Alternative Technical Templates.

[JimmyMac]

Maybe cut & paste it into a word doc mustang? That way, you could add posts or snippets of info as you go along.

Build up a kind of information folder of interesting or pertinent commentary?

You could then print out from the word doc if you so desired.

[Tess]

Staying on the theme of multi-timeframe analysis (s&r) & stop/momentum activity, here's a neat example of just that.

This kiddie (NZDJPY) is a favorite of one the guys here & he traded it today pulling all the relevant info together as part of his decision process.

Pulling the trigger isn't too difficult if you trust your set ups, analysis & obey the signals from the higher timeframe leaders if they also stack up with any intraday green lights.

Clear opportunities to engage with minimal distractions (indicators). Price action rules huh?



Charts & details kind permission of Sean

[tonymand]

I did say that the point of my posts this week was to show trading that is less than optimal. I did not expect to have such a big error to show. It is important to have an open mind and strategies available that allow you to respond to what you see. I became 'certain' of further downside action last night - big error. Double bottom, divergence, doji, down tails are all telling you that the downmove may reverse. In addition as I pointed out we are at a major level on the weekly and Jocelyn has given a good description of why it can be so choppy at major levels (I read it Jocelyn and now have learnt what it means!). I stayed short as I posted last night so was duly stopped out at break even. However just prior to the fed cut there is a host of information allowing a further long posiiton to be taken. Resistance becomes support, there is a James IB entry, no significant retracement on the huge H1 bull candle that has signalled the turnaround and I sat idly by and did nothing. No doubt this all strikes a chord with many out there. Onto another day!

[Tess]

Originally Posted by tonymand

You have to develop your own ideas about what consitutes rejection at this point but dont forget the professionals will try and fake and feint to take money off you so you have to try and remain at least a little detached.

Also remember that the pro's aren't immune to slipping up themselves.

They leave plenty of dollars on the table at times....I'm definitely testament to that, LOL. So too is Jos.

As your market experience increases, so too does your intuition. It's amazing how the brain picks up on subconscious signals & often takes the indecision away from you

Repetative behaviour is (sometimes) a wonderful trait. Especially if that behaviour is biased to the positive side, as in a successful/positive return strategy. Takes time to nurture of course, but it definitely exists!!

It was a good trade, well managed. If there are things to learn from it, then I'm sure you'll uncover them & store them away for future reference. But it's as important to enjoy the successful result as it is to analyze the post trade play.

No real surprises that this NZDJPY trade meandered back & bounced off that larger timeframe s&r marker into Tokyo trade. That bounce level (80.60) also houses the 38.2% of the weeks swing up from 78.15 - 82.25.

Straightforward management from here now really. Needs to threaten the days high before making in-roads on next level s&r @ 83.10 as viewed on prev chart.

Any slip from current levels can be squared up & cashed out thru 80.45.

[jlmac27]

Yes I did tony,I came out of it with 36 pips.I had to leave and did not want to leave it open! LOL,maybe that is a newbie thing but I thought take what I have and go!...I think I may be getting the hang of this.thanks to you guys.I am 4.9% on my capital in 2 days.

[erica]

Hi Tony,
Is it correct to say that your preference in trading is too focus on getting into trades after the retrace to the 78.6? Any paricular reason why this such a favorite?

[tonymand]

Originally Posted by erica

Hi Tony,
Is it correct to say that your preference in trading is too focus on getting into trades after the retrace to the 78.6? Any paricular reason why this such a favorite?

Yes it is Erica. I have been looking to reduce the number of trades that I do and increase their profit potential. The 78.6 retracement provides a high probability turn area with a high profit potential since it is likely to at least move back to the 38 level if not (as yesterday) much lower. My ultimate aim is to try and enter about 3 trades per week. I find that if you use all the fib levels what you are really saying is that after the 38.2 retracement you will take any signal since you are always going to be close to the 50, 62 or 78 so it no longer really has any discriminatory value. For me this is all still a work in progress as I slowly adapt my trading ideas

[daydreamer65]

Just wanted to post these up here, I watched the flag
develop yesterday on chf/jpy, it was also on some other yen
crosses. At 1st I thought it maybe was a pennant but then I
realised it was a flag.

Got in at 97.70 expecting T/P 98.90, S/L @ the other end of the
previous bull candle. Just got out, a little shy of 90 pips.

What I am trying to illustrate here is the flag & pennant continuation
patterns.

Flag, Pennant (Continuation) - StockCharts.com

Looking to go short on this at the moment but cannot see a low
risk reason to do it so I am now off to bed.

[tonymand]

Yes I agree with you DD, this is mine from GY yesterday. I also am seeing no action on the charts and as you are fond of saying no trade is a position in itself

[Tess]

Originally Posted by Tess

Straightforward management from here now really. Needs to threaten the days high before making in-roads on next level s&r @ 83.10 as viewed on prev chart.

Any slip from current levels can be squared up & cashed out thru 80.45.

Did anyone pick up the baton on this & get aboard??

I highlighted the chart below where the prev one left off on post #556.

Sean got stopped out on the move back thru 80.50 but picked it up again on the price action activity around that intraday flip zone @ 79.35, shown on the previous charts.

Note how the s&r zones @ 79.35 & 80.60 played ball during Wednesdays sessions. The trade has now been encashed today up here at the next level s&r (83.10).

For those who prefer a little additional confirmation, a hidden bull divergence play on that 15min frame would have signalled you in off the s&r zone into the 2nd long attempt Wed afternoon.

If you got a handle on the obvious s&r zones, & take your time to really look at what the charts are telling you, then you really don't require to load up your templates with distracting paraphenalia.