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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,121
  • Mar 11, 2009 6:10am Mar 11, 2009 6:10am
Quoting Islander
My two green MAs are off the hourly chart and just remind me of the longer term trend - I'm probably going to replace them with the coloured signal bars in the top rh corner.
Have a look at one of my recently posted chart, Islander. Bottom window is an indi which I customised to show selected MAs AND price on a chosen TF. I.e. on my M5 chart I can see 2-3 MAs from H1 as well position of H1 candles relative to those MAs. Very handy. Let me know if you are interested.
One Chart is Worth Ten Thousand Words.
  • #2,122
  • Mar 11, 2009 6:20am Mar 11, 2009 6:20am
Quoting DanUK
What would you do?

Ok, so I was looking at this possible setup this morning. A shooting star at the 1.3750 on the 15min G/U chart looked like a possible bearish move (not perfect as it didn't close below the xx50). I was planning to take a break below the candle (indicated below) but the next 15min candle didn't break below. So I decided to pull the plug and then within minutes it blasted down, just where I expected it to! Don't get me wrong I know this is the nature of trading but I would be interested to know if anyone would have kept hold of...
That second candle was (if viewed on its own) a (semi ) Shooting Star (semi - as it was not above the prior candles; OK, it was a "pinbar" ). So, to me, that was a confirmation of the prior candle. And it was with the trend (in general). So, I'd stay in.

But there were two support levels below (btw, entry candle bounced off a resistance level above), so I'd have been watching those closely. That's where the bounce happened later. The last (green) candle was big and sudden, then where we have to accept that market is random and doesn't care about our analysis or expectation.

Hope that helped.
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One Chart is Worth Ten Thousand Words.
  • #2,123
  • Mar 11, 2009 6:27am Mar 11, 2009 6:27am
Quoting Forex007
Have a look at one of my recently posted chart, Islander. Bottom window is an indi which I customised to show selected MAs AND price on a chosen TF. I.e. on my M5 chart I can see 2-3 MAs from H1 as well position of H1 candles relative to those MAs. Very handy. Let me know if you are interested.

I checked you last few posts and dont see ant indy - please give me a link or post # - thanks
Trading Levels with WRBs
  • #2,124
  • Mar 11, 2009 6:28am Mar 11, 2009 6:28am
Quoting eyevoltage
I wouldn't have taken the trade, mate, purely and simply because it's on the wrong side of the MAs!
Dan, as you can see there are many angles you can see any setup from, based on your personal preferences, style and experience. Some things are not set in stone, you have to go with what makes you feel comfortable.

For example, I use different MAs; plus I keep an eye on divergences and Bollinger Bands. So, for me that candle (marked) was a good entry for short. But then again, it's me, and my way of seeing things.
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One Chart is Worth Ten Thousand Words.
  • #2,125
  • Mar 11, 2009 6:28am Mar 11, 2009 6:28am
Quoting Islander
I checked you last few posts and dont see ant indy - please give me a link or post # - thanks
Have a look at the one above this one
One Chart is Worth Ten Thousand Words.
  • #2,126
  • Mar 11, 2009 7:46am Mar 11, 2009 7:46am
Hi Islander, EV and Forex007,

Thank you all for your answers on my last question. It's good to get the view from a different angle now and again. Helps to keep one's brain in gear! It's also nice to be involved in this thread, where everyone is very helpful and questions are answered honestly without any touch of superiority that some threads seem to have going through them!

EV - I have a trade here that might be a little more up your street!! EURUSD 5m hammer on the 13 ema. Didn't quite hit the 1.2700 but it gave a long bias away from it which tied in with the ema/current trend direction. Let it ride up just beyond 1.2750 and then cut it when price moved back down.
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  • #2,127
  • Mar 11, 2009 8:04am Mar 11, 2009 8:04am
Quoting DanUK
Hi Islander, EV and Forex007,

Thank you all for your answers on my last question. It's good to get the view from a different angle now and again. Helps to keep one's brain in gear! It's also nice to be involved in this thread, where everyone is very helpful and questions are answered honestly without any touch of superiority that some threads seem to have going through them!

