The Euro seems to have offered up a good opportunity today. It pulled back to a SL from yesterday (1.3710ish) which also coincided with last week’s high. I managed to hop on board before it took off for yesterday’s high 
Edit: Clarification: The SL is in reference to the 1 hour chart.
That prior week high also marries up with the weeks closing level (3700) & has spent the best part of this week knocking on the door, so it’s a pretty good marker.
It’s another pair where you’re obtaining more than acceptable value buying dips based on current themes. It’s a bit choppy this week, as is Cable, so you’ve got to pick your spots, but until it truly gives up the ghost & rolls over that still looks to be the higher probability bet.
What’s SL by the way in relation to your comments?
SL is Swing Low. Sorry, I should have clarified that too 
. Thank you for your reply Tess. Certainly adds some confidence 
I just observed the lower timeframes (This can be 15, 5 or 1 depending on how fast the price is moving) and looked for a change from a LH/LL pattern to HH/HL.
i have been reading on your threds about diversyfy to other instraments and you talked in the week about to spoting oppertunitys on pairs that are easyer to trade.
it wuold be nice for thred folowers for you to speak of this more. what else are you loking at in your trades?
I definitely recommend trying it. It’s proven reliable for me and offers clear stop placements for trades as well. 
Whenever anxiety or uncertainty enters the market then it doesn’t do any harm to turn attention to instruments/pairs that players gravitate to in search of safety or quality.
Gold continues to offer very good value.
Swiss has exhibited clear directional bias & continued to honor the months bullish flows.
It’s a case of thumbing thru the obvious technical behavior & taking your pick really.
Life doesn’t have to revolve exclusively around Cable or eur/usd.
Saddling up into Gold on pullbacks to last weeks highs has been a no-brainer.
Shorting swiss pullbacks:
on usd/chf thru 0.9420 & the early Jan & Feb lows of 9320.
eur/chf thru 2890 (watching the approach to 2680 & 2600)
gbp/chf thru 1.5310 (watching the approach to the late Jan lows at 1.4850)
The beauty & benefit of adopting this type of uncomplicated, basic template set-up is it becomes a pretty straightforward task of scrolling thru a catalogue of 10-12 instruments & quickly identifying potential trades that are displaying solid bias confirmation.
You can then whittle them down to 2 or 3 focus pairs & keep an eye on the one(s) that marry up with your trade objectives & entry criteria.
All it takes is a little end of week homework to update your prior weeks high-low, & if required your vertical intraday (17.00est) closing levels. Keep an eye on your average daily & weekly range numbers & you’re set to go.
You can spot a clearly identifiable directional bias (from your timeframe of choice) at 100 paces, so it’s a case of plotting your near-term swing zones as a primer & either buy dips or sell rallies into the flows.
Don’t overcomplicate it, pick out the no-brainer technical set up’s & play the high probability angle.
If nothing stands out like a sore thumb on the radar then simply step aside until something does.
There’s no hard & fast rule that says you have to trade every day.
Don’t force the issue, let the lower risk higher value opportunities come to you.
I’m a little confused as to why you would use those examples they highlight so often to try pick market turning points Matt?
I don’t think that’s what they’re about at all.
From what I’ve read, they dissuade novices & newcomers from attempting to pick potential top & bottom reaction turns.
I’m pretty sure if you asked Tess or any of her colleagues they’d rate that as a high risk/low probability tactic, which is maybe why you’re struggling to adopt & accommodate that trigger.
The only times I’ve seen any of them mention the set up that RC64 highlighted is to execute trades in line with the current directional bias, in other words trading in sync with the current trend as identified according to your default timeframe.
It’s primary use is a continuation trigger via pullbacks, not a potential market turning set up.
I recall reading of your interest in the set up & trigger that Carll utilizes on his secondary timeframe in sync with the directional bias on his primary timeframe.
I don’t know if you rejected it or decided to shelve it, but that might be worth exploring further to see if it offers you additional assistance?
As price confirmers go it’s incredibly simple & effective when used in conjunction with the primary timeframe, but the biggest benefit is the fact it alleviates the need for layer upon layer of unnecessary confirmation which habitually paralyzes most traders who have a tendency to over analyze everything.
All that’s required is the identification of a clear directional bias from your primary timeframe. You then go long pullbacks or go short pullbacks using the slow stochastic hook as an eyeball confirmer on your secondary timeframe.
