There’s been a nice pop through my entry level, and Eur buying across the board. However, with the FOMC minutes in a couple of hours, I’ve moved my stoploss to breakeven sooner than perhaps I would normally.
Stopped out. Whether I moved my stop too soon, or just the wrong side, we’ll see…
I realise now what a contradiction I made when I said ‘no market drivers’ and then mentioned the FOMC minutes in a couple of hours!
That’s me for today. GL all.
Hey Kechel - just an idea - one that I am attempting to implement. But first of all - Keep posting - I am learning a bunch from you. . .
Now - maybe this is just to crazy - but here goes.
It looks like your entry is based upon the 1-2-3 pattern for the 1hr timeframe. (great way to approach it) I am looking at trimming some fat - much smaller S.L. - BUT maybe a much riskier entry???
Then I see you identify the same pattern on the 5 minute t.f. - for your actual entry. . . ?
At this point - and at this point only - is where I intend on making use of the stoch hook. . it appears to me that - - if you drop down even to the 1 minute chart in this case (Based on your intended entry long on a 5 minute 1/2/3 pattern) - at point 3 on 5 minute chart - drop to 1 minute and find a hook.
I’m thinking you could leave the S.L. in about the same place - -or maybe be a little more generous with it - - but then getting to B.E. would have allowed for a bit more “room”
(I guess, this is how I am going to attempt to approach entry points - I could be blowing another account- who knows??)
Hi PerchTird, I try to post some of the set-ups as they are happening rather than after the event as it helps me clarify my thoughts a bit. I’d like to think they can maybe help a bit but just about any other contributor from this thread would be better to learn from than me! In fact my trade management needs to be sorted out properly so I’m going back to demo for a little while…
Now - maybe this is just to crazy - but here goes.
It looks like your entry is based upon the 1-2-3 pattern for the 1hr timeframe. (great way to approach it) I am looking at trimming some fat - much smaller S.L. - BUT maybe a much riskier entry???Then I see you identify the same pattern on the 5 minute t.f. - for your actual entry. . . ?
I don’t have to see the 1-2-3 on the 1h to take an entry on the 5m – I noticed it here though, and see it other times close to where I’m looking to enter. The main thing I’m looking for on the 1h is the pullback (highlighted by a stoch hook), then I’ll drop to either the 15m or 5m to see if I can find a clean entry point on either of those timeframes. Now that I’ve moved up to using the 4h as my main background chart instead of the 1h (I can’t follow my charts quite as easily due to work stuff at the minute), I really want to see that 1h pullback. If the 1h was my main background chart, I’d probably be happy with only a pullback on the lower timeframes.
At this point - and at this point only - is where I intend on making use of the stoch hook. . it appears to me that - - if you drop down even to the 1 minute chart in this case (Based on your intended entry long on a 5 minute 1/2/3 pattern) - at point 3 on 5 minute chart - drop to 1 minute and find a hook.
I’m thinking you could leave the S.L. in about the same place - -or maybe be a little more generous with it - - but then getting to B.E. would have allowed for a bit more “room”
(I guess, this is how I am going to attempt to approach entry points - I could be blowing another account- who knows??)
I’ve definitely seen the cycle phases play out on the 1m chart as well. I think some of the users of these templates have mentioned them in other threads that they use it for trailing as well. Unfortunately I just can’t keep as close an eye on things as I would like, so have to find a compromise, hence only dropping down when I see the 1h hook.
Good luck with it though, let us know how you are getting on… (& post up your background charts with comments if you ever get the chance, I really think getting the background structure right is one of the keys…)
Thanks Kechel - I agree 100% with getting background ‘right’ - but along with that - cannot be too concerned about a loser here and there - -sometimes it just wasn’t meant to be.
I was/am sort of in your position as well - - My main time for sleep is the London session - - that is why I ramped up my account a bit - For me - nabbing 40-80 pips with a tight s.l. is now “productive” financially -
(ie makes it worth losing sleep over)
At least that is my goal with having a bit more capital to work with. . . .
