Technical Templates

[jcpfx]

Good morning Kipper & Spotfx,

thank you for your time and continued support. As you know, my financial & personal situation is quite different from yours. But even under these circumstances I've turned my trading around 180° since first finding this forum and the transition to an orderly style of trading has been longer than expected and with more speedbumps than expected. But progress has happened, my small retail account is alive & kicking, and my confidence is (slowly) rising as my competence rises (slowly). And as I've said 1000+ times before, it's thanks to the patience of all of you in here. Trading alone has required more personal development than anything else in my life! So it's nice to interact with other market professionals when I have doubts.

Yes, I have had to emulate various members' styles before finding my own footing and understanding the fractal nature of the market. But in my journey, emulation has been a pre-requisite to comprehension and adaptation. And that's why I come back at you with questions & doubts.

That said, my main focus going into today will be: GbpUsd 1.5900, EurUsd 1.3325, NzdUsd 8160s...

Good luck going into the week

[strobe]

Strobe,
thanks once again for your insight.
so if I understand correctly what you're saying it's that the fractal nature of the market makes it possible to act the same way with each combination of frames. So basically analyze the same way on all primary frames and execute the same way on all secondary frames..correct?

Yeah, that's about as in-depth as this particular technical approach needs to get jcp.
Kipper actually covered it about right in his reply to you, particularly this passage confirming the need to maintain flexibility when appraising both the primary & secondary options......

The 5 & 15 minute sub hourly timeframes can be used in isolation or in combination & they don't require to be bolted to any specific hourly timeframe combination.
The key & primary objective of this straightforward approach is to determine as effortlessly as possible the current directional flow of a currency pair by utilizing a top down, higher timeframe reference.
If you wish to determine & identify the current bias or flow of that pair by observing a Daily chart or a 240, 120 or 60 minute chart then so be it.
Don't complicate it.
If price is flowing up on a 240 minute then it will be flowing up on a 60 minute.
Once you've identified that flow you then sit & wait for whatever trigger you usually use to get you into the bet & it can trigger via whichever timeframe fits the bill.

The 1st step of the process is to correctly identify & get in tune with the current directional flow.
The 2nd step is to trigger an entry in tandem with that current directional flow.
That's it.
You can trigger via whichever timeframe chart you fancy based on your objective(s).

This whole thing pivots around, & is influenced by momentum.
If there's no evidence of directional momentum being witnessed via the usual cyclical footprint then you don't participate.
And when/if there is, you only need to ensure you're stepping into the higher probability bets as evidenced by the many examples & comments present throughout the thread.

Keep going with your template, maintain your record stats to identify any tweaks or adjustments that might require attention & stay focused on your primary objectives!

[jcpfx]

Good Morning everyone,

EurUsd & GbpUsd have bounced from their respective support levels at 3320s and 5900s...looking to get in on a sub-hourly pullback preferably after the market movers this morning. Uk data @ 10.30 and EU data @ 11.00 CET.

Not much else on my radar this morning except for Dax if it retraces to 8517...

Good Luck to all!

[Sarah Foster]

You're right, its slim pickings out there again at the start of another week.
As well as those 2 we have gbpjpy attempting to consolidate the break of the current years highs last seen in April.
It broke last Tuesday, pulled back & bounced last Thursday & is currently jogging along in 2nd gear as it attempts to make further headway.



audjpy is having a tussle with a long term trend line from 2nd quarter of last year at this 92.50 zone which, if it makes in roads beyond 93.0, would offer some decent value up & through the summers highs.
But as you say, we need a spark to ignite in order to get things moving!

[jcpfx]

Hey Sarah,

yeah I agree totally on that retracement entry on GbpJpy, it really was standing out like a sore thumb! I'm not keen on entering at these levels and that pullback you illustrated in your chart was the most recent value area based on my view of things.

I'm currently in a long GbpUsd taken off the 5/15 hook at 5901 with SL 5880...and we're stumbling at the first level that I see as a potential cap which is 5915/20...but price acted as I expected, fishing out bids below the o/n low before rotating. So lets see if we get a push towards the touted option expiry + stops at 1.6000!

[jcpfx]

Hey Sarah,

I'm currently in a long GbpUsd taken off the 5/15 hook at 5901 with SL 5880...and we're stumbling at the first level that I see as a potential cap which is 5915/20...but price acted as I expected, fishing out bids below the o/n low before rotating. So lets see if we get a push towards the touted option expiry + stops at 1.6000!

Well that really diddn't take long to deal me out Scratched at par after the only 5min low created after my entry (1.5907) was busted.
Markets really slow/indecisive ahead of tomorrow's big FOMC meeting.

Does it ever occur to anyone how, as traders, we're always waiting for something or another?

[midgely88]

Well that really didn't take long to deal me out.
Scratched at par after the only 5min low created after my entry (1.5907) was busted.

You won't go broke in a hurry if you can get out of snail trades like that on a regular basis.

Does it ever occur to anyone how, as traders, we're always waiting for something or another?

lol, it sure seems that way doesn't it.

[jcpfx]

Good Morning everyone and welcome to FOMC day!

Not really enthused by much this morning. Only thing on my radar is EurNzd short off the 1.6230/50 zone. I'm in at 1.6240 with a stop at 1.6260 and the first logical target would be recent lows in the 1.6180s...

Hey Midgely...I may not be thriving YET...but I'm surviving a-ok

[jcpfx]

Only thing on my radar is EurNzd short off the 1.6230/50 zone. I'm in at 1.6240 with a stop at 1.6260 and the first logical target would be recent lows in the 1.6180s...

I have dragged my stop down to 6220 (evident lower high on the 5 min chart) after the quick decline. A little bit of profit for me is ok this morning, given the volatility conditions and risk events.

I am also currently waiting for Gold to rotate from the 1305/1310 zone, with a similar structure to the EurNzd trade.

[jcpfx]

So that EurNzd trade was my only bet today.

Be sure not to miss Little Italy's local agenda tonight: together with Bernanke at 8.30 pm CET, Silvio Berlusconi will be giving his "goodbye speech" (if he gets eradicated from parliament as we expect) and all that may weigh on the Euro...

Exciting night, don't forget to bring popcorn!