Take a look at EURUSD on Tuesday & Thursday morning around the early European open & GBPUSD into the London close on Tuesday backing off 1.61 (key level)
These opportunities line up most weeks at the focus levels they so regularly mention on here.
I’ve read where Carll advises to wait patiently for the juicier opportunities & has admitted to being quite picky about his entries, but that’s not such a bad thing especially if a micro timeframe primer is your secondary chart of choice.
If you’re (or anyone else looking to incorporate these guys framework & structure) struggling to get a foothold on the ladder, then you also might like to use the concept of directional bias discussed by Andy in this fantastic little thread 301 Moved Permanently & adopt it to suit your requirements.
To be honest, the principles & concept in that piece of work dovetails nicely with the material presented here.
It’s quite conservative with it’s use of the 4 hour timeframe as one of the primary trigger considerations, but you could always drop that one & simply utilize the 60 sma on the 60 minute as your primary read & the 5 minute (with stochs added) as your secondary trigger mechanism, trading only in the direction of the bias confirmed by the 60 sma. Just a thought.
Most charting packages will offer the ability to scroll out offering a 4-8 week price sweep via a 60 or 120 minute view & that’s really all you need to refer to if you’re trading from a short to medium range perspective.
By adding the 60SMA and utilizing the daily open and the Daily trading ranges as your crutches, it will greatly help you in trading when you are trading from a short term perspective. 
Thanks for clarifying. I definitely misunderstood your comments about market turns.
That’s fair enough. The specifics of one particular style won’t suit all tastes for any number of reasons, but it looks as though you’re already benefiting from the generics of the framework, so good for you.
hello tess.
i am to checking my levals after recent tradeing and maybe you are also seeing thes levals the same as me?
this 3rd week of bull closeing on euro-doller is getting some traders nervey about pushing it onto above this 1.40 big number. but it is still very hot & now i have the pre ECB rates talk spike leval at 1.3850 as my 1st support for prices if they move off the highs. Following this i then have 1.3750.
for those loking at longer than daytrades, 1.3750 & the low of the last week to me is the major importent zone. i am reading that those 2 levals will need to remain solid for dip buyers to stay tradeing the longs.
To the top above the current close i have the week end 12 November 2010 high of 1.41 as the next possabel resist and the big swing highs at 1.4250 – 4280.
hope to you enjoy your weekend lesuire
Tess hasn’t been around this week & won’t be for the next 10 days or so hawkmoon.
Those levels are spot on.
You’re right, in order to keep the bullish dominant bias honest those lower 2 zones between 3850 back to last weeks lows at 3710-50 will need to include some decent bids if euro bulls are to remain confident.
Taking a step back & having a peek at the last trading quarters action you can see 2 very playable fulcrums taking shape on this pair.
Through the tail end of 4th quarter into the front end of 1st quarter the 1.34 figure set itself up as an effective defensive level.
It wasn’t really tested again properly until mid February & will now be a major dealing zone on any future visit.
The next potential fulcrum playing out is this 1.37 number.
Not only does it mark up last weeks lows but it represents the halfway point of this leg up from 1.34 into the current highs.
As Tess & the guys have constantly reminded thread observers, these big trading levels always harbour decent each-way money with trailing stops mixed in amongst bids & offers etc.
A micro view of last weeks action gives us a cleaner look at this recent resistance level at 3850 & the higher low steps that will prove critical if the euro bulls intend to keep this uplift in play.
And you upper target levels are in line with where the bulls will be aiming.
Good luck next week.
thanks carll and it nice to see you to this thred again since long time from you posting.
the structeur of this work is now becoming much more easyer and clear for me to plot and is a big add to confidance in takeing trades. i have two reguler set ups that i use and one i often use is your hook entry. i know kevan uses to this set up also and liked it very much. i left a mesage to him during january but he no post here now.
one big benafit to me from this materiel is how I now filtar my trades from the peak and trouhg + bias. it is making huge diferance to how many trades I now take and how many I leave becose they do not signal very good odds to trade. it is a good disipline exercise.
i know this was a key point that kevan also talked about that helped to him very much.
Hi hawkmoon,
I just looked in my visitor messages & I don’t see a January comment from you. I certainly didn’t receive an e-mail prompt suggesting I had any fresh input. Perhaps this site upgrade has deleted or blocked it? It seems to have caused one or two annoying glitches in other area’s.
