Technical Templates

[jcpfx]

This morning there are a few candidates on my radar..

1) EurJpy, retracing all the way back to an evident prior resistance in the 132,10/40 zone where I'd try to pick it up with a 4H hook.

2) AudUsd, retracing into the prior resistance turned support zone in the 9210/30 range, where i'd like to pick it up with a 4H hook.

3) NzdUsd, which I would be inclined to take with a 1H hook off the 8050/80 support zone as we also have fundamentals in favour.
Unfortunately, I missed my shot at picking up kiwi yesterday during the NY session and today i'll be paying up for it if it does retrace...

[jcpfx]

This morning there are a few candidates on my radar..

1) EurJpy, retracing all the way back to an evident prior resistance in the 132,10/40 zone where I'd try to pick it up with a 4H hook.

2) AudUsd, retracing into the prior resistance turned support zone in the 9210/30 range, where i'd like to pick it up with a 4H hook.

3) NzdUsd, which I would be inclined to take with a 1H hook off the 8050/80 support zone as we also have fundamentals in favour.
Unfortunately, I missed my shot at picking up kiwi yesterday during the NY session and today i'll be paying up for it if it does retrace...

EurUsd has also been added to this list this morning, and all pairs are reaching the relevant price zones as Europe is entering lunch time (as I write it is 11.45 CET).
So this is the first factor AGAINST any participation. The second factor is that immediately after lunch, Draghi will be jawboning which is a red-flag event.

So I'll only get interested post-Draghi if anything is still in the zone.

Anybody have a different idea on this?

Thanks & Good Luck!

[jcpfx]

So it's Friday the 13th NatGeo has an interesting article on the matter http://news.nationalgeographic.com/news ... n-culture/ > here in Italy, many DO believe in things like this and will stay at home/be very vigilant...

In other news, we are back at the scene of the crime this morning, right at yesterday's main support areas. But I'm not convinced we will get another bounce today. I am going to refrain from touching EurUsd, AudUsd & EurJpy...and I will wait only for GbpUsd to retrace back to the 5720/50 zone (if it does) to try and pick up some at value.

Gold closed well below the 1350 mark and is now pointing towards the 1270s so maybe the USD has more space to rise. Retail sales out this afternoon which could give the USD a boost.

[grantyboy]

I've been unable to trade as much as I'd like (still demo'ing) of late but have 2 accounts both running in profit which is now 3 months straight that I've been net positive at months end. With everything I've learnt there was 1 tiny tweak that I feel has really helped my decision making and that was to zoom out just a little. I'd seen it in your screenshots on here and despite having the same range of view, was a little more zoomed in and didn't recognise this was causing me problems until recently.
What I found was that candles appeared bigger than they actually were due to the length + width which caused me to read them erroneously thinking a move was stronger than it actually was rather than keep my focus on the bigger picture. Just that tiny tweak has allowed me so much more perspective so that my decision making and patience is more precise. Going live once I get back from holidays.

[grantyboy]

This morning there are a few candidates on my radar..

1) EurJpy, retracing all the way back to an evident prior resistance in the 132,10/40 zone where I'd try to pick it up with a 4H hook.

2) AudUsd, retracing into the prior resistance turned support zone in the 9210/30 range, where i'd like to pick it up with a 4H hook.

3) NzdUsd, which I would be inclined to take with a 1H hook off the 8050/80 support zone as we also have fundamentals in favour.
Unfortunately, I missed my shot at picking up kiwi yesterday during the NY session and today i'll be paying up for it if it does retrace...

EurUsd has also been added to this list this morning, and all pairs are reaching the relevant price zones as Europe is entering lunch time (as I write it is 11.45 CET).
So this is the first factor AGAINST any participation. The second factor is that immediately after lunch, Draghi will be jawboning which is a red-flag event.

So I'll only get interested post-Draghi if anything is still in the zone.

Anybody have a different idea on this?

Thanks & Good Luck!

The only one that I have any perspective on at the moment is AUDUSD. Living in AUS I feel that the latest negative job number(which I've seen in the finance industry in particular) really took the wind out of speculators sails as until that point, most of the data was reasonably bullish. Plenty of support below it's current .9243 level but a lot riding on the next USD numbers and AUD Reserve meeting minutes Tuesday next week.

