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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,261
  • Mar 20, 2009 3:56am Mar 20, 2009 3:56am
Red candle - EV will tell us what it is! - before FO failed to push down to the 25 level - it was also the 38% retrace of yesterdays move, so a confluence of 2 levels and an easy buy.

I exited at the 500 level and then bought the breakout, which was signalled by € also breaking up....I took some off at the 550 level and my tightened trailing stop took me out in the next candle.

Remember its a Freaky Friday and triple Witching, so the US session may be volatile.....perhaps even the 660 resistance off the dailywill get hit...TWT

I'll be back for the US session.....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #2,262
  • Mar 20, 2009 4:26am Mar 20, 2009 4:26am
Hi guys,

Two trades I missed this morning:

1. Hanging Man (1st grey rectangular) - typucally, it's a reversal pattern, but prior action showed price reaching for 1.4500, then closing above it. Also, Hanging Man's Open and Close remained above 1.4500, and it's wick didn't go lower than MA8. All other MAs were already in "numerical" order. Hence Long. TP1 at 1.4550, TP2 - 4580. RR3 (considering partial exits).

2. When the above TP2 was reached, a Gravestone Dogi formed, off xx80. Also, price moved so far away from MA8 that a small correction was due. A quick CT trade, RR2.

P.S. I know that MA8 is not a "standard stock" at Psych thread, but it (or other similar fast MA, e.g. 5 or 6) is a great tool for such quick CT trades as taht Gravestone Dogi as price always pulls back to MA8 for temporary "rest".
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One Chart is Worth Ten Thousand Words.
  • #2,263
  • Mar 20, 2009 7:03am Mar 20, 2009 7:03am
Two trades from the 5m cable.
The first one prompted by the retracement to the main 1.4500 psych-line and the spinning-top. Entry a very conservative one just under the xx80 psych-line, and exit as indicated. The second trade was straightforward and indicated by a Dark Cloud Cover, with price retracing just after I entered the trade. I saw that the 13ema was still moving strongly down, so I let the trade ride, and bailed out right on the 1.4400 psych-line.
I think that'll be it for me today, as I have a busy afternoon coming up.
See you all next week, hopefully.
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  • #2,264
  • Mar 20, 2009 7:07am Mar 20, 2009 7:07am
I really must look up the trader who suggested that I add the 25s and 75s to my chart - in addition to my usual 50s and 100s.....

As I'm well above my weekly target, I'll celebrate POET'S day - starting now

A good weekend to you all......
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Trading Levels with WRBs
  • #2,265
  • Mar 20, 2009 7:56am Mar 20, 2009 7:56am
Quoting eyevoltage
Two trades from the 5m cable.
The first one prompted by the retracement to the main 1.4500 psych-line and the spinning-top. Entry a very conservative one just under the xx80 psych-line, and exit as indicated. The second trade was straightforward and indicated by a Dark Cloud Cover, with price retracing just after I entered the trade. I saw that the 13ema was still moving strongly down, so I let the trade ride, and bailed out right on the 1.4400 psych-line.
I think that'll be it for me today, as I have a busy afternoon coming up.
See you all next...
Thanks, EV! Clear and precise as usual! Perhaps I should be keeping a second chart with "psyche" (EV and Islander) template to see your viewpoint too Just kidding : I simply added MA13 to my existing chart; and I don't like MA34 (no offence, Islander ) - more on this below.

Have a nice weekend, everybody!
One Chart is Worth Ten Thousand Words.
  • #2,266
  • Mar 20, 2009 8:19am Mar 20, 2009 8:19am
Quoting Islander
I really must look up the trader who suggested that I add the 25s and 75s to my chart - in addition to my usual 50s and 100s.....

As I'm well above my weekly target, I'll celebrate POET'S day - starting now

A good weekend to you all......
That chart indeed looks like a poem or music score. Thank you, Islander!

As for MAs, many traders have their favourites. This is [OFF-TOPIC], but there we go. I guess that as long as one knows what to use each MA for and when and how, exact number does not matter much. Most MAs used frequently could be broken into several distinct groups: ultra-fast (5, 6 or 8 are popular numbers here); fast (12, 13 are popular), medium (21, 25 and 34 are popular), slow (50, 60, 62, 89 are popular) and ultra-slow (150, 200 and 365 are popular).

The exact number does not matter that much: there will always be many instances when price touches perfectly ALL of those MAs. In principal, any MA from each group will do the trick.

