Technical Templates

[jcpfx]

Thank you Strobe,

Very interesting pointers there that are helping me connect the dots. I will go back and study the Babypips material more in depth as well. The "intent" part had passed by me. I feel like a student that has studied a lot of material in too little time, good enough for a C or C+ but no where near an A or A+.

Thank you once again, and a thank you to Kipper as well, for these fundamental lessons in patience & perfection.

[hawkmoon]

I will go back and study the Babypips material more in depth as well.

That's not really necessary jcp, unless you really want to of course.
The key aspects of their work are contained within the pages of this thread & repeated on a regular basis.
Revisiting the charts & accompanying commentary will reinforce the primary & secondary aspects of the framework because it follows a simple, fluid, repetitive structure.

However, although that structure is basic & simple in it's preparation & delivery it will still require time, familiarity & patience to execute.
Rome wasn't built in a day.

[jcpfx]

Good Morning Hawk & all other traders,

in my eagerness to play the EurUsd as it kept holding it's ground overnight, I was able to get aboard a fast moving train this morning. I hope others were able to
ride this too!
I'm guessing it's on Strobe's radar now as a high opportunity bet and he'll be looking for longs around 3320/30? If this is so then maybe I have understood my own mentality vs. the lessons in the thread.

1) Get your bias straight (still up on EurUsd)
2) Whilst the lessons here teach patience in waiting for price to react to the levels and start cycling up BEFORE looking for an entry, I have been on the lookout for 1-2-3s off the low prints of the counter bias move down (fade mentality). Maybe this comes from the fact that I like to be in before the price breaks out? The risk of course is to NOT see a breakout happen and receive a stopout.

Here is my chart with the 1.2.3 entry (for right or wrong)...hope that yesterday and today i've been moving closer to being more "aware" of what I'm doing vs. the thread lessons.

[strobe]

I'm guessing it's on Strobe's radar now as a high opportunity bet and he'll be looking for longs around 3320/30?
If this is so then maybe I have understood my own mentality vs. the lessons in the thread.

Given the fact it's now beginning to show it's intention to do something (positive or negative) & hustling a level that interests me, then yes it will rise higher on my watchlist of higher probability opportunities.

Reflecting on the week's price action & the availability of more information, what do you think is the difference between you triggering your previous long entry & the one this morning?

[jcpfx]

Given the fact it's now beginning to show it's intention to do something (positive or negative) & hustling a level that interests me, then yes it will rise higher on my watchlist of higher probability opportunities.

Reflecting on the week's price action & the availability of more information, what do you think is the difference between you triggering your previous long entry & the one this morning?

Hey there Strobe,

really appreciate this exchange, it's really helping

Today's long was obviously "easier" to play than yesterday's. The first info comes from the 4H chart:



I have circled some inside candles. The first of which I saw yesterday. Reading back on the thread (s) I also noticed that my interpretation of inside candles was imprecise. They do imply indecision/exhaustion but must be broken to the correct side for confirmation. The first inside candle to be broken to the upside (with the upward bias) was o/n with a low in the 3270s.

Secondly, the 15min chart clearly showed the bids holding their ground overnight and going into London, forming yet another "evident" 1-2-3.
What was I worried about in all this? (please give me your feedback on this as I am trying to refine my thought process) the fact that the 1-2-3 is still inside the general range 3260/3320 and not even above the Tokyo high print. Consolation came from the fact that the market had traded to the upside of the day's open for most of the asian session.

The consolation for yesterday's entry was the double bottom on the previous day's low which (in some recent observations of mine) is an "ok" setup if in line with the bias (fading short term momentum in favour of longer term bias).

I appear to have a "fade" mentality in my searching for triggers that should prorably be refined a little more.

Looking forward to your feedback!

Cheers!

[strobe]

the chart clearly showed the bids holding their ground overnight and going into London.

I'm just going to isolate this comment from your post because that more or less covers what I was hinting at.

Your long entry yesterday was executed without any logical confirmation that the retrace off the recent highs was done.
At that point it hadn't even printed an hourly higher low, therefore we had no clue whether or not that was indeed the (temporary) base or conclusion of this bearish move.
It needed more time & more information to offer you a reasonable clue that bids were actually holding price above the next visible support ledge at 1.3250-70.