[jcpfx]

I've been unable to trade as much as I'd like (still demo'ing) of late but have 2 accounts both running in profit which is now 3 months straight that I've been net positive at months end. With everything I've learnt there was 1 tiny tweak that I feel has really helped my decision making and that was to zoom out just a little. I'd seen it in your screenshots on here and despite having the same range of view, was a little more zoomed in and didn't recognise this was causing me problems until recently.
What I found was that candles appeared bigger than they actually were due to the length + width which caused me to read them erroneously thinking a move was stronger than it actually was rather than keep my focus on the bigger picture. Just that tiny tweak has allowed me so much more perspective so that my decision making and patience is more precise. Going live once I get back from holidays.

Congrats for the consistent profitability, obviously you're doing something right and as the saying goes "you don't change a winning team".

"Squeezing" the chart to fit in more data helps evidence momentum high/low prints. It wasn't too long ago that I too appreciated the importance of momentum high/lows vs. other high/low prints, and it was whipcrack or goldtop that clarified their importance for me. Also, incorporating more data helps keep moves and volatility in perspective.

I found that squeezing the chart naturally eliminates the trap of overanalyzing and seeing something that just isn't there. So I believe you're pointed in the right direction

Regarding AudUsd, the whole 9215/40 zone should hold up in the immediate future if price is to rotate higher. I too don't like fighting a daily bearish outside bar and for this I would like price to hold above 9280 before stepping back in...or picking it up lower down for a push back to that 9280 level. I'm just personally not satisfied with the fact that the sluggish price action from this morning did not inspire me to act on anything...and Cable took off without me. At least I was looking in the right direction at the right time.

Have a good weekend Grantyboy and catch you on monday

[2Taps]

There's simply been nothing much if interest to tempt me back in so far this month.
Most of the majors are soggy & uninteresting at current levels & merely trading sideways or bouncing around inside low grade s&r zones.

The only pairs I've been tracking the last couple of weeks have been gbp/usd & eur/nzd, but even those have only supplied me with 3 decent add-in entries.
It looks like most of the guys are being very selective by the lack of posts/updates & I can't say I really blame them.
My powder will be kept fairly dry until & unless things begin to open out & provide better than half decent opportunities.

[xerb]

I have just cancelled my buy stop order on $NzdUsd. Price has shot down and has broken the 8017 level which in my view should not have broken if there were sufficient bids to push Kiwi back up.

So...AudUsd really behaved well today...but am I happy? Not really...
I had this idea that NzdUsd needed to find bids in the 8025/8016 block so when it pierced the block I stood down..only to see that more or less the moment I stepped down, the pair took off

Do you still keep a constant check on the futures chart prices prior to firming up your decision making jcp?
The guys included this (free to access) link http://finviz.com/futures_charts.ashx?t=CURRENCIES&p=h1 a few times in the past as a primer for measuring weak v/s strong candidates & to also to offer a heads up on currencies which were attracting participation on a rolling day-by-day basis.

Kiwi has been a very strong contender over the past 10 trading sessions, emphasized by that bearish inside bar rejection a week ago at the .7900 figure.
The only major support of note on that currency over the past 3 months is .7650 & the closes since then have been particularly bullish in nature.

Having that kind of info as back up might persuade you to take a slightly more relaxed stance (wider stops/smaller stakes) with your stop positioning & allow a bit more wiggle room when assessing forward pricing potential especially when currencies are trading out of (or into) a range type environment.

[jcpfx]

Hi Xerb,

Yes, I do keep an eye on Finviz (they also have a great stock screener) and yeah i'm really disappointed with my trading because I was not able to get a piece of that action. Below is my 4H chart with the pullback areas I was waiting for.

You see, I still have a problem sometimes...and try to match up the pullback hook with a price level. The fact that pullback 1 ended up between 2 levels had me waiting & stopped me from getting in. Pullback 2 also failed to reach a previous resistance, as of pullback 3. And yesterday's pullback missed the level by a matter of pips.

[jcpfx]

There's simply been nothing much if interest to tempt me back in so far this month.
Most of the majors are soggy & uninteresting at current levels & merely trading sideways or bouncing around inside low grade s&r zones.

The only pairs I've been tracking the last couple of weeks have been gbp/usd & eur/nzd, but even those have only supplied me with 3 decent add-in entries.
It looks like most of the guys are being very selective by the lack of posts/updates & I can't say I really blame them.
My powder will be kept fairly dry until & unless things begin to open out & provide better than half decent opportunities.

Hey there 2Taps,

yeah I agree that price action lately has not been great...volaltility has also been getting lower as we approach the FOMC day and the German elections (sept. 22nd).
Would you grant us less experienced guys the pleasure of some charts and/or details of the 3 recent entries of yours?

Thanks and have a great weekend!