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Psych Levels, Pivots, and Trendlines - Resurrected

  • #781
  • Oct 3, 2008 9:42am Oct 3, 2008 9:42am
gbpusd goes on to the next level.
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  • #782
  • Oct 3, 2008 10:00am Oct 3, 2008 10:00am
Quoting eyevoltage
Islander, I have the same thoughts as you regarding break-outs and the stop-hunters. I put patterns up on screen mainly for the benefit of anybody who fancies a potential break-out trade, but I very rarely bother.

I have to say, mate, (it's ok to call you mate, is it? ) that I'm liking that 34ema more and more. It's uncanny sometimes how price reacts to it, and it sure gives us another weapon in our search for trading opportunities.

Thanks for the indicator explanation, by the way. I'm like you, I have 3 or 4 different MT4 platforms, all based around Europe, but mainly for when, inevitably, one decides to bugger me about, and it does happen!

Cheers
hello eyevoltage.
i got referd to you by acumen as regards this strategy but i can see some other things have been added.
is there any specific guide or documentation stating or showing how you use this startegy?this is d quote of what acumen said about you
Eyevoltage... a PP and Psych level convert is as good if not better than I am. There are several others on there that are very skilled at PP and S/R. I've passed the baton to EV (Eyevoltage) for that thread.

This thread has some very good PP trades.

Just throw the question out there... it will get answered.

Chart time... Chart time... Money Management... Practice... Patience..
  • #783
  • Oct 3, 2008 4:04pm Oct 3, 2008 4:04pm
Quoting bayoor
hello eyevoltage.
i got referd to you by acumen as regards this strategy but i can see some other things have been added.
is there any specific guide or documentation stating or showing how you use this startegy?this is d quote of what acumen said about you
Eyevoltage... a PP and Psych level convert is as good if not better than I am. There are several others on there that are very skilled at PP and S/R. I've passed the baton to EV (Eyevoltage) for that thread.

This thread has some very good PP trades.

Just throw the question out there... it will get answered.

Chart time... Chart time... Money Management... Practice... Patience..
Bayoor, acumen is really being too kind. There are others on this thread who are a lot more clued in than I am, and I'm learning all the time from their charts.

Pivot points, psych lines, trendlines and fibs. Those, and a 34ema for some of us, are all we use to find price reversals and trend continuations, taking particular notice of PA at the above mentioned lines. For myself, I rely a lot on candlesticks as well, but we all have our favourite methods of identifying potential opportunities.

My advice for what it's worth. Read the thread, study the posted charts and accompanying explanations, and hopefully, you'll start using the method and posting charts of your own.
Good luck, mate.
  • #784
  • Oct 6, 2008 1:36am Oct 6, 2008 1:36am
Good morning

Fx1, what do you think about the range by GBP?
  • #785
  • Oct 6, 2008 1:55am Oct 6, 2008 1:55am
Good Morning - I bought the bounce off the support around the 7550 level and have just taken profits at the 7600 level and will now wait for the London Open.......

Edit: Whilst GBPUSD has been consolidating and looks ready to move up, the Euro looks ready to break down and the Swiss to break up. If these happen, GBP will be pulled down too...
Trading Levels with WRBs
  • #786
  • Oct 6, 2008 2:00am Oct 6, 2008 2:00am
Quoting Islander
Good Morning - I bought the bounce off the support around the 7550 level and have just taken profits at the 7600 level and will now wait for the London Open.......
I tried the breakout down, but ... with little stop I saw the lows and the psichlevel and moved my stop down.

And now - waithing again
  • #787
  • Oct 6, 2008 2:08am Oct 6, 2008 2:08am
Quoting Islander
Good Morning - I bought the bounce off the support around the 7550 level and have just taken profits at the 7600 level and will now wait for the London Open.......

Edit: Whilst GBPUSD has been consolidating and looks ready to move up, the Euro looks ready to break down and the Swiss to break up. If these happen, GBP will be pulled down too...
Good morning and good week everyone. Nice and quick trade Islander. I'd like to know, where was your exact enter and what was the SL? As a newbie, I have a problem with late ENT and in conseq. higher SL.
  • #788
  • Oct 6, 2008 2:15am Oct 6, 2008 2:15am
Quoting Happy68
Good morning

Fx1, what do you think about the range by GBP?
Hi Happy68! Good thing you moved your stop down. Cable just had a tweezer bottom on my chart and is moving up.
Life is a journey... So is trading.
  • #789
  • Oct 6, 2008 2:28am Oct 6, 2008 2:28am
Quoting Tomik1701
Good morning and good week everyone. Nice and quick trade Islander. I'd like to know, where was your exact enter and what was the SL? As a newbie, I have a problem with late ENT and in conseq. higher SL.
At this time of the day - Frankies Hour - I often drill down to the 1 min chart and I was using it here. We already had a prior low in the 7550 area so a good possibility for a bounce. I bought at 7571 after the long green candle, stop was at 7550 - 1 pip under the low. Hint - a longer candle ( say > ~12 pips on a 1 min chart) relative to the preceeding ones often signals the start of a move......and if there is no follow through the end of a move too.

