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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,781
  • Feb 19, 2009 10:33am Feb 19, 2009 10:33am
This is how it's looking, Islander, on my chart. If price drops below the tweezer bottoms, I'm in.
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  • #1,782
  • Feb 19, 2009 11:09am Feb 19, 2009 11:09am
That was a nice short at the 00 level.

http://i43.tinypic.com/2m4ovh0.gif
TRO
  • #1,783
  • Feb 19, 2009 11:19am Feb 19, 2009 11:19am
.....following on......

I got in ok as price passed below the tweezers. It wasn't a smooth movement down, but I got hopeful of a TP at the 1.4280 psych-line. When I saw the spinning-top form, that, as far as I was concerned, was a sign of weakness (or I got cold-feet!), so I jumped ship as the next candle started heading up.
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  • #1,784
  • Feb 19, 2009 11:23am Feb 19, 2009 11:23am
Quoting eyevoltage
.....following on......

I got in ok as price passed below the tweezers. It wasn't a smooth movement down, but I got hopeful of a TP at the 1.4280 psych-line. When I saw the spinning-top form, that, as far as I was concerned, was a sign of weakness (or I got cold-feet!), so I jumped ship as the next candle started heading up.

What makes x.xx80 a psych-line? Because it ends in 0? I thought the psych-lines ended in 00, 75, 50 and 25.
TRO
  • #1,785
  • Feb 19, 2009 11:31am Feb 19, 2009 11:31am
Look at this....
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Donīt live for working, but work for living.
  • #1,786
  • Feb 19, 2009 11:46am Feb 19, 2009 11:46am
Quoting Islander
The failure of price to break above the wide range green candle that made todays high was the first warning that the rally had run out of buyers.

The subsequent bounce off the pull back to the 4400 level that FAILED at its 62% retrace was confirmation, inviting a sell as price broke the 4400 level.

The ultra wide range red candle broke both the prior support area and the 350 level and so far none of the other levels have provided any support.

I'm poor at taking reversal trades, so I was late into this fall and then had my TP just above the...
Just to follow up on my last post, the first green candle showed up and so I was finally able to pull a fib over the fall and it showed a great confluence around the 50% level - a 50 level and the bottom of the prior support - so I couldn'd resist a small buy up into that area. When reached it set up another sell.....some days these trades just leap off the screen...
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Trading Levels with WRBs
  • #1,787
  • Feb 19, 2009 11:51am Feb 19, 2009 11:51am
Hi guys..

First trade closed for 43 pips after sitting out and sleeping thru the Bull run last night. Got in a late entry after getting back from morning errands but still had a good trade out of it.

Second one is still open from 2692. Didn't highlight it but you can see a decent H&S as well... Sorry about the BB's meant to hide them for the shot but forgot... Aqua lines are my Quarter Point pivots. Bold grey is 21sma

Ps Hey there Islander, good to see you
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FUBAR...
  • #1,788
  • Feb 19, 2009 11:53am Feb 19, 2009 11:53am
My cable trade this evening:
Entry: Simple s/r-level
Exit: "20".

20 Pips in 5 minutes. Wow, that was fast.
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Donīt live for working, but work for living.
  • #1,789
  • Feb 19, 2009 12:08pm Feb 19, 2009 12:08pm
Quoting matsf
Look at this....
Those look like swing points. Thanks.
TRO
  • #1,790
  • Feb 19, 2009 12:31pm Feb 19, 2009 12:31pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting matsf
Look at this....
matsf, although the .20 and .80 lines are significant to some degree. My interpretation of the areas you highlighted (an interpretation that I actually use in my trading) is that the previous areas are the most significant factor.

Just throwing my thoughts out there. I see how EV uses them in his analysis.


Magnus
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  • #1,791
  • Feb 19, 2009 1:13pm Feb 19, 2009 1:13pm
Quoting ak4x
Hi guys..

First trade closed for 43 pips after sitting out and sleeping thru the Bull run last night. Got in a late entry after getting back from morning errands but still had a good trade out of it.

Second one is still open from 2692. Didn't highlight it but you can see a decent H&S as well... Sorry about the BB's meant to hide them for the shot but forgot... Aqua lines are my Quarter Point pivots. Bold grey is 21sma

Ps Hey there Islander, good to see you
@ ak4x Hi AK....or am I going to have to call you Pinky from now on (I hope that's not too rude in the US of A!)....good to see that you're still pickin up pips off that € thingy....

@ matsf - thanks for the super clear chart - I like the hourly shading, is it available in MT4?

