Technical Templates

[Joe Whitehorse]

Very much the same story again today on this pair Joe.

Price moved up through 3033 with higher closing lows on the hourly until it was violated late yesterday (circled) into the New York close.
Today's Asian session failed to take out yesterday's highs & formed a lower high during it's own trading session ahead of the european open.

Intra-day traders especially can now pick up 5 minute chart pullback (123) shorts into the early european action via the cycle bias change from the hourly chart & continue to view that bias until a change/violation in the 60 minute chart technicals.

You're absolutely correct round number, it's a very similar view indeed.
And that is a nice, simple & accurate assessment of the current mood & bias of the market.

Good job.

[midgely88]

The most current lower high on the hourly now brushes the 60sma area on the 5 minute chart & would be a logical area to trail stops if looking for further bearish intent on this move down today.

The cycle will be violated further down however if/when this next hourly bar closes above 1.2973
Pretty good options though for both sets of traders on the bias influenced move off that initial lower top from yesterday's highs.
Plus it's travelled just slightly above the average day's range into the current 1.2960 low, so another good reason for the intra-day crew to pay close attention to this level down here.

I'm really not surprised anymore, as I'm sure aren't any of the other regulars, but it's amazing how often these common tools (prior day & week highs-lows & adr) & simple bias confirmers continue to consistently shine a light on, & help to manage the most logical directional bets.

Nice recasp posts at the w/end by the way Joe

[midgely88]

If the intra-day crowd aren't already out & sidelined they'll be hitting the exit button & cashing out about now.
average range covered
prices aren't making fresh lows
about to print a higher low/higher high on the 5m & move up off this base on some profit taking.

[kyle morgan]

Ditto Joe's comments round number, nice posts today
You too midge!

For intraday players & trailing short stops into 1.3015 zone, euro has a few red flag items due for release tomorrow;
0800 bst - french manuf pmi
0830 bst - german pmi
0900 bst - german ifo

1245 bst & 1500 bst - drahgi is in high profile at the Berlin Bundestag, so keep an eye on the newswires for more Q&A rhetoric (& any drip feeding commentary) surrounding Spanish refinancing criteria.
The Dollar is also in vogue tomorrow with the FOMC comments out at 1915 bst.

A potentially busy (whippy) day ahead, especially if the data/rhetoric spices up the market!

[round number]

For intraday players & trailing short stops into 1.3015 zone, euro has a few red flag items due for release tomorrow;
A potentially busy (whippy) day ahead, especially if the data/rhetoric spices up the market!

Those trailing stops were well out of harms way this morning & have benefited from those horrible german pmi & ifo numbers.
Spot on (excuse the pun) with the 1.30 fulcrum kyle

There are quite clearly bids in evidence here back towards Friday's low & Monday's open, & if they're not sufficiently strong to encourage price back up the ladder, the market will attempt to see how much sell stop activity resides underneath the aforementioned level.
That then exposes the the 1.2900-2920 area.

And down she goes in search of orders at the next 00 zone.
Insufficient bids here exposes last weeks lows @ 1.2890 ahead of the next S&R area @ 1.2820-40.

[castor]

Hello everyone!

Great thread. Have read through the thread

It seems like most of the traders here are intraday traders that refer to the 1 hr and 15 or 5M charts?

Firstly, I personally have not started trading live yet. Just demo'ed for several months. I've tried out this strategy, and I've got to say that I love it!

But here comes my problem.

Im going to be getting a job really soon, and wont have the time to watch the prices throughout the day. But here's the catch, I think I am able to give say a 15 to 30 mins glance at the charts every 2-3 hours at work.

Unfortunately, i have been practising the 123 trigger entry on the 15M for most of my entries for my trades for the past month, and I got to say its my favourite entry trigger. But the problem is, like I said I can only look at the charts for around 15 mins every 2-3 hours, so I cant possibly WAIT for a 123 trigger to occur on the 15M (I will definitely just miss the trigger during that 2-3 hours away).

Firstly, maybe it would be recommended that I do not trade intraday, and go more for a midterm trading. But I prefer intraday trades, as I do not really like holding trades overnight. So here's the thing, from experience, is there another good entry trigger that you guys can recommend, that allows me to place stop orders, or allows me to just enter at a quick glance? Because the 123 trigger on the 15M definitely requires me to commit the time to look at the 15M chart to wait for the trigger to occur, although I adore it.

It seems like there are a lot of traders here using the Stochastics hook on the 1H to enter intraday trades? I would be able to achieve that as my time commitments would allow me to at least catch the hooks on the 1H, but I tried that out for a few weeks, and I personally found it not as accurate as the 123 triggers on the 15M, as it gave quite a few false signals especially when there is accumulation above 80 and below 20.

