Technical Templates

[Sarah Foster]

In my view, Cad remains strong, as does Gbp and maybe Nzd, and Jpy is looking weak still...

I agree.
Headed into a fresh week those 4 currencies are definitely in the spotlight for opportunity set ups.

I like the fact Cable held steady at the previous week's high (1.55) after pulling back early last week, but I left it alone & didn't trade it at all.
I too though will be tempted into triggering another long provided it continues to confirm last week's strength.

[kipper]

AUDCAD broke down through that aforementioned 1.0530 support level & has pulled back, so I'll be tracking that one, but that's about it.
We've only just kicked off, so there's plenty of the week left to go at.

Don't overlook the steady performers!
I've been tracking & trading in & out of AUDCAD & GBPAUD for over a month.
Got stopped out a couple times due to chopping around at the back end of pullbacks, but the trend on both those pairs is well established & the hooks have helped to guide the probable re-engagement of the dominant bias.

Both pairs are approaching key prior swing levels, but if the momentum remains intact next level support/resistance areas are well within reach.

[jcpfx]

Good Morning Kipper,

yeah, those two pairs have returned some nice rewards to those in it recently, highlighting the fact that the trend is your friend if you know how to get in it!

Speaking of Aud pairs, I have put AudUsd back on my watchlist this morning after the rate cut, plus the statement that seems to say "more to come".
Looking for shorts around last week's low/1.0220s.

Yesterday was a low liquidity day:


Fleet Street, London, y'd morning...

so I scratched a CadJpy long with only a handful of pips due to lack of continuation after the initial "must do flows" pushed it above friday's high print.

Good luck to everyone!

[goldtop]

In my view, Cad remains strong, as does Gbp and maybe Nzd, and Jpy is looking weak still...so the first pairs of interest are CadJpy & GbpJpy to the upside.

Don't overlook the steady performers!
I've been tracking & trading in & out of AUDCAD & GBPAUD for over a month.
the trend on both those pairs is well established & the hooks have helped to guide the probable re-engagement of the dominant bias.
if the momentum remains intact next level support/resistance areas are well within reach.

You didn't need to look outside of those 4 pairs again this week for solid set up opportunities, with the latter 2 trading well into those initial target zones of 1.0130 & 5350.
An ample selection of hourly & sub-hourly hook confirmation triggers for those so inclined were evident right across the timeframe spectrum to suit all tastes too!

Good Morning Kipper,
yeah, those two pairs have returned some nice rewards to those in it recently, highlighting the fact that the trend is your friend if you know how to get in it!

The two main entry criteria for getting into a trend when playing this approach have been regularly referenced throughout the thread, so there should be no major hurdle when identifying the price action leading up to a potential entry.

It's either via a breakout and/or a pullback.

If price is consolidating following a move up or down in sync with an identifiable trend, then the breakout will usually offer up a decent high probability entry. An hourly hook will often precede a potential continuation too for extra measure.
If price is cycling in wave format easing back from swing highs in a higher high/higher low sequence or easing back from swing lows in a lower high/lower low sequence, then playing the pullback (usually via a sub-hourly timeframe hook) will generally offer up the higher probability entry.

Obviously, when & how aggressively you play it will be dependent upon your individual risk, preferred style & trade objectives.

[jcpfx]

Good Morning Kipper,
yeah, those two pairs have returned some nice rewards to those in it recently, highlighting the fact that the trend is your friend if you know how to get in it!

The two main entry criteria for getting into a trend when playing this approach have been regularly referenced throughout the thread, so there should be no major hurdle when identifying the price action leading up to a potential entry.

It's either via a breakout and/or a pullback.

If price is consolidating following a move up or down in sync with an identifiable trend, then the breakout will usually offer up a decent high probability entry. An hourly hook will often precede a potential continuation too for extra measure.
If price is cycling in wave format easing back from swing highs in a higher high/higher low sequence or easing back from swing lows in a lower high/lower low sequence, then playing the pullback (usually via a sub-hourly timeframe hook) will generally offer up the higher probability entry.

Obviously, when & how aggressively you play it will be dependent upon your individual risk, preferred style & trade objectives.

Hey Goldtop,

thanks for going over the rules again It never hurts! Although mine was a "neutral" comment for once...I got my piece of the action this week, noticing straight off the bat that the Aussie was moving well staring sunday night and continuing into monday trading. Stair-step action on AudUsd which also helped the Aussie crosses.

I also had some fun on Cable today, on a continuation of the aggressive momentum shift from yesterday, and UsdJpy which was my main focus amongst the USD pairs yesterday with better jobless data than expected & some chatter about China diversifying their FX reserves, adding USD. Whatever it was, I went with the flow.

UsdCad was tougher to deal with, but I got a piece on tuesday at 1.0057 and had to wait for a couple of days for that thing to show some love Like watching paint dry on the wall. All to be taken out yesterday during the early EU afternoon on the bounce back above the day's open.

But all in all, it was a nice week.

Hope you're doing well & thanks for stopping by!

Be back in on Sunday after doing my homework for the comming week.

[shona123]

The two main entry criteria for getting into a trend when playing this approach have been regularly referenced throughout the thread, so there should be no major hurdle when identifying the price action leading up to a potential entry.

It's either via a breakout and/or a pullback.

If price is consolidating following a move up or down in sync with an identifiable trend, then the breakout will usually offer up a decent high probability entry. An hourly hook will often precede a potential continuation too for extra measure.

A typical example of the breakout entry opportunity was setting up nicely all week on the Yen.
usd/jpy & cad/jpy through the common psychological 50 & 00 levels, with eur/jpy & gbp/jpy also mirroring that consolidation/breakout pattern.

I don't think I really need to highlight the second of those set up options goldtop mentioned.
That one should be burned into most regular thread followers brains by now!

[jcpfx]

Good Everning Shona & all,

going into the week, it seems like the USD is still the main focus, with AudUsd & NzdUsd looking weak and UsdJpy looking strong.
The only other consideration is that these currency pairs have seen agressive moves during last week and may decide to tread water,
so I'll be on guard for choppy situations.

It will be another active (but not too active) week on the data front, so let's hope we get just as much action as last week

Good luck to all!

[strobe]

Good Everning Shona & all,
going into the week, it seems like the USD is still the main focus, with AudUsd & NzdUsd looking weak and UsdJpy looking strong.
The only other consideration is that these currency pairs have seen agressive moves during last week and may decide to tread water,
so I'll be on guard for choppy situations.

There are 3 aussie pairs, a couple cad & swiss + the usual smattering of euro & yen pairings exhibiting the usual technical background structure heading into a fresh week, so plenty of potential set up opportunities out there to get stuck into.

Identify the available leading candidates
Shuffle them into priority order
And wait for your preferred trigger criteria to signal you in.

[jcpfx]

Hey there Strobe,

a bit of chop chop this week, but Cable managed to line up a couple of decent entries for me in line with the trend, yesterday afternoon and this morning.
We are now approaching 1.5200 which is a big level on my radar, and the area of interest extends to 1.5230 on my chart.


GbpUsd 15Min chart

[Se7en]

I've triggered 3 long continuation bets so far this week jcp.
eur/aud & cad/jpy yesterday & usd/jpy today.
It was a toss-up between eur/aud or an aud/cad short, but the former has a far better daily range so plumped for that pair.

I got stopped out of cad/jpy this morning as it fell through yesterday's low & haven't bothered to re-engage yet, so I just have the 2 running for now.
As strobe suggested, there's plenty to nibble at this week so hopefully it'll continue to offer a decent bite or two along the way.