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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,321
  • Nov 11, 2008 5:52am Nov 11, 2008 5:52am
Quoting Islander
I got back to my screen just over half an hour ago - I've got no hot water, so my trouble and strife's giving me a hard time - I noticed that cable was failing at its 650 level so I took a short - and also UJ was holding uner its 98 level - so I sold GJ too and followed them both down the MAs on my 1 min chart - both dropped 100 pips in 15 mins......out after cable held around its 550 level......http://www.forexfactory.com/images/icons/icon6.gif
Funny how things balance out, mate. No hot water, but a couple of great trades!! Hope you get the agua-situation sorted, Islander. (If only to keep your other half off your back!!)
  • #1,322
  • Nov 11, 2008 5:56am Nov 11, 2008 5:56am
Wow some great trades here guys .

The EV entry on that last one is clear. Nice one.

Islander can I ask what was your specific entry price and reasoning for the gu sale. These kind of trades where you seem able to pick a round/half number and get in is something I just cannot get right.

I seem to need my lh's/hl's and there wasn't anything in sight.

Cheers
  • #1,323
  • Nov 11, 2008 6:02am Nov 11, 2008 6:02am
Another nice little trade. The doji/spinning-top right on the xx.20 psych-line gave the heads-up, and I then waited for price to hit the high of the confirming candle. (Note also that price had to get past the mid-point/34ema confluence also.) There followed a bit of a drawdown, before price continued upwards. Target was the xx.50 psych-line as I wasn't too confident it would get much higher for some reason, so the extra few pips were a definite bonus!
Attached Image
  • #1,324
  • Edited 11:21pm Nov 11, 2008 6:12am | Edited 11:21pm
Quoting Vantage
Wow some great trades here guys .

The EV entry on that last one is clear. Nice one.

Islander can I ask what was your specific entry price and reasoning for the gu sale. These kind of trades where you seem able to pick a round/half number and get in is something I just cannot get right.

I seem to need my lh's/hl's and there wasn't anything in sight.

Cheers
NP - I was down on my 1 min chart as I'm now doing around FO / LO and early NY trading.

The long green candle - perhaps EV can tell us its name! - had a 35 pip range and no follow through at the sweet spot - 650 level. So when price turned down and broke the reversing 8 ema I took the sell with a tight stop above the high......hope that helps....http://www.forexfactory.com/images/icons/icon7.gif
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Trading Levels with WRBs
  • #1,325
  • Nov 11, 2008 6:14am Nov 11, 2008 6:14am
Quoting Islander
NP - I was down on my 1 min chart as I'm now doing around FO / LO and early NY trading.

The long green candle - perhaps EV can tell us its name! - had a 35 pip range and no follow through at the sweet spot - 650 level. So when price turned down and broke the reversing 5 ema I took the sell with a tight stop above the high......hope that helps....http://www.forexfactory.com/images/icons/icon7.gif
100% thanks.
  • #1,326
  • Edited 6:48am Nov 11, 2008 6:31am | Edited 6:48am
Quoting Islander

The long green candle - perhaps EV can tell us its name!
I don't know if it's got a name, Islander. If it has, I don't know what it is. What's Japanese for "Bloody Long Candle"?
  • #1,327
  • Nov 11, 2008 8:22am Nov 11, 2008 8:22am
Quoting Islander
NP - I was down on my 1 min chart as I'm now doing around FO / LO and early NY trading.

