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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,161
  • Mar 12, 2009 9:36pm Mar 12, 2009 9:36pm
Quoting DanUK
... 125.16 which was just above the 13 ema and went long. Got out as price retraced down to my stop achieving a 1:2 RR trade at 125.72. ...
125.72 - 125.16 = 56 pips. So your SL was 28?

One full lot paid $560 USD. Nice.
TRO
  • #2,162
  • Mar 13, 2009 3:32am Mar 13, 2009 3:32am
Quoting dreamtrader
Just want to say hi and thanks to everyone here. I am reading through the whole thread. The charts posted here are some of the most clear and educational charts I have ever seen.
Hi dreamtrader,

I'm quite a newbie on this thread and I have to agree with what you said. This is a great place to learn. The regulars on this thread are very helpful. You will certainly learn a great deal - as I have (am still!).

Regards,


Dan
  • #2,163
  • Mar 13, 2009 3:34am Mar 13, 2009 3:34am
Quoting Toddfx
125.72 - 125.16 = 56 pips. So your SL was 28?

One full lot paid $560 USD. Nice.
Hi Toddfx,

You got it. A few trades like that is all you need!

Regards,


Dan
  • #2,164
  • Mar 13, 2009 4:52am Mar 13, 2009 4:52am
Quoting DanUK
You got it. A few trades like that is all you need!
One trader calls it a day after two RR2 trades (or after two losses). Depends on personal circumstances, but I can see some merit in such discipline.
One Chart is Worth Ten Thousand Words.
  • #2,165
  • Mar 13, 2009 5:14am Mar 13, 2009 5:14am
Good morning all, a nice little opportunity on G/U this morning. A bullish engulfing candle formed over the 1.3950 with trend confluence and the EMAs.

Entered at the break of the high at 1.3981 and got stopped out at 1.4051 with an intial risk of 35 pips

Hope everyone is well!

Dan
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  • #2,166
  • Mar 13, 2009 5:23am Mar 13, 2009 5:23am
Quoting DanUK
Good morning all, a nice little opportunity on G/U this morning. A bullish engulfing candle formed over the 1.3950 with trend confluence and the EMAs.

Entered at the break of the high at 1.3981 and got stopped out at 1.4051 with an intial risk of 35 pips

Hope everyone is well!

Dan
Nice one, Dan

That candle pair is also DBLHC (double low higher close) pattern
And I think it is also a tweezer bottom? (not familiar with this pattern )

Seems that other regulators here don't trade Friday?
  • #2,167
  • Mar 13, 2009 5:28am Mar 13, 2009 5:28am
Quoting DanUK
Entered at the break of the high at 1.3981 and got stopped out at 1.4051 with an intial risk of 35 pips
Nice catch, Dan!

The follow up to your trade was less dynamic. I entered at the first (marked with grey rect and vertical line) hammer, off MA13 and xx20.

SL was 1 pip (+spread) below hammer - I was too greedy which was not good - I usually place SLs 2-3-4 pips (+ spread) below the setup. That 1 pip did help a lot - the price stalled, yet I was still in the trade; I bailed out with RR0.5 loss.

Second hammer (2nd vert. line) worked well, exited at RR2 (GU moved a lot since morning, so I was not sure how much more it could move, plus it's Friday - the 13th! )
Attached Image (click to enlarge)
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One Chart is Worth Ten Thousand Words.
  • #2,168
  • Mar 13, 2009 5:49am Mar 13, 2009 5:49am
Quoting dreamtrader
Nice one, Dan

That candle pair is also DBLHC (double low higher close) pattern
And I think it is also a tweezer bottom? (not familiar with this pattern )

Seems that other regulators here don't trade Friday?
Yes I thought DBLHC too! It could also be a tweezer bottom... maybe?? I'm not too familiar with that one either! Perhaps someone might be able to shed some light on that for us!

I think EV was having some technical difficulties which might explain his absence today!

Regards,


Dan
  • #2,169
  • Mar 13, 2009 5:51am Mar 13, 2009 5:51am
Quoting Forex007
Second hammer (2nd vert. line) worked well, exited at RR2 (GU moved a lot since morning, so I was not sure how much more it could move, plus it's Friday - the 13th! )
Nice save! I forgot it was Friday 13th!!! Perhaps I should quit while I'm ahead incase the bad luck catches me!!

Dan
  • #2,170
  • Edited 6:01am Mar 13, 2009 5:55am | Edited 6:01am
Let me share a newbie trade, I think it is my first trade being posted in FF

It was a 38.2 pullback, I entered short after the bearish engulfing pattern. Reviewing this trade, I think I should have placed a short order under the 1.29 psycho level, just for more confirmation.
My initial target was the resistance level seen on D1 which is also close to the daily pivot (I have it at 1.2861, but not shown in this chart), however, I jumped ship after a harami is formed and then broken on the -0.5 level. Not so successful, but quick 13 pips.

I put a 34ema in my chart as inspired by Islander, the spot I entered short also has a 34ema backing up, but I am not confident using this new tool yet.
Attached Image
  • #2,171
  • Mar 13, 2009 6:24am Mar 13, 2009 6:24am
No postings from me up to now, as I've been busy with other things, not least of which was setting up another MT4 platform after my usual one went tits up last night.
Anyway, looking at this morning's postings, it seems we have one or two new contributors, so welcome to you and I hope you stay awhile.
By the way, Dan, that WAS a tweezer bottom earlier, as well as a bullish engulfing pattern, and that was a nice trade.
I'll be around for a while, so hopefully I'll post later.
Cheers
  • #2,172
  • Edited 6:58am Mar 13, 2009 6:50am | Edited 6:58am
Welcome to the thread, mate.

