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rathcoole_exile
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funny you should mention that 'cos Pedro and I were just about to spit-roast a go-go dancer when we noticed the market move and had to flip her off the couch to reach the laptop
Cable Swing Bracket (My view)
I'm finding that the ranges don't tend to neatly shoehorn into calendar weeks / months or whatever. Rather, this side of the methodology is a bit arty-farty, with the best I can come up with being scruntching up the charts and defining the bracket limits as a range contained within previous support (high) and resistance (low).
With this in mind, I reckon the current swing bracket for GBPUSD is roughly:
Bracket Upper Limit: 1.4364
Bracket Lower Limit: 1.4036
Pattern breakout targets for these limits are:
Upper Breakout Target: 1.4692
Lower Brekaout Target: 1.3708
So, it looks like a visual method to determine the extremes, followed by a mechanical aproach for targets, stops and trade management.
I'm finding that the ranges don't tend to neatly shoehorn into calendar weeks / months or whatever. Rather, this side of the methodology is a bit arty-farty, with the best I can come up with being scruntching up the charts and defining the bracket limits as a range contained within previous support (high) and resistance (low).
With this in mind, I reckon the current swing bracket for GBPUSD is roughly:
Bracket Upper Limit: 1.4364
Bracket Lower Limit: 1.4036
Pattern breakout targets for these limits are:
Upper Breakout Target: 1.4692
Lower Brekaout Target: 1.3708
So, it looks like a visual method to determine the extremes, followed by a mechanical aproach for targets, stops and trade management.
Attachments
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GBP/USD (Rolling Spread)
I decided over the weekend to go "live" with my bracket method for GBPUSD, the only difference being I've decided to use an all-in/all-out approach, rather than scaling out.
Bracket Breakout 9th March
Sold @ 1.3951
Bought @ 1.3747
P/L = +204 pips.
I decided over the weekend to go "live" with my bracket method for GBPUSD, the only difference being I've decided to use an all-in/all-out approach, rather than scaling out.
Bracket Breakout 9th March
Sold @ 1.3951
Bought @ 1.3747
P/L = +204 pips.
Attachments
KillPhil08
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f***ing great stuff joey
EURUSD Trade Setup
I wanted to post this setup which I originally put in the Potential Setups thread, as it illustrates quite a few of the principles I'm working on:
(1) Trade the breakouts out of balance
(2) Resist the urge to go with the first break as more often than not these are false.
(3) Use the pullback for stop placement or confirmation of the fakeout.
I wanted to post this setup which I originally put in the Potential Setups thread, as it illustrates quite a few of the principles I'm working on:
(1) Trade the breakouts out of balance
(2) Resist the urge to go with the first break as more often than not these are false.
(3) Use the pullback for stop placement or confirmation of the fakeout.
Attachments
USDCAD setup
The price action in USDCAD this week has been:
(1) A failure to breach the key resistance levels on the daily earlier in the week.
(2) A rotation back through the recent balance area
(3) The formation of an inside bar on Wednesday, and a false break of this inside bar on Thursday.
Everything other than the intermediate trend (!) is pointing to a move down.
Two charts attached, the first showing the bigger picture, the second zooming in on the inside bar formation and subsequent action + price target.
The price action in USDCAD this week has been:
(1) A failure to breach the key resistance levels on the daily earlier in the week.
(2) A rotation back through the recent balance area
(3) The formation of an inside bar on Wednesday, and a false break of this inside bar on Thursday.
Everything other than the intermediate trend (!) is pointing to a move down.
Two charts attached, the first showing the bigger picture, the second zooming in on the inside bar formation and subsequent action + price target.
Attachments
USDJPY setup
This one is using the usual pinbar / fib retracement material, however with the added twist that the nose of the pin has found support in an area of minus development between the big breakout bar of the 24th Feb and the small area of congestion below it.
Scrolling to the left, the support area is found in an area of consolidation from Nov '08.
It's also a run-pause-continuation pattern, going with the general trend.
This one is using the usual pinbar / fib retracement material, however with the added twist that the nose of the pin has found support in an area of minus development between the big breakout bar of the 24th Feb and the small area of congestion below it.
Scrolling to the left, the support area is found in an area of consolidation from Nov '08.
It's also a run-pause-continuation pattern, going with the general trend.
Attachments
Thanks Nic, very much appreciated - all live with decent stakes now!
Haven't got that on either of my charting packages
Correction, got it on the spreadbet platform - yes that's the kind of pattern I'm after. Very difficult to use the spreadbet charts unfortunately.
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Thoughts at the end of the week
Apart from being upset at being stopped out prematurely on the EURUSD trade, otherwise a very productive week.
I'm using 4 setups:
1) For the S&P only, pullback and reverse from the mean (short side only)
The others are for currencies (long or short):
2) Breakout from balance, but with the proviso of a pullback first to add strength to the move.
3) Inside bar fakeouts, again adding momentum to the move as traders get caught offside.
4) Pin-bar retracements in the direction of the general trend.
Entries and targets I'm happy with, but stop trailing is the biggest headache.
Apart from being upset at being stopped out prematurely on the EURUSD trade, otherwise a very productive week.
I'm using 4 setups:
1) For the S&P only, pullback and reverse from the mean (short side only)
The others are for currencies (long or short):
2) Breakout from balance, but with the proviso of a pullback first to add strength to the move.
3) Inside bar fakeouts, again adding momentum to the move as traders get caught offside.
4) Pin-bar retracements in the direction of the general trend.
Entries and targets I'm happy with, but stop trailing is the biggest headache.
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Cable channel
After the excitement of Monday's breakout, GBPUSD spent the rest of the week testing the series of Daily Lows which had been broken.
It's now in quite a balanced state, with the top of the channel and the Weekly High coming in line early next week.
Also, that Weekly High of 1.4181 looks to be an important pivot level.
After the excitement of Monday's breakout, GBPUSD spent the rest of the week testing the series of Daily Lows which had been broken.
It's now in quite a balanced state, with the top of the channel and the Weekly High coming in line early next week.
Also, that Weekly High of 1.4181 looks to be an important pivot level.
Attachments
Thanks miskec,
It's certainly helping me to improve. Up until Christmas I was just doing it in Microsoft Word and it just didn't work.
Good trading,
Joey
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