Alternative Technical Templates.

[JimmyMac]

What other complimentary information did you take into account for this trade Ray?

What about time of day? Is the Tokyo session usually a key opportunity window for this pair? How bout the current zone or area in which price finds itself? is it a high risk or low risk entry zone? what is price currently doing at this level?

I've marked up the past 3 or 4 days activity on the 15min chart below & zoomed in a little closer to magnify the past few hours action mainly to highlight how I see this specific level in relation to the past couple days behavior.

I sure hope your trade returns a profit for you, but bear in mind today is quite busy on the economic front for the Pound.

We got Halifax House Prices out at 9.00am followed by the MPC Int Rates decision & statement a little later.

How willing do you think the serious players will be to get involved in any substantial bets ahead of that news output?

Just look at how price is stringing out leading into todays London activity. Is it still trending or ranging on the smaller (15min) timeframe?

[Ray_1]

Yeah, It is a bad trade. I got out of the trade at my break even point. Now must go back and review this trade of mine and make sure I dun commit the same mistake again.

[JimmyMac]

Originally Posted by Ray_1

Yeah, It is a bad trade.

I wouldn't say it was a bad trade, that's a little harsh. It might not have been the best risk play you've executed this week, but you can at least work on that.

Every time you step up to the plate you need to be asking yourself a couple questions:

Is this a potentially low risk/decent reward trade?

Does it match up with my tried & tested preparation criteria? In other words, does it fit & tick all of my “must have” boxes in order to hit the deal button?

Is this the type of price activity that usually returns a positive outcome for me?

If it doesn’t, or there are a couple of borderline issues, then you need to decide whether to step aside & wait until a cleaner opportunity presents itself, or maybe reduce your stake/size & keep close tabs on the situation.

Inactivity is also a valid position in the markets.

You don’t have to be constantly active out there. You got the choice of when & where you execute. Leave all the gambling, higher risk & ill-prepared activity to the knuckle heads & those will woolly or loose plans.

Get your structure nice & tight, test it to ensure you’re happy with the content & only execute when it all comes together!

[pipvader]

i took this trade today.It seems to be working out this time but given that today is packed with economic news, would a better play be sitting out on days like this?

[Tess]

Originally Posted by pipvader

given that today is packed with economic news, would a better play be sitting out on days like this?

Not necessarily. If you can prepare for, & act safely upon decent risk opportunities, then you have the option to engage or not.

Like Jimmy mentioned in a recent post: it's all about risk & bias.

As long as you adhere to the rules of your plan/strategy & ensure you cover your bases, you're doing all you can yeah?

The rest is up to the momentum & the money flows!

[pipvader]

i would like to if doji's and spinning tops are reliable triggers on the smaller timeframes?

[tonymand]

Originally Posted by pipvader

i would like to if doji's and spinning tops are reliable triggers on the smaller timeframes?

They indicate uncertainty as shown in this chart from tonight, GU 15 mins, which provided a James type entry on the resistance line or alternatively a Cowabunga or fib retracement entry. Your final trigger could be any number of things which you have tested and learned to rely on. Certainly this pattern in the context of the prevailing downtrend was another opportunity to get profitably short. As with everything the shorter the timeframe the less reliable the pattern will be as will times of low trading volume

[Tess]

Originally Posted by pipvader

i would like to if doji's and spinning tops are reliable triggers on the smaller timeframes?

Wouldn’t we all

Reality is, they only work consistently as & when the bigger picture also plays ball.

Nothing to stop you running a small (trigger) timeframe such as a 1 or 2 minute side-by-side a 15 or 30minute frame though if the faster environment suits your style & psychology.

As long as you work your tickets in line with the dominant flows, you can use the peaks & troughs off the smaller (1 or 2 min) frame to time your entries from the price behavior on the larger (15 or 30 min) frame.

Jimmy offered up a couple recent examples this week of a typical combo. Couple of fella’s we used to work with have played that type of set-up on futures, as well as FX instruments, for years.

You need to study bar blending behavior to really get a comfortable handle on it, but running a preferred timeframe combo alongside each other & closely observing the various combinations will get you into the groove.

If you also got a decent take on s&r execution, then that type of trade trigger can pay dividends.

[saraiva25]

Hi

Does anyone uses the Gann´s Square of nine", to some kind of forecast the prices, or futures numbers of support and resistance.

The picture represents the square of nine.

Thanks

Saraiva

[kagein]

Originally Posted by saraiva25

Hi

Does anyone uses the Gann´s Square of nine", to some kind of forecast the prices, or futures numbers of support and resistance.

The picture represents the square of nine.

Thanks

Saraiva

I seriously doubt the regular contributors use that, i personally dont. You dont have to predict future s/r levels, the idea is that old s/r levels are still valid unless price tells you otherwise. So as its been said many times in this thread, look to your left to identify low risk areas to initiate a trade. I wouldn't try and predict prices if i were you, you develop i bias instead of having an open plan that covers all possible scenarios.