Alternative Technical Templates.

[tonymand]

Nice example this morning of how Fib retracements can help you make some sense of price action especially 50, 61.8 and 78.6 levels. If you were trading this downmove they can help you decide where you might take some profits and where you might look to use your favoured trigger to get back long. It is generally believed that the deeper the retracement the more reliable it is. Whether there is anything universal about Fib ratios as claimed I really dont know or care but the fact of the matter is many traders use them so there is an element of a self fulfilling prophecy here and I certainly find them useful. I will place particular reliance on a turn signal occurring at the 78.6 level not only because of its reliability but also its high reward risk parameters

[jlmac27]

hey Tonymand,
What sort of system do you use? Do you just basically look at the price action with the candles and S&R zones?Or do you use a couple of indicators as well?

[tonymand]

Originally Posted by jlmac27

hey Tonymand,
What sort of system do you use? Do you just basically look at the price action with the candles and S&R zones?Or do you use a couple of indicators as well?

I have very little on my chart actually. I have a 60SMA as a guide but frankly price direction is clear most of the time. I have a 5 chart set up displaying daily, 4H and 1H line charts and 5 min and 15 min candlesticks. I will fling a fib on and off if I am looking to judge the relevance of a level and I run a stochastic on the bottom for divergence. My main entry criteria would be a relevant candle pattern at a key higher timeframe SR level. If divergence exists at the same time then so much the better. I am currently looking at how taking only certain signals would work particularly exhaustion spikes, tweezers and inside bars when they occur at a key level with divergence. The question I am posing to myself is how often do these occur, what is the win:loss and is it better than the more general signals I take and what is a reasonable R return

[Tess]

Ok guy’s, just to inform you I won’t be around from today, until early-mid January.

Some of us here are heading off back home this w/end to the States.

I'm personally looking fwd to a well earned break.

Time to go mess around on a hot beach & catch up with family/friends over the holidays.

I sincerely hope you all enjoy a successful trading sprint into the years end & have a wonderful Xmas/New Year celebration!

Look forward to catching up with you in January god willing!!

Take care & trade safely.

[tonymand]

Straightforward pattern play this afternoon. I highlighted this pattern this morning showing indecision. I have marked the 3 possible entry points. The first is the most aggressive but following the failed rechallenge at 2 then an entry at 3 is more conservative and lower risk

[tonymand]

Not sure what this is all about. In a major move like this I trail behind the last completed candle. Sorry about this chart but my MT4 is down

[tonymand]

Exited all at 235.07. Always difficult to know what to do after such a move. Whilst there could be a big retrace there could equally be consolidation so thats me done for the week, catch you all next week

[joanne]

ok stuck again i was following and have read all the articles on divergence, cant seem to understand "tweezers" very well. someone explain please thanks joanne.

[tonymand]

Simply equal tops or bottoms on successive candles

[jlmac27]

Hello joanne,
Have you ever read steve nisons book on candle sticks? I am about half way through it.It is a good book.It breaks candlesticks down.I have found it to be very helpful.If you would like I can email it to you.