Technical Templates

[whipcrack]

All this stuff really is jcpfx is a probability enhancer.
The background structure focuses you in to help identify & filter the correct market bias based on whichever single or combination timeframe you prefer to observe the price action from, & the foreground set up & trigger criteria assists with timing your entries & exits.

I think it was either jjay or Carll who said that there's no such thing as a perfect entry or exit.
Timing is extremely difficult to master 100% of the time.
Sometimes you'll get it pitch perfect & other times you'll be slightly off base. The trick is to try get the odds more in your favour than not in the majority of occasions.

If your background structure stacks up, price is pulling back or consolidating & looks about ready to kick on again & you can identify acceptable ADR, then your priority boxes are all ticked.

There's only so much you can do to set the bets up.
As long as you're not over stretching your risk & pushing the envelope you won't panic or become anxious when you experience a series of setbacks or a prolonged drawdown.
Most new (non-industry) traders run out of money & become totally despondent way before they've accumulated the necessary experience to be able to make any kind of realistic progress in this industry.
Impatience, ill discipline & a lack of any type of logical framework drowns most of them.
Just take your time & ensure you're able to identify your personal style & risk profile before you reach the point of no return.

[jcpfx]

Thanks whipcrack, I understand.

I've said it before, and i'll say it again: i'm a professional coin flipper That's what I do, and that's what I plan to do for a long time

You & all the others here have definitely added some "insurance" to that affirmation

Thank you once more, and good luck to you! (even if you don't need it )

[Joe Whitehorse]

Some very nice weekend heads up summaries of late on here guys.
Also good to see a selection of different posters taking up the baton to offer a succinct, pre-market focus on the relevant regional currencies currently in vogue.

Yen is vying for attention next week & I'll be on the lookout for a selection of high probability pullback/continuation set up opportunities to short it across the board if the established hourly trending action continues on that currency.
I'm sure I'm not the only one here to have also identified the US Dollar as another priority candidate for the same set up/trigger combinations, particularly v/s Kiwi, Euro, Sterling & Swiss.

There have been one or two very acceptable pullback set ups again this week on the Dollar pairings, USDCHF & EURUSD to name but 2.

Yen also obliging with a couple of very clear hourly hook entries this week too.
Nice going fellas. Good to see you're constantly filtering & correctly prioritizing the higher probability candidates on a consistent basis.
Just goes to show, you don't need to bury yourself in a heap of technical hardware to get your bearings.

[Sarah Foster]

Australian Dollar remains on the front foot going into next week.....

AUD is still top my hit list & has been since you highlighted it at the beginning of the month visualxray.
It's continuing to move cleanly through the trending motion on hourly charts & I've shaded out the areas which will keep me positioned on pullbacks into next week.

Apart from perhaps a short view now on usd/cad & usd/chf to their respective hourly pullback zones, there's not very much else of interest for me at the moment.

[visualxray]

AUD is still top my hit list & has been since you highlighted it at the beginning of the month visualxray.

It hasn't disappointed has it.
I've only been trading in & out of that currency + Yen this month as they've proven to be the movers & shakers.

there's not very much else of interest for me at the moment.

Me neither.
I'll continue to remain loyal to Aussie & the main Yen trending pairs via pullbacks until they eventually run out steam & begin flipping over like USD/CAD & USD/CHF have towards the latter end of last week.

[jcpfx]

Guess I'm late to the party...you've covered the main pairs: Aussie to the long side, Cad to the long side, Chf (for those who play it) to the long side and I am personally looking for longs on GbpUsd this week. I think King's comments + the technical structure have turned things around for the time being.

Good Luck everyone!

[kyle morgan]

I am personally looking for longs on GbpUsd this week. I think King's comments + the technical structure have turned things around for the time being.

Providing it can attract support on any slip back towards 1.5050 then I too will feed into Cable longs.
The immediate test for any further upside momentum lies in wait at the late february/early march resistance zone of 1.52.
Breach that zone successfully & it should have a clear run to 5300.

[2Taps]

Providing it can attract support on any slip back towards 1.5050 then I too will feed into Cable longs.

That's definitely the play so far this week.
2 nice sub hourly (take your pick on timeframes) hooks in early London trade yesterday/today above that support zone.
Until it gives way, hooking into longs seeking a top end breakout is the higher probability bet for me.

There's certainly not much else cooking up across the board thus far.

[jcpfx]

Hey 2Taps,

glad to hear that someone is getting some fun out of Cable...I, unfortunately, have received 2 stop losses.

Today:


Yesterday:


I'd really like to hear your thoughts and understand where you entered the trades...a little frustrated today

I started the week looking at the big gaps to close, and I thought that given the unexpected news, and the way the markets were trading, that these gaps may not fill as usual. I decided to try and "stay away" from trouble by playing the trend on Cable. After the stop losses, I was actually thinking that EurGbp was the cause of my ruin, and thus that when the market is concentrated on some particular issue, it's basically impossible to ignore it by playing another currency.


Above are my 2 trials between yesterday & today. I understand very well that friday's lows (5070) are currently holding up price and that there is a range in play...but i failed to play like a champ.

Could you shed some light on this?

Thanks!

[2Taps]

Hey 2Taps,
glad to hear that someone is getting some fun out of Cable...
I'd really like to hear your thoughts and understand where you entered the trades...
Could you shed some light on this?
Thanks!

Nothing much to write home about really, just 2.2% (57 pips) on 2 trades.
Both on 5 minute hooks.
Yesterday in @ 1.5088 at London open & today in @ 1.5086, same deal.

I was looking to see if there was sufficient momentum to drive prices up through Friday's highs, but as soon as it began losing steam yesterday (& again today) into the London lunchtime period my trailing stop took me out @ 5113.

Pretty much a carbon copy scenario this morning.
5 min hook in, & out on a trailing stop @ 5118.

I personally find the 123 trigger you've highlighted on your charts too late in range type conditions.
I like to get in really close to the bottoms of range channels when the dominant trend is bullish & in close to the top of range channels when the dominant trend is bearish & I find the hook trigger very accommodating in those market conditions.

It allows a decent stop loss (above & below the range barriers) with good forward value potential. It doesn't always work out positively, but even when it doesn't the damage is usually minimal.