Good Luck to you to - -as noted in a previous post - I’ll be watching EUR/CAD tonight/tomorrow - as noted - the 4 hr hook happened today - with a nice looking daily background. . but I could not see myself getting into it today 
There was a chance to re-engage with Eurcad this morning, though I’m not sure you would have been at your screens depending on where you are.
The opening of the European/London sessions is the only time I’ll consider an entry without the 1h hook, as I can watch it more closely & if a pair is really moving it won’t always give you the opportunity from the 1h, but I’ll only take it if the set-up is very clear.
The pair was flat through the Asian Session as might be expected, but gave a hook on the 5m just as Europe was opening. It was moving up & testing last weeks high - another level it’s wise to keep your eye on - I didn’t have the chance to get in before that level, but took it on the break of a momentum high type set-up.
It’s moved up nicely now, & there was another chance to take it on a bit later in the London morning session as another 1-2-3 set-up appeared.
So adding a bit of capital – it sure is making it real. . . those “little” losses add up fast, and I’ve nearly burnt through my “real” amount of loss, that I wanted to take. I’ve got room for 3 or 4 more trades. . . . and so . . . now I am super focused on taking ONLY the absolute best one(s). (I probably should state only taking the best ONE!) LOL
So hoping the next couple of weeks -nab a trade or two to get me on the right track. After Mondays big moves, I decided to stay out, will check tonight/tomorrow if things are settling into a better structure. . . otherwise. . .I will wait until next week.
I wonder is there knowledge on “when” to expect a “shallow” pullback. (Is there some sort of clue that may lead to a belief that the current shallow pullback is just that?)
They’ll generally be more evident on intraday charts in fast, strong session moves usually inspired by European/New York data prints or renewed confirmation of fundamental/sentiment drivers.
On hourly + charts, the shallow(er) dips will again develop following strong impulse legs, particularly if the move is part of an established directional/trending structure.
Those scenarios usually tend to offer the higher probability opportunities when attempting to identify likely (shallow) pullback set ups.
EUR/JPY - Daily = yuck, however 4hr looks promising and 1hr looks tantalizing?
AUD/USD - Daily = good, 4hr looks like a decent hook play asap; 1hr = lets wait for a break below .7060 then look for a short
GBP/CAD Daily = coming out of a hook play - 4hr - creating hh hl structure - and 1 hr . . … well waiting for a o/s situation
GBP/USD - daily = not good, however 4 hr looking positive for longs - and 1 hr - in fact may like a shorter time frame hook on this pair
thoughts? comments? again thanks in advance.
The next day. . … It’s Friday - no trading 
- but - -
EUR/JPY - did make a 1 hrly hook - and could have gotten to b.e.
Aud/Usd - did break below .7060 and just now looking like a short- - so waiting until next week to see if it can break below it’s new low .7034 then look for shorts
GBP/CAD - What can I say - it’s Friday. Stuck sideways for the day.
GBP/USD - What was I thinking -
Nothing much has changed on the strong/weak pendulum of late, certainly not to get excited about anyway.
Apart from a brief respite, the commodity currencies (NZD, AUD & CAD) are still continuing to display weakness, trouble is there’s not really been anything worth matching them up against.
It’s still very much a short-range players market until one or more regional currencies breaks out strongly (or weakly) & goes on a run. Until then you’ll continue to get chopped about trying to trade a trending set up utilising this particular type of approach.
GBP & EUR v/s NZD on the long side + GBPAUD are the best of a lacklustre bunch this month so far, but even those 3 are struggling to cover their weekly range numbers the last 3 or 4 weeks & with daily range percentages still struggling to get back to normal it’ll still slop around for a while i shouldn’t wonder.
Silent lurker, first time poster.
Was directed here from other “tech template” thread so am familiar with strategy
Wish I had seen you guys (and original members) many years ago, would have saved me much time & energy!
