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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,381
  • Nov 20, 2008 7:06am Nov 20, 2008 7:06am
Quoting Forex007
Thanks, EV! I do trade "naked" (just TLs and SR levels), but on higher TFs (H1, H4).

When it comes to M1-5-15, I prefer to see as much as I can to select the setups which make me max comfortable.
Yes, I'm with you there, although I sometimes see charts posted that have so much information on them, I'd find it difficult to sort out the wheat from the chaff, so to speak. Still, the traders concerned obviously know what they're doing, so that's ok. As far as TF's are concerned, I do wander onto the H1 charts from time to time, but only to check out Spudbyre's Rope MTF Stochastic method. With Acumen's method, less is definitely more, IMHO.
  • #1,382
  • Nov 20, 2008 7:16am Nov 20, 2008 7:16am
Quoting eyevoltage
Yes, I'm with you there, although I sometimes see charts posted that have so much information on them, I'd find it difficult to sort out the wheat from the chaff, so to speak. Still, the traders concerned obviously know what they're doing, so that's ok. As far as TF's are concerned, I do wander onto the H1 charts from time to time, but only to check out Spudbyre's Rope MTF Stochastic method. With Acumen's method, less is definitely more, IMHO.
So, you use "psyche" levels and PA as your main guides. Do you check M15 or H1? How about news? And TLs and Fibo? THANKS, EV!
One Chart is Worth Ten Thousand Words.
  • #1,383
  • Nov 20, 2008 7:34am Nov 20, 2008 7:34am
Quoting eyevoltage
Shame about the missed trades, mate. Hope all's well health-wise?
All's well, it was for the wife!!
  • #1,384
  • Nov 20, 2008 7:55am Nov 20, 2008 7:55am
Quoting Forex007
So, you use "psyche" levels and PA as your main guides. Do you check M15 or H1? How about news? And TLs and Fibo? THANKS, EV!
Psych-levels and Pivots are now permanent fixtures on my charts, mate. I trade both 5m and 15m and check 1H for direction purposes. As can be seen by my past charts, I use TL's and Fibs as and when I feel they'll be needed. However, I have to admit that I sometimes forget about checking the news out, which brings me to a question about YOUR chart, mate. I notice that there's a vertical line signifying a news announcement, and I haven't seen that sort of thing before. Is it a generally available indicator, or is it something you've knocked together yourself? Either way, it looks really useful, especially for someone with the occasional lapse in memory, like yours truly!
  • #1,385
  • Nov 20, 2008 7:55am Nov 20, 2008 7:55am
Quoting Vantage
All's well, it was for the wife!!
  • #1,386
  • Nov 20, 2008 5:50pm Nov 20, 2008 5:50pm
Quoting eyevoltage
I notice that there's a vertical line signifying a news announcement, and I haven't seen that sort of thing before. Is it a generally available indicator, or is it something you've knocked together yourself? Either way, it looks really useful, especially for someone with the occasional lapse in memory, like yours truly!
Thank you for the feedback, EV!

As for the news "lines" - well, I wish there was an indicator like that (there is one which shows forthcoming news as a list in the corner of a chart, but in the heat of trading you can overlook the right time)...

For now, every morning (or evening), I go through the economic calendar and manually mark with vertical lines all the major news for each key pair.

I don't think it would be very difficult to programme an indicator to automate the process, but I haven't yet got around to finding a guy to do that. One day...
One Chart is Worth Ten Thousand Words.
  • #1,387
  • Nov 21, 2008 3:23am Nov 21, 2008 3:23am
A symmetrical triangle breakout on cable. Entry just above the high of the breakout candle, and exit around the R1 line as price started to retreat.

Forex007, many thanks for your reply to my query, mate.
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  • #1,388
  • Nov 21, 2008 4:06am Nov 21, 2008 4:06am
Similar trades by EUR and EUR/JPY
  • #1,389
  • Edited 5:35am Nov 21, 2008 5:12am | Edited 5:35am
Price retreated from the 1.5000 psych-line after a prolonged march upwards, and settled nicely on the 13ema line and forming a harami candle, before resuming its march northwards. Entry and exit as indicated.
Attached Image
  • #1,390
  • Nov 21, 2008 7:00am Nov 21, 2008 7:00am
I didn't really expect much out of this one, seeing as the 34ema was flattening out, and price had been "walking" along the xx.80 psych-line. It was only after seeing the bullish piercing pattern that I thought it might be worth watching. Entry was just above the 13ema, but after that, I had my finger on the trigger just in case a hasty bail-out was needed. I was surprised to see the candle go so high, (I shouldn't have been seeing as the ECB head-honcho was speaking) but not surprised to see how the next candle turned out, and I bailed out as price started reversing. My feeling is that I got lucky, so that's it for the week.
Have a good weekend.
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  • #1,391
  • Nov 21, 2008 8:37am Nov 21, 2008 8:37am
Quoting eyevoltage
A symmetrical triangle breakout on cable. Entry just above the high of the breakout candle, and exit around the R1 line as price started to retreat.

