Technical Templates

[ForexLion]

Thanks to all the contributors in this thread. It is truly wonderful.

[whipcrack]

Thanks to all the contributors in this thread. It is truly wonderful.

I'd like to pass on my appreciation & thanks to all the regulars of this thread for your superb content & information. I'm no stranger to threads on trading forums, but I can't think of one that maintains such a consistently high standard of quality input than this one.

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.

It's great to see more thread viewers coming out of the woodwork & looking to participate.

I was similarly inspired when I first found this thread, as were the other regulars here & it really added clout to the thread when one or two of the Tech Temp posters from the original Babypips thread/s came onboard & added their quality input & encouragement.

Having browsed most of the other trading forums & sniffed around similar price action based threads, I still remain totally convinced you won't find a higher quality & more accurate interpretation of this type of approach than the material posted on Technical Templates. And the huge plus point is they make it incredibly easy to replicate & apply, just as long as you don't go looking for added layers of unecessary filters to mess it up.

Ok, so here are one or two pairs & their corresponding directional biases & potential key reaction levels that are sitting on my radar for next week.
Same basic framework, same simple & uncluttered structure.

Work from the top down to locate your key levels.
Ensure those levels are transparent right down through the various timeframes & wait patiently for price to trigger you in (& back out) via the dominant directional bias & the appropriate set up/trigger combinations.

Good luck for next week!

[shona123]

I know it's out of favor lately for numerous reasons, but for those still inclined & brave enough to lay any money on the EURUSD there are a couple of near term technical levels in view that could hold sway over it into next weeks action if a likely set up happens to sit up & beg.

The risk-on move late last week has thrown up a possible pullback target zone around 2560-80 that will probably be the first test for continued upside if prices get pitched back from Friday's close.
If prices do drop back & 2560-80 fails to prop it the next logical support zone will be the lower highlighted area on the chart.


The next potential bullish hurdle for Euro is only 100 odd pips away at the June double top highs of 2750 that includes the channel encompasing the May swing high at the 2800 figure. History tells us that zones as strong as that usually house some pretty conflicting order flow & that will be quite an active resistance level if the price action manages to push it up that far.
Depending how the land lies early week, I'll certainly consider betting long on successful pullbacks to the aforementioned area's if the appropriate triggers set up, & I'd definitely look to scale out on the approach to that upper s&r zone.

[round number]

I like the look of that eur/aud short too whipcrack. I've traded it a couple of times & have set up a short through the recent lows 1.2334 with my stop back above today's Tokyo high at 1.2364.

I'm aiming for the early March low around the 1.2260 area which also happens to correspond with the current average daily range.
That offers me a reasonable 2:1 reward/risk bet which given the primary bearish trend on this pair, is a pretty fair deal.

[round number]

I like the look of that eur/aud short too whipcrack. I've traded it a couple of times & have set up a short through the recent lows 1.2334 with my stop back above today's Tokyo high at 1.2364.

I'm aiming for the early March low around the 1.2260 area which also happens to correspond with the current average daily range.
That offers me a reasonable 2:1 reward/risk bet which given the primary bearish trend on this pair, is a pretty fair deal.

That'll do me for today. Just encashed down here right around the day's average range @ 1.2279 for +3.5%
Nice start to the week.

There's quite a bit of data being released from today onwards so I'll sit & patiently wait now until another grade-A set up comes into view.

[hawkmoon]

I like the look of that eur/aud short too whipcrack. I've set up a short through the recent lows 1.2334 with my stop back above today's Tokyo high at 1.2364.
I'm aiming for the early March low around the 1.2260 area which also happens to correspond with the current average daily range.

That'll do me for today. Just encashed down here right around the day's average range @ 1.2279 for +3.5%
Nice start to the week.

well played round number, that's a well prepped trade which you've also nailed virtually to the full day's extreme
there looks to be more juice in the trade, but if you were only considering an intraday bet then you've achieved your objective!
i'm sure they'll be plenty of good odds opportunities dureing the rest of the week, so good luck.

price has pulled back into the 1st support zone shona highlighted on eur-usd yesterday & is worth keeping tabs on.
nzd-jpy has also pulled back nicely today & the other 3 of whipcrack's pairs are headed in the right direction....hopefully they'll be at least a couple of decent opportunities to grab a few dollars worth of profit out of that bunch this week via further pullbacks

[Se7en]

I'm aiming for the early March low around the 1.2260 area which also happens to correspond with the current average daily range.

that's a well prepped trade which you've also nailed virtually to the full day's extreme
there looks to be more juice in the trade, but if you were only considering an intraday bet then you've achieved your objective!

