[Anna-Maria]

The Buck wiggled lower today to our aforementioned focus levels on the bearish technical breakdown off the 4hr frame.

We've pared out a good lick of the compound stakes & most of the remnants of the original positions down here, with last remaining positions sitting at the level marked on the graph.

I'm happy that level now offers us fair value on any renewed $ strength off this 1.2200 Big Figure. It's travelled 3c since our entry last Friday & that's good enough for me.

The hourly is printing a whole heap of neutral/reversal bars & if the resulting action can haul itself above today's red bar, then it's welcome to our stops!

I'll assess the follow thru potential tomorrow to guage the next level bias, but I wouldn't be surprised to witness a little kickback on the buck at these levels.

We'll see.

[cowpip]

Originally Posted by texxas »

You got your spies out buddy? LOL.

LOL! We just had to follow the trail of Jimmy Choo's. LOL!

Originally Posted by texxas »

I'll leave all the debating to those who have the time to study it December is the month to crank up the credit card a/c - the more $$'s which hit the a/c, the more Jimmy Choo's I can snaffle LOL.

Right on! I find it interesting to read what they have to say, but have learned the hard way that they know no more about what the market will do than the rest of us. I've observed that those who follow the herd through close price action observations will almost always be the most successful. Those who make wild speculations based on fundamentals alone will find the road rather bumpy.

Thanks for your comments. I'll throw a load of Jimmy Choo's your way in return.

[Anna-Maria]

It's not difficult to see why the Buck is getting slapped of late, given the heavy tone of the $ Index.

The trading nations of the Eurozone & Japan account for approx 65% of the weighting in this basket of FX activity, with Sterling adding around 12%...& the directional bias (particularly as it encounters key s&r levels) of the Index can add credance to your analysis when looking to weigh up continuation/reversal possibilities at key levels.

It's hotting up at a couple of these lower levels & the closing ticks will certainly be on the radar of the big swing players - especially as the Euro & Cable are nudging their current (prev) resistance barriers.

Yen is also on the trot, attacking the early Sept resistance zones around 115.80-116.

115.50 is the 38% zone of the early summer move from 109 to 120, & should that level give way, it opens up the Aug 4 lows @ 114.0

These levels offer some pretty decent opportunities into years end if the Index pops thru & backs further away from these near term supports.

[torero]

Long 9159, ascending triangle consolidation. Looking to target exit near 9250.

[Anna-Maria]

That's a cool entry torero

The 15m higher low & accompanying bar prints at the half prime sure speak the same language around your entry too, with good r/r.

I got today's S1 down below most of the y'days activity, further confirming the upside continuation potential thru the Tokyo action.

[torero]

Thanks, tex, that means alot to me coming from a vet like yourself!

I try to keep the lowest timeframe at 15min, I feel anything below that is noise, but I could be wrong. I feel getting in at quiet area is best (even in pullbacks) so 15min is fairly reasonable frame don't you think?

I've been watching the triangle brewing and wasn't sure when it was going to pop but I figured London may push it higher seeing it only needs a little nudge with good volume to break it higher.

Not bad for a beginner eh?! :0) I'm hoping the beginner luck will stay!!!

[torero]

Triangle target reached and taking profits here just as it bounced from 9350. I guess Tokyo wants to close out the weekend with a bang. I'll take it. Have a nice holidays all and see ya monday! Thanks again tex!

[Anna-Maria]

Originally Posted by torero »

Not bad for a beginner eh?! :0) I'm hoping the beginner luck will stay!!!

Ohhhh, I think your understanding & appreciation of price action is a few notches higher than a mere beginner!!

Price action is price action is price action...no matter the candidate/instrument class. Like I said prev: Instrument familiarization is obviously key in determining progression, but if a trader has the raw ingredients in his bag, it's merely a case of concocting a new menu with the basic materials

I agree, the higher timeframes certainly offer a clearer view of the landscape. The lower frames, when used in tandem, are helpful in offering maybe a more precise trigger execution.

15m is a happy medium for sure, although I do on occasion drill down to the 5 to take a peek every now & then.

I guess everyone finds their own comfort zones according to the current layout etc. There's no right or wrong - just whatever works for you!

Nice trade to end the week with though huh? Good stuff!!