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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,001
  • Mar 5, 2009 5:58am Mar 5, 2009 5:58am
Quoting Islander
Thanks - I'll probably close this latest short before the BOE news due in an hour. The broker that I've got this trade on with likes to widen their spreads before big news announcements and also go into "requote" mode, so its best to be flat.

OK, so I closed a little early, but I do like the pips in my bank....plenty of opportunities this morning.....and that's before Merv the Swerve and Co have their say......but as a floor trader told me many years ago "its better to travel than to arrive".....http://www.forexfactory.com/images/icons/icon12.gif
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Trading Levels with WRBs
  • #2,002
  • Mar 5, 2009 6:00am Mar 5, 2009 6:00am
As expected:

2009.03.05 12:00:01 *Bank of England Cuts Bank Rate To 0.5% From 1.0%
Trading Levels with WRBs
  • #2,003
  • Mar 5, 2009 6:03am Mar 5, 2009 6:03am
But this is more important:

2009.03.05 12:00:21 *BOE's MPC Votes To Embark On Quantitative Easing

I'm going for lunch whilst the markets works all of this out.....
Trading Levels with WRBs
  • #2,004
  • Mar 5, 2009 7:31am Mar 5, 2009 7:31am
Hi guys,

@ Islander - I certainly do appreciate the posts. It's nice to be able to participate in a thread that is still in full swing and working out so well! Good eye spotting that 50% retrace trade! I missed it!

@ EV - Thanks for that little tip, I shall look into the "fakey"! The James16 thread actually shares some similarities with your method as he is essentially trading price action forming at key s/r zones. Although they are trading mainly daily and 4 hourly setups.

The market is crazy with news at the moment so not trading at the moment but hope to drop by again soon when I get some opportunities!

g/t all

Dan
  • #2,005
  • Mar 5, 2009 9:47am Mar 5, 2009 9:47am
Hourly chart. I'm trying to refine my entries and start to select areas that have a higher probability of sucessful entries. In addion, I'm looking into the use of volume - its a vital and under used resource....

PS I took a long off the higher lows after the BOE release - plenty of signals off the 5 min chart, the double bottom off the 4075 level was easily spotted.....just closed on the spike up to the 150 level....
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Trading Levels with WRBs
  • #2,006
  • Mar 5, 2009 10:24am Mar 5, 2009 10:24am
Hi guys,

Another great opportunity taken on the G/U a little while ago. A nice looking pin bar formed piercing the 1.4150 and finished below giving me a bearish bias. I took the break below at 1.4136 with stop at 1.4160 (at the top of the pin, 24 pips away). I rode the trade down 30 pips and moved my stop to 1:1 at 1.4112 which is where I got taken out as price came back around.

This actually formed another nice pin bar with a bullish bias off of the 34 and 13 EMAs but I didn’t take it as I’m not familiar with trading that way yet!

Once again all thanks to you guys here!

Thanks!

Dan
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  • #2,007
  • Mar 5, 2009 10:52am Mar 5, 2009 10:52am
00 Psych-Line paying off repeatedly...

http://i44.tinypic.com/1zb8ebn.gif
TRO
  • #2,008
  • Mar 5, 2009 12:10pm Mar 5, 2009 12:10pm
Quoting DanUK
Hi guys,

Another great opportunity taken on the G/U a little while ago. A nice looking pin bar formed piercing the 1.4150 and finished below giving me a bearish bias. I took the break below at 1.4136 with stop at 1.4160 (at the top of the pin, 24 pips away). I rode the trade down 30 pips and moved my stop to 1:1 at 1.4112 which is where I got taken out as price came back around.

This actually formed another nice pin bar with a bullish bias off of the 34 and 13 EMAs but I didn’t take it as I’m not familiar with trading that way...
Dan......Nice trading, mate. Although I've been monitoring things in passing, so to speak (been busy with other things), I've not been able to get involved today. Re your trade resulting from the pin-bar......I don't know if you're aware, but after your trade was finished, if you'd pulled a fib from the high of the pin-bar to the bottom of the doji where you exited, you'd eventually have had a lovely fib retracement trade all the way down to 1.4070. I know hindsight is always 20/20, but when you have a trade like yours, and price starts retracing, it's always worth pulling a fib just in case something else turns up. Just a little nudge-nudge, mate. I'm not saying I would have got it, but it's always worth knowing.

Islander......the man with the magic touch. Another good day for you, mate, and I wish I had the eye for half the stuff you spot. Nice trading, mate.

M4N.......That was a good trade, and now the dust has settled, so to speak, a very CLEAR trade from start to finish. Spot on.

Not sure about my trading chances tomorrow, taking into account the circs I live with, but I've a feeling I'll be entering next week's campaign with a fresh look at my charts, thanks to the contributions of you three lads.
Cheers
  • #2,009
  • Mar 5, 2009 12:13pm Mar 5, 2009 12:13pm
Quoting Islander
In addion, I'm looking into the use of volume - its a vital and under used resource....
Very interested in your findings Islander, the challenge as I understand it is finding a platform that reflects "useable" data w/o becoming the center piece of a whole new learning curve and strategy to implement it.

