Alternative Technical Templates.

[Jocelyn]

Originally Posted by tonymand

Well so far so good with this. Stop is tucked away safely (I hope - if I have moved too quickly then would welcome comments on that).

Probably the first time I have allowed such a big move against me and stayed with it so very happy with this.

I am currently long GY and EY and hoping for big things but happy that they are now entirely risk free.

First & foremost, well done...that's great trading & management!

If the stop feels comfortable to you & you feel you've placed it in a technically efficient slot, then that's all that matters. Keep your aims & expectations for this specific trade foremost in your mind & written down on your trade jotter. By doing so, you're constantly being reminded what you're gunning for & where you need to look with regards technical geography.


Never mind what Tess or I think, or anybody else come to that.

It's your trade, you're managing it with your aims, expectations & unique money management & awareness. We can encourage alternative thought & trade practices, but essentially the trade longevity decisions are yours to own.

If this zone satisfies your current decision process, then this is where you should either scale out further or close the trade out.

Remember, this is all new to you. The object of the exercise is to instill confidence in your thought & decision processes. By practicing what (we) have been preaching, you can determine whether it's something you wish to persue now or bookmark it for further investigation at a latter stage?

You've certainly demonstrated you possess the required discipline to engage this type of execution model for sure - it takes a lot of mettle to put your money where your mouth is...you should be proud of your achievements on this trade!

[tonymand]

Thanks Jocelyn, really appreciate that and I have sure got the message that at the end of the day I have to be comfortable with what I have done. Been a really fantastic couple of months since I joined bpips and learnt so much. I certainly feel like I am progressing. Long way to go of course and still make a number of trades that in retrospect I wonder what I was doing and yes I diligently keep my trade log and diary so I can review. Got another couple of weeks before I take the family to Phuket for a fortnight so as Tess said after she came back from Cyprus it will be good to be away from flickering screens for awhile and maybe all that I have learnt will ferment while we play in the sun!

[tonymand]

Well we are at the 237.80 area that you highlighted earlier today Jocelyn. I now have 238.30 as the next target. Dont see any better place for my stop at the moment. So time for me to leave it overnight and see what breakfast brings

[Jocelyn]

Originally Posted by tonymand

Well we are at the 237.80 area that you highlighted earlier today Jocelyn. I now have 238.30 as the next target. Dont see any better place for my stop at the moment. So time for me to leave it overnight and see what breakfast brings

Ya, we're there for sure.

I was discussing this pair earlier with our Mom, & just shooting the breeze on some upside markers from here.

We agreed that the likely mid-field boundaries will probably prick the memories of 2nd Quarter activity should the momentum sweep this pair onwards.

I'm hauling up a chart example here for the first time, so I hope this darned thing works. Tess has disappeared someplace....anyhow, we'll see.

Yeah, your number isn't too far adrift from where we see next potential fulcrum camps to the North of current levels.

Be prepared for some vicious kickbacks if the Yen Bears get spooked, but we have adequate downside markers to light the path South from hereabouts.

[tonymand]

OK this is a good test for me (as well as GY!). Not so freaked as I would normally be on a pullback like this. GY now challenging the minor support area at 237. But trying to put in place 'let the market prove you wrong' and so this is still a bullish chart. Indeed there is divergence forming here which might present an intraday opportunity if there was a convincing turn signal though I was surprised to hear from JY that so little trade in the Asian session is GY. I shall watch with interest what happens at 236.60 which is yesterdays breakout area

[tonymand]

Originally Posted by daydreamer65

Okay I am not liking the sound of that. It has now gone down
a further 100 pips.

I am not going to tell you where I am on this at the moment,
not good.

But there you go ups & downs just like the peaks & troughs
of the charts.

I think I will bring out a chart for a traders mood swings,
exulatation/total depression. :lmao:

I guess also it depends where you are in the trade. As Tess pointed out last week maybe only 3 in 10 go on to the really big profits. My stop out on the EY this morning was worth it (in my mind) to shoot for something bigger since I had booked a reasonable profit on the first half. On the other hand my (perhaps ill advised) trade this am on GY I was out of at -1 when it just didnt get past the supply area we were in. Still hanging with the GY from earlier in the week content that my reasoning at the time was OK (subject to my review of the trade this w/e). Just my thoughts, europe now coming on line so lets see where we go

[Tess]

We hear a lot of chatter on forums about 'referring to the higher timeframes' to check directional bias or relevant geography.

