Technical Templates

[speedbump]

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.
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.

It's very reassuring to see the accurate consistency of these supp & resist zones still continuing to direct & orchestrate the price action.
I took a casual browse through the original Technical Templates thread from 2007/08 last month & you would think it was just last week not 5 years ago. This type of trading really is a timeless classic isn't it.

Your charts of July 1st on the previous page highlighting the projected reaction zones are a perfect example of that whipcrack.
AUD/USD hit & reacted like clockwork off your 1.0430-50 resistance zone.
NZD/USD has spent July bouncing between the upper & lower marked zones.
NZD/JPY failed to ignite, but price has been supported solidly at your 62.30-60 zone
& that falling knife EUR/AUD just keeps tramping over every support zone in its path.

I assume from the most recent exchanges, you guys have continued to focus your efforts & attentions on the NZD & AUD currency pairs given their continued dominance?
EUR/AUD especially hasn't come anywhere near changing its bias or willingness to arrest the strong bearish trend.

[goldtop]

I'm adding myself too xerb
thankfully no further need to log into that toilet again.
Nice to be here & looking forward to interacting with you all.

And the steady trickle continues
I haven't looked in there in a long, long time.
Their loss is this threads gain. Everyone who has come over & contributed their input has maintained the high quality of the material, & that is a huge benefit to everyone.....so welcome aboard matey & keep the fires fuelled

I assume from the most recent exchanges, you guys have continued to focus your efforts & attentions on the NZD & AUD currency pairs given their continued dominance?
EUR/AUD especially hasn't come anywhere near changing its bias or willingness to arrest the strong bearish trend.

You assume correctly.
A leisurely flip through the selection of pairs over the past month has very clearly identified the trendy, bias oriented pairs.
It's not like there's a whole bunch to choose from, so it's not exactly a difficult task to seperate the smooth from the choppy.

However, if word on the grapevine is correct speedbump then our esteemed fellow contributor will be far too distracted from now on to engage our trivial comments............................................................isn't that right whipcrack??

[whipcrack]

However, if word on the grapevine is correct speedbump then our esteemed fellow contributor will be far too distracted from now on to engage our trivial comments............................................................isn't that right whipcrack??

Ha ha, those jungle drums don't take long to start beating do they.
Yes, I can confirm an exciting development that some of you are obviously already aware of.

spotfx (Scott) & myself have been building a business relationship with Tess, Andre et al (via jjay & Jimmy) for the past 12 months or so & I recently spent 6 weeks with them in UK to get a heads up as to what's what etc. Upshot being they've invited me/us over to work with them at their UK office.

It'll be a great opportunity to grade up, expand our contact base & add another layer of experience to our armoury.

Carll + Kevan Reynolds & catcher (2 contributors from their thread on Babypips) have also been extremely generous with their time & assistance this year, so a very public THANK YOU to you guys!
I'm really jazzed & can't wait to get rolling.

It'll mean putting a temporary lid on participating here unfortunately, but hopefully once things have settled down & we’ve got the lay of the land we can pick up again & continue to support the group.
Exciting times!

[Joe Whitehorse]

It's nothing less than you guys deserve. Both of you have contributed high quality work to the thread on a consistent basis & it's been richly rewarded with the opportunity being presented.

I'm not going to wish y'all luck because it won't be needed, just soak it all up & maintain your focus.
You're in excellent hands

If any of the regular posters want to congratulate the guys and/or expand on whipcrack's post by all means do so, but he & Scott have asked if you could do it via private message so as not to derail the focus of the thread (which is typical of their attitude & priorities).

A reminder for the newer members: You are able to send private messages right from the off on here, there's no minimum post count required as apparently exists on other forums.

[speedbump]

I posted this chart over at Babypips on the 23rd May in reply to a post on a thread discussing the relevance of support & resistance going back in time & the merits of basing entries around those common set ups.
I argued that if the zone was strong & obvious enough & generated sufficient interest, then next time around there should be no reason to doubt it providing the reasons for executing a trade away from such a zone warranted the entry in the first place. ie; the current theme was either bullish or bearish for that currency.


I don't think there's any doubt that shorting the euro on rallies to big, obvious support & resistance zones offers the highest profit edge of late & if combined with currencies displaying equally strong momentum in their own rights, merely increases the odds of success.

I'm really pleased to say that the Technical Template threads over on Babypips & this one here have more than convinced me that this style really is the smartest option out there when applying a discretionary technical model.

