Psych Levels, Pivots, and Trendlines - Resurrected | Page 111 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,201
  • Mar 16, 2009 1:24pm Mar 16, 2009 1:24pm
Quoting eyevoltage
Nice one, son. Were you at work?
You got me!
  • #2,202
  • Mar 16, 2009 1:31pm Mar 16, 2009 1:31pm
Simple trades...

Green at lines ending in 00, 25, 50, 75 - go long.

Red at lines ending in 00, 25, 50, 75 - go short.

http://i41.tinypic.com/16lbslv.gif
TRO
  • #2,203
  • Mar 16, 2009 3:41pm Mar 16, 2009 3:41pm
Quoting eyevoltage
I appreciate your comments, mate, but who's Nielson?
Opps... I corrected the post (to Nison )
One Chart is Worth Ten Thousand Words.
  • #2,204
  • Mar 17, 2009 3:24am Mar 17, 2009 3:24am
Quoting Forex007
Opps... I corrected the post (to Nison )
Thank you for that, mate. That's a real compliment.

(I taught him all he knows, you know!!)
  • #2,205
  • Mar 17, 2009 7:00am Mar 17, 2009 7:00am
Some mornings I seem to have the time to trade with no problems at all, and others, like today, I can't seem to get any time at all. So what happens? This happens.
Two lovely trades on the trot, and I missed them both.
The text on the chart will tell you everything you need to know. SOD IT!!
Attached Image
  • #2,206
  • Mar 17, 2009 7:24am Mar 17, 2009 7:24am
Good afternoon chaps,

Sorry I couldn't post this earlier... nice little 5m move on USD/CHF had a shooting star form just under the daily pivot level, piercing the 1.1850 psych line and in line with the EMAs.
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  • #2,207
  • Mar 17, 2009 7:36am Mar 17, 2009 7:36am
Quoting DanUK
Good afternoon chaps,

Sorry I couldn't post this earlier... nice little 5m move on USD/CHF had a shooting star form just under the daily pivot level, piercing the 1.1850 psych line and in line with the EMAs.
Nicely done, Dan. I was beginning to wonder if anyone else was going to come on here. I take it you're at work again?
  • #2,208
  • Mar 17, 2009 8:33am Mar 17, 2009 8:33am
Quoting eyevoltage
Nicely done, Dan. I was beginning to wonder if anyone else was going to come on here. I take it you're at work again?
Yeah I am working today but still keeping my eyes peeled for some good entries!

I've been trying to take your advice in keeping in line with the current trend / ema direction and Forex007's advice about R:R. As a result I am getting a little pickier about my entries and so far it seems to be working well!
  • #2,209
  • Mar 17, 2009 9:00am Mar 17, 2009 9:00am
Quoting DanUK
Yeah I am working today but still keeping my eyes peeled for some good entries!

I've been trying to take your advice in keeping in line with the current trend / ema direction and Forex007's advice about R:R. As a result I am getting a little pickier about my entries and so far it seems to be working well!
I am still learning to be mega-patient...
One Chart is Worth Ten Thousand Words.
  • #2,210
  • Mar 17, 2009 9:33am Mar 17, 2009 9:33am
Hello again, Dan and FX007.
Good to see that you're both keen on developing the basic essential to good trading i.e. discipline.
Been some good opportunities on both cable and eu today. Unfortunately, I've not been a position to take advantage. C'est la vie.
I've been having a quick look at eur/jpy and it's been best left alone today. Very choppy IMO.
Keep up the good work, chaps!
  • #2,211
  • Mar 17, 2009 10:03am Mar 17, 2009 10:03am
Hi all,

Managed to spot this little trade on EUR/CHF this afternoon. A bearish engulfing candle formed over the 1.5350 psych level and in line with the trend. Took the break below for a nice 1:2 trade.
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  • #2,212
  • Mar 17, 2009 10:08am Mar 17, 2009 10:08am
Quoting eyevoltage
Hello again, Dan and FX007.
Good to see that you're both keen on developing the basic essential to good trading i.e. discipline.
Waiting for the perfect trade to come along is so important but so easily overlooked. Developing the discipline it takes to wait for that trade is very hard work but once learned it increases your chances of winning at this game immeasurably!
  • #2,213
  • Mar 17, 2009 10:35am Mar 17, 2009 10:35am
Hi guys,

nice trades EV and Dan

Here is a trade I took. It was a G/U long trade initiated by m15 morning star. Since it was formed on a support level I identified in a H4 chart which is also a 50% of a longer term fib (and yes, it is also a xx80 psycho level used in this thread), I didn't wait for a confirming candle to enter. I almost bailed out when it hit 1.40 psycho level and reversed, but I finally waited and took profit at my target which is a resistance level I identified in H4.

