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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,701
  • Edited 4:51am Feb 9, 2009 4:38am | Edited 4:51am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
AUD/USD here... spread was a massive 6 pips and so wanted to get out if there was not much follow-through...

Two inner-bars (harami?) and then a bullish bar closing above round number...

Sure enough, slow meander up, got out with a small handful of pips... and it's now powering up as I type...


Magnus

EDIT: Entered on break of 0.6710... Price since fallen fairly sharpish - lucky I got out when I did...
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  • #1,702
  • Edited 5:50am Feb 9, 2009 5:07am | Edited 5:50am
Nice trades, Magnus, using the retracement technique, I think.

This is eur/chf and a symmetrical triangle has formed right on the M3 line. Watching and waiting................

Edit: It's broken out southwards.....

Edit: ......and is now currently ranging between M3 and 1.5050.
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  • #1,703
  • Feb 9, 2009 5:51am Feb 9, 2009 5:51am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Here's one for you... and it is true old skool...

Ascending triangle.... but, the setup for me occurred on paper (literally!)... but you can clearly see it on the chart as well...

In at 118.33 with two lots. Out first lot at .42 and second at .40. Again, with this trade there was not much momentum so got out. Has since powered up to reach the 118.90 level.


Magnus


EV, eur/chf seems to be doing a bit of dropping just now...
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  • #1,704
  • Feb 9, 2009 6:06am Feb 9, 2009 6:06am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Just out of interest. I noticed this earlier on this morning and made a mental note that the */JPYs will most likely be longs...

Do you, EV, or anyone else look for larger [macro] candle behaviour as a guide to the micro?


Magnus
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  • #1,705
  • Feb 9, 2009 6:20am Feb 9, 2009 6:20am
Quoting Yuppie
Do you, EV, or anyone else look for larger [macro] candle behaviour as a guide to the micro?


Magnus
Not sure what you mean, mate. Maybe you could re-phrase your question?
  • #1,706
  • Feb 9, 2009 6:32am Feb 9, 2009 6:32am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Not sure what you mean, mate. Maybe you could re-phrase your question?
I posted the fairly significant looking tweezer bottom on the U/J hourly. I felt this gave me further confidence in the E/J [long] trade I took later on.

If you saw a particular strong candle setup/pattern on a larger timeframe (say, 1-hour), would this give you more confidence in a candle setup on a smaller timeframe (say, 5-min)?


Magnus
  • #1,707
  • Feb 9, 2009 7:41am Feb 9, 2009 7:41am
Quoting Yuppie
I posted the fairly significant looking tweezer bottom on the U/J hourly. I felt this gave me further confidence in the E/J [long] trade I took later on.

If you saw a particular strong candle setup/pattern on a larger timeframe (say, 1-hour), would this give you more confidence in a candle setup on a smaller timeframe (say, 5-min)?


Magnus
Not really, mate. If I'm on a 5m chart (which I usually am), and I see a promising set-up forming, I'm only interested in what's happening on that chart. To be honest, comparing different TFs tends to confuse matters for me, so I like to keep things simple and make my judgements on whatever TF I happen to be monitoring at that time. However, it all boils down to one man's meat etc., and I'm sure most people out there will have conflicting views on this subject.
Hope that helps.
  • #1,708
  • Feb 9, 2009 9:31am Feb 9, 2009 9:31am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Not really, mate. If I'm on a 5m chart (which I usually am), and I see a promising set-up forming, I'm only interested in what's happening on that chart. To be honest, comparing different TFs tends to confuse matters for me, so I like to keep things simple and make my judgements on whatever TF I happen to be monitoring at that time. However, it all boils down to one man's meat etc., and I'm sure most people out there will have conflicting views on this subject.
Hope that helps.

Ah, okay, curious really. Great results - as shown in your posts. One timeframe - simplicity...


Thanks EV,

Magnus
  • #1,709
  • Edited Feb 10, 2009 3:58am Feb 9, 2009 1:37pm | Edited Feb 10, 2009 3:58am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
A late in the day trade... on my favourite pair... the EUR/JPY...

Self explanatory really, although, I was watching the tick intently and could see price trying to push above 113.70 before falling...


Magnus


EDIT: 119.70 not 113.70 stated above (you never miss a thing EV )
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  • #1,710
  • Feb 9, 2009 7:29pm Feb 9, 2009 7:29pm
Quoting Yuppie
A late in the day trade... on my favourite pair... the EUR/JPY...

Self explanatory really, although, I was watching the tick intently and could see price trying to push above 113.70 before falling...


Magnus
Just thought I'd have a quick look before heading upstairs. Nice trade, Magnus. Nice and simple...just the way I like 'em. By the way, you DID mean 119.70, didn't you?
Nighty nights, all.
  • #1,711
  • Feb 10, 2009 3:15am Feb 10, 2009 3:15am
Taking a leaf out of Yuppie's book, I managed this one this morning on 15m cable. A nice simple TL break.....
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  • #1,712
  • Feb 10, 2009 4:10am Feb 10, 2009 4:10am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
... Nice one EV... you got out exactly before it retraced 50 pips...

