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Psych Levels, Pivots, and Trendlines - Resurrected

  • #201
  • Aug 29, 2008 5:29am Aug 29, 2008 5:29am
Quoting eyevoltage
This is a great candlestick reversal example from usd/jpy that started around an hour ago. A lovely hammer right on the .50 psych line, followed by a bullish engulfing candle. What more does one need?
Tell me, where did you or would have you have entered and exited for this trade?

I'm still dawdling around with granddaughter so limited time. The kids go back home or to school next week, so starting Tuesday, I'll be more consistent.

Have a nice weekend,
Ed
Up or down, gimme a ticket
  • #202
  • Aug 29, 2008 5:53am Aug 29, 2008 5:53am
Quoting SpecialEd
Tell me, where did you or would have you have entered and exited for this trade?

I'm still dawdling around with granddaughter so limited time. The kids go back home or to school next week, so starting Tuesday, I'll be more consistent.

Have a nice weekend,
Ed
Boy, you guys get up early in the morning!

The hammer was the initial "heads-up", mate, and generally, the next candle should be looked upon as confirmation of the reversal. Therefore, the next candle after that would have to be looked upon as the entry candle. The only fly in the ointment is the close proximity of the mid-point line, so it would be up to the individual as to whether or not to wait for a breach of that line.
Hope that's clear enough, Ed?
  • #203
  • Aug 29, 2008 6:23am Aug 29, 2008 6:23am
Quoting eyevoltage
Boy, you guys get up early in the morning!

The hammer was the initial "heads-up", mate, and generally, the next candle should be looked upon as confirmation of the reversal. Therefore, the next candle after that would have to be looked upon as the entry candle. The only fly in the ointment is the close proximity of the mid-point line, so it would be up to the individual as to whether or not to wait for a breach of that line.
Hope that's clear enough, Ed?
Up or down, gimme a ticket
  • #204
  • Sep 1, 2008 2:24am Sep 1, 2008 2:24am
Hi eyevoltage! it's been long since my last time in this thread. How you doin? Im lookin at cable right now. If prices goes up near 1.8100, im gonna look for reversal patterns since there is a confluence of the trend line, psyche level and pivot point. What do you think?
Attached Image
Life is a journey... So is trading.
  • #205
  • Sep 1, 2008 3:54am Sep 1, 2008 3:54am
With the US on holiday, I'm long the Dax looking for it to close its gap down open. Currently, its having difficulty breaking its 6400 level - I'll post a chart later.

I've already banked pips on a long trade in oil from its DP to the 117 level and I may take another trade when I get back - I' out for a couple of hours...
Trading Levels with WRBs
  • #206
  • Sep 1, 2008 4:00am Sep 1, 2008 4:00am
Quoting fx1dr3r
Hi eyevoltage! it's been long since my last time in this thread. How you doin? Im lookin at cable right now. If prices goes up near 1.8100, im gonna look for reversal patterns since there is a confluence of the trend line, psyche level and pivot point. What do you think?
Good plan, mate, although I don't think it'll happen today, possibly because it's Labour Day over in the States.
As I type this, price is stuck in a range just under the S2 line, and seeing as we should be short trade biased at this time, it might be a while before we see any opportunities at all.
All we can do is keep an eye on things.
Cheers.
  • #207
  • Sep 1, 2008 5:44am Sep 1, 2008 5:44am
Quoting eyevoltage
Good plan, mate, although I don't think it'll happen today, possibly because it's Labour Day over in the States.
As I type this, price is stuck in a range just under the S2 line, and seeing as we should be short trade biased at this time, it might be a while before we see any opportunities at all.
All we can do is keep an eye on things.
Cheers.
Good morning, EV. Happy, successful trading this week.

Ed
Up or down, gimme a ticket
  • #208
  • Sep 1, 2008 5:48am Sep 1, 2008 5:48am
Quoting SpecialEd
Good morning, EV. Happy, successful trading this week.

Ed
Thanks, mate, same to you. Labour Day over there, so you'll have your feet up all day, I'll bet?
  • #209
  • Sep 1, 2008 6:22am Sep 1, 2008 6:22am
Quoting eyevoltage
Thanks, mate, same to you. Labour Day over there, so you'll have your feet up all day, I'll bet?
Pretty much, but I'll be watching both the market and Hurricane Gustav. I have several friends in Mississippi/Louisiana/Texas.

