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Psych Levels, Pivots, and Trendlines - Resurrected

  • #221
  • Sep 1, 2008 10:37am Sep 1, 2008 10:37am
Yes the TL is holding. If it holds on this upward movement, i'm gonna short cable. Especially if it shows a bearish candle pattern after hitting the confluence of the TL and 76.4 retracement. Also if it goes below the confluence of S1-1.8007 and 1.8000 psyche level again.
Attached Image
Life is a journey... So is trading.
  • #222
  • Sep 1, 2008 12:36pm Sep 1, 2008 12:36pm
Quoting Islander
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'm out for a couple of hours...
I got delayed, but my limit order was hit as the opening gap got closed.

The trade was from the bounce off the MS3 level and price actually ran on up to the DP before pulling back and giving another buy signal as it failed to reach the 400 level, holding around the 200ema.

There was a good 40 points in each trade - say $1500 / contract....
Attached Image (click to enlarge)
Click to Enlarge Name: sep 1 dax 5m 1832.gif Size: 16 KB
Trading Levels with WRBs
  • #223
  • Sep 1, 2008 5:25pm Sep 1, 2008 5:25pm
I woke up just before my entry was hit. It's already morning here. Shorted cable @ 1.7999 when it went down again below 1.8000. My TP was hit at S1-1.7960. As I type this message, cable is still falling.
Life is a journey... So is trading.
  • #224
  • Sep 1, 2008 6:21pm Sep 1, 2008 6:21pm
Please take a look at my chart and tell me if this is an inverted hammer. I acted on the premise that it was, and therefore a bullish reversal, plus I expected a bounce off S2 area. Went long at 1.4569 and took profit at 1.4582, for 13 easy pips.

Ed
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Up or down, gimme a ticket
  • #225
  • Sep 1, 2008 7:18pm Sep 1, 2008 7:18pm
Looking at your chart, I see TWO inverted hammers, both opening and closing just below the 1.4565 line, although the second one is more like a high wave candle, Ed. Doesn't matter though, because the HW candle is another of those "indecision" candles. After that one, of course, came a decidedly bullish candle, that saw some bearish pressure (long upper shadow), but finally ended the session on a positive bullish note.
A nice trade, me old mate, but I think you got out a little too soon!

Cheers
  • #226
  • Sep 1, 2008 9:29pm Sep 1, 2008 9:29pm
Hi SpecialEd! If im not mistaken, you exited your position at 1.4582 coz that is one of you visual resistance, where prices previously showed a bit of a support. Right?
Life is a journey... So is trading.
  • #227
  • Sep 1, 2008 9:42pm Sep 1, 2008 9:42pm
Quoting eyevoltage
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
Pivots work on any thing that is traded.

The strategy with incorporating psych levels works best on the EURUSD.

However... It does work on USDCHF and GBPUSD

GBPUSD requires a wider stop.

I do recommend one pair... the longer you look at one pair the easier it is to pick up the nuances.

Mike
  • #228
  • Sep 2, 2008 12:52am Sep 2, 2008 12:52am
Hi guys! Sold cable near the confluence of TL and 76.4% retracement. It showed indecision with the spinning tops and a down bias with the tweezer top on the previous two candles. I'll see if this becomes a good trade.
Attached Image
Life is a journey... So is trading.
  • #229
  • Sep 2, 2008 1:28am Sep 2, 2008 1:28am
My TP has been hit which is at the previous swing low. There's a possibility for the down move to continue but the previous swing low is near my M3-1.7875
Life is a journey... So is trading.
  • #230
  • Edited 3:53am Sep 2, 2008 3:28am | Edited 3:53am
Could this be another descending triangle or a falling wedge? Placed a sell stop 5 points below psyche level 1.7850. cable might slip down again if Construction PMI is bad.
Attached Image
Life is a journey... So is trading.
  • #231
  • Sep 2, 2008 4:03am Sep 2, 2008 4:03am
Quoting fx1dr3r
Hi SpecialEd! If im not mistaken, you exited your position at 1.4582 coz that is one of you visual resistance, where prices previously showed a bit of a support. Right?
Yes, Fx1dr3r, I was scalping at the time. As Eyevoltage pointed out, it appears that I got out a bit soon, but I had kind of locked in my mind that the S2 would be the end of that up motion and I just let the trade play itself out quickly.

Thanks EV, for the tip on the other inverted hammer also. I looked at that as indecision, but did not consider it an inverted handle because it had a bit of a lower shadow, if I remember.

