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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,041
  • Oct 15, 2008 3:44am Oct 15, 2008 3:44am
Quoting Islander

so I'm trading off the 1m 34ema and takin early profits till a decent move starts - probably after the UK news due out in 30 mins...
Hello mate. I'm intrigued by your comment re trading off the 1m 34ema. I wonder if you could enlarge on that a little, as I'm guessing you're doing a little scalping whilst waiting for a bigger move? Maybe show us an example as well?
Thanks in advance, mate.
Cheers
  • #1,042
  • Edited 4:32am Oct 15, 2008 4:20am | Edited 4:32am
This should be a bullish flag that's formed, but we'll wait and see what happens........

Edit: 10.30am....just broke to the upside....
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  • #1,043
  • Oct 15, 2008 4:40am Oct 15, 2008 4:40am
A symmetrical triangle that broke to the upside just before the movement on eur/usd............
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  • #1,044
  • Oct 15, 2008 5:12am Oct 15, 2008 5:12am
The eur/usd breakout earlier provided this opportunity. Entered at a point just above the high of the previous candle which closed above the psych-line. By the time price had struggled up to the proximity of the Pivot Point, I'd had enough and jumped ship. I much prefer candles with shorter shadows, but then, don't we all?
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  • #1,045
  • Oct 15, 2008 5:13am Oct 15, 2008 5:13am
Quoting eyevoltage
Hello mate. I'm intrigued by your comment re trading off the 1m 34ema. I wonder if you could enlarge on that a little, as I'm guessing you're doing a little scalping whilst waiting for a bigger move? Maybe show us an example as well?
Thanks in advance, mate.
Cheers
Islander will speak for himself but when the white 5 ema and yellow 34 ema agree its nice on 1 min.

Agree for buy = higher high, 34 sloping up, price breaks 5 ema.
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  • #1,046
  • Oct 15, 2008 5:22am Oct 15, 2008 5:22am
Islander was just wondering if you are trading solely from 1 min charts or do you have other set ups on other time frames.
  • #1,047
  • Oct 15, 2008 5:39am Oct 15, 2008 5:39am
Quoting Vantage
Islander was just wondering if you are trading solely from 1 min charts or do you have other set ups on other time frames.
Many thanks indeed for the info re the 1m 34ema. No, I rarely look at the 1m chart, preferring to concentrate on 5m or 15m. It was just Islander's remark about "trading the 1m 34ema" that caught my interest.

Thanks again, mate.
  • #1,048
  • Oct 15, 2008 5:56am Oct 15, 2008 5:56am
This fib opportunity on cable is a nice example of how fib expansions work. The retracement was weak, not quite reaching the 38.2% fib, and when that happens, the theory is that with such a weak retracement, a strong trend continuance usually (not always) follows. In this case, the theory was proved correct. Even better, price headed up towards the FE138.2%, and, like its retracement counterpart, didn't quite reach it! Well, not yet anyway.
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  • #1,049
  • Oct 15, 2008 6:11am Oct 15, 2008 6:11am
Hallo guys , here my trades today.
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  • #1,050
  • Oct 15, 2008 6:23am Oct 15, 2008 6:23am
Quoting Happy68
Hallo guys , here my trades today.
Very nice trades, Happy.
  • #1,051
  • Edited 6:47am Oct 15, 2008 6:28am | Edited 6:47am
Price has retraced again to the FE61.8% level, with a doji closing right on it. If price gets past the 0.50 psych-line and R1, I'll take it..........

Edit: In at 1.7561....
Edit: Looks like I got in too early.....
Edit: Out at 1.7569. R1 is proving to be too strong.
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  • #1,052
  • Oct 15, 2008 6:32am Oct 15, 2008 6:32am
Hi Guys - I was out and so missed that great rally in cable - it broke up out of the wedge on the 5 min chart that I mentioned earlier.

Answering your questions - EV and Vantage - I have many TFs up on my analysis charts, looking for bigger moves and I generally look at the weekly / daily / 4 hour over the weekend and look for S/R TLs etc

I check my hourly chart at the start of my day, but then concentrate on the 15m & 5m, usually drilling down to the 1m for FO / LO.

As every big move starts with a move on the lowest TF I'm happy to get in early when my stops can be small.

This morning there was a lot of chop before the news and if you read my comments in conjunction with the 1m chart that I've already posted you should get a clear idea of what I was doing.

Its quite usual for the move into Frankies Hour to reverse - and this often forms the start of the major move of the day - I have run an analysis of this, but is best to backtest yourself.

The majority of my trades are day trades, with a small number of longer term ones when I get a set up - but I like day-trading!

On the 1 min chart the 34ema works well and I also use a 5 or 8 ema of the median price to help me get in / out. Combine these with the levels and you get a great system - patience and money managemet are vital too http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #1,053
  • Oct 15, 2008 6:55am Oct 15, 2008 6:55am
Quoting Islander
Hi Guys - I was out and so missed that great rally in cable - it broke up out of the wedge on the 5 min chart that I mentioned earlier.

