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Psych Levels, Pivots, and Trendlines - Resurrected

  • #281
  • Edited 9:52am Sep 3, 2008 9:14am | Edited 9:52am
Quoting SpecialEd
EV, how close are you to Chester?
Sorry, mate, I meant to answer that question before.

It's about a 170 mile drive from here to Chester, mate. As the crow flies, it's probably around 100 miles. (Assuming the crow's not pissed, of course!)
  • #282
  • Sep 3, 2008 9:32am Sep 3, 2008 9:32am
Quoting eyevoltage
Sorry, mate, I meant to answer that question before.

It's about a 200 mile drive from here to Chester, mate. As the crow flies, it's probably around 150 miles. (Assuming the crow's not pissed, of course!)
Sorry to digress. Last question off-topic - what town do you live in/near? One of my brit friends hails from a "wide spot in the road" near Chester. I was speaking to him last night. He lives here for about 20 years.
Up or down, gimme a ticket
  • #283
  • Sep 3, 2008 9:53am Sep 3, 2008 9:53am
Quoting SpecialEd
Sorry to digress. Last question off-topic - what town do you live in/near? One of my brit friends hails from a "wide spot in the road" near Chester. I was speaking to him last night. He lives here for about 20 years.

I've sent you a PM.
  • #284
  • Sep 3, 2008 10:39am Sep 3, 2008 10:39am
This thread should be renamed to Eyevoltage and SpecialEd chatter.
  • #285
  • Sep 3, 2008 10:58am Sep 3, 2008 10:58am
Quoting greywolf238
This thread should be renamed to Eyevoltage and SpecialEd chatter.
Fancy joining in then? After all, Ed's practically a neighbour of yours!
  • #286
  • Sep 3, 2008 11:03am Sep 3, 2008 11:03am
Quoting greywolf238
This thread should be renamed to Eyevoltage and SpecialEd chatter.
Join on in! We don't have many visitors to this thread so every once and a while we (I) digress, like when the pa's sideways.

We learn a lot, too, however. All about pivots, S&R, and candlesticks. I like the thread because its posters are serious traders, interested in sharing, and it's fairly quiet. No arguments and personal attacks.

Ed
Up or down, gimme a ticket
  • #287
  • Sep 4, 2008 12:19am Sep 4, 2008 12:19am
Could this be an ascending triangle if the ascending TL continues to hold? The confluence of psyche level-1.7750 and central pivot-1.7745 is near the roof of the triangle.
Attached Image
Life is a journey... So is trading.
  • #288
  • Sep 4, 2008 3:03am Sep 4, 2008 3:03am
Here's a Dax chart showing an excellent respect of the pivots.

Todays DP had already twice been resistance yesterday, so the 3rd hit just after LO was a clear sell, although I waited for confirmation via the breaks of the confluence of the 200 & 34 emas and the Todays Open line.

I set a limit order at the MS2 level which got taken out to the pip....here in the Dax thats worth $1700 / contract....http://www.forexfactory.com/images/icons/icon12.gif

Now I'm waiting to see which level acts as resistance to take another sell...
Attached Image (click to enlarge)
Click to Enlarge Name: sep 3 dax 5m 0955.gif Size: 16 KB
Trading Levels with WRBs
  • #289
  • Sep 4, 2008 3:59am Sep 4, 2008 3:59am
[quote=Islander;2199748]Here's a Dax chart showing an excellent respect of the pivots.

Todays DP had already twice been resistance yesterday, so the 3rd hit just after LO was a clear sell, although I waited for confirmation via the breaks of the confluence of the 200 & 34 emas and the Todays Open line.

I set a limit order at the MS2 level which got taken out to the pip....here in the Dax thats worth $1700 / contract....http://www.forexfactory.com/images/icons/icon12.gif

Now I'm waiting to see which level acts as resistance to take another sell...[/quote]

This chart - an hour after the last one - says it all......http://www.forexfactory.com/images/icons/euro.gif
Attached Image (click to enlarge)
Click to Enlarge Name: sep 3 dax 5m 1055.gif Size: 11 KB
Trading Levels with WRBs
  • #290
  • Sep 4, 2008 4:26am Sep 4, 2008 4:26am
[quote=Islander;2199845]
Quoting Islander
Here's a Dax chart showing an excellent respect of the pivots.

Todays DP had already twice been resistance yesterday, so the 3rd hit just after LO was a clear sell, although I waited for confirmation via the breaks of the confluence of the 200 & 34 emas and the Todays Open line.