Have a good one,
Ed
Up or down, gimme a ticket
  • #210
  • Sep 1, 2008 6:37am Sep 1, 2008 6:37am
Shorted cable at 1.8049 after the break of 1.8050 and a 76.4 retracement. I'm out now.
Life is a journey... So is trading.
  • #211
  • Edited 6:39am Sep 1, 2008 6:38am | Edited 6:39am
Eur/usd had an upwards mini-trend, and I was waiting for a break under. I drew a small support line from the spinning-top low and entered as price broke through it. The target was, unsurprisingly, the S1 line, and I ended up with 21 pips. The first clue to the move down was the evening star pattern above the mid-point/psych-line confluence.
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  • #212
  • Sep 1, 2008 6:43am Sep 1, 2008 6:43am
Quoting fx1dr3r
Shorted cable at 1.8049 after the break of 1.8050 and a 76.4 retracement. I'm out now.
Any chance of seeing your chart for that trade, mate? I'm interested in your fib lines, and where you draw them from. I'm always interested in how other people do it! Nice trade, by the way.

Cheers
  • #213
  • Sep 1, 2008 6:49am Sep 1, 2008 6:49am
Here it is eyevoltage... It also ddn't break the TL above it.
Attached Image
Life is a journey... So is trading.
  • #214
  • Sep 1, 2008 6:58am Sep 1, 2008 6:58am
Eyevoltage, is your strategy as effective in EURUSD as in GBPUSD? Just wanna ask. I dn't trade other currencies other than cable.
Life is a journey... So is trading.
  • #215
  • Sep 1, 2008 7:22am Sep 1, 2008 7:22am
Quoting fx1dr3r
Eyevoltage, is your strategy as effective in EURUSD as in GBPUSD? Just wanna ask. I dn't trade other currencies other than cable.
Many thanks for the chart, mate.

Up until relatively recently, I've been monitoring 3 pairs (gbpusd, eurusd and usdjpy), but I cut it down to the first two a couple of weeks ago. However, I think I'm rapidly coming round to acumen's way of thinking, and just sticking with eurusd. Makes sense, really. Firstly, your eyes aren't flying around all over the place in case you've missed something on another chart. Secondly, eurusd gives plenty of opportunities to trade. Thirdly, the spread is only a couple of pips.

All in all, much more relaxing, and in answer to your question, my strategy is based on acumen's ideas on his original thread. Pivot points, Psych-lines, Fib lines, Trend-lines and last, but definitely not least, candlestick reversal patterns. I honestly don't know how these work on other pairs, but I should imagine that they're just as effective.

Hope that helps?
Cheers
  • #216
  • Sep 1, 2008 7:30am Sep 1, 2008 7:30am
Thanks eyevoltage! That helps a lot. When I came to this thread I didn't use psyche levels as possible SR levels. I used Pivot points, candlestick patterns trendlines and MACD. Thanks to both you and acumen, I'm starting to observe confluences in pivot points and psyche levels.
Life is a journey... So is trading.
  • #217
  • Sep 1, 2008 7:42am Sep 1, 2008 7:42am
Quoting fx1dr3r
Thanks eyevoltage! That helps a lot. When I came to this thread I didn't use psyche levels as possible SR levels. I used Pivot points, candlestick patterns trendlines and MACD. Thanks to both you and acumen, I'm starting to observe confluences in pivot points and psyche levels.
Glad to help, old chap. Another attraction of this method is the complete absence of any indicator boxes; something I've been growing increasingly disenchanted with over a period of time. Reading the old-timers on here, one really does get the impression that Price Action is "where it's at", so to speak. And seeing as the lines one draws on one's chart are all a result of price action, then what more do you need? And with the candlesticks giving you the opportunity of reading the "behind-the-scenes" psychology of what's going on, you don't really need anything else.

Still, each to his own, as they say!
  • #218
  • Sep 1, 2008 7:50am Sep 1, 2008 7:50am
Check out this chart of cable. My S1 is at 1.8007. Just below it is a psyche level. That confluence hasn't been broken all day long. But the descending TL can't be broken either. Because of this, a descending triangle is being formed. I placed a Sell Stop just bellow the psyche level. What do you guys think?
Attached Image
Life is a journey... So is trading.
  • #219
  • Edited 7:22pm Sep 1, 2008 8:45am | Edited 7:22pm
Good thing I placed my sell stop below the 1.8000 psyche level. the confluence truly is a strong support. The TL has been broken but the current candle it hasn't closed above it. Many might buy. But im gonna wait and see if the 76.4%/61.8% retracement level will hold.
Attached Image
Life is a journey... So is trading.
  • #220
  • Sep 1, 2008 10:17am Sep 1, 2008 10:17am
Quoting fx1dr3r
Good thing I placed my sell stop below the 1.8000 psyche level. the confluence truly is a strong support. The TL has been broken but the current candle it hasn't closed above it. Many might buy. But im gonna wait and see if the 76.4%/38.2% retracement level will hold.
Just got back to the screen, and it certainly looks as if that TL's still holding, mate. On the other hand, I see price made a quite hefty drop down to 1.7984 before starting to pull back. Your triangle is getting narrower, mate! And still no indication as to ultimate price destination.

Isn't this exciting?
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