The long green candle - perhaps EV can tell us its name! - had a 35 pip range and no follow through at the sweet spot - 650 level. So when price turned down and broke the reversing 5 ema I took the sell with a tight stop above the high......hope that helps....http://www.forexfactory.com/images/icons/icon7.gif
What a coincidence, just having a quick look at a forex book by Ed Ponsi. One of his strategies from 5 min chart he uses a 20 ema. If price has been generally hugging the ema and moves off violently to a round number, a 20 pip minimum move, he trades the reversal from the round number. Exactly like the trade you took. Very nice.
  • #1,328
  • Nov 11, 2008 8:25am Nov 11, 2008 8:25am
Quoting Vantage
What a coincidence, just having a quick look at a forex book by Ed Ponsi. One of his strategies from 5 min chart he uses a 20 ema. If price has been generally hugging the ema and moves off violently to a round number, a 20 pip minimum move, he trades the reversal from the round number. Exactly like the trade you took. Very nice.
do not for get to send me the forex book by Ed Ponsi and also i PM u.
  • #1,329
  • Nov 11, 2008 8:46am Nov 11, 2008 8:46am
Quoting eyevoltage
I don't know if it's got a name, Islander. If it has, I don't know what it is. What's Japanese for "Bloody Long Candle"?

LOL - whenever you see a 30+ pip 1 min candle with out the move continuing, be prepared - we'll have to find a new name for it........

So I missed another great afternoon's sell off as I was in the depth of the biggest industrial estate on the island buying parts for my water heater - the warehouse looked as if it was the same the day it was built 40 odd years ago - but they had the part! - so at least I get some supper and I'm out of the doghouse, cause as we all know, whatever goes wrong is OUR fault....LOL....http://www.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #1,330
  • Nov 11, 2008 12:10pm Nov 11, 2008 12:10pm
Quoting Islander
NP - I was down on my 1 min chart as I'm now doing around FO / LO and early NY trading.

The long green candle - perhaps EV can tell us its name! - had a 35 pip range and no follow through at the sweet spot - 650 level. So when price turned down and broke the reversing 5 ema I took the sell with a tight stop above the high......hope that helps....http://www.forexfactory.com/images/icons/icon7.gif
Islander, what is the other MA you have on you chart - 50? How do you use it?
One Chart is Worth Ten Thousand Words.
  • #1,331
  • Nov 11, 2008 12:11pm Nov 11, 2008 12:11pm
Guys, thank you all for sharing your trades and, most importantly, the thinking behind them. Very helpful!

Sorry for a silly question (searched FF but couldn't find the answer), what are HSL and LSH (High and Low SMTH I guess... )

Als, do you watch other TFs (M15 and H1) when taking your M5 trades?

MANY THANKS!
One Chart is Worth Ten Thousand Words.
  • #1,332
  • Nov 11, 2008 12:54pm Nov 11, 2008 12:54pm
Quoting Forex007
Guys, thank you all for sharing your trades and, most importantly, the thinking behind them. Very helpful!

Sorry for a silly question (searched FF but couldn't find the answer), what are HSL and LSH (High and Low SMTH I guess... )

Als, do you watch other TFs (M15 and H1) when taking your M5 trades?

MANY THANKS!
I hope Islander doesn't mind me answering your question, mate. He uses a 34ema with an 8ema, as far as I know. I, on the other hand, like to use a 13/34 pair as they're both fib numbers (as is 8, of course). My thinking is simply that they give me more potential for reversals, in addition to the pivots and psych-lines.
HSL and LSH mean Higher Swing Low and Lower Swing High. You'll see fx1 and Vantage refer to these a lot.
I trade both 5m and 15m, as does fx1, and Islander uses the 1m charts as well. I guess we all check the 1H charts to get some idea of what the longer term action is doing.
Hope this helps.
  • #1,333
  • Nov 11, 2008 1:25pm Nov 11, 2008 1:25pm
Quoting eyevoltage
I hope Islander doesn't mind me answering your question, mate. He uses a 34ema with an 8ema, as far as I know. I, on the other hand, like to use a 13/34 pair as they're both fib numbers (as is 8, of course). My thinking is simply that they give me more potential for reversals, in addition to the pivots and psych-lines.
HSL and LSH mean Higher Swing Low and Lower Swing High. You'll see fx1 and Vantage refer to these a lot.
I trade both 5m and 15m, as does fx1, and Islander uses the 1m charts as well. I guess we all check the 1H charts to get some...
EV, thank you VERY MUCH for your reply. Straight to the point, all questions answered.

