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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,421
  • Apr 21, 2009 2:08pm Apr 21, 2009 2:08pm
Quoting Forex007
Guys, sorry for somewhat off-thread comments, but I just wanted to highlight the importance of PA and levels. Their combination is the key to determining the quality of setups.
Some great examples there, mate, but the one that really grabs me is the one on the far right. It's a classic OzTrader (YouTube) "fakey" trade. You have a massive pin-bar followed by an "inside" candle. The following candle then slightly edges above the "inside" candle (that's the "fakey"), then price just seems to plummet southwards. I have no idea of the pair or TF, mate, but that OzTrader thing just seems to WORK!!

See you tomorrow, folks.
  • #2,422
  • Apr 21, 2009 3:07pm Apr 21, 2009 3:07pm
Quoting eyevoltage
the one that really grabs me is the one on the far right.
That's the one I'd have choosen, EV, if I had to choose just one!

Off prior SR, Shooting Star and a "fakey". It's got to be the one.

P.S. EU M15.
One Chart is Worth Ten Thousand Words.
  • #2,423
  • Apr 22, 2009 12:48am Apr 22, 2009 12:48am
KISS - a higher low, so buy for a 50 pip rally, then a lower high, sell for a ~75 pip fall

Remember that there's a lot of important UK news out today.....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #2,424
  • Apr 22, 2009 2:46am Apr 22, 2009 2:46am
Quoting Islander
KISS - a higher low, so buy for a 50 pip rally, then a lower high, sell for a ~75 pip fall

Remember that there's a lot of important UK news out today.....
KISS indeed! Thank you, Islander!
One Chart is Worth Ten Thousand Words.
  • #2,425
  • Apr 22, 2009 3:04am Apr 22, 2009 3:04am
Good morning chaps,

Glad to see everyone is still doing well trading this great method - I haven't had a lot of time to look at the 5 min charts just lately but I did grab this little move earlier...

I thought I would try a slightly different approach after watching a couple of posts from Islander.

Price was unable to stay below 1.2900 and started heading higher. We then made a higher low (as indicated on the chart) which formed a hammer so I decided to buy the break above it.

Closed out at 1.2944 for a 1:3 trade.
Attached Image (click to enlarge)
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  • #2,426
  • Apr 22, 2009 4:11am Apr 22, 2009 4:11am
Great trades from Islander and DanUK (welcome back, Dan)!!

Two trades here from cable....fairly self-explanatory. The first as a result of a breakout, and the second from a harami reversal signal. The first trade was good, but with the second, I was lucky to get out minus just a couple of pips. Usually, a break of a psych-zone, more often than not results in a push up (or down) to the next line of S/R. Not in this case though!!
Attached Image
  • #2,427
  • Apr 22, 2009 4:59am Apr 22, 2009 4:59am
[quote=DanUK;2686630] I thought I would try a slightly different approach after watching a couple of posts from Islander.[quote]

Excellent, Dan (welcome back!)!! Good setup and trade management.

Due to my schedule today, I traded the same period, but on M15 and with RR1 as my target. Yours on M5 is much better!
Attached Image (click to enlarge)
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One Chart is Worth Ten Thousand Words.
  • #2,428
  • Apr 22, 2009 5:07am Apr 22, 2009 5:07am
Quoting eyevoltage
Great trades from Islander and DanUK (welcome back, Dan)!!

Two trades here from cable....fairly self-explanatory. The first as a result of a breakout, and the second from a harami reversal signal. The first trade was good, but with the second, I was lucky to get out minus just a couple of pips. Usually, a break of a psych-zone, more often than not results in a push up (or down) to the next line of S/R. Not in this case though!!
Good BO trade, EV! Did you have Limit order above the range - with price moving quickly (and UK news day) it must be hard to decide "live" that BO happened?

Interesting how diff. traders see diff. things. That Harami escaped me. But I was thinking of trading those two Shooting Stars, entering at the open of a candle that followed each Star, with SL at 50% of Star 1 and above Star 2, with TP at RR1. Passed on it due to the news day.
Attached Image
One Chart is Worth Ten Thousand Words.
  • #2,429
  • Apr 22, 2009 5:32am Apr 22, 2009 5:32am
Hi guys,

Just managed to grab a nice move on USD/CAD - I was actually just checking it for a longer term move I am watching and noticed a nice little setup - chart attached.

Target was hit and then formed a very nice looking shooting star/pin-bar which almost looks like it would be worth a trade! It's counter-trend though without any other confluence (that I can see) so I won't be in it!

Dan
Attached Image (click to enlarge)
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  • #2,430
  • Apr 22, 2009 5:33am Apr 22, 2009 5:33am
Nope, no limit order, mate. Just an entry as price broke the imaginary resistance line. Sometimes they work and sometimes they don't!! This one did, but I see your point.
By the way, with regard to your chart, I hope you don't mind me pointing out that your entry wasn't after a harami, mate......it was afte a bullish piercing pattern. Nice trade, though!!
  • #2,431
  • Edited 5:39am Apr 22, 2009 5:37am | Edited 5:39am
Quoting DanUK
Hi guys,

Just managed to grab a nice move on USD/CAD - I was actually just checking it for a longer term move I am watching and noticed a nice little setup - chart attached.

