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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,401
  • Nov 24, 2008 8:08am Nov 24, 2008 8:08am
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.

Thanks EV - although from your continued success with your excellent ultra clean charts I doubt that it will help you.....
Trading Levels with WRBs
  • #1,402
  • Nov 24, 2008 8:39am Nov 24, 2008 8:39am
Quoting Islander
Thanks EV - although from your continued success with your excellent ultra clean charts I doubt that it will help you.....
You never know, mate! I like to use charts that are similar to acumen's, although it was YOUR charts that prompted me to start using the 34ema, which, along with the 13ema, I've found very useful. The only other indicator I would probably use is stochastics, but I haven't found the need to yet.
  • #1,403
  • Nov 24, 2008 10:08am Nov 24, 2008 10:08am
Quoting eyevoltage
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.
Thank you, EV! What about that range BO trade you took earlier - where did you put your SL (at BO point/top of the range or bottom of the range)? Thank you for your time, mate!
One Chart is Worth Ten Thousand Words.
  • #1,404
  • Nov 24, 2008 10:16am Nov 24, 2008 10:16am
I spotted this unusual pattern on eur/usd, and it reminded me strongly of a pattern originated and utilised by Golfer on the 5m Intraday thread. No doubt he'll correct me if I'm wrong, but I think it's what he calls a "church to the right". The first blue vertical rectangle is the church bell-tower, and the second horizontal rectangle is the church building, which, if I'm not mistaken, should comprise 5 or 6 small candles. As can be seen on the chart, it's followed by a strong upward movement. Not always, of course, but as far as I can remember, Golfer and others on the aforementioned thread use the pattern as a serious "heads-up" warning. Well worth looking out for.
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  • #1,405
  • Nov 24, 2008 10:22am Nov 24, 2008 10:22am
Quoting Forex007
Thank you, EV! What about that range BO trade you took earlier - where did you put your SL (at BO point/top of the range or bottom of the range)? Thank you for your time, mate!
My SL was placed at 1.2665, which was just under the low of the previous green candle to my entry, mate.

Hope that helps.
  • #1,406
  • Nov 24, 2008 12:58pm Nov 24, 2008 12:58pm
Quoting eyevoltage
I spotted this unusual pattern on eur/usd, and it reminded me strongly of a pattern originated and utilised by Golfer on the 5m Intraday thread. No doubt he'll correct me if I'm wrong, but I think it's what he calls a "church to the right". The first blue vertical rectangle is the church bell-tower, and the second horizontal rectangle is the church building, which, if I'm not mistaken, should comprise 5 or 6 small candles. As can be seen on the chart, it's followed by a strong upward movement. Not always, of course, but as far as I can remember,...
Interesting one indeed, EV. I thought it was similar to bullish flag, but it dropped down from the "top of the mast" too much for that.

Another interesting - and rather frequent pattern to look for is "bucket" (as introduced by BRV - http://www.nobrainertrades.com/2008/...of-bucket.html - some sample trades here: http://www.forexfactory.com/showpost...postcount=5926).

BRV has a good video on his site which describes "buckets" - http://www.nobrainertrades.com/2008/...t-pattern.html

Apparently, "buckets" are pretty frequent on M5.

Enjoy!
One Chart is Worth Ten Thousand Words.
  • #1,407
  • Nov 25, 2008 12:53pm Nov 25, 2008 12:53pm
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...
Islander, here's a link to a couple of indicators that display an angle of MA. Hope you'll find them useful (I haven't tried them, though) - http://www.forex-tsd.com/indicators-...slope-ema.html
One Chart is Worth Ten Thousand Words.
  • #1,408
  • Nov 26, 2008 7:14am Nov 26, 2008 7:14am
Not been around for a couple of days. Fx007, thanks for those links, mate. Very interesting.

