Technical Templates

[shona123]

2 pairs in my field of vision at current levels are gbp/usd & usd/chf.
This 5-6 month long prior support (in March) turned resistance (during May) is now in play again on cable with prices continuing to dominate from the bull side.

I haven't touched it this week yet as there hasn't been an appetizing setup/trigger to take a bite out of, but it's now on my blotter again for a likely pullback hook either backing off from this current s&r zone or a break & pullback through the other side.

Good post speedbump.
Price has indeed gradually pulled back into the S&R zone you highlighted on Wednesday having covered & retreated from it's average weekly range into 1.5910-20.
Depending on how supportive this round number is here at 5800 you might just get another bite at a long play early next week.
Good luck with it if it offers you the opportunity to engage!

[speedbump]

Good post speedbump.
Price has indeed gradually pulled back into the S&R zone you highlighted on Wednesday.
Depending on how supportive this round number is here at 5800 you might just get another bite at a long play early next week.

Hi shona,
Thanks.
Yeah I'll take a look & see how things play out early next week. If it looks like attracting some solid support at this 58 number then I'll wait for an opportunistic pullback hook entry off either the 60 or 15 minute timeframe.

I'm slotting eur/nzd & aud/cad near the top of my watch list for next week too. The former is currently pulling back from the weeks highs, & providing it remains bullish above this short range s&r zone - which is also the previous weeks high - I'll get in via a 60/15m hook.

The latter (which is constantly highlighted on here) is pressuring a slightly longer range s&r zone from April & June & I'll be watching for any weakness via pullbacks to circa 1.0360 area which would confirm this current lower high pattern on the hourly charts.
Again, a nice hook with accompanying price action will trigger me in.
Anyway, we'll see what occurs as the week pans out.

[Mal2_KSC]

oi, reading through the thread trying to catch up to the end.

[midgely88]

I'm slotting eur/nzd & aud/cad near the top of my watch list for next week too. The former is currently pulling back from the weeks highs, & providing it remains bullish above this short range s&r zone I'll get in via a 60/15m hook.

The latter (which is constantly highlighted on here) is pressuring a slightly longer range s&r zone from April & June & I'll be watching for any weakness via pullbacks to circa 1.0360 area which would confirm this current lower high pattern on the hourly charts.
Again, a nice hook with accompanying price action will trigger me in.

Thanks for mentioning those 2 speedbump. They're both in clear trend mode & both pulled back & hooked nicely off the 15 minute charts in line with dominant bias yesterday & again this morning.

A question please.
When you're looking to filter a possible entry do you (or the other guys) find any more benefit in triggering with dual (60 and/or 15 minute) hook set ups, or doesn't it really matter.
Reason I ask is EUR/NZD pair pulled back off the Tokyo highs & hooked this morning into early european trade on both 60 & 15min frames right around the 1.5440-50 level, whereby AUD/CAD was hooking down from it's own Tokyo pullback through 1.0265 on the smaller timeframe only.
That dual confluence was the reason I took the EUR/NZD bet in favour of AUD/CAD.

My primary reference for filtering bias & trend is usually the 2 or 4 hour with the 15 minute being my secondary trigger timeframe. Up to now I've simply been entering via 15 minute hooks with no real problems or issues, but am curious if you assemble your filters any differently.

[speedbump]

When you're looking to filter a possible entry do you (or the other guys) find any more benefit in triggering with dual (60 and/or 15 minute) hook set ups

Not really midgely, no.
You read a lot about stacking up confluences in order to offer greater degrees of success or increasing your odds, but as far as this simple little setup/trigger combo is concerned it's not really required & that comes from both personal experience & feedback from Carll.

The most important element is to correctly identify the dominant directional bias/trend based on your primary timeframe. That is what's going to influence your entry.
Once you've slotted that important piece into place you can bring the hook into play as a filter to enter via either time of day, location of price, percentage of the ADR or a combination thereof.

In fact I pretty much asked both Carll & jjay the same question when I first registered on here & Carll very kindly shared with me an exhaustive data log he had compiled with the help of Jocelyn & one of their stats guys that concluded the timeframe/hook relationship carried far less relevance than betting in the direction of the correctly identified bias geared to your own specific (time duration) aims & objectives.

In other words, get your bias lined up & ensure you only place long bets via pullbacks when price is printing higher highs & higher lows, as dictated by your primary timeframe reference & vice versa for short bets.

Reason I ask is EUR/NZD pair pulled back off the Tokyo highs & hooked this morning into early european trade on both 60 & 15min frames right around the 1.5440-50 level, whereby AUD/CAD was hooking down from it's own Tokyo pullback through 1.0265 on the smaller timeframe only.
That dual confluence was the reason I took the EUR/NZD bet in favour of AUD/CAD.

If you happen to catch a potential bet that's setting up under those circumstances (which you will on a very regular basis), then all the better.
But the more direct live trading experience you gain from trading this model, the more you'll discover that there is neither a positive or negative outcome that will greatly influence the end result by trying to line up dual timeframe hook confluence..........just take whichever one sets up at the time providing you can justify the bet in accordance with your other entry criteria.

Good to hear you spotted the set up & triggered the bet on that eur/nzd entry.
It sat up nicely huh?
A pretty much typical low risk/high probability pullback & directional bias influenced setup trigger combination.

[zilly]

A question please.
When you're looking to filter a possible entry do you (or the other guys) find any more benefit in triggering with dual (60 and/or 15 minute) hook set ups, or doesn't it really matter.

