Am I to assume by the stop loss edit you triggered that entry before the Chinese inflation data?
You highlight choppy (lower probability) background behvior on that gbp/aud candidate yet you’re still continuing to ignore the (higher probability) one which is still happily jogging along regardless.
Why?
Thanks Thalia -
I need a mental adjustment - for sure:
Hi ALL, (input very welcomed on the simple “plan” below)
Does this sound feasible, to get me more clued up? “Implement 3 ducks as background info, then play the hook - focused on taking advantage of the London session power” (no less no more)
I mean it sounds ridiculously easy - but , easy is good , right?
Nothing in this game is easy as you’re discovering for yourself.
The framework we’re advising you to give very serious consideration to is based on logical, efficient application.
Your decision sounds like a pretty smart plan & if this type of market interaction/activity floats your boat you’ll have a ball utilizing 3 Ducks top down approach.
At the very least it will assist you in focusing on candidates exhibiting current flow strength & trend continuation potential
You can then zero in on applying a choice of [B]2 entry criteria[/B].
Andy’s traditional breakout trigger & the pullback hook play.
Either entry option will work fine on the 60 and/or 5 minute trigger charts (depending on your specific objectives for that bet) & can be tailored to suit your available time allocation.
You’ve already read DoubleEcho’s thoughts on it back on post #18 & you won’t find anyone else here disagreeing with it.
So - is a cad/jpy pullback now interesting to watch? - seems to have created a new HH HL - and break out of its’ range.
and ducking it - 4hr 60 is pointing up - 1 hr 60 is pointing up - so playing a break &or hook is a favored bet?
Edited - Also is eur/aud still a candidate for shorting today?
Sorry guys - I’m just trying to grasp "it"
again 3D says 4hr dwn and 1 hr dwn so?
It is yes. Bear in mind it’s more than covered its average (3mth) weekly range & you have Canadian core cpi & retail sales data on the docket today.
Not suggesting the momentum is cooked by any means, but its end of week & the markets have been skittish.
Yeah, another qualifier under those rules.
As are (still) eur/cad & gbp/cad.
Again, ensure you’re aware of momentum impacting drivers so you don’t get blindsided & always keep tabs on available daily/weekly range percentages.
As with anything, providing you can compute acceptable risk & are satisfied your criteria is met then you’re good to go.
Although the qualifying criteria is visually easy to identify, those candidates will still need to be filtered accordingly to justify their priority.
Most of Dan’s & soultrains punters are running auto programed models these days, particulary b/o & range percentage influenced orders.
The real work (& rewards) in that corner of the playing field however is knowing when to tweak & switch them off 
They’ve certainly been working overtime this week, especially on the pairs highlighted here recently!!
Friday is generally reserved for book squaring & titivating Perch Tird.
You can occasionally grab a bargain or two if a serving of skewed data hits the market & starts a mini scuffle for an hour or two on a regional currency, but if you’re smart, the bulk of your work will be conducted between midday Monday (gmt) & close of business Thursday.
You don’t really want to be scrapping around for wages on a Friday afternoon.
If there’s a day when punters are going to blow their stake money you can bet Mondays & Fridays are going to be jostling for top spot!
Now you’ve got yourself sorted with a decent directional support tool you can use the w/end to draw up a short list of likely candidates, gen up on what’s expected from the data cupboard next week that’s likely to impact your short list & prepare to execute your bets accordingly.
You can also leisurely stroll back through these high probability candidates that were identified this & previous weeks (which also qualified via the 4&1 hour ducks criteria) & toggle the sub-hourly timeframes (both 5 & 15m) for directional set ups that you would have been alerted to.
What you see on that exercise is what you’ll get going forward whenever the candidates qualify off your 4&1 hour background template. Providing you’re not reckless with your risk you shouldn’t come to too much harm.
So, seeing’s it’s the w/end, let’s have a tune shall we!
What can we find on Dan’s antiquated musak machine…ummmm
Ahh, let’s chill out to a bit of Paulo!
Talking of which, look at that multi-week low break on the US/Canadian pair on Wednesday.
4 of the last 7 weekly lows in the shadow of the 1.24 number. It even qualified & obliged for the Duck hunters too!!
The machines began whirring briskly when that barrier gave way I’ll bet.
I’m going to have to get my scanner primed & sorted this weekend so I don’t miss any more of these common setups.
I’ve been having another poke around a couple of linked threads & spotted ATR figures on the bottom of some charts. 22/12/1 which I assume from your associated comments here are daily & weekly 1 & 3 month averages.
Have/are they updated at a specific time based on volatility or range expansion/contraction phases & are they the only common ones utilised?
Cheers guys.
Yep, I got squared up allright. LOL
I’m so excited. … . this is exactly what I’ll be doing - and in so much as you stated. … I think I know what I am looking for. . . and how to look for it. . . YAY.
Many thanks to all of you. . . getting a blind man to see . . . well that is in the miracle category!!!
Low hanging (logic based) fruit just waiting to be plucked huh? 
We definitely wouldn’t discourage you from proceeding down that route if you’re considering putting together a program based around those types of levels.
If you delve a little deeper within those threads you’ll see they were regularly referenced & just as much in evidence back in 07/08 as they are now. But you’ll discover their consistency for yourself when you run your own test on the parameters.
They are yeah but only for the finicky punters.
Again, if you want to be specific/accurate when compiling the data, the software the guys use update twice daily at 13.30 & 22.00 gmt.
To be honest though, if you’re using the numbers for a quick guide on rolling bets over & pyramiding (which is what they’re predominantly utilized for) or gauging intra-day bet limit availability, then 22/12/1 will serve you ok across the board.
You’ll have a ball with it Jason.