So, again, anyone kind enough to recommend an entry trigger for intraday trades preferably, that at least uses the 1H and higher timeframe (cannot commit my time to the 15M anymore)? Are 123 triggers on the 1H possible? I did a little backtesting, and it seems that everytime the 123 triggers on the 1H, most of the Average Daily Range have already been covered, so it dosent seem very ideal
of course it would be a bonus if this entry strategy involves around placing STOP orders, so I can just set it, and go off

Thanks guys for the help in advance.

Pardon my English.

[zilly]

A potentially busy (whippy) day ahead, especially if the data/rhetoric spices up the market!

You weren't wrong there kyle.
T'was a perfect prediction of the impending day's action.

The high probability money was definitely made on the short side so far this week into the 1.29 handle tracking the LH cycle.
The 1.30-1.29 bracket, coiling today's conflicting HL/LH cycle sequence will be the influencing factor for the next stop order driven move.

Could be some nice 5 minute HL pullback longs in the offing towards the weeks highs if it can attract the required momentum.
No doubt Tokyo will hold the key to supportive action, with this 2980 area needing to hold a higher low print (if violated with strength), but one of these bracket figures will give way soon & it's rare that euro doesn't trade each side of 2 figures within a complete day's session!

It's opening out into quite a decent intraday weeks activity so far

[xerb]

Could be some nice 5 minute HL pullback longs in the offing towards the weeks highs if it can attract the required momentum.
No doubt Tokyo will hold the key to supportive action, with this 2980 area needing to hold a higher low print.

Ditto.
Got the first of those opportunities just now on the 5m high-break pullback 1-2-3 with stoch hook up off 2988.
Nice low risk play to check out any potential follow through.

[jack mason]

It seems like most of the traders here are intraday traders that refer to the 1 hr and 15 or 5M charts?
Im going to be getting a job really soon, and wont have the time to watch the prices throughout the day.

It's a mix to be honest castor.
Virtually all of the trades that get rolled over into next day & longer start off as intraday entries.
That's the beauty & one of the major advantages of this type of approach.

By using the hourly charts as the background template (bias/trend indicator), it allows you to get aboard the current momentum via 5 & 15m triggers. The risk & objectives are then revised, determined & managed according to what the market is offering at the time.

If the price action is smooth & trendy, it allows you the opportunity of trailing the profit stop up or down behind the next swing level on the sub hourly charts. The decision can then be logically & calmy made at end of day or percentage of ADR covered, whether to roll the trade over or fully exit.

If the price action is choppy & volatile, the decision is usually made for you & therefore results in an intraday exposure.

from experience, is there another good entry trigger that you guys can recommend, that allows me to place stop orders, or allows me to just enter at a quick glance?

I wish there was. If so everyone would be in clover.
Unfortunately it doesn't quite work as perfectly as that in reality.

If you're unable to commit the required time to monitor & observe the market as it ebbs & flows through the various business sessions then you're going to have to get used to adjusting your risk tolerances & widening your margin for error in regards entries.

It seems like there are a lot of traders here using the Stochastics hook on the 1H to enter intraday trades?
I tried that out for a few weeks, and I personally found it not as accurate as the 123 triggers on the 15M, as it gave quite a few false signals especially when there is accumulation above 80 and below 20.

Everything with this style of approach revolves around location of price & momentum of the market.
Triggering random hooks or 1-2-3's will soon deplete your account.
You have to take into consideration the current bias/trend, the location & the risk to profit potential involved before pulling the trigger.

There is no guarantee to success even if it all lines up successfully.
And to be honest, I've found that I have to be available to actively manage my positions if I'm triggering via hourly based cycles, otherwise I'll be over extending my risk tolerances & my account will grossly underperform.

of course it would be a bonus if this entry strategy involves around placing STOP orders, so I can just set it, and go off

We'd all love that scenario
I could simply stick my orders in, go get on with all the nice stuff, come back at the end of the day & count my profits.

I'm not saying there aren't situations or approaches where that strategy is possible, but it's not the type of trading we're really involved in on this thread.

[Dappa]

Hey Guys Im new to the forum and thread, but was recommended to the thread by anothertrader that emailed me and told me to check it out. I understand that this thread is a continuation from the baby pips technical template thread.

I have a little understanding of whatthe method was , you guys identify the supply and demand levels on the daily time frames and go down to faster time frames for entries, am I correct?

Secondly has anything changed in the method and from which post should I start reading from to gain the prudent information on this thread to keep abreast of how you guys do thinsg?

I am still fussy on what to look for as far as intraday entries for trading daily levels? That is my big misunderstanding, its how you put it all together, know it may be simple for guys that have been doing this for a while but I just have not gotten my head around how to trade these levels successfully by using the lower time frame.

Can someone pointme in the right direction?