Since that post was submitted the euro has continued to fall off a cliff & price hasn't even come close to revisiting that major previous support/turned resistance zone. The moving average that you all use as a guide to directional bias has cloaked the price action right the way down the chart since that 1-2-3 reversal off the zone in May & will be the first signal to watch out for any possible bottoming out if euro begins to attract support in the future. Until then, I fully concur with your collective views here that shorting into small & medium gauge timeframe rallies offers the greater reward benefit.



EUR/USD is almost a mirror image.
More or less exact support zone location going back to last summer which was tested again in January this year, before giving way during May & then acting as strong resistance on any moves back to test it.

I've now marked an area around the 2150 level that will probably get most traders excited on any successful re-visit & I'll be looking to short anything underneath there that even remotely looks like fading out.

[jack mason]

Nice intro speedbump.
Looks like you've pretty much got it down man.

You don't usually have to wait around too long for the price action to bump up against something interesting to either signal you in or signal you out.
A couple more got turned around today quite smartly as they butted heads with mid range s&r at a favorite level much touted on here.
Time to now sit back & patiently wait to see if they throw up another directional bias pullback opportunity.




You 2 be careful you don't scare the British natives over there.
And don't go having any fat finger nightmares either.
All the best guys, have a great time

[goldtop]

Aussie & Kiwi strength continues to dominate out there with clear S&R zones offering assistance in establishing safe entries into their dominant directional bias.
Those same resistance-turning-support & vice versa zones will be the first areas to alert us to possible exhaustion & potential changes in the current bias if & when they come back into focus this week on reversal behavior.

Until then, go with the flows & take bets via pullbacks in the direction of obvious strength until the market say's otherwise.

[strobe]

Agree goldtop, those 2 are definitely the higher probability/lower risk currencies to be swinging into at the moment.
There are one or two others showing promise at their respective reaction zones, eur/usd & cad/usd being 2.

I've got a short range resistance zone marked off on the former of the 2, bracketing the 1.2325 area which if broken could open up a push towards the 1.26 level.
The trend remains strongly bearish so priority is obviously selling rallies, but short term strength, particularly if this current area is supported, will probably attract some cheeky bull bets if 2325 is broken & held.
That area is certainly the short-term fulcrum for each way action in my book.


usd/cad is working within a s&r zone that stretches back to January where it encountered very stiff resistance.
It bounced the zone last month forming another lower high in this downtrend, & is now struggling to push back above here. Bias is clearly bearish (4 hour & daily views) but if it can muster some support & breakout above this solid s&r zone, upside targets will take it towards those highlighted 1.0100 - 1.0150 area's.

Personally I'd hedge to the downside by shorting into rallies, but there'll be a few eyeing this zone as a possible trampolene bounce towards those 2 upper levels.

[Sarah Foster]

Aussie & Kiwi strength continues to dominate out there with clear S&R zones offering assistance in establishing safe entries into their dominant directional bias.
go with the flows & take bets via pullbacks in the direction of obvious strength until the market say's otherwise.

Agree goldtop, those 2 are definitely the higher probability/lower risk currencies to be swinging into at the moment.
There are one or two others showing promise at their respective reaction zones, eur/usd & usd/cad being 2.

I've got a short range resistance zone marked off bracketing the 1.2325 area.
That area is certainly the short-term fulcrum for each way action in my book.
usd/cad is working within a s&r zone that stretches back to January where it encountered very stiff resistance.
It bounced the zone last month forming another lower high in this downtrend, & is now struggling to push back above here. Bias is clearly bearish (4 hour & daily views)

Personally I'd hedge to the downside by shorting into rallies

Nice charts & comments guys. Those 3 zones you've highlighted goldtop are all holding or rejecting the price action on pullbacks so far this week, especially the EURAUD pair

It's gratifying each time I see you guys post your views up here to know that my levels & zones are usually in agreement. Not always, but pretty much most of the time now, which is confirmation that the material you all provide is being absorbed & processed correctly.
It's a big confidence booster for me. I didn't think I'd progress so far so quickly, but there aren't many days where I get the bias wrong & that has added massive amounts of confidence to my individual trade planning.

It's also encouraged me to adopt a tighter patience line & wait until these s&r zones come into clear focus before I begin setting up my entries & risk.
What I like most of all however is this thread isn't cluttered up with silly comments & page after page of waffle. It's a nice, slow paced topic with virtually every post focused completely on top quality input.

[hawkmoon]

there are a few pairs still displaying strong directional bias out there at the moment & among them is AUD/USD.
this pair is one of a few i am focusing on & there are two close S&R zones that i am looking to take more entery's from.

these are the higher probability entery zones as far as i am concerned to check out the potential for higher prices towards 1.0800 & will continue to take the bullish pullbacks until they are no longer valid.