Any pointers as to where a person might find an old thread like that MasterTang? I don’t mind digging, just hate digging in the wrong field LOL.
Never mind the torch, where’s me grub?
And there’s no loo roll either.
Really…the least I’d have expected if you were intent on dumping us in this dark, dingey hole would be a nice hot, plentiful supply of chicken madras & a decent supply of soft, textured andrex.
To compliment your Daily chart I’ve added a month & a day view.
It’s bloomin hard on the eyes though.
Oh, & don’t forget the phone there’s a good lad!
Anyone learning TA will find this thread useful, I’d hazard a guess this may be the field in question, well actually 3 fields.
Happy digging !!
If Master Tang is referring to a different thread I’m sure he will quickly correct me 
http://forums.babypips.com/free-forex-trading-systems/29902-technical-templates-continued.html
Funnily enough I was actually just looking through “Alternative Technical templates”. It’s a bit 'plunged in at the deep end right from the go, but sink or swim I guess eh?
Thanks anyway peterma.
close of play inside the box looks a little like this then:
4 Hour looks like this:
The whole of today’s price movements were contained within the first levels of support and resistance I had marked on the chart from last night, which is all fine and dandy.
trick then I guess is knowing what to do once price leaves this little range as it surely will do.
Playing strictly by the rules of waking up one day in a box and not knowing anything about trading, sitting watching the charts for the first time I guess what you would actually do is nothing, you’d just sit and watch and when the same thing happened in the future you’d then be free to test if the same reaction happened again.
So disappointingly there will be no trade, I’ll just sit and watch, discuss what happens and then see if the same thing happens in the future.
Not exactly a thrill a minute roller coaster ride this exercise but I ain’t in any hurry.
There is a more recent-ish low fat version here Forex trading strategies and systems which focuses the concept with more clarity, including occasional contributions from a couple of the original team & one or two of the guys who used to post here.
But don’t tell anyone I told you otherwise I’ll get a slap on the wrist 
Thank you volan, much appreciated.
and I won’t tell a soul :27:
EDIT: anyway it’s bed time for tonight, see ya later folks. Will wait to see what Asia does with first levels of S&R in the morning.
So you study the forex via 4 hour candle ??
Sorry torulf, I was in bed when my phone buzzed an email alert of your post.
To answer your question I only dropped down to the 4 hour as it was easier for illustration of today’s price staying within the marked fields.
But to play the game of waking up in the box and learning forex for the first time correctly, we must also LEARN what the best timeframe to trade is . We have no one else to tell us what the best time frame is inside the box.
Actually, strictly speaking, to play the game correctly I would need to place everyone on the ignore list and go through it all alone. But I’d have cabin fever in no time at all.
plus the fact I’ve already told double 6 I wouldn’t put him on the ignore list and take it from me mate, if I woke one day in a box to discover I only had a computer for company for the rest of eternity it would be a tough pill to swallow, but I’d go through it.
However, if I then found out I only had double 6 to talk to for the rest of eternity I’d drop the fuc*ing computer on my own head and be done with it.
The original thread “Alternative Technical Templates” is the place to start. But yes, that is the series, and it does seem like the deep end. It’s really not. If you don’t get it the first time, the big book of pictures should help.
The main theme bangs on the fact that no matter what the market conditions, or news, or fundamentals, or any other item price might react to, price is and will always be a creature of habit.
If you can wrap your head around that simple bit of info without imploding or trying to impress anyone with the use of stupid market cliches or your superpowers of predicting market moves based on moon cycles, you can come up with a relatively simple way to not only keep your risk in check, but utilize a whole new level in risk/reward.
So having woken in the dark room this morning (with no grub, phone & someone snoring like a train next door) & switched on the computer, what does this euro/british pound currency pair, dressed handsomely in a dandy pair of smart stochastic pants, reveal about its proposed journey during the business hours of Wednesday February 19.
We already know that during the recent & current business quarter the sun is shining on sterling & the storm clouds are hanging heavily over the single currency as evidenced by the data & information on this medium term chart.
If you were attempting to marry that information up with the stochastic tool to assist in determining the likelihood of where the higher or lower probability trades were at, would you lean towards using it to assist in trading the short side or the long side of this pair based on the current picture?
Or would it offer you sufficient information to trade it from either side?
Does the current month data offer any additional help in determining where the higher potential prospects lie for profits using the tool?
What about the intraday data?
Merging the quarterly & monthly information flow represented in chart form, & having the tool sitting snugly underneath your price data, how might you incorporate the stochastic to influence your trade decision when attempting to enter a position?
Would it better assist in influencing your entry decisions when adopting a purely directional approach, or would/could you use it to perhaps firm up opportunities to trade both long & short?