Hi midgely.
I agree with speedbump on this one, the most important criteria when establishing a potential entry (whatever trigger you're using) adopting this particular approach is by far & away triggering in the direction of the dominant bias.
Virtually all of my obvious, negative returns occur when I break this golden rule.

Ensuring you're facing the right way & trading with the current momentum when bringing your hook into play will get you in close to the turns at these pullbacks & minor exhaustion dips/rallies within the larger overall peak-trough move.
I use both the 60 & 15 minute hook entry & haven't found any noticeable benefit to observing/trading either one.

Here's something I quickly began using to monitor & gauge my progress when first familiarizing myself with this stuff.
I found it originally on page 19 of this thread & modified it slightly to suit my requirements.
Obviously to get an accurate reflection of your true effectiveness you'll need to record a fair few trades, but if you're disciplined from the outset it will encourage you to maintain a tight ship & can use it to measure different entry & trade management styles within the broader context of this technical approach!

[round number]

I'm slotting eur/nzd & aud/cad near the top of my watch list for next week too.
The former is currently pulling back from the weeks highs, & providing it remains bullish above this short range s&r zone - which is also the previous weeks high - I'll get in via a 60/15m hook.

The latter (which is constantly highlighted on here) is pressuring a slightly longer range s&r zone from April & June & I'll be watching for any weakness via pullbacks.
Again, a nice hook with accompanying price action will trigger me in.

Relatively straightforward continuation behaviour on both those pairs last week speedbump.
Both offered 60 minute pullback hooks at various times of the week sprinkled with corresponding intraday 15 minute hook set ups with the bias, right around the London open virtually every day for those who prefer to trigger at the busy/higher volume periods.
Looks like the summer doldrums are beginning to shake out in favour of more sustained momentum plays.

Been having a leisurely scroll through my list & I've earmarked GBP/AUD, EUR/AUD & EUR/JPY for close attention.
They're still locked in strong bias mode, so pullback hook entries will be the order of the day on the clearer opportunities next week.

[jack mason]

Been having a leisurely scroll through my list & I've earmarked GBP/AUD, EUR/AUD & EUR/JPY for close attention.
They're still locked in strong bias mode, so pullback hook entries will be the order of the day on the clearer opportunities next week.

Yeah, they're definitely high probability candidates.
So too are the ones speedbump has been playing. Providing eur/nzd doesn't invalidate it's higher low sequence below the 5570 area, it's good for another bet to the upside. Same deal on aud/cad below 1.0250.
Hook entries are good to go on either of those 2 in line with current bias if the price action confirms momentum on pullbacks to those likely bid & offer zones.

eur/usd pullbacks that get supported anywhere above the 1.2450 zone are also decent probability hook bet candidates for continued upside too, certainly for potential to check out likely offers up to c1.2730-50.
Even though everyone & his dog are attempting to short every little bullish breakout, don't blindly follow the herd.....let the price action/market influences guide your decision making & use the logical S&R & reaction levels to keep you in (or out) of higher probability bets.

[Ray_1]

EURAUD is still on the top of my list as it continued to bring in the profits for the past weeks. Looking to add onto my existing postions.
Primary timeframe showing a strong and clear bias.


H1 also showing price making new highs. For a stoch hook to appear on H1 timeframe will be long as price needs to make a deeper pullback.


2nd way is to wait for divergence plus stoch hook on M15 during tomorrow early london session.

Even though everyone & his dog are attempting to short every little bullish breakout, don't blindly follow the herd.....let the price action/market influences guide your decision making & use the logical S&R & reaction levels to keep you in (or out) of higher probability bets.

However I believe most of the trading methods being taught to new traders are telling them to catch the reversals. These so called gurus will tell the new traders BIG money can be made trading the reversals instead of following the trend.

[goldtop]

EURAUD is still on the top of my list as it continued to bring in the profits for the past weeks.
For a stoch hook to appear on H1 timeframe will be long as price needs to make a deeper pullback.

Yeah, if you're looking to execute pullback hook entries via the 60 or even the 240min frames then you have no choice but to wait patiently for the deeper retracements.
It's a more conservative option when trading this approach, but it definitely suits some risk profiles & as long as you're comfortable with it that's all that matters.

2nd way is to wait for divergence plus stoch hook on M15 during tomorrow early london session.

Again, that's another very valid tactic.
But as I'm sure you're aware, there isn't always a divergence set up to take advantage of, especially when these pairs really click into a strong directional bias move.
As long as your primary timeframe is displaying the types of price action confirmation you're seeking (higher highs & lows in an uptrend....lower lows & highs in a downtrend), then a normal stoch hook on the 15min on & around a key level/appropriate time of day/or combination of both, will get the job done, as there was on that pair this morning (yet agaIn) right around the London Open at c1.2250.

I believe most of the trading methods being taught to new traders are telling them to catch the reversals. These so called gurus will tell the new traders BIG money can be made trading the reversals instead of following the trend.

Well, there will be those who maintain it's a viable option & to each their own, but personally I see it as nothing but a low probability/higher potential risk play, & in the hands of those new to this game with little experience, it's an accident waiting to happen.

I can't really see why someone wouldn't just wait for the higher probability/lower risk scenario to set up & simply trade with a clearly visible directional bias.
It's not as though there aren't ample opportunities available most weeks on at least a couple of the more actively traded instruments.

Why folks voluntarily choose to make life any tougher for themselves than it really needs to be is one of life's great mysteries