Post away bhops.
It’s a concept that works right across the timeframe spectrum. I’m sure they’ll be others who can benefit from a diverse selection of views.
Hey bhops!
Starting from the daily time frame is certainly not to your disadvantage! Looking forward to your charts as a mostly silent reader of this thread.
Thanks mate I know you have been contributing to this thread for a long time!
My Technical Template for Dailies is very very simple. I like to keep it as uncomplicated as possible.
Firstly I like to trade mostly trending markets, I can use my Template to trade ranging one’s as well but for the start here I’ll keep it to mainly trending markets.
Ok so here goes:
-
First identify and then trade with the trend.
-
Mark out a key area on my chart where I have seen both former support and resistance.
-
Wait for a pullback back to the desired zone.
-
Use a Price Action signal (I mainly trade either a Pin Bar or an Outside Bar) to enter a trade.
Here is an example of a pair I am currently watching and what I am looking for as regards my template.
And on this same pair a nice Weekly PB that would’ve worked well.
Now it does get a bit more complex with money management, position sizing and profit taking but that is a whole other thread! My actual Technical Template I keep very simple as you can see!
With some nice trends starting to develop hopefully I’ll be able to post up some trades in action which will demonstrate it in action.
Looks like your line of thinking will fit in here very nicely.
I hope so. It is a very simple template but one that has worked for consistently for almost 2 years now. Hopefully I’ll have some set-ups to share very soon.
Hi Matt.
Do you refer to a plentiful variety of pairs when trading this type of template?
I like the way you’ve layed out your charts. Simple, yet pertinent.
If you get a green light on the long side through yday’s high, how would you typically trade out of it?
Do you play blind or staged breakouts, or pullbacks?
and how would you factor in or play the chunk of price action in the middle there around 99.50-99.80?
A man with a plan is a man who can!
Good luck with your trade.
EUR/NZD is indeed a pair on a mission. A noteable candidate for Captain Currency’s set up, & I would imagine it would fit this kind of layout too.
No they cannot, nor will they. Importent thing being, you obtained aceptable risk at entery to check for onward continuaton & got out safely when it failed to push on.
Internal & external factors working against further Cable downside this week. Although it looks neutral & rangey at current levels, it probably now needs to get & remain above 1.5400 otherwise it looks wobbly for another shift down.
Agreed, good call there.
That area was double technical support leading into Xmas & has probed for vulnerabilities a couple of times since New Years.
If it can take out the October lows we could be in for fun & games.
Hey guys!
Hope everyone’s doing fine!
I’d like to ask your opinion on the fundamental front.
As we all know yesterday the FOMC decided to keep rates unchanged which sent the USD through the floor. To me that reaction was a surprise beacause it was sort of a neutral decision but if anything, it wasn’t unexpected. What I gather from all this is that the crowd might be backing out from the usd. From a trading perspective, it seems that it will be worth keeping a closer eye on the metals, the aussie and kiwi, and at the same time expect volatile ranges on the Euro/Pound/USD circle as they trade from headline to headline. Of course as always, time and technicals will have to approve but I think we’re witnessing a fundamental shift this week.
Opinions are welcome
Take care!
If you’re trading a reasonably short term week to week view, which the majority on here undoubtedly are, then you’re certainly going to be influenced in the main by headline driven events. You simply can’t escape that scenario. Technical trade is being dictated by the constantly changing picture, which is reflected in the volatile price action.
That picture isn’t going to change anytime soon as long as the dominant themes of debt, low interest rates & subdued growth remain top of the pile in the major economies & the monetary printing presses are still on standby.
The most efficient method of taking advantage of shorter term market fluctuations influenced by event driven factors is by adopting a robust flexible model, & I doubt you’ll find any shortage of that on this thread judging by the material I’ve read anyway.
Don’t make life any more difficult for yourself than it needs to be.
Use the directional momentum generated by the event driven factors & market influences to trigger you in & out of the market based on the set ups & entry criteria discussed on here.
They’re all rolling around in the same mess quitter which is why we’ll continue to witness erratic, volatile prices across all regional currencies for some time to come.
As AltTab alludes to, simply use the directional criteria tools presented on here to position yourself the right side of the momentum flows, dialling in & out according to your preferred time horizon objectives buying dips or selling rallies based around your specific setup/trigger criteria.
If that criteria is based around the dual primary/secondary (top down) approach presented & illustrated so consistently on here, then it will do a job for you & continue to confidently work regardless of the conditions, market driving influences or timeframe preferences.
All you need do is ensure you got your trade objectives & specific approach laid out beforehand & don’t deviate from your risk & trade management rules.
yes provideing price pulled back to a recognised area of support or resistence and the bias was not compromised.
things being told to me again are:
how strong is the currant bias
what is influenceing the price action (the cross or the 2 major pairs?)
can a solid technical zone be plotted clearly with no trouble?
is the risk stacking up with potential profit.
last, what is the risk attitude being adopted & more importently, the tradeing objective (short or medium term view, & intraday entery or add-in to core bet).
