Technical Templates

[Sarah Foster]

Im going for a long bet on GBPUSD.
Daily chart showing price touching a very significant demand zone.
On 1H, a very nice double bottom presents itself.

You gotta do what you gotta do!
If the risk & background structure stacks up & your analysis gives you a green light then as they say, you're good to go.

As for EURGBP as previously discussed, I got to agree with jcpfx, price is touching a significant supply zone, and I would prefer to see how price reacts to this zone before acting on the pair.

And the 4 & 1 hour cycle violation through .8400 confirmed that during this mornings european session.
As you say, the sensible option is now to wait for more information before making any further decisions.

[jcpfx]

Good Morning everyone,

anyone on this AudJpy train yet? It's showing some resistance on this retrace to yesterday's low print and offered an inside bar on the 15min frame.
Trend & Cycle are down and the most evident targets for a short would be today's low + last week's low print at 92.45.



Euro is still in range today and Cable is having trouble holding lows so far and that's why I looked elsewhere vs. Jpy. Aussie got hit o/n on the cooler CPI print and it seemed logical to play it vs. Jpy.

[jcpfx]

anyone on this AudJpy train yet? .

Scratch out that idea, no 1-2-3 entry and it's now above the line. Powder's dry and ready for other attempts.

[round number]

anyone on this AudJpy train yet?

No, not yet.
The $US is quite tepid today especially v/s Euro Sterling & Kiwi, but as you correctly adjudged, eur/usd is choppy & gbp/usd is yet to break out above the current weeks highs, so I'm watching to see if nzd/usd (or gbp/usd) offers anything worthwhile today or tomorrow.

Kiwi is making a play for last weeks highs with the 2012 highs only a few pips above there, so I'm tracking a pullback set up to try take advantage of a possible pop in upside momentum.
If gbp/usd can move above the 1.60 figure I'll certainly sit up & pay attention, but until that happens I'm happy to stay flat that pair.

We'll see.

[jcpfx]

anyone on this AudJpy train yet?

No, not yet.
The $US is quite tepid today especially v/s Euro Sterling & Kiwi, but as you correctly adjudged, eur/usd is choppy & gbp/usd is yet to break out above the current weeks highs, so I'm watching to see if nzd/usd (or gbp/usd) offers anything worthwhile today or tomorrow.

Kiwi is making a play for last weeks highs with the 2012 highs only a few pips above there, so I'm tracking a pullback set up to try take advantage of a possible pop in upside momentum.
If gbp/usd can move above the 1.60 figure I'll certainly sit up & pay attention, but until that happens I'm happy to stay flat that pair.

We'll see.

Hey RN,

thanks for the insight. I agree on Kiwi: 8437 will be a powerful flip if we are able to get over it. Until then, shorts do remain in command though so I'm leaving it alone for the time being.

Cable is really sticking out as a powerful potential bouncer. Today's action is quite the example of that. I just snuck a small scalp onto it off the 15min wicks appearing right at yesterday's high print for a potential 20 pip run to the 5850 mark and am currently risk-free on this scalp. Not a high-probability entry but
since we're still in a downtrend, printing a pin off yesterday's high after a big intraday move in one direction, I thought it might be worth a try.

Things will get interesting on Cable above 1.5900 though...

[round number]

If gbp/usd can move above the 1.60 figure I'll certainly sit up & pay attention, but until that happens I'm happy to stay flat that pair.

Just reading your reply jcp I realized I need to correct an error in my previous post re; the gbp/usd upside breakout level.

It should read 1.5900 not 1.60

[jcpfx]

Good Morning Specs,

hope you did better homework than me going into London today! I waited all morning for a GbpAud long to materialize off 1.5100 but diddn't get a 1-2-3 to get in. It started forming a 1-2-3 around 1.5140s during the late morning&early afternoon but they both failed to materialize so...powder dry for me.

Was not really expecting such a fall on GbpUsd this morning right after London open, and on the retrace the action was little convincing.

The Euro woke up late & it wasn't even high on my radar to be honest.

AudUsd & NzdUsd are still weak but finding some good bids currently, so continuation shorts are not an option there for the moment.

I wasn't expecting Kiwi to fall off a cliff so unfortunately EurNzd slipped by be, which would have given a playable entry this morning.

Hope tomorrow will be better...

Good Luck to you all this week!

[xerb]

There are little pockets of value to be picked up this week, but you really do have to be selective.
I've had eur/usd back on my hit list for the first time since early January following it's positive weekly close last friday.

Although it didn't violate the bullish (4H) cycle at any period during January, neither did it offer any appetite to engage on the long side until last week.
I've had a little nibble at it this morning as it consolidated yesterdays move underneath this well touted 1.35 options barrier.
It will obviously need to hold this tokyo range area & attract support for a continued push away from 1.35, but the risk certainly appealed this morning.

eur/cad & aud/jpy are the other 2 pairs currently vying for top place on my watchlist.
95.0 aud/jpy has just this morning triggered that pair back into positive (hourly) cycle mode for me.

[Sarah Foster]

I've had eur/usd back on my hit list for the first time since early January following it's positive weekly close last friday.
I've had a little nibble at it this morning as it consolidated yesterdays move underneath this well touted 1.35 options barrier.
It will obviously need to hold this tokyo range area & attract support for a continued push away from 1.35, but the risk certainly appealed this morning.

Great minds

I proofed this to Jim earlier before I went out as it was attacking yesterday's highs. The very shallow consolidation is typical of these types of continuation moves so like you, I triggered it with a view to hitting stops the other side of 1.35 to see how strong the momentum is.


This level also pushes through an area of prior resisitance going back to December 2011 & March 2012, with pretty much clear air until the next logical area of possible reaction around the 38 handle.
Providing the momentum cycle stays reasonably intact, it could be good for a ways yet!

I've still preferred to play euro via yen & aud lately, but this set up was tickling my fancy this week.

[jack mason]

I triggered it with a view to hitting stops the other side of 1.35 to see how strong the momentum is.

And there are/were plenty of those stacking up the other side of this recent top judging by the weighted percentage of (retail) open shorts being tacked on from late last week.
I took a quick check around on Monday afternoon & it was still showing an avg of 70% open short orders in play.
Guess where the majority of their stops were going into today's action!!
Match that with pending long stop entry tickets through 3505-10 & you got yourself your required momentum shot for a decent intraday bet.