Just use common sense when preparing your gambles & take your time!
I’ve been leafing through the Technical Templates threads & read an interesting twist or option if you like on trading [B]into[/B] levels such as those you’ve mentioned above.
Both 93.07 & 7698 are previous weekly & monthly highs, levels which they’ve highlighted throughout those threads as high priority & ones I was also advised to pay particular attention to when I began trading other instruments.
The interesting twist is that rather than wait for one of these key previous day, week or month levels to react, trade [B]into[/B] them from below (if the momentum is bullish) or above (if the momentum is bearish) via a pullback hook entry so you’re already positioned with reduced risk as the level is approached & traded.
One of these guys will correct me if I’m wrong, but I’m sure I read that one of the reasons for this tactic was due to the potential build up of stop orders laying the other side of these key levels, especially if the level has been traded into & rejected previously?
It certainly makes sense from a risk point of view & from my own experience trading around similar levels, you often experience increased volatility & choppiness as price bounces back & forth until the orders aggregate out. This can result in some frustrating stop-outs if you’re actually entering on & around the level until one side or the other gain control.
I’ve also witnessed some powerful follow through moves once stop orders are triggered on the other side of these levels, which makes this tactic of trading [B]into[/B] a level a potentially attractive & appealing option.
New Zealand Dollar offering up nice clear hourly & sub hourly pullback hook entries this morning on euro & sterling pairs.
The EUR/NZD combo unfortunately occurred too early for me this morning but I managed to catch the GBP/NZD entry, albeit slightly late.
Last week’s low on that one at 1.9375 represents just 65% of the average day’s range from their session high, which still offers a very acceptable 2:1 reward despite the late entry.
From my limited observational experience these large range pairs really do offer excellent day trade opportunities if/when you can time them correctly. I can imagine the rollover potential is equally impressive too when you pick them off cleanly via these pullback hook entries.
To be honest they’re not proving too difficult to identify at all. But then considering the qualifying criteria, neither should they be.
GBP/NZD just traded into its daily range during London’s lunch period down here at the current day’s lows but I’m going to leave a little of that position in the market to see I can catch any more downside momentum on it & if so I’ll add in on any further pullbacks.
The current years lows are only 100 odd pips away & the 2014 lows 300 pips further back.
Hi everyone,
I’ve been splitting my workload this week between manual trading & interacting with the guy that does my programming work.
We’ve straightened out a few wrinkles here & there & I must say it’s looking promising, but there are a couple of things we’d really appreciate a heads up with directly related to range percentage/expansion parameters, specific to 2 regional currencies.
Because I have limited experience of the spot market & you guys are well established, I just need to check that what we’re identifying during testing isn’t merely an anomaly.
Would it be possible to communicate privately please?
I don’t particularly wish to discuss any details of that part of my work in the public domain.
I don’t have enough posts to access private messages, so I’m not sure the best way to hook up.
Some really clear b/o & hook set ups again this week, especially late Wednesday onwards!!
The more I play with this the more I like
Sure.
Someone will contact Admin with our details to pass onto you.
Thanks Sean, appreciate the offer!
Hopefully I’ll get in touch sometime next week.
As an aside, one of the core elements of those technical template threads i’ve been reading was support & resistance.
Unless i’ve overlooked or missed them, there haven’t been any references to it in any posts since the original contributors, including you, were active on here. Does it still form a part of any current templates you guys use?
No.
As you’re no doubt aware, most templates, be they manual or automated, require continual appraisal & regular re-calibration due to the evolving nature of the environment in which they’re deployed and/or the reshuffling of priorities & objectives.
The zonal S&R was scrubbed completely from the manual templates a few years back.
The only survivor of the model presented in those threads is the consistently reliable session (day/week/month/quarter etc high-low) levels, the directional aspect & the average day & week range percentages.
As well as the automated models, we’re only currently operating 2 manual templates.
One triggered off the back of targeted & specific intra-session/day gyrations & a slightly longer range swing/trending vehicle.
don’t we just!!
& he’s shuffled it around again last week i see
sensible advice & great educational videos to boot!
what more could you want…
You can view as many or as few instruments as you like. The choice is yours.
The aim is simply to identify & filter directional momentum, be it short or medium term.
The 2 simple moving averages (sma’s) are there only to help you identify the stair-stepping movement heading up displaying higher highs & higher lows & the stair-stepping movement heading down displaying lower highs & lower lows.
Your objective is to get in line or sync with this market pulse/rhythm based on whether you wish to day or swing trade the potential move.
The momentum you’re taking advantage of is nothing more than a reflection of current dominant sentiment & flow.
And the trigger to get you seated into that momentum is provided by the 2 entry choices.
How you get in, how long you remain involved in a move, how much stake you deploy & which entry option you choose will be based around your own individual objectives, available capital & risk appetite.
Don’t overlook (or underestimate) the simple breakout option.
We realise you’re probably excited & enthused about picking out & identifying all these wonderful hook opportunities, but at the end of the day it’s just an entry trigger. In a month or two you’ll get so used to them you’ll spot them in your sleep.
If you’re setting up day or session gambles then use your average daily range percentages to help filter the higher probability opportunities which will offer you better bang for your buck.
Pound & euro v/s yen this morning are typical examples.
Both setting up into early European business with no discernable pullbacks from yesterday’s closing prices & primed for Andy’s classic breakout trigger. Occasionally you’ll witness the b/o also mirroring a 5 min stoch up or downlift, which is a double bonus, but keep your eyes primed for either/or entry trigger playing out.
Compared to your aussie/yen you’ll receive up to 40% more clout on the average range numbers punting pound & euro v/s yen as opposed to aussie.