Technical Templates

[Joe Whitehorse]

Well...the market showed me quite quickly what it thought of that reasoning!

Yes, you really have to be very patient about attempting to chase these aggressive counter moves back up or down when there's so much conflicting influences flying around the markets.

The market didn't like the flavor of the UK data earlier & we have FOMC stuff on the docket to chew over.
Just think about what's been suggested many times in the thread about ensuring you can identify at least a higher low on a minimum hourly view before trying to pick a spot to climb back on any potential rebound bets, especially following aggressive shifts in momentum as we've witnessed today.

Don't be in too much of a hurry to re-engage. Let the market find it's balance & fair value first.

[jcpfx]

Well...the market showed me quite quickly what it thought of that reasoning!

Yes, you really have to be very patient about attempting to chase these aggressive counter moves back up or down when there's so much conflicting influences flying around the markets.

The market didn't like the flavor of the UK data earlier & we have FOMC stuff on the docket to chew over.
Just think about what's been suggested many times in the thread about ensuring you can identify at least a higher low on a minimum hourly view before trying to pick a spot to climb back on any potential rebound bets, especially following aggressive shifts in momentum as we've witnessed today.

Don't be in too much of a hurry to re-engage. Let the market find it's balance & fair value first.

Yes Joe,

I must bow to the fact that the lessons stated in here time and time again tend to overpower most alternative plans. Not trading against aggressive flows has been covered many times but over the past few days I have found another thought pattern of my own that has forced me to stand down and observe...and has kept me away from correctly positioning myself. Here's the description:

from today's first post: "UsdJpy has been well bid overnight and into today, and again this action is keeping me on hold from shorting CadJpy again off last week's lows. I don't see much value in it, given UsdJpy's action."

and from yesterday's post: "On the side, I saw strength on the Jpy pairs that broke back above last week's low. This is adding to my "long risk" convinction on the majors and has taken GbpJpy and Cad Jpy continuation shorts out of the picture for the moment."

I was thinking that it was an intelligent observation, to watch the correlation with UsdJpy (the major Jpy pair) to look for confirmation/lack of confirmation of my plans on a Jpy-cross. This thinking has been wrong all week. The triggers presented here have appeared loud and clear and have dismantled my reasoning.

I was just wondering if there's some deeper reason to why the trigger (in this case an hourly hook + rejection price action at 156.60s GbpJpy yesterday and again this morning; CadJpy at 94.30 yesterday and last week's low this morning) has delivered this much success while UsdJpy is still moving upwards off last week's low...

Thanks!

[Joe Whitehorse]

but over the past few days I have found another thought pattern of my own that has forced me to stand down and observe...and has kept me away from correctly positioning myself.

I was thinking that it was an intelligent observation, to watch the correlation & look for confirmation/lack of confirmation of my plans on a Jpy-cross.
This thinking has been wrong all week.

I can't help you on that front I'm afraid.

Only you know why you'd choose to pause or side step the structure in favor of adding in alternative criteria.
Nobody can advise you on how much extra hardware you want to bring to the party or how complex your preparation might get.
They/we can only continually encourage you to cover & adopt the basics correctly & keep your planning simple & logical.
What you do after that is your call.

If you were undecided about betting Yen crosses then why not turn your attention to the pairs the guys had advised since early Monday morning & focus on those until you could obtain a better feel for Yen?
Either that or simply stand down all together & adopt a waiting brief?

I must bow to the fact that the lessons stated in here time and time again tend to overpower most alternative plans.
The triggers presented here have appeared loud and clear and have dismantled my reasoning.

You know yourself it's proven its worth since the time you've been interacting with it & you've seen the content (both live & in review) being worked constantly over the past 4 years trading across a variety of differing momentum conditions.

I can only add my two cents worth to the other comments regarding time & familiarity.
In order to obtain a satisfactory degree of trust & confidence in this approach you're going to have to give it a sufficient road test & refrain from complicating it by becoming distracted with peripheral additions.

No disrespects, but you simply don't have the necessary access to the types of top quality flow or sentiment information to base logical decisions on.
That's why this thread (& others like it) exist in the first place.

[jcpfx]

Welcome to BOE day, starring a fellow canuck

First off, thanks to Joe for once more stepping in. And now back to the scene of the crime:

1) EurUsd & UsdChf have clarified their respective line of least resistance. I'm looking for a pb entry at o/n highs on the Euro, or a break and sub-hourly pb to the o/n lows with an initial target at 3450 where there are touted large stops sitting, and they might prove to attract attention. UsdChf is a mirror image to the upside.

2) NzdUsd has broken the recent consolidation area to the downside and I'd like to get aboard on a pb to the 8260/80 zone. Initial target is last week's low.

3) I have a running GbpCad from last night on the break of 6589 and I have pulled my stop up this morning to 6570. Initial target is 6660.