Here's a couple of cable trades just completed. Under fig1 there's a harami candle right on the 13ema, followed by a nice drop to just above the 1.5300 psych-line where I exited as price started retreating. I didn't take the trade under fig2, due to the HSL under fig1, but then a TL drawn as shown gave me the entry under fig3. I took a chance here by entering above the 1.5300 line just after the doji, but what swung it for me was the two ema's above which were nicely separated and dropping quite positively. Exit as shown.
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  • #1,409
  • Nov 26, 2008 7:34am Nov 26, 2008 7:34am
I wasn't in this one, unfortunately, but I've marked where my entry and exit would potentially have been. Again, it all stems from a nice little harami candle right on the confluence formed by the 13ema and the 1.5300 psych-line, and the rest is history, as they say. Entry just under the low of the harami candle and exit as price started retreating from the midpoint line (1.5227). I guess the message here is to definitely watch for those candle reversing patterns forming on the lines AND the ema's. As illustrated, if they form a confluence, so much the better!
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  • #1,410
  • Nov 27, 2008 4:00am Nov 27, 2008 4:00am
Haven't visited this thread for a while. Here's trade that I just finished with. Bought after the break upwards of a small descending triangle. TP just below R1.
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Life is a journey... So is trading.
  • #1,411
  • Nov 27, 2008 4:09am Nov 27, 2008 4:09am
Hey, FX1, I missed you here . I just prepare a chart to make activ this thread. One of the trades is the same us yours.
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  • #1,412
  • Nov 27, 2008 4:22am Nov 27, 2008 4:22am
After price retraced, it met support at the broken resistance area and formed a pin, a HSL and the 61.8% retracement. (confluence of fib and visual sr) Bought after price crossed above the pin. TP is at previous days high. Exit after price hesitated at the previous swing high.
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Life is a journey... So is trading.
  • #1,413
  • Nov 27, 2008 4:28am Nov 27, 2008 4:28am
Quoting Happy68
Hey, FX1, I missed you here . I just prepare a chart to make activ this thread. One of the trades is the same us yours.
Hi Happy! Nice trades! Made a trade similar to your first trade too but I was looking at it as a momentum towards a break upwards of an ascending triangle into the visual resistance area from yesterday.
Attached Images
Life is a journey... So is trading.
  • #1,414
  • Nov 27, 2008 5:31am Nov 27, 2008 5:31am
Hey fx1, nice to see you back. Good morning, Happy!
Nice charts, folks, and good trades.
  • #1,415
  • Nov 27, 2008 5:35am Nov 27, 2008 5:35am
Quoting eyevoltage
Hey fx1, nice to see you back. Good morning, Happy!
Nice charts, folks, and good trades.
Thanks EV! Nice to be back.
Life is a journey... So is trading.
  • #1,416
  • Nov 27, 2008 5:37am Nov 27, 2008 5:37am
Quoting eyevoltage
Hey fx1, nice to see you back. Good morning, Happy!
Nice charts, folks, and good trades.
Hallo EV,

your trades from yesterday were very good too. I wanted to trade the triangle, but was not sure and passed it. It was very bad day for me yesterday.

Today in USA is holyday and maybe it will be not good to trade. Until tomorrow, guys
  • #1,417
  • Nov 27, 2008 5:39am Nov 27, 2008 5:39am
Quoting fx1dr3r
Hi Happy! Nice trades! Made a trade similar to your first trade too but I was looking at it as a momentum towards a break upwards of an ascending triangle into the visual resistance area from yesterday.
Yes, it is breakout trade. I had promised me I will trade only that . See what will happen
  • #1,418
  • Nov 27, 2008 6:13am Nov 27, 2008 6:13am
This one didn't have the strength to retrace to the 38.2% line, so that gave some indication that it would produce a nice drop and a good profit. That's the theory, anyway, and this time it was right. Pretty straightforward. Entry and exit as indicated.
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  • #1,419
  • Nov 27, 2008 6:17am Nov 27, 2008 6:17am
Quoting eyevoltage
This one didn't have the strength to retrace to the 38.2% line, so that gave some indication that it would produce a nice drop and a good profit. That's the theory, anyway, and this time it was right. Pretty straightforward. Entry and exit as indicated.
Nice trade EV!
Life is a journey... So is trading.
  • #1,420
  • Nov 27, 2008 5:23pm Nov 27, 2008 5:23pm
Quoting eyevoltage
I wasn't in this one, unfortunately, but I've marked where my entry and exit would potentially have been. Again, it all stems from a nice little harami candle right on the confluence formed by the 13ema and the 1.5300 psych-line, and the rest is history, as they say. Entry just under the low of the harami candle and exit as price started retreating from the midpoint line (1.5227). I guess the message here is to definitely watch for those candle reversing patterns forming on the lines AND the ema's. As illustrated, if they form a confluence, so much...
EV, if you add Bollinger Bands, you'll see that Harami was bouncing off mid-BB. That's exactly the setup this guy (http://www.forexfactory.com/showpost...ostcount=15816) trade successfully. In fact, he trades little else...
One Chart is Worth Ten Thousand Words.
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