I mentioned above that I don't like 34 - I simply don't "feel" it. For me (just my personal preference, not even an opinion), 21 or 25 do the (same) job. Also, MA34 on M5 does not fit into any clear logic: 5 x 34 = 170 minutes, whilst for example MA36 gives exactly 3 hrs.

It's not MAs as such, but price interaction with them that is of interest: how far the price is away from the nearest MA(s), whether the price closes above/below the nearest MA(s), whether ultra-fast and fast MAs are converging or parallel or diverging, whether the price stays above/below slower MA after a faster one crossed it, what angle they run at, etc. After 6-12 months of observing price interacting with MAs, reading it becomes as easy as reading a book.

Also, on higher TFs some MAs carry more logic than on M5. E.g. MA21 on D1 would correspond to a number of trading days in a month, MA6 on H1 would correspond to 25% of a day (and MA12 to half a day). But again, difference for example between MA12 and MA13 is not crucial at all.

Have a nice weekend, guys!
One Chart is Worth Ten Thousand Words.
  • #2,267
  • Mar 22, 2009 4:38pm Mar 22, 2009 4:38pm
Quoting Forex007
That chart indeed looks like a poem or music score. Thank you, Islander!

As for MAs, many traders have their favourites. This is [OFF-TOPIC], but there we go. I guess that as long as one knows what to use each MA for and when and how, exact number does not matter much. Most MAs used frequently could be broken into several distinct groups: ultra-fast (5, 6 or 8 are popular numbers here); fast (12, 13 are popular), medium (21, 25 and 34 are popular), slow (50, 60, 62, 89 are popular) and ultra-slow (150, 200 and 365 are popular).

The exact number...
Great post http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #2,268
  • Mar 22, 2009 6:36pm Mar 22, 2009 6:36pm
Attached Image (click to enlarge)
Click to Enlarge Name: monthly history pivot.png Size: 29 KB


Attached File(s)
File Type: mq4 P-Monthly.mq4   5 KB | 365 downloads


Attached File(s)
File Type: mq4 P-Weekly.mq4   5 KB | 320 downloads


I found some weekly,monthly pivots indicators that we can see the history although it is different from my other monthly pivot indicator.
I am wondering if the formula is correct for calculating the monthly pivots.
If somebody uses the monthly pivot , would you please check if they are correct.

Thanks in advance,
  • #2,269
  • Mar 22, 2009 10:22pm Mar 22, 2009 10:22pm
Hey guys I just want to start off telling you how much I appreciate all the hard work you have put into this thread. I've been trading for 3yr's now and just haven't been able to find a system that I'm comfortable with. I've been reading this thread for some time now and have begun implementing it and all I can say is FINALLY. I can actually use this system with confidence, I don't know why, I guess it just makes more since to me.

I'v got a shot from just tonight of the EUR/JPY were I made a trade on the last set of arrows (I jumped in to late catch the others). I was just wondering what you guys thought. I'm still new with this system and am finding it hard to recognize when to get out while maximizing my profit. As you see in the pic. I got out at about half way up. The 131.50 psych line spooked me a little as the bar started dropping. I was also wondering what you think about the other entries and exits that I pointed out? Let me know If I'm on the right track. Thanks in advance guys.
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  • #2,270
  • Edited 8:23am Mar 23, 2009 6:38am | Edited 8:23am
Where is everybody?
Here's a slightly different way of trading from my usual method. As you can see, after price stopped under the 1.4600 psych-line, it entered a small period of consolidation whilst the 13ema continued moving up. When price and the 13ema finally met by way of a small doji, there was a break above the 1.4600/small resistance line confluence. I bailed out as price started reversing after failing to meet the xx50 psych-line. A nice opportunist trade.
You may notice that I've now included two zones formed by xx80 and xx75 psych-lines, plus the xx20 and xx25 psych-lines. The truth is that I can't make up my mind which ones to use for the best, so I'm using them all to see what transpires. I may keep them as S/R zones, who knows? Seems logical.
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  • #2,271
  • Mar 23, 2009 7:25am Mar 23, 2009 7:25am
Quoting whhall2
Hey guys I just want to start off telling you how much I appreciate all the hard work you have put into this thread. I've been trading for 3yr's now and just haven't been able to find a system that I'm comfortable with. I've been...
Welcome to the thread, mate, and it looks as if you are, indeed, on the right track. It certainly looks to me as if you've grasped the original concept of the thread as defined by acumen, so just keep on keepin' on, would be my advice, mate.
IMO, you probably did the right thing with regard to the trade you described. After all, you'd racked up around 20 pips by then? So there's no shame in jumping ship with a nice gain, regardless of WHAT price does after that.
One proviso I'd suggest: try using an ema. In this method, they do seem to come in VERY handy for pinpointing entries. I do stress it's only a suggestion, but at the end of the day, it's up to you, mate.
Look forward to hearing from you again.
  • #2,272
  • Mar 23, 2009 7:34am Mar 23, 2009 7:34am
5m cable again, with a similar break from a consolidation zone. Pretty straightforward. As price broke down from the zone, it also broke the 13ema line as well, giving me more confidence to enter the trade. I was a bit "on edge", so to speak, as price hovered around the 1.4600 psych-line, but eventually I relaxed as it headed firmly southwards. Initial target was the xx80/xx75 zone, but price carried on through and I bailed out as price retreated upwards after failing to reach the xx50 psych-line.
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  • #2,273
  • Mar 23, 2009 8:19am Mar 23, 2009 8:19am
Trades coming thick and fast today! When I saw this spinning-top forming just under the 13ema/1.3600 psych-line confluence, I didn't like the look of the xx80/xx75 psych-line zone, and knew I'd have to wait for price to break under it. It finally did, and I entered just under the zone, and bailed out just after price breached the xx50 psych-line.
Attached Image
  • #2,274
  • Mar 23, 2009 8:24am Mar 23, 2009 8:24am
Good afternoon all, sorry I've been a bit too busy to post anything lately but thought I would share this little trade.