Answering your questions - EV and Vantage - I have many TFs up on my analysis charts, looking for bigger moves and I generally look at the weekly / daily / 4 hour over the weekend and look for S/R TLs etc

I check my hourly chart at the start of my day, but then concentrate on the 15m & 5m, usually drilling down to the 1m for FO / LO.

As every big move starts with a move on the lowest TF I'm happy to get in early when my stops can be small.

This morning there was a lot of chop before the news and if you read my comments in conjunction with the 1m chart that I've already posted you should get a clear idea of what I was doing.

Its quite usual for the move into Frankies Hour to reverse - and this often forms the start of the major move of the day - I have run an analysis of this, but is best to backtest yourself.

The majority of my trades are day trades, with a small number of longer term ones when I get a set up - but I like day-trading!

On the 1 min chart the 34ema works well and I also use a 5 or 8 ema of the median price to help me get in / out. Combine these with the levels and you get a great system - patience and money managemet are vital too http://www.forexfactory.com/images/icons/icon12.gif
Many thanks, Islander, for being so helpful. It's always interesting and informative to see how others approach their trading, and you seem to have a good system perfectly nailed, so to speak.
I have to agree with your final paragraph, although I've found the 34ema to work very well on 5m and 15m also. It's uncanny sometimes how price reacts to the 34ema, but it makes for some very good opportunities!
Acumen's original method, combined with fibs, the 34ema and, for me at least, candlestick patterns, can't be beaten.
Thanks again, mate.
  • #1,054
  • Edited Oct 16, 2008 1:43am Oct 15, 2008 7:19am | Edited Oct 16, 2008 1:43am
Quoting eyevoltage
Many thanks, Islander, for being so helpful. It's always interesting and informative to see how others approach their trading, and you seem to have a good system perfectly nailed, so to speak.
I have to agree with your final paragraph, although I've found the 34ema to work very well on 5m and 15m also. It's uncanny sometimes how price reacts to the 34ema, but it makes for some very good opportunities!
Acumen's original method, combined with fibs, the 34ema and, for me at least, candlestick patterns, can't be beaten.
Thanks again, mate.
My pleasure - we 're all trying to find "our" own best way to bank pips.

Please remember that when trading cable I also monitor the Euro and Swissy and its interesting to see that at 9:25am on my charts, Swissy had a wide range down candle and the Euro ditto, but up. This was also the break out candle for cable.

Also, there is IMO no substitute for real time trading experience - we're all great at reading historic charts, but reading and trading "from the right" takes experience to build confidence and the ability to pull the trigger and trading with real money - even minis - is very different to demo.

Now to see what the NY session brings......http://www.forexfactory.com/images/icons/icon6.gif

Edit: WOW - what a move - a quick fakeout up to the 7600 level and then down 400 pips - again, easily followed on the 5 min chart - I'll post later - busy now with EURJPY as cable's a bit flat this morning after that move....
Trading Levels with WRBs
  • #1,055
  • Oct 16, 2008 5:49am Oct 16, 2008 5:49am
Yesterday's NY session off the 15m chart but with the 5m 34 ema.

There were tweezers / rail road tracks at the high on several TFs and then the doji lower high, so plenty of time to get short and just follow the levels and TL down...
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Trading Levels with WRBs
  • #1,056
  • Oct 16, 2008 6:00am Oct 16, 2008 6:00am
After yesterday afternoon's huge move cable's been very choppy this morning, so I looked at the Euro Yen - you dont need much to help you.....

Buy any of the five hits of the 133.50 level and sell the hits on the 135.50 level - I'd have posted earlier, but we had no power, so I went out.

The last buy was at the 134.50 level / 50% retrace.....
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Trading Levels with WRBs
  • #1,057
  • Edited 2:58am Oct 17, 2008 1:54am | Edited 2:58am
After yesterdays wide range day the Asian action has been slow as has Frankies Hour.

I'm waiting for a break of the pennant - probably downwards into the fibo retracements.....TWT

Edit: Took the sell for +15 into the Decision Zone - no follow through so now long from 136.50 for the bounce.

The low in the Euro was on a 5 min doji

Edit: out for + 4 on tight stop. Price reversed at the 5m 34ema as UJ turned
sharply south

Edit: the reversal created a tweezers confirmation, so went short again at the 50 level - exited at the 36.00 level
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Trading Levels with WRBs
  • #1,058
  • Oct 17, 2008 5:24am Oct 17, 2008 5:24am
A nice morning to wait for the pull backs to the 34 ema to sell and then watch the action around the levels to decide when to exit....
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Trading Levels with WRBs
  • #1,059
  • Oct 17, 2008 5:40am Oct 17, 2008 5:40am
Food for thought.....
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Trading Levels with WRBs
  • #1,060
  • Oct 20, 2008 1:24am Oct 20, 2008 1:24am
Great bounces up off the 5m 34ema in Cable in early European trading + 81 and EurJpy + 71 - I've taken nice profits in both......http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
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