Slowkeys Intraday Setup Using Slope Strength and Diff

[slowkey]

eurusd hour chart.gif

The narrow range EURUSD has been trading with in this week. The bottom fib is taken from the high of the daily chart that was the highest of a three peak triple top or left shoulder on the daily chart. The upper fib is from the most recent high which is the right shoulder of the Triple top. I turn on visualization just for the 1 hour - Daily charts. There are 15 touches of the lower support Fib with out it giving way on the hourly chart. Price is starting to fill out the point of a triangle formed by the Demark lines. A break below this Fib level would probably be a significant event. On the other hand there is a nice trade from the Fib in the direction of the prevailing short term trend if there is some momentum. Right now not much of that.

[slowkey]

gbpjpy hour chart.gif

GBPJPY

The 50 percent fib from the right double top of the daily chart is basically acting as a zone of resistance since the beginning of the week. A break out above would be a significant move. This fib and the yellow fib formed from the left double top of the daily.

So knowledge like this and knowledge were likely offers, bids and stops could possibly be enough to place some pending orders in locations for a break of the resistance or support. Just a quick look at the daily chart can reveal a lot of info to start a plan around.

[slowkey]

gbpusd hour chart.gif

eurusd hour chart.gif

In a thin market GBPUSD and EURUSD slumping ahead of BOE and ECB rate statements or at least that is what the news is saying. EURUSD may now drop below the last fib level to return to that bigger downtrend. GBPUSD is situated nicely for a trade back into the short term trend and it has been in more of a range since 2010 on the weekly chart. It looks like it is in a correction on the Daily charts and due to return to a bigger downtrend and could possibly trade south too Anything is possible. However GBPUSD seems to gain strength on risk on trading of late.

Anyway GBPUSD is nicely setup on the Demark trendline and lower 1.62 deviation channel for a move up. I would expect to have a pending trade setup later and hope to get a better idea where bids, offers and stops are in the market. Out side of these two pairs the rest of the majors have been in a tight range.

[batemap]

Hi Slowkey

I've just started looking into your system and I thin that the 'nice little indicator that displays price, spread, and Daily Range' is missing fom the most recent package of indicators/templates. It shows on my charts, but doesn't update or show any errors in the logs.

Can you please post this indi?

Cheers

Paul

[slowkey]

Hi Slowkey

I've just started looking into your system and I thin that the 'nice little indicator that displays price, spread, and Daily Range' is missing fom the most recent package of indicators/templates. It shows on my charts, but doesn't update or show any errors in the logs.

Can you please post this indi?

Cheers

Paul

Hi Paul,

Thanks so much for noticing this. I am not sure how I lost it but I will re-post it here for those who do not have it. I am adding it back into post 1.
Doug

[slowkey]

The PDF below was also added to post 1. Just a brief look at how I go through developing a trade plan with the setup and some of my thinking in regards to decisions I make.

[slowkey]

eurusd60.gif

The EURUSD 60 minute chart with break below the 23.6 Daily fib level of the last high. Sort of interesting how it is sitting on the lowest outer 2.62 Deviation Channel. The SDC is only so little trending upward and the pair is likely turning south into the larger daily down trend after a correction. This could have been a nice market entry just on the break of the Fib level and confirmation of MACD and NT indicators. I had posted a previous chart showing it at this level about 5 post back stating that a break below it would be significant. There are about 15 hourly candles along the Fibonacci zone of support. A pending trade below S1 would have caught a big part of this move on a break of the level. High to Low on the day is now 173 pips. Why did I not place a pending trade at the time I first observed this level.

[slowkey]

euraud 60.gif

Just one more pretty chart and I hang it up for the day. EURAUD is marching down the central channel but than dives even faster south this AM. 186 pips high to low today.

[slowkey]

I think that the compassfx SDC would really be great at spotting good entries on the 4 hour and daily charts for Position and Swing trading. Trading around larger moves is a little more forgiving time wise and stress wise. I am going to look to develop a simple entry and exit strategy.

[fire580]

Thank you slowkey for sharing with us.... I like what you are doing -