The long bias, even at that point wasn't an issue or in dispute.
There was definitely no reason to look for shorts yesterday or today, but the glaring difference between the 2 entries was the fact you had more information this morning from which to base your decision on & compute your odds.
By giving yourself the luxury of receiving & absorbing more information & therefore more time, you were better placed to make an informed decision.

The one big advantage I've gleaned from hanging around these guys & revisiting their material is that if price is intent on doing something & it's a genuine move, it will offer you opportunities to catch an entry when it pulls back.
If you miss the first shift out of the gate just let it go, sit back & wait until the proven structure signals you in via a higher probability/lower risk entry.

[jcpfx]

I think I'm getting it (finally). The upcomming trades will prove/deny it but I think I'm getting it

Thank again for the feedback, and may the pips be with you

[Eidriel]

the chart clearly showed the bids holding their ground overnight and going into London.

I'm just going to isolate this comment from your post because that more or less covers what I was hinting at.

Your long entry yesterday was executed without any logical confirmation that the retrace off the recent highs was done.
At that point it hadn't even printed an hourly higher low, therefore we had no clue whether or not that was indeed the (temporary) base or conclusion of this bearish move.
It needed more time & more information to offer you a reasonable clue that bids were actually holding price above the next visible support ledge at 1.3250-70.

The long bias, even at that point wasn't an issue or in dispute.
There was definitely no reason to look for shorts yesterday or today, but the glaring difference between the 2 entries was the fact you had more information this morning from which to base your decision on & compute your odds.
By giving yourself the luxury of receiving & absorbing more information & therefore more time, you were better placed to make an informed decision.

The one big advantage I've gleaned from hanging around these guys & revisiting their material is that if price is intent on doing something & it's a genuine move, it will offer you opportunities to catch an entry when it pulls back.
If you miss the first shift out of the gate just let it go, sit back & wait until the proven structure signals you in via a higher probability/lower risk entry.

Nice! I learn something too

Does this mean that it would be advisable to pair the 4H pri. timeframe with a 1H?

From the past few days of trading, it seems that pairing the 4H and 15M timeframe gave me a lot of false signals. With the pullback of the 4H to a key level (and round number), then waiting for the 15M 123 trigger, it seems that the 15M despite going into my desired cycle direction, quickly turns around and go in the other direction thus stopping me out. Now, if I had waited for a 123 trigger on the 1H then the outcome would be different.

But I guess by pairing with the 1H instead of the 15M, though entries will be safer, there is a chance that we may enter a little later.

[shona123]

Does this mean that it would be advisable to pair the 4H pri. timeframe with a 1H?

It means you need to combine or utilize whichever timeframe(s) offer you the necessary & relevant information to achieve your intended objective(s).

Sometimes the 4hour & 15min combinations will suffice & sometimes they won't. As always, it's very much dependent on the volatility, volumes & liquidity.
Another important factor determining your choice of timeframes & objective will be your risk appetite & time allocation available for you to trade.

You can get enthused as much as you like about a particular approach & concept, but if you can't allot the desired screen time at the appropriate periods of the business day to identify & prepare for the high probability opportunities then you're not going to succeed with it.
To quote an oft repeated comment - it's all about compromize!

However hard you try, you can't force a round peg into a square hole.

[jcpfx]

Good Morning specs,

for the first time in my (short) trading life I actually added to a position yesterday...and until late, my face was something like this

First and foremost, if the compounding bug got into me, it's thanks to all of your inputs and positivity

Secondly, I would like to know if anyone picked up the euro on the retrace last evening (I know strobe was stalking it...) because it was not
a high probability entry for a couple of reasons:
1) time of day (3-4 pm CET)
2) adr already travelled by EurUsd
3) shallow retracement (i like to see a 50% retracement)

so why did I enter?
1) I had made up my mind to try a compound as this week I've been "lucky", and wanted to push it but only with 1/2 stake.
2) 15Min inside candle (circled) + bullish trigger candle (arrow) at the 38% retracement
3) to learn something new

Any comments on this would be greatly appreciated!