So following this [B]particular method[/B] I agree with Saul even though today in particular I am not trading as price is not proceeding in line with bias. I had question: on another forum (not know if I should post here…) back from 2006-2007 I found work of Tess, Jocelyn, Millard, Buk. Back then, they were more “discretional” maybe, but also showed slightly different strategy.
I was hoping to introduce strategy here, and maybe add to “manual trading reportoire” ? Here are links to some charts from them:
[I]Give you a live example here on the Pound-Swiss graph she highlighted at the w/end.
That lower channel of supply @ 2.0450 thru 2.0700 just got repelled on it’s first real assault back up the ladder. We’re not in the least bit concerned about cashing out shorts until price begins to tell us it’s done shutting off supply & flipped to demand.
First instance of that will be when Sterling advances thru the channel on solid support, printing higher high & higher low steps out of the prev zone of imbalance.
Observe the recent haphazard price activity underneath the supply funnel? (4 hour graph). No serious intent or concerted effort from Pound Bulls to mark it up at all.
Fast money specs can use the support floor (working off those neutral daily candle prints) to try get a head start on events, but they’re gonna bail pretty damned fast when they see the supply entering the game at that lower level.
For now, shorts still hold the value ticket on this pair.[/I]
[I]As always, the Daily-240 will give you a little outer edge structure as far as the major grid zones are stacking up (as per the graphs on prev post). Anna-Maria & Andre have covered a good chunk of it already, so it’s variations on a theme to be honest.
Once you got the area’s or zones snagged on your radar, it’s simply a case of matching up your favored triggers/set ups & ensuring you’re striking in harmony with your risk management jotter.
So, looking at this most recent reaction zone on the Daily graph (red border @ 200.0) ideally you want to be buying from those selling into a level where demand exceeds supply. We got a good idea this stacks up from the immediate zone of previous activity to the left on & around mid April.
Price formed another higher low leg having been pitched from a level where supply overwhelmed demand (most recent green grid).
We’re in limbo on this pair at the moment, inside range crosscurrents, but you still got pretty clear lines of engagement to execute should an opportunity present itself according to your strategy model.
Inexperienced or novice punters will usually attempt to execute way too late or jump on a fast moving train (generally as prices are approaching supply-demand camps). Those are the sweethearts you want to be transacting business with, & by structuring your trades where previous area’s of imbalance have changed hands, you’re increasing your chances of obtaining value whilst minimizing risk.
You’ve got clear upper-lower boundaries to work with & more importantly, you can readily & calmly assess when to cash in your hand if events turn sour. You can also manage this activity even if you’re executing via a micro timeframe (1-5-10min frame), because you’re operating from a well structured & defined template.
The outlying (marked) levels on this Daily GY graph, as well as the other highlighted zones on the previous posts graphs, can remain there until prices hustle them again. Those are my personal interest levels & they’re the zones I’ll be honing in on to pick off any weak links in the price chain.[/I]
So essentially there were examples of more “rangebound” conditions, highlighting “imbalance” areas. I was wondering if anyone plays setups from these imbalance areas and/or has experience to share.
Thanks!
They were introducing basic elements back then & incorporating aspects of support/resistance into the directional bias framework, but an awful lot has changed since then trailingstop.
Support & resistance doesn’t feature at all in any of their work these days & the vast majority of it (including fx) is automated.
The non-automated orders we handle on behalf of some of their clients is heavily based on the types of material presented here - a basic, uncluttered, directional momentum biased approach with no frills, bells or whistles.
Hi DoubleEcho,
thanks for the reply and yes even on another tech templates thread they had already declared “going automated”.
I lack programming skills but would love to go 100% algo - manual trading does stress me!
To be honest I have spoken to few professionals over years. One is 40 yr veteran now working on Reuters, but was
trader, market maker, etc. and he say that algo is the way to go now. let computers do the churning and you “manage” them
I have not found many books though on successful algo trading for help. I like Clenow’s book “following the trend” and also Alpha architect’s blog (systematic momentum & value) but still have no way to program/backtest.
