Attachments: Psych Levels, Pivots, and Trendlines - Resurrected

Psych Levels, Pivots, and Trendlines - Resurrected

#2,341
Apr 15, 2009 2:07am Apr 15, 2009 2:07am

coaster
| Joined Mar 2009 | Status: Trader | 51 Posts

Ok I seem to be online now

I m from Russia... a city right on the border of Europe and Asia.. a laid-off banker.. well if they didn't lay me off I wud hv left anyway.. the bank I worked for has been bought by a heartless money making machine.. I looked around

and found no places I wud like to work at.. I used to be an FX trader on the dawn of my career and even made some money for my employer and was thinking on doing it on my own for years.. But this and that, wishy-washy and I went on with my career and came back to trading in between arguing with Moodys over ratings or arranging a loan syndication for my bank.. lost money of course

..
But as we say there were no good news, but bad news helped... the crisis came.. but now u can choose again!

So I'm here.. Started all over from questioning if that's possible at all to make it consistently.. this is how I found FF and this thread.. The way you guys approach it appeals to me and the first thing I want to say here is THANKS I can learn from you EV, 007, Islander and Yuppie

OK I talk to much today haha...
Have a nice one ahead!

#2,342
Apr 15, 2009 3:05am Apr 15, 2009 3:05am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

First trade of the day from a fib opportunity. The hammer and gravestone doji forming around the lower half of the 20/25 psych-zone prompted an entry at just above the high of the doji. Once Target 1 was reached, I was happy to bail out.

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#2,343
Apr 15, 2009 3:20am Apr 15, 2009 3:20am

Forex007
| Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts

Quoting eyevoltage

Disliked

First trade of the day from a fib opportunity. The hammer and gravestone doji forming around the lower half of the 20/25 psych-zone prompted an entry at just above the high of the doji. Once Target 1 was reached, I was happy to bail out.

Ignored

Nice one, EV!

One Chart is Worth Ten Thousand Words.

#2,344
Apr 15, 2009 3:51am Apr 15, 2009 3:51am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

Another fib trade, this time prompted by a Harami forming at the bottom of the retracement. Seeing as Target 1 was part of the confluence formed by the 20/25 psych zone, I reckon that was a very good place to jump ship.

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#2,345
Apr 15, 2009 5:40am Apr 15, 2009 5:40am

coaster
| Joined Mar 2009 | Status: Trader | 51 Posts

I wud hv said it was a bit too early both sides. Held by the skin of a teeth as stop was below 4920 and bailed out early too as was afraid of 1,50 rejection..

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#2,346
Apr 15, 2009 5:47am Apr 15, 2009 5:47am

Yuppie
Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts

Quoting eyevoltage

Disliked

Another fib trade, this time prompted by a Harami forming at the bottom of the retracement. Seeing as Target 1 was part of the confluence formed by the 20/25 psych zone, I reckon that was a very good place to jump ship.

Ignored

Hey EV, on holiday just now, so having a very sedate look through my favourite threads.

A question... your Harami in this example... the lower shadow is lower than the previous bar. For you, do you only require the body of the bar to be within the preceding bar, not the shadows?

Also, can I ask why you have not kept the 13/34 MAs on your chart while using the Fibs?

Excellent examples EV - keep up the good work...

Regards,

Magnus

#2,347
Apr 15, 2009 5:52am Apr 15, 2009 5:52am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

Quoting coaster

Disliked

I wud hv said it was a bit too early both sides. Held by the skin of a teeth as stop was below 4920 and bailed out early too as was afraid of 1,50 rejection..

Ignored

You've saved me a job, mate, as I was going to post this exact trade. I didn't trade it as I was busy elsewhere, but I just wanted to show it as a beautiful example of a really nice fib trade. Around 100 pips on offer as well. Nicely done, mate.

#2,348
Apr 15, 2009 5:59am Apr 15, 2009 5:59am

coaster
| Joined Mar 2009 | Status: Trader | 51 Posts

ohh

thanks, my friend.. it comes as a bonus

.. and a trgt of 1,382 at 1.5020 nicely met...

#2,349
Apr 15, 2009 6:16am Apr 15, 2009 6:16am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

Quoting Yuppie

Disliked

Hey EV, on holiday just now, so having a very sedate look through my favourite threads.

A question... your Harami in this example... the lower shadow is lower than the previous bar. For you, do you only require the body of the bar to be within the preceding bar, not the shadows?

Also, can I ask why you have not kept the 13/34 MAs on your chart while using the Fibs?

Excellent examples EV - keep up the good work...

