below 1.2650
If euro continues to attract bearish sentiment next week I'll be looking to short on any failure to bounce from this next lower s&r zone with an eye on the next significant lower s&r zone at 1.2400.


And the 3rd pair up right up there on my watch-list is another yen based currency.
aud/jpy broke & pulled back into 85.0 last week & I'm eyeing shorts on this one if it begins struggling to climb back up towards friday's highs.
I have 82½ as the next strong visible s&r zone, so quite good r/r available should a small timeframe setup/trigger opportunity reveal itself.


As ever, if the bias stalls or shows signs of flipping over I'll revise my view, ensure I have my s&r zones prepared & act in accordance with the price action as it backs away from the levels (via pullbacks) in the opposite direction.

[Sarah Foster]

Those examples are very typical of the regular contributions I made reference to 2Taps & are today reacting via pullbacks exactly as presented.
I'm a little late in triggering the EURJPY & AUDJPY pairs as they hit their extreme turns during the Japanese trading session when I'm tucked up in my bed, but I've managed to enter the EURAUD short.

It pulled back higher up into the previous support & resistance zone during the Asian session today & I've triggered a short at 1.2730 targeting yesterday & Friday's low area around 1.2650-60
I've put my stop loss back at the top of the s&r area at 1.2755, offering me slightly better than 3:1 reward if the trade plays out as planned.

I'm finding this strategy option regularly offers these types of typical reward to risk ratios, which is why I was attracted to the whole concept in the first place.

[whipcrack]

Ok, having said that I'm going to stretch my wings & post up a couple of charts with levels I've prepared & identified as likely reactive zones into next week.

Price has certainly bounced those bias pullbacks & continued on their merry way. Well documented 2Taps & nice entry on that EUR/AUD pullback short Sarah!

It is a little frustrating when moves materialize outside of our respective session preferences, but these things tend to even themselves out over time & there are usually plenty of pullback opp's available when the pairs are establishing trends & changes in dominant bias cycles.

Similar set ups ocurred in the major Yen pairs overnight too.
GBP/JPY sold off via a previously identified s&r zone in sync with dominant bias with typical price action behavior (spinning top/inside & outside bar reversal) triggering the failure to press higher during Tokyo.
Price has covered 135% of its average range on this pair today & is presently finding support at a prior reaction zone. There will undoubtedly be opportunities to get aboard if this bearish action gathers pace. If so, the next likely support area is easily identified via the 4H timeframe.



USD/JPY also turned tail from a solid s&r zone as it all kicked off earlier.
It's quite a short distance to the next lower support ledge, but again opportunities will present themselves to engage with the flows should the risk-off tone continue.

[Sarah Foster]

Thanks whipcrack. I've just scratched that trade at breakeven.
Euro is holding it's own today, which can be evidenced by observing the eur/gbp resiliance today. I also note it's being supported at a strong area of S&R previously noted on here at 0.8210-40

The Yens were definitely the currency to be on today via pullbacks. Oh well, on to the next one!