How does this look for the Thursday example you highlighted strobe?
Jocelyn/Strobe, Yes that has helped heaps.
With the 15M hook entry on the EURCAD. Do you wait for the stoch to hook and turn up from 20. Therefore waiting for the bar to close. In this case entry would be around 4140 on my chart.
Thanks for the tips on the Tokyo session.
That’s it Darren. Thank you very much for posting your chart. That’s the kind of thing that’s now standing out like a sore thumb for me.
I was aware I had something I could possibly work with on my daily chart but was frustratingly trying to transfer it into something quantifiable. Now I have an orderly technical sequence to help focus my attention on spotting trade opportunities.
I know what my primary bias will be for at least the next few days/weeks from the daily. I then simply wait until my hourly secondary chart offers me a possible entry by either hooking up or down at the lower/higher band in line with my daily bias, & providing the remainder of the entry criteria such as the average daily range & price level is also in agreement, I can either take the trade from that timeframe do the same thing & drop down another peg to the 15 minute.
At least failed or losing trades shouldn’t be due to the fact I’m getting my direction wrong. They will more likely be down to a timing issue or the price level is failing & potentially looking to change bias.
At the moment that’s what I’m doing yes. I’m sure as experience & confidence improves along with awareness, I might be able to be slightly more flexible with entries, but for now I’m concentrating on the hourly bars to signal me in whether I’m also observing the 15 minute or not.
My only concern is stop placement. 1.4340 seem like as good a place as any???:17:
Note: I did not take this trade. Just highlighting a good example as there was plenty of profit to be made on the first leg up as my T1 is 30 pips.
that is the logical technical place for the stop. makes sense especaly if you are only takeing some profits at 4405. this time it goes into the loss pile.
but it is a nice oppertunaty that you spot in your own time zone. you are easily noticeing thes set ups and that is the main thing.
This method I learnt from another trader Navajo Joe on another forum. I am no expert of this method.
Involves taking trades [U]with[/U] the daily bias as per normal.
Setup is based in 1H chart and we are looking for momentum highs(long trade only)
Trigger is a pull back after price breaks momentum high area.
Hope this make sense. Please feel free to comment/add to idea.
I define momentum high as having two lower highs on each side.
Note that ADR has plenty of gas left in the tank.
It’s a similar deal Darren.
You’re simply identifying a directional bias from a primary chart & triggering entries from one or more secondary charts.
How you choose to enter & what you choose as your set up criteria is your own personal preference, but essentially these types of set ups are all very closely linked.
You’re definitely looking the right way on eurusd anyway. Until 1.41 gives up the ghost the lower risk/higher probability option is going long dips.
Yesterday offered up a typical opportunity at the european open with hourly & 15min price action getting in line according to the simple set up discussed on here of late.
Risk appetite gave things a positive spin with european stocks looking to break up bullish at the opening bell…
(15m left - 60m right)
That 1.4340 stop level from yesterday is still alive & the bullish behavior offered another bite this morning from an intraday view.
Hourly & 15 min combining to set up another push towards the late week highs at 1.4450 ahead of last weeks highs up at the 1.45 figure.
(15m left - 60m right)
Again european indexes were very bullish into the open with s&p ftrs also showing a strong +1.6% uptick adding to a positive risk bias.
Yes, simple as that Matt. Perhaps I should have more clearly focused that point on the charts, my bad.
If the bias is long then only bullish (hook confirmations off extreme 20) signals are considered at levels of interest. Any & all potential short set ups (incl hooks off extreme 80 readings) are completely ignored.
Price held a steady line during early Monday’s Tokyo trade & offered a pretty tasty set up (both charts hooking up from extremes) leading into the european open. That technical scenario is quite a typical play throughout the threads.
The bullish pre-market equity prices, a background of positive risk appetite and a continued long bias whilst trading above strong support (in this case the 1.41-4050 higher low support zone), merely added an extra layer of confidence to the set up.
Hi Carl,
Many thank for your comments and charts.
Could I possibly ask one favour please. I would really appreciate if you or one of your colleagues could give a brief outline of how you mark up those zones of support and resistance. Those areas not covered by Previous Days high/lows or Previous Weeks High/Lows.
I am under the impression you have no problem drawing lines that “cut” through candles to pick up areas shown to be historical support and/or resistance.
Cheers
Darren
Not Carll here, but I’m sure he or Jocelyn will be along shortly:)
But in answer to your question, look at longer time frames.
Here’s a long term GBP chart. I’ve marked the more obvious zones, and highlighted repeated reaction around those points.
Now, changing nothing, we’ll zoom in a tad to the weekly.
Now, an even more upclose look, and again without adding lines, or changing anything.
You can see the lines hitting the reaction zones, and starting to run through the daily highs and lows in the zones.
(tbc)
Here’s an even closer look. I added one more line this time, and also tightened up the rectangular zones.
The runthrough of the horizontal lines is usually a product of finding the most common reaction zones on a larger time frame, then zooming in. While price may look like it hit that point only once on a weekly, you may find it bounced there 3 or 4 times on a daily chart, and possibly even more often on a 4 or 1 hour.
They’ve often honed in on the fact that those repeated contacts are likely to be easier to spot from further back, and then easier to manage from a closeup perspective as price moves into, and out of those areas. Especially if price has developed a fondness for them.
Cheers!
Master Tang has it down fine. You can use that process to practice identifying likely contact zones going forward.