I am doing “ok” with manual trading and tech templates…and profitability is name of game. But talking to professionals always makes me curiuos as to what they do…and see if I can get better!
The models they run simply mean they can operate tiered & co-efficient strategies across multiple markets in a streamlined fashion where 2 or more robots can (& do) execute & trail multiple orders, hedge/net off & control specific percentage profits or minimise drawdown as specific levels kick in. As you allude to, it’s all about maximising efficiency & profitability.
Although quite complex in their engineering, they’re very simple & efficient in their aims, objectives & management. But when the funding (and/or betting pots) gets serious the machines really are the only way to go to capture the small, but regular inefficiencies that certain cross market activity presents.
If you’re seeking to maximise efficiency in a more controlled, discretionary environment then you could do a whole lot worse than adopt something along the lines presented by the guys here, which is why they endorse the structure & framework presented by the originators of the Template threads.
Was wondering if we can discuss differences in trade management, and how they tie into objectives.
Examples of things I have tried, as my primary objective is to “trade well”, take higher probability situations and hope for the best. Trade well, and results should follow right ?
a) full position opened during London, scale out 2/3 at 1:1 RR and trail stop on rest. Try to add if/when next setup appears. Take full stop if market not cooperating.
b) full position opened during London, keep full position on and add if/when next setup appears. Take full stop if market not cooperating.
c) full position opened during London, scale out 2/3 as above but also scratch trade if it retraces to entry.
…after apache rider’s comment, I’m also thinking that it maybe useful to have a “jobbing” strategy alongside original entry? So lets say today I make mistake and go long GbpCad 2.0464 (today’s high, asian high). Breakout not great idea in my experience and Gbp data out later too. So if 1min or 5min gives opportunity to “hedge” initial entry, maybe this can be a good idea to limit initial risk and not take full stop? Of course, objective for any scalping would be asian low.
At asian low, in any case, take off hedging position and let initial position “free” to work? As noted, the idea would be to hedge/job off key levels, not off random levels or situations, and only to hedge an initial entry.
You’d generally only job a profitable position.
For instance, if you’re long & in profit gbpcad (having covered costs) you have the choice to either ride out any pullbacks/retracements to a trailing or protective stop or subsequently job a pullback/retrace to pre-defined objectives, which might be to protect costs and accumulated profits from the point the pullback starts.
It’s quite risky to begin jobbing an initial entry for obvious (cost) reasons, especially if price begins yo-yoing in a range type scenario. You could easily end up getting chopped on 2 positions, paying double costs for your trouble.
Unless you have more than a couple of decent sized positions in the market you’d be far better trying to obtain a value entry into an established or high prob trend & patiently working that order from a position of strength, adding small increments as you go.
If it was me, I’d also be seeking to diversify my bets across multiple asset classes rather than job in & out of a single asset bet, especially if I was running a modest sized account, but as the old saying goes - it’s your funeral
tonights watchlist
aud/cad (L)
chf/jpy (S)
and asking about aud/usd. for some reason - I like a short as far as a long term teeny tiny lot size based upon daily reaching o/b in the next day or two (maybe next week) So I guess I just told myself, it is not on the watchlist for tonight: Didn’t I?
Didn’t consider AUD worthy of a small long bet earlier this week on hourly hook pullbacks?
That pair is obviously still confidently bid following last week’s move & shallow pullback into yesterday’s early European trade. Just the sort of high probability activity typical of this approach is it not?
You’ve even had Andy’s 4&1 hour 60SMA entry criteria signalling a green light since last Friday on that pair.
So taking the example from today Screenshot - 6f89b61cb2494360b94398f691aef9e0 - Gyazo
after my entry, we had a 30 pip run above yesterday’s/current week’s high…but then the inevitable retracement set in, and price has now retraced all the way back to my initial entry. Seems like a waste, not being able to job the retracement off of the prior day’s high?