Alternative Technical Templates.

[daydreamer65]

but i still find myslef in limbo when price is staggering inbetween two s/r lines,

Tony has touched on this in his posts & I would also like to
bring up the problem of overtrading.

If the candles are in between S/R you could always attempt to
use James Ib strategy, but we are looking at price action
around significant S/R lines/areas, therefore as Tess has said
another place in the market is "flat" (you are in a better position
being out wishing you were in, that in wishing you were out)

Do not be too eager to make that losing trade, wait for the
time when the market is in your favor, then let the market prove
you wrong. With s/l s at your optimum R/R, I use -16 + the spread
( somebody on another forum said I was trading noise, I made 200+
pips last week trading noise. :lmao: ) with 3:1 obviously the 3 is
open to discussion, get to 1:1 then make your decision.

won't it be good to combine s/r with trendlines or other indicators?

Yep if that is in your "system" or you want it to be, do it,
Tony has a lot of posts using trendlines also Fibo, read up on
it & incorporate it, myself I have not yet been able to make them
work for me.

Also take a look through these, pay attention to
Peaks and Troughs - by Martin J. Pring.

Free Forex Books, Download Best Forex Books, Forex E-Books

:wishes:

[Jocelyn]

We were talking bout this early doors set up in the chat-room earlier. Cable pullback from the late Friday NY closing print, & a popular James IB/stochs set up, in line with the primary flows.

Tokyo activity can be skittish at times & does occasionally have a tendancy to reverse the initial directional bias as London wakes up, but using appropriate risk & management ratchets, they're still handy 'early bird' opportunities for those trading into the evening EST timezone.

2.0365 is taking on an amusing fulcrum between the larger 2 floor-ceiling levels at this range high zone. Some key activity milling on & around it as they decide who carries the heavier muscle up here.

I mentioned keeping an eye on 2.0420-30 (minor s&r) & obviously last weeks highs @ 2.0475, if they can push prices up that far today.

Wouldn't be surprised to witness some decent supply building up beyond last weeks high as it represents dual resistance from late summer (Aug) attempts to regain the years high print.

Cable, as with EURO is still a bullish candidate providing it maintains the higher low action, & certainly if it can hold this near month long range high beyond 2.0270.

That level & the lower defense @ 2.0180 are now crucial to it's year end positional stance in my book.

[mustang]

What are you actually saying? Does the forex market have the same supply and demand issues as a commodity such as oil? Is your reference to supply and demand areas the same as support and resistance areas? Sorry but I find you and your friends posts too full of jargon to make any real sense of them.Please don't take offense but I think some of us would get more out of what you say if it was presented in laymans terms.Cheers.

[tonymand]

Originally Posted by Jocelyn

We were talking bout this early doors set up in the chat-room earlier. Cable pullback from the late Friday NY closing print, & a popular James IB/stochs set up, in line with the primary flows.

Tokyo activity can be skittish at times & does occasionally have a tendancy to reverse the initial directional bias as London wakes up, but using appropriate risk & management ratchets, they're still handy 'early bird' opportunities for those trading into the evening EST timezone.

2.0365 is taking on an amusing fulcrum between the larger 2 floor-ceiling levels at this range high zone. Some key activity milling on & around it as they decide who carries the heavier muscle up here.

I mentioned keeping an eye on 2.0420-30 (minor s&r) & obviously last weeks highs @ 2.0475, if they can push prices up that far today.

Wouldn't be surprised to witness some decent supply building up beyond last weeks high as it represents dual resistance from late summer (Aug) attempts to regain the years high print.

Cable, as with EURO is still a bullish candidate providing it maintains the higher low action, & certainly if it can hold this near month long range high beyond 2.0270.

That level & the lower defense @ 2.0180 are now crucial to it's year end positional stance in my book.

Not around to get in on that IB. In line with my new philosophy (still developing!) I am awaiting a good opportunity to get in long so am looking for a retrace into the 320-360 area. Did hop aboard the EY as it broke its daily high and now sitting through the consolidation. This is a key level as it is the most recent high and trying to use the approach of seeing what price does here. Next key level according to me is 168.50

[tonymand]

Originally Posted by mustang

What are you actually saying? Does the forex market have the same supply and demand issues as a commodity such as oil? Is your reference to supply and demand areas the same as support and resistance areas? Sorry but I find you and your friends posts too full of jargon to make any real sense of them.Please don't take offense but I think some of us would get more out of what you say if it was presented in laymans terms.Cheers.

Important you ask Mustang. You know what its like you sometimes dont realise you are using Jargon. Yes supply and demand equate to S and R levels showing the areas where price stalls as a temporary meeting of the minds of the bulls and bears

[tonymand]

Classic test of the break out level. Need a reasonable entry idea. There is an ib but stochs still down. In the end used the break above the consolidation area and have moved the stop to be so hopefully this will get away. Confirmation was provided for this trade with GY breaking to a new high at the same time

[Mr Average]

Originally Posted by tonymand

If it shakes itself clear of 167.60 expect it to come back and retest at that level before going on further. May not have much further to go today but the all time highs are not that far away for later in the week perhaps? I am going to try and leave at least half my position for a longer term trade

Haven't quite got the hang of the longer-term trade yet. Still like to be out at the end of the day. It's something I'm working on though. Judging from your posts, Tony, it's something you've added to your armoury relatively recently - when you leave a trade on overnight, where do you generally put your stops (BE for the trade overall, BE for the part you're carrying over, or do you simply look for suitable S and R levels)?

[tonymand]

Originally Posted by Mr Average

Haven't quite got the hang of the longer-term trade yet. Still like to be out at the end of the day. It's something I'm working on though. Judging from your posts, Tony, it's something you've added to your armoury relatively recently - when you leave a trade on overnight, where do you generally put your stops (BE for the trade overall, BE for the part you're carrying over, or do you simply look for suitable S and R levels)?

Hi Mr A, yes I look for the most obvious SR level. Psychologically I am not finding it as easy as I thought to let things run so yes you are right it is a work in progress for me at the moment.

[tonymand]

1 win, 1 loss tonight so far. However as a win is 2R and loss is 1R this has been profitable. The key to the strategy is the assessment of momentum running up to the entry levels

[Tess]

Originally Posted by Jocelyn

2.0365 is taking on an amusing fulcrum between the larger 2 floor-ceiling levels at this range high zone.

I mentioned keeping an eye on 2.0420-30 (minor s&r) & obviously last weeks highs...

You're 3 pips out of kilter on your top end there, it hit 433 - will overlook that indescetion this time Nice pullback step though off the 2.0365 fulcrum into London trade for the opportunists?

Remains (technically) rangebound until either 2.0460 or 2.0270 break & hold.

This weeks data (for this pair) should shake things up, with tomorrow & Wed being the thick end. A flexible approach regards directional bias might be the order of the day until we see the color of data releases.

I'd be inclined to simply play the range (with an 'all in-all out' approach) until it breaks with confidence.