Quote:
Originally Posted by bhops
I would be really interested in any feedback other babypipers can offer on the pair this coming week especially in regards to the set-ups they will be looking for and to how they will be looking to use the great tools and advice offered on this particular thread, to trade this pair.
A clarification I have is where does one tend to set the s&r line for the week?
I believe either Jocelyn or Tess say they go back to the previous quarter.
So plotting my s&r zones will be the first step to me identifying the most solid times to pull my ib/ob trigger.
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Hi Folks,
My name is
Art Krantz.
Jim has left me with his log-in details to babysit the content in his absense.
Bhops;
Best advice I can give is to take your time to peruse the information. All the basics are here.
It might appear daunting at first glance but the thing is,
don’t make it any more complicated than it is.
If you or anyone else is approaching this type of analysis & trade planning for the first time, then ensure you open up your technical chart & start with a clean slate at your
preferred template timeframe.
If that’s a 15 minute timeframe then open her up & scroll out as far as you can to get as much data on it as possible. You’re looking for area’s that attracted reactive price action which resulted in either continuation or reversal behavior.
Mark them up on your charts & use them as visual markers next time price revisits that reaction zone. These levels are your watch zones.
Once you got some close quarter levels marked out, go up a timeframe or two & drill in a timeframe or two (dependant on how fast your template timeframe is), & see if any of your close quarter zone match up with previous area’s of conflict. (Following chart is the hourly)
Chances are you’ll witness one or two similar area’s of previous cross currents. These require special attention next time around.
Remember what the guys have discussed re; dominant trends? Don’t forget to focus on the area of least resistance:- always try execute in line with the superior order flow. Don’t swim against a tough tide.
Watch your swing levels (previous highs & lows). They’re your first point of reference if mini-trends are going to reverse.
Remember what they’ve said about looking for these zones to be re-tested once price has moved through a previous swing high-low zone?
You’re looking for orderly peak-trough behavior to offer you a low risk, higher potential reward leg up into a trade.
Like I say, it’s all in here. As you progress through the thread, print off pages that spark your interest & look for live occurances of their examples. Have the examples in front of you & practice identifying similar behavior on your favorite pairs.