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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,881
  • Jul 1, 2009 3:12am Jul 1, 2009 3:12am
Islander - thanks for your chart. I'll sit down later with a beer and study it and as usual will pick up a bit more knowledge. Out of my long on cable at +21.

I really do have to understand candlesticks much better and I find EyeVoltage's posts most helpfull.
  • #2,882
  • Jul 1, 2009 3:16am Jul 1, 2009 3:16am
Quoting orientos
Islander - thanks for your chart. I'll sit down later with a beer and study it and as usual will pick up a bit more knowledge. Out of my long on cable at +21.

I really do have to understand candlesticks much better and I find EyeVoltage's posts most helpfull.
Hi orientos
Not all candles are created equal. Hammers and shooting stars at end of runs and also in direction of trend are some of the best.
  • #2,883
  • Jul 1, 2009 4:24am Jul 1, 2009 4:24am
I trade basically 3 ways. Hammers/shooting stars, lh's/hl's and continuation trades above below 21 ema's.

On 5 min chart if price confirms 1 pip above/below set up candle then I'm in. Hammers/shooting stars are very high prob set ups at end of run and in direction of trend.

The hammer on left had divergence on rsi, stoch and macd histo. We decided not to take as it closed right on 1.64.

The two shooting stars with a double top around 1.6474 rejected the days open. Entry 1 pip below the red hammer.

There was a another shooting star just below 1.6450 in direction of move down if the previous trade was missed.

Another hammer closed just below the 6420 psych level and y's low 6422. We waited for those levels to clear with a pip or so and exited at w pivot for 15 due to the amount of chop w pivot has been giving.

Also a very nice higher low trade on ej, the close at 135.74 above D M3. It was above 21 ema on 1 hr, one of our favoured set ups.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu 5 min.gif Size: 18 KB
Click to Enlarge Name: ej 5 min.gif Size: 20 KB
  • #2,884
  • Jul 1, 2009 4:34am Jul 1, 2009 4:34am
Thanks Vantage - much appreciated. Cheers.
  • #2,885
  • Jul 1, 2009 6:00am Jul 1, 2009 6:00am
Quoting Vantage
I trade basically 3 ways. Hammers/shooting stars, lh's/hl's and continuation trades above below 21 ema's.
Vantage, thanks a lot for your info.

What do you mean by "continuation trades above/below EMA21"?

Could you please post the indi you use to overlay Heiken Ashi on to the chart? I take it you use Heiken in conjunction with "MrsV TL" which simply indicates when your other indies allign?
One Chart is Worth Ten Thousand Words.
  • #2,886
  • Jul 1, 2009 6:47am Jul 1, 2009 6:47am
Quoting Forex007
Vantage, thanks a lot for your info.

What do you mean by "continuation trades above/below EMA21"?

Could you please post the indi you use to overlay Heiken Ashi on to the chart? I take it you use Heiken in conjunction with "MrsV TL" which simply indicates when your other indies allign?
If we are above 21 ema/HAMA on hourly I'd like to keep buying until theres a good reason not to (double top/lower high/divergence). If I have exited a trade and it retraces and carries on up I'll look for re-entries based on the threads higher lows, lower highs and Mrs V's fave 1 min entry.

Yes Mrs V TL shows when all line up. I have on 5 min but mainly use on 1 min. On 5 min a solid hl/lh takes number 1 spot, IF TL lnes up great.

PS I rarely trade 1 candle moves, if you look at the gbp chart I posted the hammers/shooting stars all have other reasons to trade i.e. divergence, double bottoms, double tops, lower highs.

Just an example ej chart showing numerous chances to get in on 'continuation' trades.
Attached Image (click to enlarge)
Click to Enlarge Name: ej 1 min.gif Size: 9 KB
Attached File(s)
File Type: ex4 HAMA.ex4   3 KB | 277 downloads
  • #2,887
  • Jul 1, 2009 9:50am Jul 1, 2009 9:50am
Quoting Vantage
If we are above 21 ema/HAMA on hourly I'd like to keep buying until theres a good reason not to (double top/lower high/divergence). If I have exited a trade and it retraces and carries on up I'll look for re-entries based on the threads higher lows, lower highs and Mrs V's fave 1 min entry.

Yes Mrs V TL shows when all line up. I have on 5 min but mainly use on 1 min. On 5 min a solid hl/lh takes number 1 spot, IF TL lnes up great.

PS I rarely trade 1 candle moves, if you look at the gbp chart I posted the hammers/shooting stars all have...
Thanks a bunch, Vantage!
One Chart is Worth Ten Thousand Words.
  • #2,888
  • Jul 1, 2009 9:51am Jul 1, 2009 9:51am
At least one of these will make trading M5 more enjoyable (from the scree-staring point of view)

http://www.necdisplay.com/newtechnol...curveddisplay/
One Chart is Worth Ten Thousand Words.
  • #2,889
  • Edited 11:15am Jul 1, 2009 11:02am | Edited 11:15am
Quoting Forex007
At least one of these will make trading M5 more enjoyable (from the scree-staring point of view)

http://www.necdisplay.com/newtechnol...curveddisplay/
Yeah, they're pretty good.

