Technical Templates

[Ray_1]

1) It's not about huge winning trades or "all or nothing" bets. It's about consistency (using the same tested method over & over) & longevity (survive, study, understand, act, rinse&repeat).

2) The guys&gals on this thread have summed up all the relevant material that you need in order to thrive (not just survive) in the markets. My own results have improved by reading through the pages - even if many have seen that my style differs a little. So if you're not profitable on demo yet, don't go live. Go back to page 1 and read through. Use your demo platform to go back in time and watch the charts that are posted. Understand what was going on and why the guys said what they did. Understand the perspective. Study, remain profitable for at least 3 months on your demo and then try the transition.

3) This is also a self note. Once you get the groove of it, refrain from letting other traders' ideas or charts induce you into doing something that's not your setup. I am in contact with a couple of good traders, and more than once - mostly during my drawdowns - I looked at their trades and tried to look at the market the way they do...and the losses continued to pile up until my fiancèe (who has learned through me about the markets and has surclassed me in discipline) told me to get back in the driver seat and follow what used to work for me. The key here is discipline. Stick to your plan even when you get some stops because nowhere more than in the markets does history repeat itself with such accuracy and frequency.

This is great advise for anyone who are new or struggling in forex. If jcpfx follows the above he will have a great 2013 ahead.

[Joe Whitehorse]

It's not about huge winning trades or "all or nothing" bets. It's about consistency (using the same tested method over & over) & longevity.

I couldn't agree more, or put it any better.
The objective is to discover a structure or template that you can wrap your set ups & triggers around in a style that sits comfortably with your risk profile & business objectives.

The real key to achieving longevity in this game is simplicity.
The market is an uncomplicated entity.
In my experience, the only complexity or complication as far as the market is concerned comes from those who trade it.

My own results have improved by reading through the pages - even if many have seen that my style differs a little.
Once you get the groove of it, refrain from letting other traders' ideas or charts induce you into doing something that's not your setup.

That's a good & fair point.

There's nothing wrong with sharing views especially when emphasizing, explaining or drawing attention to the framework/structure discussed here, but it's important to flex your own muscles & use the generics of the concepts to construct your own personal trade plan specifics.
It's been consistently evidenced over the past 3 years on here that the generics & foundation of the structure is relevant & workable from whichever specific trading style & risk appetite you choose to adopt.

You just need to find your comfort zone & when you do, bear jcp's comments below in mind each time when stepping up the plate.

The key here is discipline.
Stick to your plan even when you get some stops because nowhere more than in the markets does history repeat itself with such accuracy and frequency.

I hope everyone has a great holiday period & enjoys the xmas festivities!
The thread grows in quality & content & long may it continue.

Once again there have been some terrific contributions from everyone & 2 thread regulars (whipcrack & spotfx) have this year stepped up another couple levels, joining Carll, Kevan Reynolds & catcher (from the original threads) to begin trading institutional sized accounts.
There's something for everyone out there if you're able & willing to demonstrate the necessary skills, determination & effort

Merry Xmas & a very happy & prosperous 2013 to us all.

[jcpfx]

Thanks for the reinforcement there Joe

It's always easy to speak common sense...it's tough to continue to demonstrate common sense during the trading sessions. So I will definitely try to adhere to my own pointers in 2013. Italy's tech-government has designed a slightly tougher Tobin Tax than France but FX spot is exempt. So my fiancèe and I can stay put here in Little Italy and trade along.

Be back with some end of year analysis on sunday or monday morning.

In the meantime, Merry FX-Mas to all those that are already packed up for the festivities

[midgely88]

For those still sniffing around for bargains into the xmas break, there are pairs either moving away from or heading into some spotlight S&R zones.
eur/aud is moving up into a prior area of resistance with decent support underneath to encourage the continued buy-on-dips play into years end


usd/jpy is probably the premier pair in focus this weekend with the elections taking place ahead of the fresh week's open.
The yearly highs are within spitting distance at 84.20 with a reasonably solid support lying underneath the 83 handle.
The incoming Japanese administration have made no secret of actively seeking a weaker currency so undoubtedly there'll be plenty of opportunities to pick up decent 'buy-on-dips' back to the various multi-timeframe support levels along the way.


Thin markets are squeezing each-way bets on eur/usd & the current one has pushed it up into stiff resistance at the 3150-70 zone.
Unless & until the big figure at 1.30 gives way this pair will remain another buy-on-dips play, especially if the US fiscal cliff can continues to get kicked down the road.