I’d like to bump this link:
Vote for March’s Best Forex Trading System! | Forex Blog: Art of Automation
Do what I did and vote for the 3 ducks system! It would be interesting to see what Robopip comes up with on a backtest. I’m backtesting myself but I have my own triggers that are different from Captain Currency’s. I’m fairly certain that the results will be good…
This is the closest we may get to a system that reflects the concepts of trading represented in the ATT threads. Wouldn’t it be fun to see how it compares to the many other systems full of squiggly lines?
And in the process maybe one or a few searching BP members may get their eyes opened to proper trading approaches as presented in this thread and a precious few other quality threads around here.
I totally agree. Let vote for the 3 ducks system. We need more votes. Let go for the final push. 
Its early days for me studying the concepts presented here but from what I’ve read so far it’s a very promising & encouraging set of templates indeed.
I’ve plotted support & resistance zones as advised here on a few pairs & just this week eurjpy has once again reacted off an area identified from the 28th February, gold for the third time from 17-18th January, gbpjpy for the second time in two weeks from an area first identified on the 2nd March & eurusd yesterday afternoon to the upside, which has bounced from a support level that previously acted as strong resistance.
I’ve plotted zones on other pairs based on their guidance & I’m waiting for price to move back into those areas to see what is offered next time if they indicate entries with the prevailing trend on my major timeframe chart.
The average daily range figures are also quite accurate & working out as they advise most of the time, so overall it’s a concise, yet impressive collection of material to base a framework template from.
I wonder if I could just touch base with either of you 2 more experienced guys with regard recording certain levels/zones on my prep chart that aren’t quite as clear cut as others.
I’m not really experiencing too much difficulty plotting & setting out my levels & zones based on the advices of these guys, but there’s a typical hiccup on the EUR/AUD chart below that I’ve bumped up against more than once recently & wonder how you guys would view such a zone.
I have an uncomplicated scenario that is quite straightforward & obvious. The 2 lower levels on the EUR/CAD are right there for all to see & price is being traded off the first zone yesterday & today as expected. If it breaks lower then I have my second zone already plotted & waiting for any action on the approach.
The niggly one is the EUR/AUD chart. The 2 upper zones are clear & obvious, but the lower zone not so much.
Although it acted as resistance in January, late February & on 3 occasions in March, it also completely ignored the zone during Feb & March.
So my query is, are those types of zones typically high or low probability in your book, or should I simply skip over them & locate the next obvious zone?
Nice work on your 4 clear flip zones. They’ve acted as support on a breakthrough from prior resistance, so you’ve got them tagged ok.
That 3rd shaded area on your second chart is a little strung out & choppy to be honest. If it was my mark up, I’d drop it down 70 odd pips to rest on & around that swing low at the 1.2370-1.2400 area from the beginning of March, as that will likely be the magnet for any momentum shorts out of 1.2590, but I don’t think you need to worry about that area any time soon.
Looks as though you’ve got a good handle on identifying the levels where stop & limit order activity usually hangs out. I’d continue to keep it as fluid as that if I were you. I don’t think you’ll encounter too many obstacles using that structure as a lever to arrive at your betting decisions.
I have a question for one of the more experienced/professional players please. It is with regards to either adding into a core stake or reengaging if a trade gets knocked out. Using EUR/AUD as an example, I have marked out the major S/R zones. On the 5/6 April, price pulled back to the 1.2644 - 1.2603 bid zone where demand surfaced. Over the next few days to the 10 April, price moved back up the the next supply zone at 1.27563 - 1.2779 (shown by blue arrow). At this level, supply overwhelmed demand and price moved back towards the bid zone at 1.2644 - 1.2603 (red arrow) where it is currently working through the orders. In both cases the S/R zones indicate to me where price is coming from and where it likely headed next. Triggering as close to these zones is ideal but I find that that they can be quite volatile at the edges as various orders are worked through until a dominant bias is determined. If I drop down to the 15 minute chart you can see a series of HH’s and HL’s as price moved away from 1.2644 - 1.2603 in line with the blue arrow. What are your thoughts with regards to taking entries using one of these HL 15 minute stochastic hooks as price moves back up to 1.27563 - 1.2779 zone after the reaction to the demand zone at 1.2644 - 1.2603?
Thanks
S
Your general thinking is fine regards triggering smaller timeframe set ups on the back of higher timeframe bias, and/or clear rejections of previously identified supply-demand zones Steve.
After all, that’s the very structure that this particular model is built on.
You might want to tread a little cautiously with regard to this specific pair this week given the Aussie is trading from a position of strength on the back of positive jobs numbers & Chinese trade figures, which is offering support to those traders betting against a drop in rates at the next meeting.
Compare that with the current technical picture on the Euro, which can be seen clearly from scrolling through the usual pairs to ascertain a heads up on its strength/weakness position, & that kind of adds clout to the cautious outlook at this current S&R zone you noted above.
It’s a pretty mixed picture across most pairings this week to be honest. Even Yen is blowing hot & cold & that really has been the horse to be on lately, particularly trading this type of model.