[color=black]EV - I have a trade here that might be a little more up your street!! EURUSD 5m hammer on the 13 ema. Didn't quite...
Yes, I saw that one, mate, albeit a little late, unfortunately. I was called away from the computer just before the set-up occured, and by the time I got back, it was a couple of candles into the move, so I didn't bother. Glad you spotted it, mate, and you managed to net a good little profit there.
  • #2,128
  • Mar 11, 2009 9:44am Mar 11, 2009 9:44am
Quoting Islander
LOL M4N - take it easy.........we are putting the emphasis on those things, but as the thread's starter hasnt continued posting, those of us that post here regularly have added - like you have a zig zag indy - our own nuances. That you are able to trade on such a naked chart is a credit to you.
Cheers
Islander
It's funny, when people chewed me out, no one said "take it easy" to them. But when I point it out, I am supposed to "take it easy". That's called a DOUBLE STANDARD. Is that how things are around these parts?

It is not a zig zag. It is a line from the open to the highest high or lowest low, whichever comes first, and then a line from that point to the close.

Naked chart. Less is more. Less conflicting signals. I can see the price. What else do I need?
TRO
  • #2,129
  • Mar 11, 2009 9:51am Mar 11, 2009 9:51am
Quoting Forex007
As an example, when price outshoots Bollinger Bands, you know that the reversal is coming sooner rather than later. That helps me make a better judgement when the price then reaches psyche level or some PA is formed.

It's like a car to me: you cannot say that steering wheel or a gas (accelerator) pedal is all you need or that those tools are the most important for driving. You need much more than that to drive safely
You don't "know" anything because ANYTHING CAN HAPPEN. This is the market. If anyone "knew" then the market would no longer exist. Once you enter a trade, what happens next is entirely up to the market. It is out of your hands. The market doesn't care what's on your charts.

At best, you have a statistical edge. That is all. You must execute almost flawlessly otherwise the market will take your money.

Your analogy is flawed. But that's OFF TOPIC.
TRO
  • #2,130
  • Mar 11, 2009 10:19am Mar 11, 2009 10:19am
A couple of afternoon trades.....I hope that some noticed the first one on the break of the mauve support area.

The second was as price stalled just under the 800 level - here I had my limit order at 757 and was happy to book profits
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Trading Levels with WRBs
  • #2,131
  • Edited 11:10am Mar 11, 2009 10:45am | Edited 11:10am
Quoting Money4Nothing
It's funny, when people chewed me out, no one said "take it easy" to them. But when I point it out, I am supposed to "take it easy". That's called a DOUBLE STANDARD. Is that how things are around these parts?

It is not a zig zag. It is a line from the open to the highest high or lowest low, whichever comes first, and then a line from that point to the close.

Naked chart. Less is more. Less conflicting signals. I can see the price. What else do I need?
Your got chewed out because of your IMO agressive posting posture and as a newcomer to this happy little thread, the regulars objected. Also, IMO your methodology was not initially clear and the follow up explainations arrogantly delivered.

If you care to read through any of the multitude of threads in which you post you will find that the majority of active ones - especially those where the threads initiator rarely posts - will have changed to better reflect the postings of the currently active members. FYI its called evolution.

I'm sorry that you feel that I'm operating under double standards as it takes time and effort to respond to you in a civilised mannner - as I have done several times. I wont bother any more.

Now frankly I've had sufficient of your negativity and continual bitching and carping, so I suggest that you either post helpful and constructive comments that actually add to this thread or you leave us in peace and continue your activities elsewhere. Perhaps your own thead would be a good place - you've been a member long enough!