I like to use them to check, & help confirm potential sticking points or potential levels of (counter) reaction.

Our Mom & brother are big fans of Fibonacci. I can take it or leave it to be honest, but I very much respect their work/research & always pay close heed to levels which catch their att'n.

I like to draw my lines which mirror the close activity (closing & opening prints) of price. Large, spikey pops to price extremes don't nearly interest me as much as the solid interactions at heavily traded area's.

I'm not looking for pip perfect touches or kisses, but the general zone of interest. Similar to the way I observe support & resistance camps.

For instance, price has a fairly common tendancy to react to the 50 & 62% zones on large range/trend sprints from A to B.

If these percentage clips happen to coincide with an area of s&r I'm observing, then I'll generally pay it a little closer att'n.

Quite a few technicians plot Fib calc's in one form or another on their analysis tablets, & although they can differ in their A to B points (depending on their trade aims & structures), the theory is similar in it's intent.

The example on this current Geppy chart, taken from the Daily reference, is typical of how I plot & observe any particular symmetry to key levels on the watch list.

The only real zone of interest hereabouts (for me) revolves around the 237.60 to 241.0 barriers, where a couple of my s&r lines reside.

The 50% zone, at current price level, also represents a typical reaction area for players & if it happens to nudge a hard previous fulcrum level, is very likely to contain or at least, buffer price activity for a while.

These watch zones can often allow traders to stand back & take stock of their current directional bias. This will involve profit taking/ possible compounding decisions/maybe cashing out completely & going flat until the picture clears a little, etc etc.

It also helps explain further the recent comments of "differing agenda's" I made reference to in earlier posts.

Even if your favorite & preferred execution time is geared towards the smaller sub hourly timeframes, it sure helps to flip the page & study these zones from a larger perspective every so often - it helps to keep you balanced out there!!

[Tess]

I will add however, if you're a 'traditionalist' & prefer to plot your A to B points from the price extremes, then draw both.

The levels aren't that far apart to throw you off course. As you will see from the chart, the zones still contain relevant Fib markers, albeit from differing High-Low levels.

To repeat: it's not really the exact touch of the line which carries the interest, but the zone or area of potential activity which matters.

Price very rarely fits or conforms to our exact calculations. It reacts to traders punching order requests into their consoles.

Some will punch them in at 237, others at 237.50, another bunch of stops will fire off above/below the levels...it's the aggregate or average settlement of these order tickets which will cause the boat to rock.

When they settle & balance out, only then will we begin to witness who swings the heaviest gavel

[triphop]

This thread is terrific. I skimmed it a couple of days back and uh... none of it made sense because it's so involved , so I've just slowly gone through the whole thread again to get to grips with the wise words of advice on here.

Couple of questions:
Tony - I like your trading of the Asian H/L using 60SMA as a stop. I use a flat 30pt SL on GU and have always thought that could be improved. But reading through you say you take profit at 1R, but I notice on later posts you're letting it ride. Do you just take partial profit at 1R and then take a view on the rest of the trade?

Tony\Tess\Jocelyn - with any strategy, be it Asian H/L or fitting in with set S&R lines or what have you, how does news affect you? If you've determined a good time to technically enter in a trade but you know there's a significant news release do you hold off until it's played out?

Just to reiterate other posters too - thank you so much for all this useful info. It's top notch, really is.

[tonymand]

Originally Posted by triphop

This thread is terrific.

Tony - I like your trading of the Asian H/L using 60SMA as a stop. I use a flat 30pt SL on GU and have always thought that could be improved. But reading through you say you take profit at 1R, but I notice on later posts you're letting it ride. Do you just take partial profit at 1R and then take a view on the rest of the trade?

Depends on my view of whats going on. My default position if I have entered as an asian breakout is to take all out at 1R but will sometimes only take half if I have any reason to expect it to trend. If I have entered by another method which happens to be close to the breakout then I may have entirely different designs for the trade

Tony\Tess\Jocelyn - with any strategy, be it Asian H/L or fitting in with set S&R lines or what have you, how does news affect you? If you've determined a good time to technically enter in a trade but you know there's a significant news release do you hold off until it's played out? .

It depends on the item. At the moment few news trades are really doing that much outside of interest rates. If already in and comfortable I will ride it through but I would be less likely to enter in the 30 mins before news and would rather see what happens on the release. The ideal is for the news to temporarily push you back against the trend to give you a chance to get into the trend at a better price