Alternative Technical Templates.

[zenocorp]

Originally Posted by JimmyMac

Zenocorp,

Nice to have your contribution on the thread, & please continue to participate at your convenience, but could I ask please if you would either reduce the size of your charts when composing, or use the thumbnail attachment facility within the reply section of the post.

It’s rather frustrating for observers when they have to toggle from left to right to read commentary/chart content.

Thank you.

ok sure...i will reduce the attach file nex time...

[TheRumpledOne]

Originally Posted by tonymand

I have mark out the relevant s/r levels. First level is 1.8324, followed 1.8404 & 1.8527. There is also a downsloping trendline marked in red. Now I will wait and see whether price can break above the downsloping trendline and reach the first s/r level. If it reaches the first s/r level what will it do? If it resists the downsloping trendline and James IB/OB setup occurs on the 15 mins chart, I will take a trade. I like to know what do the teachers in this thread think of my analysis? Hope to receive guidance.

Ray
OK you have identified an area of interest. I would say it is at 8240-8330 or thereabouts. Question is what will you do if we get there? You should have a plan for both long and short (although you may decide at the time not to implement one or the other or both). What about if it carries on down tomorrow what is your plan then. Remember the plan incorporates your action tigger, stop, position size, fundamentals (especially news) and perhaps action on other pairs to guage the relative strength of the 2 currencies[/quote]




Looks like fib retracements to me.


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[pipvader]

Hi Jimmy,

I was wondering what timeframe do you normally look at when your preparing to exceute a trade?

[JimmyMac]

It’s very much dependant on which type of execution strategy I’m employing at the time pipvader.

I oversee 3 different accounts, so the timeframe combinations will vary between 5 minute & Daily.

[tonymand]

Originally Posted by kagein

Hi Ray,

Tony posted the trade he took here Alternative Technical Templates.

To answer the second part of your question, i would assume he still has it open because its making him money and theres potential for it to slip lower.

He he George, couldnt have put it better. Just got off a plane from Sydney hence my non response so thanks for filling in

[kagein]

pipvader highlighted this trade last week and i just thought it was a classic example of price revisiting an area where it was previously ranging, and failing. This thus presents us with a low risk area to initiate a trade.




Looking at the 5 min timeframe we have a lower high rejection candle.





This type of behaviour happens often and is currently one of my favourite lower timeframe strategies. You do miss the very fast moves at times but it works out a lot of the time.

[tonymand]

Yes a nice play area George. GU is shaping up nicely. A break short then retest of the 8000 area might enable us to set sail for the 7700 area. Alternatively a move higher out of the developing consolidation and a retest from the top might signal some respite to the slide

[Ray_1]

After going through all my charts, I have another question? How do all the regular posters in this thread define a s/r level has been broken. For me, I will use two green/red candles that close above or below a s/r level to define it has been broken. Am I correct to make that assumption?

[Jocelyn]

Originally Posted by Ray_1

How do all the regular posters in this thread define a s/r level has been broken.

For me, I will use two green/red candles that close above or below a s/r level to define it has been broken. Am I correct to make that assumption?

You are if it works for you.

Only you will know if that scenario plays out successfully enough to warrant using it consistently.

If it fits alongside whatever else you use to navigate your way around the technical arena, then you’ve got the makings of a reliable trigger.

Trouble with comparisons Ray is that no two traders will marry up exactly with their specific trade preparation, execution, aims/expectations or risk profiles.

The generic observations of technical levels & zones will, more often than not, match up on a regular basis, but it’s how each individual plays that information that will differ.

If the idea of wrapping a strategy or two around the concept of support-resistance and/or supply-demand appeals, then you have the possible foundation right there to build a game plan or two, which will suit your personal style & psychological tolerance.

The dialogue, exchange of views & examples on here are aimed at stirring up the grey cells & encouraging folks to explore the content in their own fashion.

Some will discard it, others will flirt with it & decide it’s not for them and a few more will pick up the outline & fill their own blanks in along the way.

We post our own interpretations & views on how we see the playing field from our viewfinder. So too do the other contributors. Occasionally they’ll be mixed conclusions, some will identify certain levels & zones which others haven’t even considered. But that will usually be as a direct result of that individuals specific aims, timeframe preference & risk tolerance.

Use the outline & basic principles of what’s being presented here & see if you can build something which you feel comfortable with. Demo it & evaluate it on a regular basis.

You can post up your examples here so that folks can offer their views & comments. But try put your own stamp on it & see how you go.

[Ray_1]

GBP/USD is in a downfall again. I have marked out the relevant s/r levels on my chart:



The resistance level is set at 1.8002 and support level is set at 1.7765. Now i will wait and see which level the price will go.