Alternative Technical Templates.

[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

[jlmac27]

I understand all that you post here.I was reading muddbuddha's thread today.Good stuff.I like his approach in his trades.I went back and played with a 60MA and put what I have learned from you ,tess,jocelyn,DD together and wow it is starting to make sense now!I have alot of these little moments of clarity,but only to discover something else that is blurry.But I guess that is the learning process.Thanks for you help and your posts tony they are priceless!!!! josh

[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 jlmac27

I understand all that you post here.I was reading muddbuddha's thread today.Good stuff.I like his approach in his trades.I went back and played with a 60MA and put what I have learned from you ,tess,jocelyn,DD together and wow it is starting to make sense now!I have alot of these little moments of clarity,but only to discover something else that is blurry.But I guess that is the learning process.Thanks for you help and your posts tony they are priceless!!!! josh

you are welcome Josh. Those moments of clarity are priceless arent they. Leads one to believe this can be done. At the end of the day you will look to develop a handful of tools that work for you and help you to make sense of the market. Agree with you about Muddbuddah, he clearly knows what he is talking about

[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

[joanne]

thanks tony you are keeping me learning everyday.

[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