Tips & general help to make you a better trader by 
Hi Folks,
Here is another one that leaps off the chart for you to mull overs.
Lets try and get some feedback on the comments for these two.
Based on the presentations over the last three weeks, What would be the plan of action for these patterns? Use teh 3 Basic questions to guide you through the process of developing your plan of action.
Hi Phil,
Well, using the ‘3questions’ as a template on Euro/Yen;
For a long I’d be looking for price to break 167.13 & pullback, drilling down into maybe a 1 or 5min to pick up on a pullback signal off the 240min chart. Scaling out to the Daily chart there’s potential (initial) resistance up at 176.70 ahead of stiffer res at 168.80.
Same scenario for the downside;
Look for a break & re-test of the 165.55/50 area, drilling into a smaller timeframe (1&5m for me) to pick off a tighter entry via the pullback.
1st potential support down from there would target 164.90 ahead of 164.20/50.
In between those 2 b/o levels means I do nothing!!
typo correction:
that resistance price (176.70) should read; 167.70 ahead of stiffer res at 168.80
That upper res level attracted some heat this morning on EURJPY huh?
The overnight range high @ 166.91 bounced twice before breaking out in early London trade. That res level of yours (167.13) coincided with today’s R1 pivot Phil.
Taking the break of the Tokyo high offered a nice scale-out @ R2 (167.54) & price is now finding support above that 167.13 range b/o zone.
Nice movement today on this pair!
Hi Kipper,
Firstly thank you for taking the time to get stuck into a little bit of homework to practice.
Any yes your comments were well rounded considering but the upside and downside potenial for the trade as well as a no action situation if price continued to range.
Some nice movements on these two pairs although we still have not seen an average days movement just yet, might be a little more to go but also consider that we have not seen an ATR on these pairs for a while. 2/3rds has been done and is for me into my active trade management zone so I can now start locking in some profits.
Hope you all got a piece of the action
Enjoy
Phil
Thanks for the comments Phil.
Yes, point taken re; the recent Average Daily Range prints on that pair.
I’m more of a medium term follower of the currencies & EURJPY has averaged it’s weekly high-low extremes quite consistently this year.
Last week was a bit of a low performer (218 pips) registering only 56% of it’s normal weeks H-L. But you gotta take the rough with the smooth
I’m experimenting with your overnight range strategy on demo at the moment, but I do like the concept.
You have a nice, neat strategy there. Hopefully it will form part of my ongoing planning if I look to add intraday trading to my arsenal.
Keep up the stellar work!
Interesting observations re ave weekly moves…. one of the things I suggest to people looking to convert this to a swing strategy is to do what you suggest… this is particuarly the case when looking at low daily ATR pairs.
So looking for an average weekly move on these low daily ATR pairs gives you a swing strategy with a low risk entry option on the overnight range break out method…
hope all that makes sense.
Most of my information, strategy & research has been honed over the past 3 years with the very grateful thanks & appreciation of a couple of buddies of yours.
Buk & his sister Anna-Maria have been wonderful tutors & recently recommended I look up your site, which directed me to your blog & regular webinars here.
Everything I do within the currency markets is a direct result of their tutorledge & experience.
Now I have the opportunity of hopefully adding an intraday quiver to my bow too by adopting & including your top notch analysis alongside my own take on events!!
Thanks again Phil, & to anyone reading this blog: TAKE FULL ADVANTAGE OF THE INFO HERE - it’s rare you get the opportunity to learn from REAL professionals who work these markets day in & day out.