I was feeling chuffed about how I played a gold trade this morning and was concerned of feeling over-confident and 'seeing' things that weren't there (especially since I took that almost identical trade on E/J last night)... and "reasoned" myself out of it.

The same with EUR/USD... there has just been the same setup long... I'll post the chart even though I never took the trade... again, because of fear of over-confidence.... it's a tricky balance!


Magnus
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  • #1,713
  • Feb 10, 2009 4:20am Feb 10, 2009 4:20am
Quoting Yuppie
... Nice one EV... you got out exactly before it retraced 50 pips...

I was feeling chuffed about how I played a gold trade this morning and was concerned of feeling over-confident and 'seeing' things that weren't there (especially since I took that almost identical trade on E/J last night)... and "reasoned" myself out of it.

The same with EUR/USD... there has just been the same setup long... I'll post the chart even though I never took the trade... again, because of fear of over-confidence.... it's a tricky balance!


Magnus
Yep, I saw that one too, but a little too late to jump in, unfortunately. Still, these sort of trades come along on a fairly regular basis, so it's just a matter of waiting for the next one!
I notice that you sometimes highlight inside bars just before a trade, and I was wondering if you've been watching the videos on YouTube by OzTrader? His method involves pin-bars initially, followed by inside bars with a bit of a twist. Ingenious, really, but he concentrates on 4H charts and upwards. They do come along on the short term charts too, though.
  • #1,714
  • Feb 10, 2009 4:37am Feb 10, 2009 4:37am
Hi all,

I've decided to join this very interesting thrread.

First, what do you think about that ?

http://img18.imageshack.us/img18/288...0022099gg4.jpg


I think that if 1.4666 break, we will go to 1.4625 and 1.4574.

regards.
  • #1,715
  • Feb 10, 2009 4:55am Feb 10, 2009 4:55am
Quoting LarryM@x
Hi all,

I've decided to join this very interesting thrread.

First, what do you think about that ?

http://img18.imageshack.us/img18/288...0022099gg4.jpg


I think that if 1.4666 break, we will go to 1.4625 and 1.4574.

regards.
Welcome to the thread, Larry, and I take it that's the 1H Cable chart you've posted? I've copied you and plotted that one too, and my first extension target would be the FE61.8% on 1.4735 with the FE100% the next one on 1.4648. I'm not trading this one.....just watching to see what happens. I don't bother much with longer than 5m or 15m charts, mate.

Edit: Don't ask me how your chart got in here, Larry, 'cos I've absolutely no idea!!
  • #1,716
  • Feb 10, 2009 4:57am Feb 10, 2009 4:57am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Yep, I saw that one too, but a little too late to jump in, unfortunately....
Yeah, I see inner-bars as a kind of pressure-cooker type affair... obviously taking other things into context with them...

Thank you for the heads-up on OzTrader EV...

That's this evening now fully booked up...


Magnus
  • #1,717
  • Feb 10, 2009 5:03am Feb 10, 2009 5:03am
Quoting Yuppie
Yeah, I see inner-bars as a kind of pressure-cooker type affair... obviously taking other things into context with them...

Thank you for the heads-up on OzTrader EV...

That's this evening now fully booked up...


Magnus
My pleasure, mate. His videos are a real eye-opener, and I'm sure you'll be riveted. He has a web-site too, but you'll get that when you watch his videos.
Did you get this one, mate? I didn't, unfortunately, but it's a nice example of an ascending triangle, which is a bullish indication, and it's still going up!
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  • #1,718
  • Feb 10, 2009 5:20am Feb 10, 2009 5:20am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
My pleasure, mate. His videos are a real eye-opener, and I'm sure you'll be riveted. He has a web-site too, but you'll get that when you watch his videos.
Did you get this one, mate? I didn't, unfortunately, but it's a nice example of an ascending triangle, which is a bullish indication, and it's still going up!

I took it in a round-about way. I was watching the EUR/USD, EUR/JPY, GBP/USD an EUR/JPY 1-min and tick charts.

These pairs were all setting up in similar ways at the same time... I had the choice of which to go for... GBP/JPY won out for me but, in hindsight, should have been EUR/USD or EUR/JPY... but hey, pips are pips ...


Magnus
  • #1,719
  • Feb 10, 2009 6:01am Feb 10, 2009 6:01am
This is a continuation of what happened after the ascending triangle earlier. Price retraced back to the TL, and I entered as indicated just above the high of the red candle prior to the bullish engulfing candle. Seeing as price started showing weakness before reaching the xx80 psych-line, I bailed out with a 20 pip profit.
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  • #1,720
  • Feb 10, 2009 6:49am Feb 10, 2009 6:49am
This is an opportunity that I almost always overlook, including this time! I really must be a bit more alert for these small retracements during a trend, especially as this one happened right on a recognized support line. Acumen's original theme for this thread was looking for entry points on designated S/R lines such as Pivots, Sweetspots etc., and this example is a classic. Must do better!!
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