Regards,

Magnus

Ignored

A Harami candlestick pattern consists of two candles, the body of the second candle fitting entirely inside the body of the first candle. "Harami" is the Japanese word for "pregnant", and if you look at the pattern, it's easy to see why they came up with that word!! The shadows are totally ignored in such a pattern as this one.

As for the ema's you asked about.....I'm just trying out a different style of trading, but still in keeping with the original acumen ideal. Fibonacci patterns crop up all day long, and I started to realize that they seemed to be presenting more trading opportunities than my method with the ma's were. So I look out for fibs now, and use them in conjunction with the psych-lines that acumen endorses i.e. 00 20 50 and 80 lines, and I also use 25 and 75 lines to form "psych-zones" with the 20 and 80 lines respectively. I've found that these "zones" form particularly strong S and R areas, especially on eur/jpy, although why this pair in particular, I have no idea. Maybe I'm imagining it, but they certainly seem to work for me!

Where are you holidaying? On a lovely beach somewhere, I hope!!
Enjoy.

#2,350
Apr 15, 2009 6:44am Apr 15, 2009 6:44am

Yuppie
Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts

Thank you for the reply EV. Got you, a Harami pattern is, by definition, body within body - did not know this (I think this is somewhat different to the James16 definition).

Don't know if it is just me, but I have found the .30 level on E/J almost always significant. I have used it as an exit many, many times. Something to watch out for - or disprove, could possibly be a bias I have.

Magnus

p.s. yeah, in the Western Isles, it's unsettlingly sunny for this time of year!

#2,351
Apr 15, 2009 8:20am Apr 15, 2009 8:20am

Forex007
| Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts

Quoting coaster

Disliked

I wud hv said it was a bit too early both sides. Held by the skin of a teeth as stop was below 4920 and bailed out early too as was afraid of 1,50 rejection..

Ignored

Coaster, which candle did you enter on (and why). Trade was good indeed; I am just curious how you determined the exact entry point. Many thanks!

One Chart is Worth Ten Thousand Words.

#2,352
Apr 15, 2009 11:48am Apr 15, 2009 11:48am

coaster
| Joined Mar 2009 | Status: Trader | 51 Posts

Quoting Forex007

Disliked

Coaster, which candle did you enter on (and why). Trade was good indeed; I am just curious how you determined the exact entry point. Many thanks!

Ignored

007, I entered exactly on the candle which is marked by the arrow. I saw price rejected 1,4907 and 61,8 line (two wicks on the red and next green candle) and the moment PA crossed the high of a red candle I jumped the gun. I knew this was a bit premature and it made sense to wait until the candle closes (better abv 4940) but I couldn't resist the temptation. I paid some nerves for this when the price dived the next candle...

#2,353
Apr 15, 2009 11:56am Apr 15, 2009 11:56am

coaster
| Joined Mar 2009 | Status: Trader | 51 Posts

also, 007, I scrolled back to the previous time the price rejected 1,4960 few days ago and reasoned if it didn't like the lvl, it would have dropped more actively this time.. But the move down was quite shallow, so that gave me another reason to think it may attempt another try.. Twice trying 1,4970 and not taking a look at big figure? hmmm where is all the fun for the dealers?

#2,354
Apr 15, 2009 12:04pm Apr 15, 2009 12:04pm

coaster
| Joined Mar 2009 | Status: Trader | 51 Posts

Quoting Yuppie

Disliked

Don't know if it is just me, but I have found the .30 level on E/J almost always significant. I have used it as an exit many, many times. Something to watch out for - or disprove, could possibly be a bias I have.

Magnus

Ignored

just the day before I was short from 131,70 lvl and had to close for the b/e coz it rejected 131,30 lvl twice... this is when I always think if it was better to get away with +35 pips instead of aiming for 100 and getting zero

#2,355
Apr 15, 2009 12:14pm Apr 15, 2009 12:14pm

Forex007
| Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts

Quoting coaster

Disliked

I knew this was a bit premature...

Ignored

I'd enter EARLIER, that's whyI asked

I'd enter on one of those "harami/hanging man/doji", i.e. 1-2 candles before you did.

Thanks for the explanation, very precise!

One Chart is Worth Ten Thousand Words.

#2,356
Apr 15, 2009 12:15pm Apr 15, 2009 12:15pm

Forex007
| Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts

Quoting coaster

Disliked

also, 007, I scrolled back to the previous time the price rejected 1,4960 few days ago and reasoned if it didn't like the lvl, it would have dropped more actively this time.. But the move down was quite shallow, so that gave me another reason to think it may attempt another try.. Twice trying 1,4970 and not taking a look at big figure? hmmm where is all the fun for the dealers?

Ignored

You must be J16/BRV fan

Very good thinking indeed.

One Chart is Worth Ten Thousand Words.