Thanks for the comment ,
Trying to add some intelligent life here on the forum.
I also mentioned that you had some indications breakout by studying daily chart well -
Normally I live into the 3-5 min world …
You can find an incredible amount of information in a chart , and some of the most fascinating and challenging is finding the information once it is formed and take advantage of it …
You can find solutions and opportunities all the time.
The daily chart is interesting.
The price moves down create a channel , From point 3 to x , starts first sign of change of pattern possible break to the upside ,
At the upper channel line , you first get a fake break-out then the most interesting one powerful breakout candel / pullback . All other pulllback in the channel ( red arrow ) has been weak …
*Break out candel showing great distance from the first breakout of the channel line ( blue line stripl )
Increases the chance of a successful trip further north.
13700 price level stabilizes , Monday you get one spike down to Friday closed that were rejected with a spike back ,
It is satisfying to pick the right , but the more observations you record and the countless variations of them the more you get right …
Many thanks for your kind advices. Hopefully my head won’t implode.
The moon cycles are interesting though, a study of W D Gann shows he had a keen interest in the use of astrology in his trading, although he was very coy about same.
There are a few traders today who use astrology, one Malcom Bucholtz springs to mind, interesting world this.
Now have to remember how to switch on these superpowers.
If I was remaining loyal to the experiment & only allowing myself the luxury of making decisions based on one pair/one tool using something like the stochastic, then for me it would make life easier to trade directional only based on a top down filtering process.
I guess there’s more than one way to determine that, but the most obvious & logical means is to simply scroll from the highest preferred timeframe down through the lowest.
Based on the charts already presented & comparing against my own, I would be using the tool to set up a short only directional approach for now, at least until another monthly higher low was in place above .8230
Therefore, I’d be waiting for 15 minute & preferably 60 minute stochastic confirmation of possible pullback turns off the upper 80 level in line with the downtrend derived from the higher timeframe data.
Until .8230 supported price via a second higher low I would be ignoring stochastic confirmation signals up off the 20 level on all timeframes in favour of trading shorts off my 15 minute chart with single or dual (15 & 60 minute) stochastic confirmation off the extreme 80 level.
That’s one way of utilizing it.
It would obviously require a good degree of testing under differing trading conditions to ensure it offered a reliable & worthwhile addition to whatever you currently employ.
That would highlight efficiencies in specific trading conditions & rule out under par performance issues if any existed.
eurgbp isn’t the most energetic of pairs to trade via an intraday approach due to its sub-par range availability, but it could offer decent potential over a longer time duration, perhaps attaching it to hourly or daily frames of reference. Like I say, it would need to be road tested across a range of different scenarios.
But given this is only an experimental exercise & I only posted this pair in response to abrsive’s suggestion, you’d have to bolt it onto a variety of pairs & asset classes to observe how it performs across higher volatility instruments.
If it creates or helps to refine even a small edge then it’s a worthwhile exercise.
The worst that can happen is it bombs out & costs you nothing but time & a little research cash to rule it out.
I note today you wouldn’t have lost any cash using it as you’ve described.
It offered an entry short this morning at 10.45gmt + another bite at 12.30 & is currently heading back down to check out the day’s lows.
ps; I’ll let you take the darkened room form hereon in then. I’ll leave the loo roll & torch, but you better stock up on grub & beer. Bring some ear defenders too, that hog kipping next door makes an almightly racket
Meh… Too much work:)
I like simplicity. Here’s my last night’s play chart on one pair that offered two low risk high reward plays, with the added bonus of showing me where the fly in the ointment would likely be:
Doesn’t happen so chart perfect all the time, but something like that happens on at least one or two pairs daily.
Here’s a little bit of simplicity also.
Bullish due to fundamentals blah blah.
Buy at Asian low, etc etc.(a previous post )
Today’s action, only 4 lines on the chart, 3 of them the recent Asian Lows, the other this week’s PP.
All lines drawn by the computer by 7.00am, well the indies draw them, I just have to look (to keep it simple for me).
BTW exit at London Close - fomc minutes on the way - phew!!
Same pair, same lines only 2X15min candles later -post fomc.
And finally (now I’m becoming boring)
Same lines, a few more candles later and dust from fomc settling.
What’s going on in here then? People talking simplicity AND Double 6 offering some great info and insight, man I must be in the wrong box !
To the guys posting charts and discussing stochastics, from a personal point I’m not ignoring those posts, I’ve just never used stochastics, don’t know how to use them and so have nothing worth saying to add to the subject. But I AM listening and finding the subject very interesting.
Who’d have thought, 2 helpful and insightful posts from D6, hope this is the start of an uptrend LOL !!!