Entry and exit are located by arrows.
Attached Image
  • #2,214
  • Mar 17, 2009 4:25pm Mar 17, 2009 4:25pm
Quoting DanUK
Waiting for the perfect trade to come along is so important but so easily overlooked. Developing the discipline it takes to wait for that trade is very hard work but once learned it increases your chances of winning at this game immeasurably!
Dan, you are (based on our "off thread" discussions) one of the most disciplined traders I ever came across. And the results are there to prove it. Keep on keeping on!
One Chart is Worth Ten Thousand Words.
  • #2,215
  • Mar 17, 2009 4:27pm Mar 17, 2009 4:27pm
Quoting DanUK
Hi all,

Managed to spot this little trade on EUR/CHF this afternoon. A bearish engulfing candle formed over the 1.5350 psych level and in line with the trend. Took the break below for a nice 1:2 trade.
Do a quick calc (based even on a modest a/c size), how much one RR2 trade per day would yield in a week. I.e. if you can simply your trading task to sitting and waiting just for that ONE trade (AAA+), and then stick to that, you are on your way to financial freedom.
One Chart is Worth Ten Thousand Words.
  • #2,216
  • Mar 18, 2009 4:56am Mar 18, 2009 4:56am
Good morning all,

Not seen many chances for a good trade so far today, keeping my eyes open though!

Quoting Forex007
Dan, you are (based on our "off thread" discussions) one of the most disciplined traders I ever came across. And the results are there to prove it. Keep on keeping on!
Thank you for your kind words! As you have recently pointed out...

Quoting Forex007
if you can simply your trading task to sitting and waiting just for that ONE trade (AAA+), and then stick to that, you are on your way to financial freedom.
Such an important bit of advice right there. Sadly most people seem to overlook the idea of taking just the best trades! I have certainly been guilty of that in the past!
  • #2,217
  • Mar 18, 2009 6:15am Mar 18, 2009 6:15am
Sometimes, things just don't work out. The first signal looked good, but by the time the entry point was finalized, the confluence formed by the xx80 psych-line and the S2 line was just too close IMO, so although the entry point is marked at 1.3889, I didn't enter. The second opportunity also looked promising, assuming again, of course, that price could this time breach the confluence I mentioned. It looked like it had, and I was in at the indicated price of 1.3869, but price promptly reversed and I was lucky to get out with a -6 pip loss.
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  • #2,218
  • Mar 18, 2009 7:17am Mar 18, 2009 7:17am
This isn't strictly thread-orientated, I know, but it's still a very interesting snippet of information. Have a look..................

http://www.mywealth.com/blog/post/ec...seems-think-so
  • #2,219
  • Mar 18, 2009 7:41am Mar 18, 2009 7:41am
Quoting eyevoltage
This isn't strictly thread-orientated, I know, but it's still a very interesting snippet of information. Have a look..................

http://www.mywealth.com/blog/post/ec...seems-think-so
That's an interesting article. In my longer term trading I primarily trade EUR/USD and although I have been a bear pretty much all year so far, since the middle of last week I have been in the bull crowd! I tend not to try and predict where the market is going as I'm not often right but it could be the tide is turning!
  • #2,220
  • Mar 18, 2009 7:45am Mar 18, 2009 7:45am
All the waiting is worthwhile when you are kindly rewarded!

Short after the bearish engulfing candle that closed below the 1.1750, S1 and EMAs. S2 was on the horizon but fortunately for me it didn't stop the trade and I managed to grab a 1:2 trade on it. If I had a bit more nerve I could have achieved 1:3 but I decided to bail out when price came back up!
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