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Psych Levels, Pivots, and Trendlines - Resurrected

  • #601
  • Sep 25, 2008 8:25am Sep 25, 2008 8:25am
Could this be a 76.4% retracement? What do you think guys?
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Life is a journey... So is trading.
  • #602
  • Sep 25, 2008 8:31am Sep 25, 2008 8:31am
Quoting eyevoltage
My God, Ed, they really want their pound of flesh out of you, mate!

Yes, been a good day so far.......it's nice when it gets a bit more volatile. I'm really liking this acumen thing, Ed. Lots of different types of opportunities to look for.....Fresh highs/lows forming for fib chances, candlestick reversals at main S/R lines etc., lots there to keep one busy all day if it wasn't for all the other duties that we have in our everyday lives!
Take care, mate. Nice to see you again.
Cheers
Hello EV. I agree with you about Acumen's method. I like "simple", and it's pretty darned simple and logical. I did add an 8-day exponential moving average to my chart a couple of weeks ago, and it's helped me a lot also.

Oh well, settling in. Have a good one.
Ed
Up or down, gimme a ticket
  • #603
  • Sep 25, 2008 8:37am Sep 25, 2008 8:37am
This one was the result of a bullish piercing pattern. Once that completed, I entered just above the confluence, bailing out just below the 0.20 psych-line.
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  • #604
  • Sep 25, 2008 8:55am Sep 25, 2008 8:55am
Nice one EV! That really shows the strength of psyche levels and pivots, they serve not just as entry levels but as good exit points well. .... Well, I'm done for the day. Happy trading EV, Ed and others! See you all tomorrow.
Life is a journey... So is trading.
  • #605
  • Sep 25, 2008 9:18am Sep 25, 2008 9:18am
Quoting fx1dr3r
Nice one EV! That really shows the strength of psyche levels and pivots, they serve not just as entry levels but as good exit points well. .... Well, I'm done for the day. Happy trading EV, Ed and others! See you all tomorrow.
All the best, mate.
  • #606
  • Sep 25, 2008 10:17am Sep 25, 2008 10:17am
KISS.

Short @ 88, Stop @ 10, TP @ 50.
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Donīt live for working, but work for living.
  • #607
  • Sep 25, 2008 10:41am Sep 25, 2008 10:41am
Quoting matsf
KISS.

Short @ 88, Stop @ 10, TP @ 50.
You make it look easy, can't be ...can it What's SP?
  • #608
  • Sep 25, 2008 10:51am Sep 25, 2008 10:51am
SP = Sweet Point.
The round numbers ...,50 and ...,00

I had my stop slightly above the SP and the TP was also an SP.
Donīt live for working, but work for living.
  • #609
  • Sep 25, 2008 10:59am Sep 25, 2008 10:59am
Quoting matsf
SP = Sweet Point.
The round numbers ...,50 and ...,00

I had my stop slightly above the SP and the TP was also an SP.
ah, i see, thanks.
  • #610
  • Sep 25, 2008 11:52am Sep 25, 2008 11:52am
Quoting matsf
KISS.

Short @ 88, Stop @ 10, TP @ 50.
matsf, am I right in thinking you took the trade after seeing the doji on the 0.80 psych line? In other words, a routine reversal pattern?
Nice trade, mate!
  • #611
  • Sep 25, 2008 12:40pm Sep 25, 2008 12:40pm
EV, i took the trade because of the s/r-level.
Also there was a confluence with the "80", youīre right.
I donīt trade any patterns...
Donīt live for working, but work for living.
  • #612
  • Sep 25, 2008 4:50pm Sep 25, 2008 4:50pm
Quoting matsf
EV, i took the trade because of the s/r-level.
Also there was a confluence with the "80", youīre right.
I donīt trade any patterns...
Thanks for that, mate. Who needs indicators?
  • #613
  • Edited 12:31am Sep 26, 2008 12:28am | Edited 12:31am
Good day guys! Cable made a range between 1.8440 and 1.8410. Placed a sell stop 3 points below the range and TP at 100% extension. Could have placed the TP at psyche level-1.8350 but didn't think it will make it coz of low volatility.
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Life is a journey... So is trading.
  • #614
  • Sep 26, 2008 1:22am Sep 26, 2008 1:22am
Could this be a falling wedge with a higher probability of break upwards?
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Life is a journey... So is trading.
  • #615
  • Sep 26, 2008 1:27am Sep 26, 2008 1:27am
Quoting matsf
SP = Sweet Point.
The round numbers ...,50 and ...,00

I had my stop slightly above the SP and the TP was also an SP.
Here's an indy that draws them on your chart....
Attached File(s)
File Type: mq4 SDX-SweetSpots.mq4   3 KB | 329 downloads
Trading Levels with WRBs
  • #616
  • Sep 26, 2008 1:36am Sep 26, 2008 1:36am
Quoting SpecialEd
Hello EV. I agree with you about Acumen's method. I like "simple", and it's pretty darned simple and logical. I did add an 8-day exponential moving average to my chart a couple of weeks ago, and it's helped me a lot also.

Oh well, settling in. Have a good one.
Ed
LOL - I've used the 8ema and 34 ema on my 5 min charts for several years - they really help me when I'm reviewing several pairs - I dont have EV's "eye" for reading the candlesticks - guess that I might have to concentrate and put more time in on a restricted number of pairs
Trading Levels with WRBs
  • #617
  • Sep 26, 2008 1:46am Sep 26, 2008 1:46am
Quoting Islander
LOL - I've used the 8ema and 34 ema on my 5 min charts for several years - they really help me when I'm reviewing several pairs - I dont have EV's "eye" for reading the candlesticks - guess that I might have to concentrate and put more time in on a restricted number of pairs
Hi Islander! Do you use them for MA cross or as a bounce region?
Life is a journey... So is trading.
  • #618
  • Sep 26, 2008 2:21am Sep 26, 2008 2:21am
Quoting fx1dr3r
Hi Islander! Do you use them for MA cross or as a bounce region?
No, a cross laggs too much. I look at price and the actual candlesticks in relation to the MAs.

Also, the slope of the MA and the distance that the candles are in relation to it. The 34 is excellent for keeping you in a trend AND for taking add-ons as price pulls back to it and them moves away - just do a back-test!

However, I must say that the way EV is interpeting candles, patterns etc in conjunction with swwet spots, pivots etc seems to give earlier entries and makes the MAs superflous - except perhaps the 34 for trend continuation
Trading Levels with WRBs
  • #619
  • Edited 3:18am Sep 26, 2008 3:05am | Edited 3:18am
Here's a great example of combining the 34 ema with levels etc.

An hour before FO there was a wide range green candle closing above the 34 ema (agua) which then reversed direction and started sloping UP.

For me, the buy was in the next candle at the green arrow. Price then held above the 850 sweet spot at #1 & #2 and just after LO pulled back to the 34ema for a great add-on trade at #3.

Swissy has now gone up to the 900 sweet spot - a great area to take some profits...

Edit: The euro has a very similar chart and set up - in reverse - but I dont want to post too many of my charts!
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Trading Levels with WRBs
  • #620
  • Sep 26, 2008 5:14am Sep 26, 2008 5:14am
Looks like cable is finding strong resistance at psyche level-1.8400 and a strong support at MS1-1.8338 (just below psyche level-1.8350).
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Life is a journey... So is trading.
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