You know what.....the more I plot, plan & trade this concept the less surprised I'm becoming when trades consistently play out as planned.
If there's one indinspensible piece of kit in this superb, if extremely succinct pre trade planning set-up, it's the ADR. You try & snatch that baby away from me & I'll rip your head off

It's uncanny the consistency to which price tags & bounces the ADR as it winds into the day's closing action.
You can keep your fibs, pivots, elliot wave, bollinger bands, lines, channels & all the other waste of time junk.....just leave me the directional bias awareness & the ADR & I'm as happy as larry

Good job round number!!

[Sarah Foster]

well played round number, that's a well prepped trade which you've also nailed virtually to the full day's extreme
there looks to be more juice in the trade, but if you were only considering an intraday bet then you've achieved your objective!

You weren't wrong about there being more gas in that eur/aud trade hawkmoon. Even without today's hairy scary price moves it produced a further 100 pips worth of profit into yesterday's close.

Did you hop back on again after Monday's move round number?

nzd-jpy has also pulled back nicely today & the other 3 of whipcrack's pairs are headed in the right direction....hopefully they'll be at least a couple of decent opportunities to grab a few dollars worth of profit out of that bunch this week via further pullbacks

I very nearly took a long bet on aud/usd yesterday afternoon in line with the primary trend as it moved back through parity but stupidly let it go.
I've been trading aud/cad the past 2 weeks alongside that nice bullish trend, but it's testing my mettle this week attempting to bounce & clear this 1.0400 s&r zone.
A slow, boring grind indeed

Nice to see a regular diet of excellent charting & commentary.
Good work guys!!

[round number]

You weren't wrong about there being more gas in that eur/aud trade hawkmoon. Even without today's hairy scary price moves it produced a further 100 pips worth of profit into yesterday's close.

Did you hop back on again after Monday's move round number?

No I didn't Sarah.
What I ought to have done is stayed put in that EURAUD trade. Still, it's not as though there's any shortage of quality opportunities with this approach, & as I mentioned on Monday :

...........so I'll sit & patiently wait now until another grade-A set up comes into view.....

and with 18 pairs on my watch list there are usually 2 or 3 in my direct field of vision at any one time.
I'm sure like all of us here you'll have the important support & resistance zones marked up on your charts ready & waiting until price begins moving into & out of the levels of interest.

Well if you refer back a couple of pages (57 & 59) 2Taps re-submitted a GBPAUD chart on May 9th that strobe posted the previous week with 3 key zones marked out for future reference & kyle put up the EURNZD pair on June 25th highlighting similar references to key levels on that pair.
I've included them both here:-

Same deal with any further pullbacks from current prices.
Get our basic setup criteria lined up (dominant bias/stochastic hook/available ADR), ensure acceptable risk placement & pull the trigger.

If you scroll forward to this week you'll observe price is interacting & reacting again with that lower s&r area on GBPAUD at 5275-5300 & the 5650-5680 area on EURNZD trading a clear bearish tone.

Given that our higher probability odds are always trading with the dominant trend/bias & that important criteria is evident, we now need the other 2 elements (available ADR & set-up/trigger) to click into place before we can take the bet.

All I do if I have 2 or 3 pairs offering me quality entry criteria is simply choose the one that's setting up clearer in tandem with one of my favourite triggers & the GBPAUD hourly was hooking down off 80 yesterday morning right around a 00 figure (5200) with a nice rejection bar (doji) at the London open, having successfully hurdled that important s&r zone.
It also ticked the available ADR & risk boxes.

[speedbump]

I'm adding myself to the growing thread membership.

As much as I thoroughly enjoy working through the information & material on those Technical Templates threads, it seems really out of place on Babypips. The participants on Tess & Jocelyn's threads instantly appear much more mature & emotionally stable than the majority of the membership. Some of those popular threads quite often resemble a kiddies playground such is the immaturity of the behaviour.

I'm adding myself too xerb, & I very much echo your comments in the second paragraph.

Considering I'm only really interested in applying this type of technical model to my trading, & this place is continuing to discuss & present that excellent material, it makes perfect & obvious sense to hang out here.
The only other threads of any note over there anyway are Captain Currency's 3 Ducks & the Johnathon Fox/Forex School Online material, but as I can follow Andy's stuff via his own website, & Johnathon's material closely mirrors this work, there's thankfully no further need to log into that toilet again.

Nice to be here & looking forward to interacting with you all.