Another opp., though the uptrend is stil strong atm, let the PA to confirm.....
Edit : should be 1.308~306 zone
Edit : should be 1.308~306 zone
The System Behind the System, by Merlin Jeffries 16 replies
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DislikedGot asked about this trade so posting the chart.. the 4H gave a pin in a key area for A/U (clearly visible on the daily or a zoomed out 4H) so you look for a short up the wick of the pin, 15M shows entry.Ignored
DislikedHey!
Got some more on them psych lines
Here is a chart from au the recent days. The red line is just a real treat, thats a great line, psych or not.
The green areas is what im wondering some more about though. Clearly they're not as strong as the red one, but how are these lines approached? They're probably naturally more prone to quick scalping which might be another point for toggling down to our 15min and trading those type of "rangy" lines from there.
Is there some general rule that could be applied to filter out which psych lines...Ignored
DislikedHi
Do you remember when i talked about 1h IB trading opportunity, and when I got min 2 of them i consider to take a trade at end/near of range area. Your green lines represents such a trades. Generaly i trade them after 4h/ daily PA with direction of this PA movement ( mostly turning major PA )or with direction of 1h 50 ema or possible top/bottom. I like to see also when candle try to break with this IB range ( because i know then what line held the price ).
So be aware of that line, you don`t have to filter them....Ignored
DislikedHi
Do you remember when i talked about 1h IB trading opportunity, and when I got min 2 of them i consider to take a trade at end/near of range area. Your green lines represents such a trades. Generaly i trade them after 4h/ daily PA with direction of this PA movement ( mostly turning major PA )or with direction of 1h 50 ema or possible top/bottom. I like to see also when candle try to break with this IB range ( because i know then what line held the price ).
So be aware of that line, you don`t have to filter them....Ignored
DislikedI've read, heard, and seen that the .xx80 .xx20 are strategic areas as well and I would guess that this is due to their defining the fade trading zone. The red line on your chart sure confirms that the .xx80 is an important area.
Then it seems that the more times it bounces off of this area and other traders draw this same line, it tends to be a self fulfilling prophecy.Ignored
DislikedYeah, and about that line. Look at the 1h au close and retest it just had. Straight forward easy tradingIgnored
Dislikedhttp://my.jetscreenshot.com/demo/20110114-fyeq-70kb
This looked like a good setup for a long..
First entered on 62 touch and got stopped out.
Next I entered on next candle after. Hangman candle.
Went down wick 20 pips and ended up getting out at -2 to be safe. Its News friday and anything could happen. Was close to news time.Ignored
Dislikedhere is a small pdf on FIB use , By Alconda, He is a advocate of fib use and uses them exstensivelly in his analysis. His entries are solid and using some of this information aids in his abilities to hold for decent profitn targets. I offer this up as something to keep your eye on and prove to yourselves.
You will notice that he doesn't flip his fibs over just runs them one way so the numbers may not match the text , But the levels are the same.Ignored
DislikedI like the fib reading in the J16 thread. Especially the concept of "fib confluence levels".Ignored
DislikedI know you can't see them but Chris Lori also talks about that in his videos. Swings within swings and look for levels that coincide. If you get some nice ppa or a pivot at the same time.....happy days are here.Ignored
DislikedYes , I had been trying to show some of that in a few charts. PPA from a long time ago is very good. especially , peaks and valleys. but a 15 min chart basiclly shows one 24 hr period of trading and many entries and areas of interest can be seen...Ignored