Case in point is I'd dearly like to know how some of the experienced (and succesful) volume traders would interpret the bounces off the last 2 session lows a'rd 2450 and 2480... Was there buying volumes to support the notion that institutional traders are "accumulating long positions" or was it more TP's and SL's getting hit with light volumes on the way back up... not sure I'm even asking the question correctly, but lower Lows on Daily TF's have to be coming from somewhere...

Keep me in mind as you pick your way thru the bramble patch... It's on my list of things to do, but it's a long list.
FUBAR...
  • #2,010
  • Mar 5, 2009 12:47pm Mar 5, 2009 12:47pm
Quoting eyevoltage
Re your trade resulting from the pin-bar......I don't know if you're aware, but after your trade was finished, if you'd pulled a fib from the high of the pin-bar to the bottom of the doji where you exited, you'd eventually have had a lovely fib retracement trade all the way down to 1.4070...
Nice spot! I must admit I totally missed seeing that! Islander mentioned a similar thing on one of my earlier trades too so I'll have to try and keep my eyes peeled for them in the future.

@ Islander... I have looked at volume / volume spread analysis in the past but I ended up getting totally confused! I would certainly be interested to hear about your findings if you do decide to incorporate the use of volume in your trading.

Regards,

Dan
  • #2,011
  • Mar 5, 2009 1:00pm Mar 5, 2009 1:00pm
PS... check it out - just had another nice trade on USD/CAD.

Entered @ 1.2856, after a bullish hammer that pierced the 1.2850. Closed at 1:1 @ 1.2873 for 17 pips.

Love this thread!
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  • #2,012
  • Mar 5, 2009 1:06pm Mar 5, 2009 1:06pm
Quoting eyevoltage
I'm not familiar with the second signal, as I haven't read the James16 thread, but it looks very impressive.
Thanks again for coming in, Dan.
Cheers
EV, It is tweezer top/bottom

to all you
  • #2,013
  • Mar 5, 2009 1:09pm Mar 5, 2009 1:09pm
Quoting ak4x
Very interested in your findings Islander, the challenge as I understand it is finding a platform that reflects "useable" data w/o becoming the center piece of a whole new learning curve and strategy to implement it.

Case in point is I'd dearly like to know how some of the experienced (and succesful) volume traders would interpret the bounces off the last 2 session lows a'rd 2450 and 2480... Was there buying volumes to support the notion that institutional traders are "accumulating long positions" or was it more TP's and SL's getting...
Well there's been much debate on the subjuct of what is useable - and I think some long held opinions may be challenged....try here...

http://www.forexfactory.com/showthread.php?t=154339

NYSE and gang are making a fair attempt.....

LOL - I always keep you in mind as I swing past your thread and I'll take a look at your "case in point" - but it may be tomorrow as I'm rapidy getting outside of a nice bottle of rioja.....

toodle pip.....
Trading Levels with WRBs
  • #2,014
  • Mar 5, 2009 1:13pm Mar 5, 2009 1:13pm
Quoting Happy68
EV, It is tweezer top/bottom
Oops! Sorry, my terminology was a bit scatty there!
  • #2,015
  • Mar 5, 2009 1:39pm Mar 5, 2009 1:39pm
very interesting thread

Regards
{Promotion Removed}
  • #2,016
  • Mar 5, 2009 3:08pm Mar 5, 2009 3:08pm
Quoting Happy68
EV, It is tweezer top/bottom

to all you
Nice to hear from you again, Happy. Trust you are well?

On your chart, that may well have been a pair of tweezers, but on my chart, it was nowhere near. Neither the upper shadow nor the body of the second candle matched the first one, although on Dan's chart I could see it came VERY near! Still, not to worry. I appreciate your coming in, Happy, as we haven't heard from you for quite a while.
Cheers for now.
  • #2,017
  • Mar 5, 2009 3:10pm Mar 5, 2009 3:10pm
Quoting DanUK
PS... check it out - just had another nice trade on USD/CAD.

Entered @ 1.2856, after a bullish hammer that pierced the 1.2850. Closed at 1:1 @ 1.2873 for 17 pips.

Love this thread!
You just can't get enough, can you? Nice one, mate.
  • #2,018
  • Mar 5, 2009 3:42pm Mar 5, 2009 3:42pm
Hey Dan, I just bet you zeroed in on these trades, didn't you? I sure wish I had!!
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  • #2,019
  • Mar 5, 2009 4:05pm Mar 5, 2009 4:05pm
Quoting eyevoltage
Hey Dan, I just bet you zeroed in on these trades, didn't you? I sure wish I had!!
Lol! Actually I only managed to grab two of those babys! The first ran all the way up to the 1.2900 which gave me 20 juicy pips and the second I took as it broke below 1.2900 and let it run down to the entry of the first move taking in another 19 pips or so. It doesn't get any better than this!!
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  • #2,020
  • Mar 5, 2009 4:16pm Mar 5, 2009 4:16pm
Quoting DanUK
Lol! Actually I only managed to grab two of those babys! The first ran all the way up to the 1.2900 which gave me 20 juicy pips and the second I took as it broke below 1.2900 and let it run down to the entry of the first move taking in another 19 pips or so. It doesn't get any better than this!!
Bloody hell, I was only joking, man!! Don't you ever eat?
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