It's a buy on USD/CHF after the hammer above the 1.1250 and the daily pivot. Not an A trade for me (must be getting a bit sloppy!) as it didn't actually pierce the xx50 line but it was good for 24 pips (initial risk of 12).

Hope everyone had a good weekend!
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  • #2,275
  • Mar 23, 2009 8:29am Mar 23, 2009 8:29am
Quoting eyevoltage
Trades coming thick and fast today! When I saw this spinning-top forming just under the 13ema/1.3600 psych-line confluence, I didn't like the look of the xx80/xx75 psych-line zone, and knew I'd have to wait for price to break under it. It finally did, and I entered just under the zone, and bailed out just after price breached the xx50 psych-line.
Nice one EV! I did eyeball that one but passed because of the congestion that you highlighted. Didn't think of taking the break below!
  • #2,276
  • Mar 23, 2009 9:11am Mar 23, 2009 9:11am
Quoting DanUK
It's a buy on USD/CHF after the hammer above the 1.1250 and the daily pivot. Not an A trade for me (must be getting a bit sloppy!) as it didn't actually pierce the xx50 line but it was good for 24 pips (initial risk of 12).
Nice trade, Dan, but don't worry about it not piercing the xx50 psych-line. In this instance, you merely used the 34ema (I presume?) as support before take-off!! Well done, mate!
  • #2,277
  • Mar 23, 2009 9:40am Mar 23, 2009 9:40am
5m cable produced this one just now.....
You'll notice the question mark! That's because I haven't a clue if that's a proper candlestick reversal signal or not. It isn't QUITE an engulfing candle, so the only clue that a reversal could be on the cards was the pin-bar candle before it. It didn't matter really, because an entry was always going to be just below the xx20/xx25 psych-zone assuming price made it down there, which it did. Just a quick 13 pips, as price then refused to breach the xx00 psych-line.
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  • #2,278
  • Mar 23, 2009 11:10am Mar 23, 2009 11:10am
Hi Guys - sorry I'm rather tied up now and dont have so much time for posting. Plenty of great entries today and just wanted to highlight the use of a higher TF - here the 15m for helping with decisions on the lower TF - the 5m.

The last sell that I took was off the 550 level, with TP on half at the 508 level with the second off at 458.

Later, I watched the close of the 15:00 candle - the red doji / spinning top and 3 mins later, cable put in a higher low at 4450 - so I took a small long - I've actually finished for the day - with a TP at 493 / OCO 10 pip trail - missed my TP by a pip, but still got 10 pips on my stop - I was outside in the garden!
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: mar 23 cable 5m 1555.gif Size: 13 KB
Trading Levels with WRBs
  • #2,279
  • Mar 23, 2009 11:11am Mar 23, 2009 11:11am
Murrey Math has some interesting pivots...

http://i42.tinypic.com/2vtrskp.gif
TRO
  • #2,280
  • Mar 23, 2009 11:13am Mar 23, 2009 11:13am
Works on M5, too

http://i43.tinypic.com/2hflvuq.gif
TRO
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