@Yuppie - again, thanks for a super clean chart - as its back in time, I dont have a copy of the daily pivot levels and I just wonder if they were also close to the levels that you posted? -

Its good to see different approaches to trading PA off levels, thanks guys for posting....I'm done for today, back for FO.....
Trading Levels with WRBs
  • #1,792
  • Feb 19, 2009 1:52pm Feb 19, 2009 1:52pm
Quoting Yuppie
matsf, although the .20 and .80 lines are significant to some degree. My interpretation of the areas you highlighted (an interpretation that I actually use in my trading) is that the previous areas are the most significant factor.

Just throwing my thoughts out there. I see how EV uses them in his analysis.


Magnus

Your chart looks like the charts in the NoBrainer thread just different chart periods.
TRO
  • #1,793
  • Feb 19, 2009 2:07pm Feb 19, 2009 2:07pm
Quoting Money4Nothing
Your chart looks like the charts in the NoBrainer thread just different chart periods.
Perhaps you'd like to elaborate on how NoBrainer's charts / approach and your use of swing points might help us to trade more profitably - I think that's the object of posting here.....http://www.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #1,794
  • Feb 19, 2009 2:09pm Feb 19, 2009 2:09pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Money4Nothing
Your chart looks like the charts in the NoBrainer thread just different chart periods.

Buckets... you know it...
  • #1,795
  • Feb 19, 2009 2:11pm Feb 19, 2009 2:11pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
.....following on......

I got in ok as price passed below the tweezers. It wasn't a smooth movement down, but I got hopeful of a TP at the 1.4280 psych-line. When I saw the spinning-top form, that, as far as I was concerned, was a sign of weakness (or I got cold-feet!), so I jumped ship as the next candle started heading up.

The 15-min version... interesting...


Magnus
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  • #1,796
  • Feb 19, 2009 2:28pm Feb 19, 2009 2:28pm
Quoting Islander
Perhaps you'd like to elaborate on how NoBrainer's charts / approach and your use of swing points might help us to trade more profitably - I think that's the object of posting here.....http://www.forexfactory.com/images/icons/icon7.gif
I am more of an inside bar breakout trader. If a psychological number ( 00, 75, 50, 25 ) is between the inside bar's high/low, I'll trade in the direction of price to get a jump on the break. Swing points would be a deterrent to entry or a place to TP.

H1 candle was red at 75, so short 75 instead of waiting for 56 IB short trigger.

http://i42.tinypic.com/f1bm9g.gif
TRO
  • #1,797
  • Feb 19, 2009 3:19pm Feb 19, 2009 3:19pm
OK-Thanks for the info. I've looked at some of the IB threads and I view an IB as a pull back trade, which is where I use the 5m 34ema as a guide, as it too helps to show zones for an early entry, especially when its close to other levels.

I've been burnt too many times with pure breakouts, so I try to be in earlier and thus less likely to take a loss when they fail.

quote=Money4Nothing;2551848]I am more of an inside bar breakout trader. If a psychological number ( 00, 75, 50, 25 ) is between the inside bar's high/low, I'll trade in the direction of price to get a jump on the break. Swing points would be a deterrent to entry or a place to TP.

H1 candle was red at 75, so short 75 instead of waiting for 56 IB short trigger.

http://i42.tinypic.com/f1bm9g.gif[/quote]
Trading Levels with WRBs
  • #1,798
  • Feb 19, 2009 6:58pm Feb 19, 2009 6:58pm
Well, here I am....it's now just short of 1.00am and I'm sitting here with a hot lemon drink and a stinking cold that's stopping me from getting to sleep. I thought I might as well see what's going on with cable at this time of the morning, and lo and behold, I spotted this fib trade forming. After the retracement, three spinning-tops exposed the indecision and signalled a promising trend continuance. Entry was just under the spinning-tops lows, and exit as price started to retreat. As I type this, price is still dropping, but what the heck. My hot lemon is finished so it's back to bed.
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  • #1,799
  • Feb 19, 2009 11:15pm Feb 19, 2009 11:15pm
You can see this "20-80" thing very often.
Sometimes "35-65" is also very interesting in cable.
It can often be used as s/r-levels.

Why ?
I DONīT KNOW...
Donīt live for working, but work for living.
  • #1,800
  • Feb 20, 2009 1:21am Feb 20, 2009 1:21am
Quoting matsf
You can see this "20-80" thing very often.
Sometimes "35-65" is also very interesting in cable.
It can often be used as s/r-levels.

Why ?
I DONīT KNOW...
GM all - a couple of years ago when I was "news trading" we found 35 and 85 useful. I guess that like 20 & 80, they both can be viewed as overshoots of a 100 level when price finds that it has run out of buyers / sellers....

LOL EV - are you becoming an Asain Trader?

FYI, I've taken a small buy off the 4200 level and will add higher / lower following PA. Swissy has just been rejected at its prior high of 1.1823....
Trading Levels with WRBs
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