Narrowgate Trading Daily Technical Analysis

This is a discussion on Narrowgate Trading Daily Technical Analysis within the Technical Analysis forums, part of the Methods category; I plan to update this thread throughout the day as I note changes in individual pairs based primarily on price ...

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Old Sep 13, 2016, 4:06pm   #17
Joined Sep 2016
Naked Forex

Will Duxon started this thread I plan to update this thread throughout the day as I note changes in individual pairs based primarily on price action. For example USDJPY appears to have finished climbing north, so I would not be surprised to see if fall a bit from here.

usdjpyh1.png

EURUSD is slightly bullish at the moment, but all in all, the pair is pretty much going nowhere. The same can be said of USDCHF, which is also getting nowhere fast.

eurusd-consolidating.pngusdchfh1-consolidating.png

And EURJPY looks inclined either to fall or to enter into consolidation at this point.

eurjpyh1-consolidate.png

Unless the Index plans to initiate a reversal at this point, you can mark 17:18 GMT as the minute NarrowgateTrading saw an ideal moment to short the S&P.

spx500h1-entershortposition.png

At 18:00 GMT I look at the cable-yen and I see a pair that is trying to reverse north. Of course, it tried once before about seven hours ago without much success, but perhaps this time it will have better luck.

gbpjpyh1-reversal.png

USDJPY and USDCHF both made sudden moves to the north that I did not anticipate and that I have no way of explaining, but at least I did say the latter was slightly bullish. As for the former, USDJPY caught me completely off guard.

usdchfh1-jump.pngusdjpyh1-jump.png

Given USDJPY's and USDCHF's sudden change in sentiment, I think I'll end this little exercise (it's now 18:43 GMT) by commenting that a number of other pairs, such as GBPUSD and EURUSD look as if they are trying to reverse as well. In fact, AUDUSD and EURUSD look as if they are also going to take a stab at it, and even USDCAD has slowed it's ascent.

Last edited by Will Duxon; Sep 13, 2016 at 6:45pm.
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Old Sep 14, 2016, 5:58am   #18
Joined Sep 2016
Sold EURJPY at 05:51 GMT

Will Duxon started this thread Based of the technicals I decided to short EURJPY per the following image:

eurjpym1-shorted.pngeurjpym1-filledorder.png

Profit Target was hit at 06:41 GMT.

Last edited by Will Duxon; Sep 14, 2016 at 6:52am.
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Old Sep 15, 2016, 2:48am   #19
Joined Sep 2016
Trades Planned for 9/15/2016 GMT

Will Duxon started this thread Presently, I'm waiting for GBPUSD to stop pushing my intermediate envelop north so I can short this pair. Price is currently at 1.3262. (Update: Trade Executed)

gbpusdh1marketstructure.pnggbpusdh1purchasemade.pnggbpusdh1-nearhit.png

GBPUSD has almost hit my target, so I'm hoping it doesn't take a bounce and then take hours to get back to where it was. Anyway, my first trade of the day was to go long EURGBP @ 0.8483:

eurgbph1long.pngalmostthere.pngeurgbph1takeprofit.png

EURGBP almost hit my take profit target a little after 09:00 GMT, but since it didn't quite get there, I'm now going to have to contend with the Retail Sales figures out of Great Britain. It would be nice to go long USDCAD if I could get a significant pullback.

usdcadh1needpullback.pngusdcadh1pulledback.png

It took EURGBP two hours to recover from the economic news, but my target was finally hit (and then some). It looks like USDCAD pulled back without reversing the trend, so now I need to decide if I really want to enter a long position, and if so, when.

Last edited by Will Duxon; Sep 15, 2016 at 3:41pm.
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Old Sep 15, 2016, 4:01pm   #20
Joined Sep 2016
Support for USDCAD at 1.3144

Will Duxon started this thread usdcadh1support.png

I put statistical trailing support for USDCAD at about 1.3144, so if I decide to enter a long position, I'm likely to do so if and when price reaches that level.
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Old Sep 16, 2016, 2:19am   #21
Joined Sep 2016
I'm shorting AUDUSD

Will Duxon started this thread I should have entered this trade like two hours ago and I might have already exited the position with a profit, but I guess I wasn't paying attention, so now I'm going to have to start off upside down.

audusdh1.png

The overall trend is negative however, which renders the current situation as pretty much what I would expect from a classic pullback, so hopefully I'll be okay in the end.

UPDATE: I was stopped out of this trade, which did a pretty good job of faking me out. I still believe I'm looking at a pullback here, but if this is the case, it might be a few hours before the pair "genuinely" turns south.

audusdh1-2ndtry.png

ABOVE: I've shorted AUDUSD again, hoping to have better "luck" this second time around. (UPDATE: I exited this trade with a small profit in that I'm beginning to see signs that AUDUSD might be forming a new bottom (and USDCAD might be forming a new top) so I'm going to sit on the sidelines for awhile. (See the image below.)

anewtopandbottom.jpg

Last edited by Will Duxon; Sep 16, 2016 at 8:37am.
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Old Sep 16, 2016, 9:10am   #22
Joined Sep 2016
Are AUDUSD and USDCAD initiating new trends?

Will Duxon started this thread It's beginning to look to me like AUDUSD is not going to be willing to fall any lower than 0.7441 and USDCAD is not going to climb any higher (for the time being) than 1.3238

audusdh1.pngusdcadh1.png

Bottoming out or not, in the short run (the next few hours) selling AUDUSD (a trade I initiated earlier on) was the right move to make. Had I not abandoned the position out of an overabundance of caution, I would have made quite a significant chunk of change by now.

Accordingly, I have taken what I've learned trading one-hour charts these last few days and improved my one-minute charts so that combining the two will, I believe, greatly enhance my ability to tell exactly what the market is doing at any given moment in time.

Last edited by Will Duxon; Sep 16, 2016 at 4:49pm.
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Old Sep 16, 2016, 5:27pm   #23
Joined Sep 2016
Combining 1-Hour and 1-Minute Charts Effectively

Will Duxon started this thread Here is an example of how I will now be combining 1-hour and 1-minute charts to reveal exactly what is going on with a given instrument at any given moment in time, making it much easier to scalp 5 to 10 pips when appropriate, and look for 30 to 50 pip gains at more significant reversal points.

combiningcharts.png
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Old Sep 25, 2016, 5:37pm   #24
Joined Sep 2016
Forex Market Forecast / September 25-26, 2016

Will Duxon started this thread Forex Market Forecast / September 25-26, 2016

https://youtu.be/naAft1FNXIE
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