I set a limit order at the MS2 level which got taken out to the pip....here in the Dax thats worth $1700 / contract....http://www.forexfactory.com/images/icons/icon12.gif

Now I'm waiting to see which level acts as resistance to take another sell...[/quote]

This chart - an hour after the last one - says it all......http://www.forexfactory.com/images/icons/euro.gif
Nice trades, Islander. What sort of spreads are you getting on DAX, or any other indices?
  • #291
  • Sep 4, 2008 5:14am Sep 4, 2008 5:14am
Entered a sell stop below the descending triangle. Hope this becomes a good trade.
Attached Image
Life is a journey... So is trading.
  • #292
  • Sep 4, 2008 5:26am Sep 4, 2008 5:26am
Here's the outcome of my trade. TP was placed and hit at the confluence of MR1-1.7784 and TL. SL just above the high of the previous 2 candles. From the chart, price reacted and made a small bounce at the confluence.
Attached Image
Life is a journey... So is trading.
  • #293
  • Sep 4, 2008 6:09am Sep 4, 2008 6:09am
[quote=eyevoltage;2199885]
Quoting Islander

Nice trades, Islander. What sort of spreads are you getting on DAX, or any other indices?
Thanks. At present this is work in progress and I'm paying a $25 commission on the spot price on an MT4 platform When I'm happy, I'll increase my funds and I'll use the futures markets and a different broker, but probably keep the MT4 account open for charting.
Trading Levels with WRBs
  • #294
  • Sep 4, 2008 6:47am Sep 4, 2008 6:47am
Quoting fx1dr3r
Here's the outcome of my trade. TP was placed and hit at the confluence of MR1-1.7784 and TL. SL just above the high of the previous 2 candles. From the chart, price reacted and made a small bounce at the confluence.
Good trade, fx1.......

Good job you got out when you did. A big bull candle came along after that, with a really long upper shadow! Nice one.
  • #295
  • Sep 4, 2008 7:05am Sep 4, 2008 7:05am
I took this trade because of the bullish piercing pattern. Still in it, so let's see how far it goes. TP at the next fib point.

EDIT: Yep, pushed through it just a minute later at 1.4490, and that's good enough. (Went against the rules a bit, but sometimes one has to be a bit flexible.)
Attached Image
  • #296
  • Sep 4, 2008 9:40am Sep 4, 2008 9:40am
Hi EV! As long as its a profitable trade, it's still a good trade! Good choice of exit. Look at the price fall after hitting your target profit level.

Here's my last trade of the night. After the 76.4% retracement, supported by the good ISM Non-Manufacturing PMI data, I waited till the 1.7800 Psyche Level was broken to disregard it as a support. Exited just above the convergence of the central pivot-1.7745 and psyche level-1.7750. As I type this prices are falling past 138.2% from the ceiling of the fib.
Attached Image
Life is a journey... So is trading.
  • #297
  • Sep 4, 2008 10:10am Sep 4, 2008 10:10am
Whilst I usually trade the Dow in the NY session, today it seemed rude not to continue with the Dax

After an initial drop to its 350 level, early NY trading gave a bounce nicely up to the confluence of the fib 50%, MS3 pivot and 34ema for another good sell - this time for a fall > 90 points.

I exited on a limit order at the 6300 level. The Dow had a similar move, down > 150 points.
Attached Image (click to enlarge)
Click to Enlarge Name: sep 3 dax 5m 1700.gif Size: 12 KB
Trading Levels with WRBs
  • #298
  • Sep 4, 2008 10:39am Sep 4, 2008 10:39am
Great trades, guys. It seems to have been one of those days we'd all like to see more often!
  • #299
  • Sep 5, 2008 5:24am Sep 5, 2008 5:24am
Quoting eyevoltage
Great trades, guys. It seems to have been one of those days we'd all like to see more often!

LOL - but so far today is one that we'd rather forget - its really hard work extracting pips and I've concentrated on points from the Dax and Oil.....lets see what NFP brings.....
Trading Levels with WRBs
  • #300
  • Sep 5, 2008 5:40am Sep 5, 2008 5:40am
I was with the Sandman at the time, but the candlesticks were trying to send us a message at the peak of the attached chart. EV, you'll do better at the analysis than I, so I thought I'd show it.

Lots of market uncertainty for a bit, but all the signs of a nice reversal. I see dojis and a couple of haramis, right? I see no classic bearish piercing or engulfing candles, but man it dropped. Someone could have made at least 60 PIPs on this slide down. All the way back to the daily low, which had been set earlier in the evening.

Have a good day everyone.
Ed
Attached Image
Up or down, gimme a ticket
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