As you’re aware (& we discussed last year) I don’t post here anymore, preferring to get my head down & focus completely on trading to the framework laid down in here by the guys.
They persuaded me to resist wasting time flipping through threads & I must admit it’s benefited me enormously. I only peruse the posts on this thread anyway nowadays, so it’s not like I spend a great deal of time here.
I’m working hard towards a regularly monitored plan & target that apache rider & jjay set me last year. My ambition is to trade at a higher level working one or more of these guys accounts by 4th quarter of this year & I’m pleased to say I’m still on track to achieve that goal.
It’s good to see you’re getting to grips with, & enjoying success with the structure hawkmoon. Keep plugging away, it definitely does everything it says on the tin!
Ps; the hook worked like a dream again this morning on the pullback from the Tokyo highs
hello kevan.
it is nice to see your words here again my friend.
you must be corect that my message was not deliverd, but no problam as my qestion was alredy covered by tess.
I to only come to here now for direct help with some spesific thing and always tess or one other of the guys answers to me quickly.
yes kevan it is clear and easy to set up and monitar the charts with the minimam fuss. i have 2 nice trigger to trade my enterys. it is comeing together nice for me.
it is fantastic oppertunaty for you to trade with thes peoples. you will learn so much more i feel. All the great luck i wish to you, as it takes much determinaton to acheive this goals.
oh yes it is a very good entery trigger at thes levels that appear on regular basis.
the gbp-doller entery was the best one today for my set up. the bias is remain strong to the upside and it pulled back toward the low of fridays sesion before hooking nicely with the bias where it now slows against the high of last week (70% of average day range).
thes are all things of what they constently teach to people on this thred and i just look for this and trade.
I hope you will look in here again, it is nice to always speak with you kevan.
i like that i was raeding thes levals correctly and thank to you carll for posting the charts to bring my levals and your analyses to life.
i did not trade the first drop to test the 3850 bids, but did trade the pulback when prices drop past the leval on thursday morning.
Not very nice news for the euro-doller all week came from the news wire services.
i am thinking yestarday that profit takeing/covering of the shorts + waiting bids at the 3750 zone influencd that 1,2,3 move back away from the support that is clear on the 5 and the 15 minute time charts.
it has also stoped at the 3900 leval which is a supplyer leval from thursday too by looking at the chart.
the friday affect also maybe influencd this price action as it also does at the end of months and quarters.
I wonder about some of Friday’s action…
That drive north was oddly timed. Not often we see a 150 pip move up on the NY session alone.
I was sitting it out, letting the dust settle because of the events in Japan:(
I got the feeling I wasn’t the only one.
It will be interesting to see which way the shakout plays come Monday.
No real surprises huh?
The zones stood up to scrutiny again just fine didn’t they.
As long as you can justify your reasonings when looking to execute, you receive the usual triggers & can compute acceptable risk then there’s no reason not to hit the buy/sell button!
True, it’s not a regular accurance at all.
Thin markets do amplify & exacerbate moves, as has been witnessed on many occasions.
Stocks & broader market instruments, including the usual currency pairings began trading a positive risk slant into the late London morning, which was mirrored in the price action of the Dollar Index intraday chart, especially as it backed away from (eur/usd) 1.3750.
Jimmy & on the bid were discussing it during the London lunchtime/New York open & advised to keep the Index & the S&P charts open to help gauge sentiment & plot short euro exit levels.
As they were saying, regardless of the conditions they’ll always be players out there willing to get deals done & transact business.
If they’re big enough & shifting sufficient size, (& custodials/real money firms certainly rank amongst those candidates) then obviously prices will move faster & more efficiently than if the market was fully liquid.
I definitely don’t disagree with that stance….if in doubt – stay out.
If you’re using the 4 hour as your primary or default timeframe Matt & plotting the peak trough sequence from there, then you might already have executed short this morning at the London open as it dropped through the Tokyo low at 1.6095, or as you say, would now be looking to short pullbacks.
Technically speaking it actually confirmed last Wednesday & Thursday’s lower high earlier today during Tokyo by failing to break back above 1.6225 & printing a second lower top at the 1.6180-60 zone. But that took place into the doldrums (late New York/early Tokyo), so I guess the more realistic opportunity for most folks to execute the short was around that 6090 level at the London open.
Not unexpectedly it’s finding some interim support down here at [B]last weeks low[/B] (1.5975) & a further breakdown would expose the next obvious swing zone around the 1.5830 area ahead of 1.5750.