I also think it's significant that the Aussie fell even after an upward surprize in employment data. So I'll keep an eye on it even if there's nothing interesting at the moment to me.

Good luck today!

[jcpfx]

Welcome to BOE day, starring a fellow canuck

First off, thanks to Joe for once more stepping in. And now back to the scene of the crime:

1) EurUsd & UsdChf have clarified their respective line of least resistance. I'm looking for a pb entry at o/n highs on the Euro, or a break and sub-hourly pb to the o/n lows with an initial target at 3450 where there are touted large stops sitting, and they might prove to attract attention. UsdChf is a mirror image to the upside.

2) NzdUsd has broken the recent consolidation area to the downside and I'd like to get aboard on a pb to the 8260/80 zone. Initial target is last week's low.

3) I have a running GbpCad from last night on the break of 6589 and I have pulled my stop up this morning to 6570. Initial target is 6660.

I also think it's significant that the Aussie fell even after an upward surprize in employment data. So I'll keep an eye on it even if there's nothing interesting at the moment to me.

Good luck today!

So...EurUsd/UsdChf reached their respective levels today during the start of NY. And after watching the action around o/n highs (on euro) and seeing clearly that price had no intention of stopping there, it became clear that 3550/evident prior reaction zone was the target area. That's where the day became interesting. My fiancèe and I had the same levels up, and she decided to enter off the break of the 5Min Inside bar that printed after the 14.30 CET 5min (jobless) candle. I wanted to see a 1-2-3 and missed the trade but the structure leading into that level wasn't so convincing to me. My fiancèe is currently still in the trade with a stop at 3552.

Nothing else done today, and noting that NzdUsd made a false break of the recent lows like Aussie did early this morning. So we'll see what it does overnight.

We were both wondering if anyone has played UsdJpy either yesterday or today. We saw the break of an evident resistance zone/day highs yesterday but refrained from entering because of the time of day that it pulled back to that zone (97.20s). The tale of the tape today was UsdJpy bid so we were wondering if anyone had that on their radar.

Cheers!

[JimmyMac]

We were both wondering if anyone has played UsdJpy either yesterday or today.
The tale of the tape today was UsdJpy bid so we were wondering if anyone had that on their radar.

Yes, at least 3 of the guys here played it both yesterday & today.
They used additional/complimentary info to engage, but the important & gratifying part is you noticed the signs & the resulting follow through from the usual template & set up criteria on here.

[jcpfx]

We were both wondering if anyone has played UsdJpy either yesterday or today.
The tale of the tape today was UsdJpy bid so we were wondering if anyone had that on their radar.

Yes, at least 3 of the guys here played it both yesterday & today.
They used additional/complimentary info to engage, but the important & gratifying part is you noticed the signs & the resulting follow through from the usual template & set up criteria on here.

We're on the right track

Good job on that bet guys

[midgely88]

Couldn't let this birthday pass by without slipping in an update!

It's a terrific testament to this superb approach that it remains as solid & consistently popular as ever with a relatively small amount of posts-to-views ratio.
Quality always trumps quantity!!

So, heading into next week I'm continuing to dip into hourly hooks on GBP/AUD as it maintains a strong directional pull away from that topping action at 1.74
It's attacked the first S&R zone at 6870 & has bounced the August 12 low at the 1.68 round number which acted as strong resistance throughout most of July.
A break down here exposes those July lows around the 1.65 area.
Legging into short hooks remains the high prob play until the cycle gets busted & consolidates.


NZD/USD is pretty self-explanatory.
My focus here is continuing to bet long hourly and/or sub-hourly pullback hooks back up to attack this upside barrier looking for a break out through .8350 up to & through the September highs.


And my top 3 is filled with USD/JPY, which also needs no explanation.
Very strong directional magnet to the upside off Tuesday's higher-low shift, & providing it attracts further support next week I have that localized S&R barrier earmarked for special attention.

[hawkmoon]

NZD/USD is pretty self-explanatory.
My focus here is continuing to bet long hourly and/or sub-hourly pullback hooks back up to attack this upside barrier looking for a break out through .8350 up to & through the September highs.

Nice pullback hook at the beginning of the London shift today on that one midge, good luck with it!
With Tokyo & NY on wind down today the european/australasian pairs are probably the better ones to be focusing on, & I like that pullback hook on eur/nzd seeking to push down through the large hourly support floor towards the September lows.

that euro/kiwi pair is one of a couple of crosses representing the highest daily ranges too at the moment, so plenty of juice to fuel any breakout moves if it attracts participation.

[2Taps]

Gold has been a payer too the past couple weeks on bearish pullback hooks.
It's grinding back to it's latest decision zone on the latest leg & well worth a look.
Plenty of air below if things begin getting scary, so decent reward for a high prob entry.