Good to see you fellows online. Have a good day.
Ed in Virginia
Up or down, gimme a ticket
  • #232
  • Sep 2, 2008 5:00am Sep 2, 2008 5:00am
On eur/usd this morning, two nice trades that I couldn't take advantage of, unfortunately, being busy elsewhere, but it's worth posting them as examples of what to look for.
They're self-explanatory, really. Two micro-trendlines, perfectly indicating the entries at 1 and 2. No candlestick patterns this time.....just two breakouts!
Attached Image
  • #233
  • Sep 2, 2008 5:06am Sep 2, 2008 5:06am
Quoting acumen
Pivots work on any thing that is traded.

The strategy with incorporating psych levels works best on the EURUSD.

However... It does work on USDCHF and GBPUSD

GBPUSD requires a wider stop.

I do recommend one pair... the longer you look at one pair the easier it is to pick up the nuances.

Mike
Your comments gratefully accepted, mate, and it's nice to hear from you.
As I said, it's much more relaxing watching one pair only, and I'm enjoying the whole thing more, purely because there's no complicated indicators......just PA, nothing more.
Thanks again, mate.
Cheers
  • #234
  • Sep 2, 2008 5:07am Sep 2, 2008 5:07am
Quoting eyevoltage
On eur/usd this morning, two nice trades that I couldn't take advantage of, unfortunately, being busy elsewhere, but it's worth posting them as examples of what to look for.
They're self-explanatory, really. Two micro-trendlines, perfectly indicating the entries at 1 and 2. No candlestick patterns this time.....just two breakouts!
Elegant simplicity......= http://www.forexfactory.com/images/icons/dollar.gif.......http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #235
  • Sep 2, 2008 5:10am Sep 2, 2008 5:10am
EV, is this a morningstar pattern? If so, should be heading up for a bit from here?

Thanks,
Ed
Attached Image
Up or down, gimme a ticket
  • #236
  • Sep 2, 2008 5:24am Sep 2, 2008 5:24am
Quoting SpecialEd
EV, is this a morningstar pattern? If so, should be heading up for a bit from here?

Thanks,
Ed
It's a cross between a spinning-top and a doji, Ed. However, to all intents and purposes, I think it would be classed as a doji morning star, and yes, after the confirming candle, price should head northwards.

Hope that helps.
  • #237
  • Sep 2, 2008 5:25am Sep 2, 2008 5:25am
Quoting Islander
Elegant simplicity......= http://www.forexfactory.com/images/icons/dollar.gif.......http://www.forexfactory.com/images/icons/icon14.gif
True.......so true!
  • #238
  • Sep 2, 2008 5:26am Sep 2, 2008 5:26am
Quoting SpecialEd
EV, is this a morningstar pattern? If so, should be heading up for a bit from here?

Thanks,
Ed
I had a BuyLimit in place for 1.4467 but was a bit slow with it so I missed a bounce to 4497. I deleted that missed order and waited for the next opportunity. Back to following Acumen's rules and waiting for another ride down. It was in a downward channel (for days actually), but then fell out of that one into a much steeper slope at around 0500gmt today so I now have a Sell Stop in place for 1.4460, hoping to ride to 1.4400 or below. S3 is 4377. Stop Loss is 25 pips. Thoughts?
Up or down, gimme a ticket
  • #239
  • Sep 2, 2008 5:27am Sep 2, 2008 5:27am
Quoting eyevoltage
It's a cross between a spinning-top and a doji, Ed. However, to all intents and purposes, I think it would be classed as a doji morning star, and yes, after the confirming candle, price should head northwards.

Hope that helps.
Up or down, gimme a ticket
  • #240
  • Edited 5:35am Sep 2, 2008 5:33am | Edited 5:35am
Quoting SpecialEd
I had a BuyLimit in place for 1.4467 but was a bit slow with it so I missed a bounce to 4497. I deleted that missed order and waited for the next opportunity. Back to following Acumen's rules and waiting for another ride down. It was in a downward channel (for days actually), but then fell out of that one into a much steeper slope at around 0500gmt today so I now have a Sell Stop in place for 1.4460, hoping to ride to 1.4400 or below. S3 is 4377. Stop Loss is 25 pips. Thoughts?
As it stands now, Ed, it looks like it's going to take a bounce off the .00 psych line, and if it does that, then it's got to breach the S2 line. In other words, it's got some work to do before your trade is triggered! That's how it stands at the moment. Good luck!
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