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've developed my own trading system and proprietary indicators, which I have dubbed "Proverbs 16:3" (to give honor where honor ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Sep 8, 2016, 3:05am   #1
Joined Sep 2016
Narrowgate Trading Daily Technical Analysis

I've developed my own trading system and proprietary indicators, which I have dubbed "Proverbs 16:3" (to give honor where honor is due) and plan to use this thread to document my level of success or failure. My primary interest is in the major currency pairs, which I trade daily using 15-minute charts.
Attached Thumbnails
audusdm15.png   gbpusdm15.png   spx500m15-smaller.png  

spx500m15-bigger.png  

Last edited by Will Duxon; Sep 8, 2016 at 12:19pm.
Will Duxon is offline   Reply With Quote
Old Sep 8, 2016, 10:11am   #2
Joined Sep 2016
GBPUSD trade initiated and completed

Will Duxon started this thread
Quote:
Originally Posted by Will Duxon View Post

My tentative plans:
Go long AUDUSD if price drops back down to the 0.7666 level without reversing the trend.

Attachment 228876

Same as above for GBPUSD if price drops to 1.3319.

Attachment 228878
The potential GBPUSD trade mentioned above developed as anticipated, as noted in the chart appearing below...

gbpusdm15-completed-trade.png

I entered @ 1.3334 rather than 1.3319 in accordance with trailing support. Though AUDUSD also climbed north, as expected, it unfortunately never came down quite far enough to trigger an entry.
Will Duxon is offline   Reply With Quote
Old Sep 8, 2016, 12:15pm   #3
Joined Sep 2016
12:00 GMT Forex Market Update

Will Duxon started this thread The following represents my own personal opinion and is not meant to be prescriptive for any other tradersÖ

I donít know how long it will take to realize it, but at 0.7727 AUDUSD has run out of room to climb. Nonetheless, the pair is obviously bullish, so there is no way Iím shorting it any time soon.

EURGBP looks like it is trying to reverse from a southern to a northern trajectory, but will have to get above the 0.8563 handle to succeed in reversing the trend of its overall price range, which is still southbound.

EURJPY appears to be ready to head north once again, but has yet to complete the turn in a convincing manner, so it is not yet confirmed.

EURUSD has initiated a confirmed turn north.

GBPJPY needs to decide if it is going to turn north or keep heading south.

GBPUSD is still bullish.

USDCAD is still bearish overall, even though it is near the bottom of its typical price range and is trying to decide if it wants to take a break with a detour to the north or if it would prefer to continue south.

USDCHFís reversal south is confirmed and it looks like it wants to keep heading that way.

USDJPY is in the same boat as USDCHF, though its inclination to keep heading south is not as strong.
Will Duxon is offline   Reply With Quote
Old Sep 8, 2016, 4:32pm   #4
Joined Sep 2016
S&P Futures Trade was Successful

Will Duxon started this thread I edited my first post because it looks to me like it is permanent, so I wanted to make it shorter and to the point. It used to contain an explanation for two of the charts there in which I said I would think about shorting S&P 500 futures if price climbed above the 2190 handle (see the last two Attached Thumbnails from that post).

spx500m15-trade.png

As it turned out, I needed to do more than just think about it (see above chart). After barely reaching that level, the index wanted to come right back down, reaching my take profit target earlier this morning.
Attached Thumbnails
spx500m15-bigger.png   spx500m15-smaller.png  

Last edited by Will Duxon; Sep 8, 2016 at 4:38pm.
Will Duxon is offline   Reply With Quote
Old Sep 8, 2016, 5:34pm   #5
Joined Sep 2016
Just Waiting for the Right Moment

Will Duxon started this thread At 17:30 GMT I'm planning to short GBPJPY, USDCHF and USDJPY; and go long AUDUSD, EURUSD and XAUUSD.

ig-metatrader-4-terminal-9-8-2016.png

At this point I'm simply monitoring them for the optimum moment to do so.
Will Duxon is offline   Reply With Quote
Old Sep 8, 2016, 6:44pm   #6
Joined Sep 2016
Long EURUSD @ 1.1255

Will Duxon started this thread Entered a long position at 18:38 GMT

eurusdm15-longposition.png
Will Duxon is offline   Reply With Quote
Old Sep 9, 2016, 12:55am   #7
Joined Sep 2016
Took advantage of two opportunities

Will Duxon started this thread Of the six assets I wrote that I was watching for the opportunity to make trades (see previous posts) I only selected two (though I am in a third trade right now with AUDUSD). I was long EURUSD, which I documented at the time, and I shorted USDJPY later. I've used arrows to mark my entry and exit points on the charts below.

eurusdm15-exit.pngusdjpym15-exit.png
Will Duxon is offline   Reply With Quote
Old Sep 9, 2016, 5:01am   #8
Joined Sep 2016
05:00 GMT Technical Analysis Update

Will Duxon started this thread The following represents my own personal opinion and is not meant to be prescriptive for any other tradersÖ

Yesterday I said that at 0.7727 AUDUSD had run out of room to climb, so no surprise that it pulled back. However, it dropped all the way down to 0.7634! The pair is still bullish though, so itís likely to resume an upward trajectory soon.

No change from yesterday. EURGBP looks like it is trying to reverse from a southern to a northern trajectory, but will have to get above the 0.8563 handle to succeed in reversing the trend of its overall price range, which is still southbound.

EURJPY took a trip north over the last twenty-four hours, as anticipated. Its overall price range is slightly bullish, but the pair is smack in the center of it, so it could head in either direction.

No change in EURUSDís confirmed uptrend.

GBPJPY is totally conflicted. The overall price range is bullish, but the day-to-day and hour-to-hour trends are both currently bearish.

The overall price range of GBPUSD is still bullish, but the day-to-day trend is noncommittal.

USDCAD is still bearish overall, but it looks like it wants to reverse the day-to-day trend to the north.

Even though USDCHF leaped up to 0.9737, the overall trend is still bearish.

USDJPY is still in the same boat as USDCHF.
Will Duxon is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Free Daily technical analysis videos and trading plans sweatyslouch Discretionary Trading 7 Aug 10, 2012 12:20am
Free daily technical analysis videos and trading plans sweatyslouch Forex 7 Jul 24, 2012 9:46am
Daily Technical Analysis masterpips Forex 2 Mar 31, 2011 1:28pm
Daily Fx trading signals and technical analysis Electricvine Technical Analysis 0 Mar 18, 2009 1:03am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)