Your initial priority levels will always be prior day & week highs & lows. After that simply widen your field of view to take in the next couple of likely contact zones, because that’s where the market will be focusing on as price begins moving towards them. As we’ve said many times before, price has to negotiate & consolidate the initial levels first before tackling the next hurdle.
If you think logically about where the differing orders (option barriers, limits, trailing stops, exit stops etc) will be starting to congregate, you only need to dial out to the next obvious swing zones & identify where price reacted & encountered either support or resistance. Those are the area’s that are most likely to bear some degree of influence on a revisit.
In other words, they’re your first & initial focus points.
If you take Carll’s identified levels on eur/usd as an example & toggle thru your daily, 240m & 60m charts you can see that area was quite busy the last time price moved around it.
On the 60 & 240m bars especially you’ll see a whole bunch of spinning tops, doji’s, hammer type rejection bars indicating decent support & demand inside that zone.
There’s a pocket of support ahead of it at 4250-4300, but the meat of the activity played out down at that 4050-4100 zone ahead of the aggressive move back up off 1.3850 - another level that will undoubtedly attract close scrutiny next time around.
Initially, that’s as far out as you need to go for the time being. Just work from your immediate surroundings first (prior day & week h-l) & identify the next couple of obvious zones next. When price begins threatening those next contact zones, that’s the time to dial out another step & identify the next tier. Master Tang has already plotted his area’s on the gbp/usd so he’s adequately prepared.
By toggling thru & observing these area’s via different timeframes you get a clearer & sharper view of the price zones, which is why once you’ve identified them they can be traded & managed from whatever timeframe you prefer.
Hi Kyle,
Haven’t seen you around since the end of July. How did you finally settle on your pair selection? I’m currently in the same boat. I have 4 core pairs & am experimenting with a few more to offer a little variety when scanning for prime set ups.
I haven’t traded much this month though. I heeded their advice about the likely choppy August period & have been extra choosy the past few weeks & that will continue until the market shakes off the holiday blues. But my Daily chart filter has kept me the right side of EUR/USD & AUS/USD this month, so at least it’s continuing to do it’s job.
I hope things are faring well with you.
Still alive & kicking strobe. I’m following the thread but there’s nothing for me to add really as it’s all out there. I’m just quietly getting on with it 
This month has been on the slow side for me too. I’ve triggered 5 bets on 3 pairs. No point forcing things for the sake of it whilst the market is in summer holiday mode. There’ll be no shortage of decent trades when things get back to normal.
I’ve stuck with the higher average daily/weekly range pairs for now. They offer more than enough opportunity across a typical weeks action. Certainly enough to wait patiently for the one or ones that offer the cleaner & more obvious set ups to appear.
I’ve actually added your Daily chart filters to the mix. They’re a nice primary confirmer for the lower timeframes.
I’d imagine that Swiss (eur or gbp) daily doji/spinning top, bearish divergence & moving average bias hasn’t gone unoticed by you boys if your scanning gauge is working correctly.
Add in the tepid government rhetoric over the Swiss currency levels during the past couple days & that technical set up has an even more appetizing taste about it
Oh yes I saw them both & smiled. The Daily chart is the first thing I check every morning for that very reason. I haven’t traded either of them though DoubleEcho as I’ve been taking AUS/USD instead.
I traded it last week as it ascended off an hourly hook & again yesterday off a 15 minute hook, both in line with Daily bias.
GBP/CHF didn’t have any trouble dropping through 1.3160 supports & EUR/CHF is now approaching it’s own initial supports at 1.1500. But I spotted the nice 15 minute pullback off yesterdays EUR/CHF doji low just after the London open & was sorely tempted to place a bet
As Kyle said, there will be plenty of opportunities after the summer break.
Those comments from the economy minister sure sparked some interest in the CHF pairs today huh? Seems like thats all the crowd needed and hopefully we’ll have our medium term direction on the Swissy crosses, until further notice at least.
With the tremors of BoE QE talk GBP/CHF will definetely be worth keeping an eye on in the near future.
Nothing like a little excitement to pump up the ranges again.
Pick your spot, get in sync with the directional flow & let the momentum take you along.
As long as you don’t get greedy & keep an ear open for any SNB stick waving you can simply trail your move & let the market take you back out.
That 150 sma is sure keeping you on the right side of the game strobe…:13:
It’s not bad as a crude & very quick visual heads up Darren. Along with the stochastic I can very quickly scroll through my basket of pairs & see exactly which way I should be facing & whether I need to pay a bit more attention to a pair or not.
If the bias is still strongly one way, as per the bearish Swiss pairs, then it’s simply a case of dropping down to the hourly & 15 minute to wait for an appropriate set up & trigger to get me in.
If the moving average & the price action on the Daily is beginning to converge, as is the case currently with EUR/USD, GBP/USD & USD/CAD, that alerts me to pay a bit more attention. Choice being to either stand aside until I get a firmer handle on what’s going on or consider switching my bias & look for opportunities from the daily & hourly price action to take each way entries. The thing I love about it is the fact I don’t have too much technically to think about. It’s a simple, uncomplicated structure that is doing exactly what I need it to do.
A quick glance at the Daily gives me my bias, the extreme hourly hooks alert me to probable set ups & if I need to obtain a secondary opinion I can drop down another notch to the 15 minute chart to perhaps obtain a smoother entry & keener risk placement.
Providing the average day or week range (depending on my trading objective) isn’t negatively extended I’m ok to get going. It leaves a bit more available time to absorb the daily market wraps & ongoing newswire information. I personally enjoy becoming familiar with what the market is currently focusing on & that of course is then eventually processed & translated onto the technical charts