One's no good, though. I had to get a second one, 'cos the room looked unbalanced with only one. All the furniture's in the kitchen now.



The bloke from across the road's just knocked on my door. He reckons I should go short on cable!
  • #2,890
  • Jul 2, 2009 12:49am Jul 2, 2009 12:49am
[quote=Forex007;2842802]At least one of these will make trading M5 more enjoyable (from the scree-staring point of view)

http://www.necdisplay.com/newtechnol...curveddisplay/[/quote

LOL - so we all need to move our home offices into the lounge - that'll be popular with the rest of the family..........and I guess these will bring a whole new meaning to "curve fitting" performance data
Trading Levels with WRBs
  • #2,891
  • Jul 2, 2009 12:53am Jul 2, 2009 12:53am
Little action so far in pre FO trading with both cable and € in a tight range around their daily pivots.....we need some volume to breakout of the 6450 - 475 channel....
Trading Levels with WRBs
  • #2,892
  • Edited 1:19am Jul 2, 2009 1:18am | Edited 1:19am
Quoting Islander
Little action so far in pre FO trading with both cable and € in a tight range around their daily pivots.....we need some volume to breakout of the 6450 - 475 channel....
and we did as cable sold off and headed towards the 6400 level, triggering me into a short after a small loss on a buy 7 mins before the break-down.

The exit was clearly seen on the 1 min chart after the long red candle into the low at 6409 had no follow thru....now wait for the bounce and then consider another hit and run short.....subject to PA
Trading Levels with WRBs
  • #2,893
  • Jul 2, 2009 1:32am Jul 2, 2009 1:32am
GM - had some work to do and missed the run down. Scalped +8 on the bounce from near the 6400 level. Small pips, but it all helps.
  • #2,894
  • Jul 2, 2009 1:40am Jul 2, 2009 1:40am
Quoting Islander
and we did as cable sold off and headed towards the 6400 level, triggering me into a short after a small loss on a buy 7 mins before the break-down.

The exit was clearly seen on the 1 min chart after the long red candle into the low at 6409 had no follow thru....now wait for the bounce and then consider another hit and run short.....subject to PA
I waited - OK so I did take a small buy after the 1m hammer - thanks V - and sold the spike above the 450 level - now closed as 425 held....its rather choppy this morning, so has to be hit and run until swe get some clear direction.....
Trading Levels with WRBs
  • #2,895
  • Jul 2, 2009 1:48am Jul 2, 2009 1:48am
Here's my chart of the action so far.....
Attached Image (click to enlarge)
Click to Enlarge Name: jly 2 cable 1m 0645.gif Size: 16 KB
Trading Levels with WRBs
  • #2,896
  • Jul 2, 2009 1:52am Jul 2, 2009 1:52am
I scalped another +5 on a marginal H/L (and Mrs. V 1min entry) and exited at the 50 psych level. But don't like the PA and will sit on my hands for a while.
  • #2,897
  • Jul 2, 2009 1:55am Jul 2, 2009 1:55am
Quoting orientos
I scalped another +5 on a marginal H/L (and Mrs. V 1min entry) and exited at the 50 psych level. But don't like the PA and will sit on my hands for a while.
I've only had 1 BE trade so far. 6410 obviously a very tough area looking back at Tues pm and Wed. If it breaks could be good fall, we'll see what London brings on int rate day for Eur.
  • #2,898
  • Jul 2, 2009 2:08am Jul 2, 2009 2:08am
Helpful article about trading SR areas and how to judge them. Basic but effective and describes the type of candle formation that have a high probability of success at reversal points.
Attached File(s)
File Type: pdf How to trade SR levels.pdf   115 KB | 1,243 downloads
  • #2,899
  • Jul 2, 2009 2:28am Jul 2, 2009 2:28am
€ has just put in 2 x 5m spinning tops with the lows at its 085 level, so I've taken a small long in cable, just looking for ~15 pips as its against the ST trend.....cable had a 1 min hammer to spike down to its 375 level - that's where limit orders are so useful....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #2,900
  • Jul 2, 2009 2:40am Jul 2, 2009 2:40am
Quoting Islander
€ has just put in 2 x 5m spinning tops with the lows at its 085 level, so I've taken a small long in cable, just looking for ~15 pips as its against the ST trend.....cable had a 1 min hammer to spike down to its 375 level - that's where limit orders are so useful....http://www.forexfactory.com/images/icons/icon12.gif
LOL, pity I didnt make it a normal size with a reverse at the 410 resistance.......but I did resell after that area held......
Trading Levels with WRBs
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