There are still some high probabilty bets on offer out there - you just need to be choosy with your candidates & a little more flexible with initial targets.

[jcpfx]

EurUsd still in a long bias. We have opened and pushed above last week’s high at 3170s. Next target for longs if we consolidate here is the 3250 area. If, instead, we get a retracement (I feel it’s due) then 3080/3100 will be the first support zone where I’ll be looking to re-ingage long.
The first decisions of the week will hence be: upon London open, will we get a break&hold (long pullback) or fakeout (intraday short play bias) of 3170s? And play it along from there.




GbpUsd is a similar picture, maybe with a little more structure. We have opened at last week’s high and are right at a big resistance level at 6170s. If we consolidate and push higher, 1.6250s should be the target while 1.6120s is the first level of support to search for longs as we are still clearly in an uptrend.
The tactical view for tomorrow morning will be the same as for the Euro: long on break&hold of 6170s or short on fakeout of recent highs.




It really seems like the same type of idea on Aussie &Kiwi as well. Vice versa for UsdChf. UsdCad is a little less attractive at the moment. The low range on Cad has been brutal and it really doesn’t encourage traders to jump on board.

Happy trading to all those who dare jump in the pit during this last week before FX-Mas!

[jcpfx]

Good Day Traders,

here are the bets I've placed today so far, following the tactical plan laid out yesterday. The EurUsd did not behave well this morning, while EurJpy opened gap up and the gap close was right at a support level so it was a much cleaner long setup.



GbpUsd followed the London break & pullback plan:



The Dax followed the friday high fake & then friday low fake plan:



UsdChf seemed to be a daily low fake but I scratched it as the USD was working against this position on other pairs while UsdChf was not doing anything yet.

[speedbump]

Good Day Traders,
here are the bets I've placed today so far, following the tactical plan laid out yesterday.

It's like watching paint dry out there today jcp.
I took a look earlier this morning but didn't see anything that tempted me to hang around, so logged off & went shopping.

Just come back, switched on & most pairs are about right where they were at 8.00 o'clock this morning (apart from Sterling which has had a lift across the board).
It's all about position squaring & tying up loose ends this week.

Relaxing lie in's, leisurely liquid lunches, feet up with a mince pie or two & plenty of tacky xmas movies for me up into the weekend I think!!

[jcpfx]

Relaxing lie in's, leisurely liquid lunches, feet up with a mince pie or two & plenty of tacky xmas movies for me up into the weekend I think!!

Tip of the hat to you speedbump, if you've had such a year that allows some well-earned time off! Unfortunately my year wasn't so brilliant so I'll be looking to take some intraday heat in order to (hopefully) rake in some pips before the end

I agree, though, that a 50 pip range in EurUsd is nothing to be excited about

[visualxray]

Unfortunately my year wasn't so brilliant so I'll be looking to take some intraday heat in order to (hopefully) rake in some pips before the end
I agree, though, that a 50 pip range in EurUsd is nothing to be excited about

You might have to focus in on the remaining red flag data events into Friday's early close in order to generate the required momentum jcp.
As one or two of these guys have alluded to over the past week or so, this time of the year in FX is usually one for re-allocating & squaring off stale positions.

Unless outside influences impact heavily across the majors, prices will take a lot of shifting in excess of their contracted low-liquidity range boundaries.
Good luck with any intraday bets though!

[jcpfx]

You might have to focus in on the remaining red flag data events into Friday's early close in order to generate the required momentum jcp.
As one or two of these guys have alluded to over the past week or so, this time of the year in FX is usually one for re-allocating & squaring off stale positions.

Unless outside influences impact heavily across the majors, prices will take a lot of shifting in excess of their contracted low-liquidity range boundaries.
Good luck with any intraday bets though!

Thanks Visualxray for the heads up and suggestions. I am well aware of the low liquidity environment and the fact that the main players are probably all on vacation already. It's clear that i'm not looking for any longer-term trades here. Intraday & scalping is good enough for me right now. Here are my 2 bets from this morning:


Dax Opening Gap opportunity - gaps tend to close but not always when & where you would like them to. There was a clear pin-bar up high that clearly calls all faders to the scene. Then, 20 ticks lower, the market is showing signs of support so it's usually ok to cash in and wait for another opportunity. This bet was counter-trend after all, so it's best to stay nimble.



EurCad fakeout of yesterday's lows, in line with general trend. Long @2956, out @ 75.