I can't see your chart very clearly, so I've posted it on my chart with a rectangle hopefully indicating your trade. You said you weren't too sure about how to use the 34ema. As you can see on my chart (and DanUK's as well) there's both the 34ema and a 13ema. The purpose of the 34ema on my chart is to basically give a quick visual of how the current trend is doing. However, it also comes in very handy for forming a "zone" with the 13ema, so that when price pulls back, I like to see it either touching the 13ema, or entering the zone. Either situation can then potentially initiate a trade, but if price goes through the zone to the other side of the 34ema, then I leave it alone, as it's starting to show strength in opposing the current trend. Of course, this is all MY interpretation and how I use it, but everybody will have their own ideas.
Anyway, I hope this helps, mate, and I look forward to seeing more of your charts.
Cheers

Edit: I forgot to point out that your trade, as indicated, was initiated by a harami pattern, with both candles neatly touching the 13ema. A lovely set-up, in other words.
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  • #2,173
  • Mar 13, 2009 7:25am Mar 13, 2009 7:25am
Quoting eyevoltage
By the way, Dan, that WAS a tweezer bottom earlier, as well as a bullish engulfing pattern, and that was a nice trade.


Hi EV - thanks for the clarification on that one!

Got another nice setup on EURUSD just now. Unfortunately it didn't make it all the way to where I had wanted it to but I took a 1:1 on it so I can't complain!

Entry was short after the shooting star that pierced the 1.2900 and the EMAs. After price failed to stay below the resistance level marked at 1.2874 I decided to close at 1:1 for 13 pips.
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  • #2,174
  • Edited 10:34am Mar 13, 2009 7:35am | Edited 10:34am
Quoting eyevoltage
Welcome to the thread, mate.

I can't see your chart very clearly, so I've posted it on my chart with a rectangle hopefully indicating your trade....
Hi EV, as always, your chart is very clear and illustrative. Thanks for that and also for your hints on using the ema!

The first highlighted area was my entry, while the second highlighted one is what I thought a potential setup, it is on a psycho level and a fib. it was good until a shooting star (or hammer?) appeared as pointed out by Dan. Both highlighted candle also just touched the 34ema and the prices pulled back afterward.

(Wow, now the price is shooting up strongly)

Edit: Seems that the candles do not look the same on my chart and on Dan's chart
Edit: OK, I think that candle is both shooting star and hammer
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  • #2,175
  • Mar 13, 2009 8:07am Mar 13, 2009 8:07am
Hi guys - been busy - long earlier and now just closed a short.

THe shooting start that marked the high was on the highest volume so far today, so an alert to sell - which I did just after the news came out..

I'm finished for the week - its too easy to give back my hard won pips.....a good weekend to you all.....http://www.forexfactory.com/images/icons/icon7.gif
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Trading Levels with WRBs
  • #2,176
  • Mar 13, 2009 10:21am Mar 13, 2009 10:21am
Good afternoon,

Two trades this afternoon. One was EURUSD, took a long at the break of the hammer that pierced the 1.2900 psych line and as price was rejected for the second time (since opening the trade) at 1.2920, I decided to cut and run! Good for ten pips which was a 1:1 trade. I think we may still see higher highs before the end of the day but I wasn't prepared to wait around and take a possible hit!

Another trade was short USDCAD after a shooting star formed on the 13EMA, just below 1.2700. It was in line with the current trend so I went for it. Unfortunately for me price was rejected at S2 and I closed out at breakeven.

A good week overall. Have a good weekend everyone! See you all (sort of!) Monday!

Dan

EDIT: Ok, maybe we won't see higher highs! Price just bombed!!
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  • #2,177
  • Mar 13, 2009 10:37am Mar 13, 2009 10:37am
OK, I am off now

Thanks for the charts guys
I will continue studying this thread this weekend
Have a nice weekend everyone
  • #2,178
  • Mar 16, 2009 5:44am Mar 16, 2009 5:44am
GM all - I've been busy trading both sides of cable - mainly long following the trend - chart etc will follow
Trading Levels with WRBs
  • #2,179
  • Mar 16, 2009 6:04am Mar 16, 2009 6:04am
Cable held a higher low and then found support at its 4025 level 25 mins before the Frankfurt Open.

This was also the 34 ema - so a clear buy signal.

The pull back to the 4050 level during Frankies Hour was another buy signal - also these were in line with the current hourly trend - up as both price and the 34 ema are above the upwards sloping 60m 20 ema.

Price then stalled in the grey resistance area - 4160 was supprort a couple of weeks ago - so it was a good area to TP and trade both sides of the box before the attempted push down was held at the 4125 level.

The final bounce up off the 4150 level did break up to new highs, but the action is choppy with no sequence of wide range green candles.

With the range so far 100 pips above the 6 day average I'll be interested to see what the US session brings....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #2,180
  • Mar 16, 2009 6:14am Mar 16, 2009 6:14am
Quoting Islander
Cable held a higher low and then found support at its 4025 level 25 mins before the Frankfurt Open.

This was also the 34 ema - so a clear buy signal.

The pull back to the 4050 level during Frankies Hour was another buy signal - also these were in line with the current hourly trend - up as both price and the 34 ema are above the upwards sloping 60m 20 ema.

Price then stalled in the grey resistance area - 4160 was supprort a couple of weeks ago - so it was a good area to TP and trade both sides of the box before the attempted push down was held...
I dont like taking new positions late in the Europen mornings, prefering to wait for the early US traders to arrive. However, I do have a small short off the 225 level. looking for a retrace towards the 4165 area that acted as resistance earlier. I have the 38% fib retrace at 4147.

As I see the 34 ema has now turned flat and is at the 175 level, I'll put my TP there.....
Trading Levels with WRBs
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