Alternative Technical Templates.

[jlmac27]

Tonymand,I tried to upload chart,I believe it worked.What I have here is the USD/CAD.Does this look like a good place to go short? It is playing around an area of resistance,and candles are showing pattern for reversal,but the 60MA..???What is your take on this pair at this moment?

[tonymand]

Originally Posted by jlmac27

Tonymand, Thank you for the reply. When you talk about the pullback on the 1 hour chart,you are pretty sure it is going to go back up,because of the candle patterns on the 15min. and with the 60 MA,correct?That is about all your using to put this assumption together right? Thanks again

Pretty much. Its gone through resistance, tested it as support so the most likely course is up

[tonymand]

Originally Posted by jlmac27

Tonymand,I tried to upload chart,I believe it worked.What I have here is the USD/CAD.Does this look like a good place to go short? It is playing around an area of resistance,and candles are showing pattern for reversal,but the 60MA..???What is your take on this pair at this moment?

yes you could trade this back to the 60SMA or whatever you use as your profit target. The safer trade though would be the next long off the 60SMA or fib retrace (again whatever you use) as this is a mighty strong uptrend. Until proven otherwise this is no more than a retrace. If it now formed a double top or lower high the we might expect a trend change

[tonymand]

As a follow up to post 276. The hammer could lead to an aggressive entry at 1 above it, a more conservative one at 2 following the consolidation, there is an obvious profit take at 3 and a possible further upmove to be signalled at 4 though this is much less clear cut

[joanne]

how much time do you spend each week trading per day, week? setting up for your trades and investigating the news and fundamentals. time is money so how is it best scaled down to be proficient and acurate for your trading week. what is say your required reading before you place a trade. can you describe please. joanne.

[tonymand]

Originally Posted by joanne

how much time do you spend each week trading per day, week? setting up for your trades and investigating the news and fundamentals. time is money so how is it best scaled down to be proficient and acurate for your trading week. what is say your required reading before you place a trade. can you describe please. joanne.

I spend a morning during the weekend looking over the big picture fundamentally and technically. I spend perhaps 30 mins before the Europe open looking for high probability points and deciding what I am hoping to do. I spend as little time as possible in front of the computer once started and use sms alerts for developing situations and keep my diary and bpips posts during the time I am physically waiting for something

[tonymand]

But if you are in this long dont forget the big picture. This is still a major downtrend so be prepared to get out. I am particularly interested to watch price action around resistance, fib levels and the 60SMA on the way back. Obviously if on the way up we form a higher high then at least in the 15 min frame we have a trend change. 161 looms as a major challenge. Have a clear plan ready for if and when we get there and note we are already up a couple of hundred pips today

[tonymand]

OK thats the first hurdle over. Given the size of the falls recently there isnt any good and obvious target nearby so going to trail this and see how far we get. Have brought the stop to be

[tonymand]

Lightened by half and will close on a close below the trendline. This level looks very active and yesterdays downtrend could resume from here. Note the divergence

[tonymand]

This is the trade of the day so far I think. Rejection of higher prices as shown by the long tail above resistance leads to a break to the downside. Conservative entry is marked. The exit is based on divergence and being at the 3rd fib extension. Could trade or wait out the likely retrace and look to get back short again