How long have you been trading using your method? I take it you do it for a living.

P.S. If I ever get to Cumbria, perhaps I should drop by to take a lesson or two if you wouldn't mind (and/or to try some Cumberland sausages )
One Chart is Worth Ten Thousand Words.
  • #1,334
  • Nov 11, 2008 5:51pm Nov 11, 2008 5:51pm
Quoting Forex007
EV, thank you VERY MUCH for your reply. Straight to the point, all questions answered.

How long have you been trading using your method? I take it you do it for a living.

P.S. If I ever get to Cumbria, perhaps I should drop by to take a lesson or two if you wouldn't mind (and/or to try some Cumberland sausages )
No probs with the reply, mate. Always happy to help if I can.
By the way, this isn't MY method. Acumen started this thread, and two or three of us have sort of embellished it to fit our own way of trading. So I've only been active with acumen's principle since just after this particular thread began.

I hope you stick around and contribute to the thread. New faces and ideas are always welcome.

By the way, you're very welcome to the Cumberland sausage, mate. I can't stand the stuff!! Much prefer a good old Lancashire Hot-Pot!!

Cheers

p.s.....and now I'd better hit the sack! Strange to think that fx1 is probably just getting up about now! I'll bet his weather is better than ours!
  • #1,335
  • Nov 11, 2008 8:39pm Nov 11, 2008 8:39pm
Took this lh rejection of 1.5450 for +27.
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  • #1,336
  • Nov 11, 2008 11:20pm Nov 11, 2008 11:20pm
Quoting Forex007
Islander, what is the other MA you have on you chart - 50? How do you use it?
Sorry, I missed this post - on the 1 min chart that I showed, I normally have an 8 ema of the average price and an 170 ema (slate blue) as this is the equivalent of a 34 ema on a 5 min chart - this is my main TF. As a 170 is rather a long way from the 8ema, I'll often add an 89 ema to help catch 1 min reversals earlier.

It all about setting these up and then back testing over a few months to see how price reacts around these MAs and the levels that we use.

ALso, it makes comparing different currencies say the euro and UJ easier....
Trading Levels with WRBs
  • #1,337
  • Nov 11, 2008 11:27pm Nov 11, 2008 11:27pm
Quoting eyevoltage
I hope Islander doesn't mind me answering your question, mate. He uses a 34ema with an 8ema, as far as I know. I, on the other hand, like to use a 13/34 pair as they're both fib numbers (as is 8, of course). My thinking is simply that they give me more potential for reversals, in addition to the pivots and psych-lines.
HSL and LSH mean Higher Swing Low and Lower Swing High. You'll see fx1 and Vantage refer to these a lot.
I trade both 5m and 15m, as does fx1, and Islander uses the 1m charts as well. I guess we all check the 1H charts to get some idea of what the longer term action is doing.
Hope this helps.

Right on the money EV - its all about the MAs helping clarify the PA....http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #1,338
  • Nov 12, 2008 1:26am Nov 12, 2008 1:26am
Got this lh rejection of 1.26 with the break below 1.2585. Out just above 1.2550.
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  • #1,339
  • Nov 12, 2008 1:48am Nov 12, 2008 1:48am
Quoting Vantage
Got this lh rejection of 1.26 with the break below 1.2585. Out just above 1.2550.
A couple of good trades this morning, Vantage. Nice clear charts, too!
  • #1,340
  • Nov 12, 2008 5:57am Nov 12, 2008 5:57am
I guess that you guys will have seen the DP level - LOL - what a gift!!

Took some profits again as GJ got over extended at its first lower band (11ema = 5m 34 ema -150)

Waited for the 50% level and then sold the 49.50 sweet spot....I'm now flat, waiting for the NY open - unless it tanks before then....http://www.forexfactory.com/images/icons/icon6.gif
Attached Image (click to enlarge)
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Trading Levels with WRBs
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