Forex007, many thanks for your reply to my query, mate.
My pleasure, EV!

Nice triangle trade! I liked the way price kept banging and banging that top TL - until it went through (TLs often get tired after such repetitive banging and "give up").
One Chart is Worth Ten Thousand Words.
  • #1,392
  • Nov 24, 2008 2:35am Nov 24, 2008 2:35am
Hi guys - I've not been here for a few days - I've been working on GJ.

With Tokio closed, a low volume, high volatility Asian Session.

Reasonably clear signals as shown.

When I trade GJ - and EJ - I also watch GU (EU) and UJ and if using a single monitor this means that those 2 are smaller charts and thus I've sometimes missed the input that they're giving, so I've added a histogram of the angle of the 34 ema.

This now means that I only have to glance at my small GU & UJ charts to see what the histogram is showing. I also think this will help newbies too as its easier to interprete. Any opinions?
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Trading Levels with WRBs
  • #1,393
  • Nov 24, 2008 4:25am Nov 24, 2008 4:25am
Morning, folks, and nice to see you back, Islander! Nice charts, mate, and that histogram looks useful.
This is a simple TL breakout trade, but with a very conservative entry. As you can see, price broke through the TL, formed a hanging-man candle and retraced back to the ema zone. It then took off northwards, but I decided to wait to see if price got above the long upper shadow of the first green candle. Once it did, entry and exit are as indicated.
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  • #1,394
  • Nov 24, 2008 5:43am Nov 24, 2008 5:43am
Both cable and eur/usd provided these breakouts. Cable was a TL breakout, which I took, whilst the eur/usd was a range breakout. Pretty straightforward entries and exits.
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  • #1,395
  • Nov 24, 2008 6:11am Nov 24, 2008 6:11am
Quoting eyevoltage
Morning, folks, and nice to see you back, Islander! Nice charts, mate, and that histogram looks useful.
This is a simple TL breakout trade, but with a very conservative entry. As you can see, price broke through the TL, formed a hanging-man candle and retraced back to the ema zone. It then took off northwards, but I decided to wait to see if price got above the long upper shadow of the first green candle. Once it did, entry and exit are as indicated.
EV, I admire your surgical precision. It's a classic TL BO, but you handled it so well (I am sure many traders screwed this one up). You defined you logical entry point - I guess it was tempting to jump on board earlier.

Was your SL below the BO point?
One Chart is Worth Ten Thousand Words.
  • #1,396
  • Nov 24, 2008 6:17am Nov 24, 2008 6:17am
Quoting Islander
Hi guys - I've not been here for a few days - I've been working on GJ.

With Tokio closed, a low volume, high volatility Asian Session.

Reasonably clear signals as shown.

When I trade GJ - and EJ - I also watch GU (EU) and UJ and if using a single monitor this means that those 2 are smaller charts and thus I've sometimes missed the input that they're giving, so I've added a histogram of the angle of the 34 ema.

This now means that I only have to glance at my small GU & UJ charts to see what the histogram is showing. I also think this will...
Welcome back, Islander!

How is MA histogram calculated, i.e. what is the criteria for (a) crossing "0" and (b) red bars as opposed to just yellow. Also, do you think the angle of MA is that important on its own? Or do you simply compare hists for all the pairs to make sure they are "aligned"? MANY THANKS!
One Chart is Worth Ten Thousand Words.
  • #1,397
  • Nov 24, 2008 6:28am Nov 24, 2008 6:28am
Quoting Forex007
EV, I admire your surgical precision. It's a classic TL BO, but you handled it so well (I am sure many traders screwed this one up). You defined you logical entry point - I guess it was tempting to jump on board earlier.

Was your SL below the BO point?
My SL was placed just under the 34ema, mate.....about 25 pips away from entry. Yes, it's always tempting to jump on board earlier, but in this game, one has to learn patience, which I think is the hardest lesson of all.
  • #1,398
  • Nov 24, 2008 6:50am Nov 24, 2008 6:50am
This one from a symmetrical triangle on eur/usd. Entry was delayed until price had managed to breach the confluence of the xx.20 psych-line and the pivot midpoint. Exit was taken after price started retreating from the xx.50 psych-line.
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  • #1,399
  • Nov 24, 2008 7:02am Nov 24, 2008 7:02am
Hallo EV,

two questions . Why did you not traded your system with the EMA's? Is there any reason? Here are the charts with the setups.

Unfortunatly I couldn't take the breakout by EUR, becouse my broker requoted me
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  • #1,400
  • Nov 24, 2008 7:46am Nov 24, 2008 7:46am
Quoting Happy68
Hallo EV,

two questions . Why did you not traded your system with the EMA's? Is there any reason? Here are the charts with the setups.

Unfortunatly I couldn't take the breakout by EUR, becouse my broker requoted me
On cable, it was a fresh chart I'd pulled up to check out possible TL's without any other distractions, such as ema's etc. The only reason I missed the move on eur/usd was because I was away from the computer for a while and the move was finished by the time I got back.
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