Please do your own backtesting - just walk your chart forward candle by candle and watch the action and put on your trade and see how it works out - you can even get a simulator called V Hands to help you.
Trading Levels with WRBs
  • #790
  • Oct 6, 2008 2:41am Oct 6, 2008 2:41am
Quoting Islander
At this time of the day - Frankies Hour - I often drill down to the 1 min chart and I was using it here. We already had a prior low in the 7550 area so a good possibility for a bounce. I bought at 7571 after the long green candle, stop was at 7550 - 1 pip under the low. Hint - a longer candle ( say > ~12 pips on a 1 min chart) relative to the preceeding ones often signals the start of a move......and if there is no follow through the end of a move too.

Please do your own backtesting - just walk your chart forward candle by candle and watch the action and put on your trade and see how it works out - you can even get a simulator called V Hands to help you.
Thanks for your answer and for very useful hint. I will do some backtest. For simulation I use LFH trading simulator 3 in MT4.
  • #791
  • Oct 6, 2008 2:44am Oct 6, 2008 2:44am
The market's quite. Cable was previously ranging between S1-1.7569 and psyche level-1.7600. It attempted to break downwards but met a strong 3-day support at 1.7550. It's a wait and see for now.
Attached Image
Life is a journey... So is trading.
  • #792
  • Oct 6, 2008 3:00am Oct 6, 2008 3:00am
Looking at M5, here's an ascending triangle with a couple of failed break-ups after meeting a resistance at the falling TL just above its ceiling. Also notice the tweezer bottom on the last 3 candles on the chart. Let's see what happens next. What do you guys think?
Attached Image
Life is a journey... So is trading.
  • #793
  • Oct 6, 2008 3:07am Oct 6, 2008 3:07am
Quoting fx1dr3r
Looking at M5, here's an ascending triangle with a couple of failed break-ups after meeting a resistance at the falling TL just above its ceiling. Let's see what happens next. What do you guys think?

The Euro put in a low at LO with a graveyard doji on my 5 min hiting its 3550 level. USDCHF made a new high at 1.1420 and is now back under its 400 level so IF it will now have a retracemnt that should allow the Euro and the Pound to rally....TWT
Trading Levels with WRBs
  • #794
  • Oct 6, 2008 3:13am Oct 6, 2008 3:13am
Quoting Islander
The Euro put in a low at LO with a graveyard doji on my 5 min hiting its 3550 level. USDCHF made a new high at 1.1420 and is now back under its 400 level so IF it will now have a retracemnt that should allow the Euro and the Pound to rally....TWT
Cable just bounced on the falling TL and went down. Let's see how it will react with the strong 3-day support at 1.7550.
Life is a journey... So is trading.
  • #795
  • Oct 6, 2008 3:25am Oct 6, 2008 3:25am
Quoting fx1dr3r
Cable just bounced on the falling TL and went down. Let's see how it will react with the strong 3-day support at 1.7550.
There was no reaction
  • #796
  • Oct 6, 2008 3:32am Oct 6, 2008 3:32am
Quoting Happy68
There was no reaction
At M5 it may look like a bearish flag which became a 76.4% retracement at the confluence with the falling TL. Followed by a move down well below 100% extension. At another perspective, looking at M15. We can see that price did react with the support level-1.7550 with that very long shadow.
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Life is a journey... So is trading.
  • #797
  • Oct 6, 2008 3:37am Oct 6, 2008 3:37am
I wanted to enter by the break of the blue TL and below the little correction, but because of the 7550 I didn't . May be I have to enter, if that is the second try to break (this morning was the first). Any advice?
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  • #798
  • Oct 6, 2008 3:41am Oct 6, 2008 3:41am
Quoting Happy68
I wanted to enter by the break of the blue TL and below the little correction, but because of the 7550 I didn't . May be I have to enter, if that is the second try to break (this morning was the first). Any advice?
Factoring in to your decision, the fact the price bounced on the falling TL again, forming a 76.4% retracement, you could have sold after the break of the rising TL. But you will need to observe how price will react with the 1.7550 support level coz there is a possibility that price might bounce off of it.

You need to look at other factors that would support your trade and you also have to be on the lookout for obstacles of your position.
Life is a journey... So is trading.
  • #799
  • Oct 6, 2008 3:55am Oct 6, 2008 3:55am
Thanks, fx1
  • #800
  • Oct 6, 2008 3:57am Oct 6, 2008 3:57am
Quoting Islander
The Euro put in a low at LO with a graveyard doji on my 5 min hiting its 3550 level. USDCHF made a new high at 1.1420 and is now back under its 400 level so IF it will now have a retracemnt that should allow the Euro and the Pound to rally....TWT

Swiss spiked down to its R1 at 1.1380 and bounced back up, so the Pound spiked down to new lows, but the Euro didnt, holding at its 50% retrace. On the 15m chart, the Pound's spike down was with a long tailed green spinning top on high volume - so there was some good buying keeping the price up.

With no news due out I'm thinking that we'll probably chop in the 7500 to 7600 range, waiting to see what the NY traders do.....so far the Dollar has rallied 200 pips since confirmation of the bailout on Friday afternoon and is back at its highs - the 1.1420 level - if this dollar rally continues it will weaken the Pound and Euro....
Trading Levels with WRBs
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