Target was hit and then formed a very nice looking shooting star/pin-bar which almost looks like it would be worth a trade! It's counter-trend though without any other confluence (that I can see) so I won't be in it!

Dan
Nice trade, Dan, but what's with the bars? Candles, man, candles!! That's where it's at!!!

Edit: Incidentally, where does one appropriate that fancy labelling you demonstrated on your chart?
Very neat, clear and concise!!
  • #2,432
  • Apr 22, 2009 5:38am Apr 22, 2009 5:38am
Just thought I would post this chart as it might be of some educational value! As there has been some talk on here recently of taking account of S/R levels - check out what happened to the pin-bar I mentioned on U/C.

You will see previous bar highs killing the move! Just something to think about!
Attached Image (click to enlarge)
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  • #2,433
  • Apr 22, 2009 5:41am Apr 22, 2009 5:41am
Quoting eyevoltage
Nice trade, Dan, but what's with the bars? Candles, man, candles!! That's where it's at!!!

Edit: Incidentally, where does one appropriate that fancy labelling you demonstrated on your chart?
Very neat, clear and concise!!
Sorry - it was really because I was looking at a longer term move and hadn't switched back to candles on my chart!!

Forex007 actually introduced me to this little tool - google "jing" it's a really handy tool for screenshots and notes etc!

Regards,

Dan
  • #2,434
  • Apr 22, 2009 6:05am Apr 22, 2009 6:05am
Quoting DanUK
Good morning chaps,

Glad to see everyone is still doing well trading this great method - I haven't had a lot of time to look at the 5 min charts just lately but I did grab this little move earlier...

I thought I would try a slightly different approach after watching a couple of posts from Islander.

Price was unable to stay below 1.2900 and started heading higher. We then made a higher low (as indicated on the chart) which formed a hammer so I decided to buy the break above it.

Closed out at 1.2944 for a 1:3 trade.
Hi Dan - nice trade - I was in it too as I had a note on my hourly chart about the high volume ~graveyard doji that made the low at 2887 on Monday. Todays low on an hourly hammer was also on high volume, so I'll be buying again on pull backs into the 900 area - assuming I get confirmation from the PA on the lower TFs.
Trading Levels with WRBs
  • #2,435
  • Apr 22, 2009 6:26am Apr 22, 2009 6:26am
Quoting Islander
Hi Dan - nice trade - I was in it too as I had a note on my hourly chart about the high volume ~graveyard doji that made the low at 2887 on Monday. Todays low on an hourly hammer was also on high volume, so I'll be buying again on pull backs into the 900 area - assuming I get confirmation from the PA on the lower TFs.

FYI, Euro's currently trading between two DP mid pivot levels, MS1 at 2919 and MR1 at 2970.
I'm long again after the small spinning top at MS1, trying for MR1, but ready to TP....

With UK's Darling talking up his budget, right now cable's a bit to hairy for me!
Trading Levels with WRBs
  • #2,436
  • Apr 22, 2009 6:30am Apr 22, 2009 6:30am
Quoting Islander
FYI, Euro's currently trading between two DP mid pivot levels, MS1 at 2919 and MR1 at 2970.
I'm long again after the small spinning top at MS1, trying for MR1, but ready to TP....

With UK's Darling talking up his budget, right now cable's a bit to hairy for me!
I'm long that one too, Islander.......
  • #2,437
  • Edited 6:35am Apr 22, 2009 6:33am | Edited 6:35am
And that's quite enough of that one!!

Edit: One sees these types of reversals so many times in the psych-zones......well worth watching for.
Attached Image
  • #2,438
  • Apr 22, 2009 6:38am Apr 22, 2009 6:38am
Quoting eyevoltage
Nope, no limit order, mate. Just an entry as price broke the imaginary resistance line. Sometimes they work and sometimes they don't!! This one did, but I see your point.
By the way, with regard to your chart, I hope you don't mind me pointing out that your entry wasn't after a harami, mate......it was afte a bullish piercing pattern. Nice trade, though!!
Oops, I sometimes bring bar-related logic (where wicks do count) to candles. Thank you for pointing that out!
One Chart is Worth Ten Thousand Words.
  • #2,439
  • Apr 22, 2009 6:45am Apr 22, 2009 6:45am
[quote=eyevoltage;2687177]And that's quite enough of that one!! [quote]

Wow, monster RR, EV!
One Chart is Worth Ten Thousand Words.
  • #2,440
  • Apr 22, 2009 6:47am Apr 22, 2009 6:47am
Quoting DanUK
You will see previous bar highs killing the move! Just something to think about!
Well spotted, Dan! Trading any setup into a strong SR level nearby is a no-go: not too hard to spot if one remembers about it during the "pre-flight" check.
One Chart is Worth Ten Thousand Words.
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