Regards

Islander
Trading Levels with WRBs
  • #2,132
  • Mar 11, 2009 11:21am Mar 11, 2009 11:21am
Quoting Islander
Now frankly I've had sufficient of your negativity and continual bitching and carping, so I suggest that you either post helpful and constructive comments that actually add to this thread or you leave us in peace and continue your activities elsewhere. Perhaps your own thead would be a good place - you've been a member long enough!
Hear hear!

Everyone seems to get along just fine here until a certain person comes along! I'm not sure what his motive is but I certainly can't be bothered with him. I think EV has given up (with arguing) too!

Personally I'm ignoring any more of this guys comments until he chooses to join in the spirit of this thread, in the helpful and friendly nature it tends to move along in!

Regards,


Dan
  • #2,133
  • Mar 11, 2009 11:31am Mar 11, 2009 11:31am
Quoting DanUK
Hear hear!

Everyone seems to get along just fine here until a certain person comes along! I'm not sure what his motive is but I certainly can't be bothered with him. I think EV has given up (with arguing) too!

Personally I'm ignoring any more of this guys comments until he chooses to join in the spirit of this thread, in the helpful and friendly nature it tends to move along in!

Regards,


Dan
Well said, Islander and Dan. M4N has been on my ignore list since yesterday. I suggest you both do the same. Maybe he'll get the hint.
  • #2,134
  • Mar 11, 2009 11:40am Mar 11, 2009 11:40am
My last post for today.....looking at the 800 - 825 resistance area and the high volume shooting star a couple of candles ago I'm thinking that there's plenty of supply up there, so IF the dollar gets any positive news € will head south again.....TWT

I'm looking at ways to stay in these moves and today either the 5m 34ema - here its an 11 EMA - which I view as a "self adjusting" trend line, and thus in keeping with the spirt of this thread....http://www.forexfactory.com/images/icons/icon12.gif OR a 35 pip trailing stop would have captured all of the rally.....

BFN
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Trading Levels with WRBs
  • #2,135
  • Mar 11, 2009 11:42am Mar 11, 2009 11:42am
Quoting Money4Nothing
Your analogy is flawed. But that's OFF TOPIC.
It's not flawed, it covers different subject - the one of what a trader may need/use to make a decision.

But let me give an analogy as to what you had in mind: a bet on whether it will rain in X min/hrs covers a random event (i.e. anything can happen). Would you choose just one clue as to the probability of it raining or several (if available and trusted)?
One Chart is Worth Ten Thousand Words.
  • #2,136
  • Mar 11, 2009 11:46am Mar 11, 2009 11:46am
Quoting eyevoltage
Well said, Islander and Dan. M4N has been on my ignore list since yesterday. I suggest you both do the same. Maybe he'll get the hint.
I followed your advice, EV!
One Chart is Worth Ten Thousand Words.
  • #2,137
  • Mar 11, 2009 11:54am Mar 11, 2009 11:54am
Quoting Forex007
I followed your advice, EV!
  • #2,138
  • Mar 11, 2009 11:55am Mar 11, 2009 11:55am
Ignoring someone is often a very kind act.
TRO
  • #2,139
  • Mar 12, 2009 2:37am Mar 12, 2009 2:37am
My first trade was a short in the Euro as it broke under 2800 before FO.

My TP was todays DP at 2772 and I'm again short after the small pull back.

IF it can break and hold under its DP level, this will make the target the S1 level at 2678, according to the rules of the Dove Alliance.......TWT

CAble is still above its DP level of 3805 and is so far stronger than €
Trading Levels with WRBs
  • #2,140
  • Mar 12, 2009 3:00am Mar 12, 2009 3:00am
Here's the chart.

Note that the fibo 50% retrace and 2750 level are currently acting as support.....lets see what The Brits do.......

Edit: - my apologies that this chart is so cluttered. I normally dont put on the pivots and I eye-ball any fib retracements - but today the confluences may be important......
Attached Image (click to enlarge)
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Trading Levels with WRBs
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