Psych Levels, Pivots, and Trendlines - Resurrected | Page 123 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,441
  • Apr 22, 2009 6:49am Apr 22, 2009 6:49am
Quoting DanUK
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.
Another really cool trade, Dan! And I DO like those R3s XLNT!
One Chart is Worth Ten Thousand Words.
  • #2,442
  • Apr 22, 2009 6:52am Apr 22, 2009 6:52am
Quoting eyevoltage
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.
Agreed - third failed push up into the 990 area....I put a short term limit order in at 970 to buy the pull back again and it missed by a pip.....http://www.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #2,443
  • Apr 22, 2009 6:57am Apr 22, 2009 6:57am
Quoting Islander
Agreed - third failed push up into the 990 area....I put a short term limit order in at 970 to buy the pull back again and it missed by a pip.....http://www.forexfactory.com/images/icons/icon11.gif
We're seeing a lot of you today, Islander. Have you been sacked or something?
  • #2,444
  • Apr 22, 2009 8:02am Apr 22, 2009 8:02am
Quoting eyevoltage
We're seeing a lot of you today, Islander. Have you been sacked or something?
"Sacked" - was Islander working?! I thought he was always playing golf or chilling out by the seaside
One Chart is Worth Ten Thousand Words.
  • #2,445
  • Apr 22, 2009 9:27am Apr 22, 2009 9:27am
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!!
EV, thanks a lot for reminding me about Bullish Piercing pattern. Here's a trade based on that setup. Entry at the opening of the next candle after BP candle, SL below BP, TP as per the chart (3030).
Attached Image (click to enlarge)
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One Chart is Worth Ten Thousand Words.
  • #2,446
  • Apr 22, 2009 9:33am Apr 22, 2009 9:33am
Quoting eyevoltage
We're seeing a lot of you today, Islander. Have you been sacked or something?
ROFL - difficult to be sacked when you're now free-lance and supposedly semi-retired - but I have just taken on another big overhaul / refurb, so I now have much less time than recently...http://www.forexfactory.com/images/icons/icon11.gif

However, I'm happy to see that both my lack of and excess of posting are worthy of comment http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #2,447
  • Apr 22, 2009 9:57am Apr 22, 2009 9:57am
Quoting Islander

However, I'm happy to see that both my lack of and excess of posting are worthy of comment http://www.forexfactory.com/images/icons/icon6.gif
Absolutely, old chap. Couldn't manage without you!
  • #2,448
  • Apr 22, 2009 10:17am Apr 22, 2009 10:17am
Good afternoon all,

The day has been good to me today - the sun's been shining and the pips have been flowing in!

One more to add to it... USD/CAD 5m chart - a hammer just below 1.2350 sent price upwards, followed by a retracement which formed another hammer at a higher low - suggesting we could be going back up. I wasn't prepared to trade right into the xx50 level so I waited and entered on the break of a bullish engulfing candle that closed above the xx50.

Entry @ 1.2360, S/L @ 1.2342, Target @ 1.2414 (EDIT: the chart shows 1.2411 but that is by mistake - I only noticed after adding notes to the chart and couldn't be bothered to start again!!).

Missed my target by one damn pip! Closed out at 1.2400 for a nice profit though.
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  • #2,449
  • Apr 22, 2009 10:30am Apr 22, 2009 10:30am
Dear Master of Candlestick Patterns,

Wonder if you could help me out with this one? A trade I was looking at (didn't take unfortunately!) on EURJPY.

Was this a valid harami candle?

As I am more familiar with bars I recognize it as being an "inside bar" but I believe a harami must be body engulfing body - would you call this one a harami candle?

Thanks for your help!
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  • #2,450
  • Edited 12:12pm Apr 22, 2009 12:08pm | Edited 12:12pm
Hi guys (again),

What a day! Sorry to be such a geek and post so many charts but as I said earlier I haven’t had a chance to follow the 5 min charts lately so it’s been great to have so many trade opportunities today!

This is a EUR/JPY 5m trade – we had an earlier hammer rejecting the 127.00 level (which I didn’t trade because I was having dinner!) forming a swing low/higher low. Then forming the next swing low/higher low we got a piercing line formation right on the upward trendline and closed above the xx20/xx25 psych level. Took the break above at 127.33 and watched price rocket straight through my TP levels, up past 127.81 (RR 1:3) and then stalled. I decided to close as price just hit 127.97 (RR 1:4) which was very lucky as it only moved about 0.7 of a pip beyond it before reversing!

It’s been a great day to get back into this trading method and I only have you guys to thank for teaching me so much! I am very grateful!

As I’m taking up so much room I think I shall bugger off for a while and get myself a much needed drink!! Anyone for a San Miguel (...Islander!!)

Regards,

Dan

PS – For good measure I’ve taken note of some of the fib retracement lessons EV has been serving. The entry candle on this trade closed above the 50% of the last swing which added a little more confluence/confidence!
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  • #2,451
  • Apr 23, 2009 12:55am Apr 23, 2009 12:55am
Quoting DanUK
Was this a valid harami candle?
The candle you're on about isn't strictly a harami. Looking at your chart, the green candle's close is level with the red candle's open, whereas with a harami, the green candle's body should ideally engulf the red candle's body. However, from what I can gather, most candlestick users would take it as a harami anyway, so yes, you "followed the crowd", so to speak, by doing so.

Green candle, red candle, price drops.....what the heck, it's a harami!!

Actually, I had a look on my chart, and it came up as a dark cloud cover, so it just shows how things can vary between different brokers.

Nice trades, by the way, mate. And don't worry about cluttering up the thread. I've been doing it for yonks!!
  • #2,452
  • Apr 23, 2009 1:43am Apr 23, 2009 1:43am
This is actually two fib trades on the 5m eur/jpy. A nice little doji at the bottom of the first retracement prompted the first entry, and I jumped ship as price started retreating from the M3 line. Down it went, back to the long entry line (to the pip), and started up again after the gravestone doji. This time, there was no stopping it! After it hit the R1 line and started retreating, I bailed out.
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  • #2,453
  • Apr 23, 2009 1:51am Apr 23, 2009 1:51am
Hi EV,

Thanks for the clarification on that one! Very kind of you sir. Nice couple of trades you got this morning by the way!

Didn't like the action on G/U (got stopped out for a breakeven on my first trade today) and E/U this morning so I scouted a little further a field and came across this on USD/JPY...

Had a very clear uptrend with a retracement that hit the 50% level and then formed a hammer. I did consider passing on the trade as the 98.00 level was not far away and could have been a show stopper however I decided to take it and move my stop to breakeven when we got there (and would have been acceptable taking RR into consideration). The daily pivot also looked to be a possible trouble area so I moved my stop again... price eventually barged through and I closed out at 98.14 (RR 1:3) after price dropped back down from the 1:4 target area.

Regards,

Dan
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  • #2,454
  • Apr 23, 2009 1:57am Apr 23, 2009 1:57am
In the interest of keeping things fair - here is the trade I took on G/U earlier -price moved up to my first target so I moved my stop to breakeven - which is where the trade ended!
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  • #2,455
  • Apr 23, 2009 2:58am Apr 23, 2009 2:58am
A nice quick one from this excellent pair, resulting from a break-out through a recent resistance line. The sort of thing it pays to keep an eye on!! The thorough consolidation along the 20/25 psych-zone looked promising for a break-out, especially with the 34ema heading northwards. I bailed out as the doji formed right on the 50 psych-line. Quick and easy!
Attached Image
  • #2,456
  • Apr 23, 2009 4:32am Apr 23, 2009 4:32am
Quoting DanUK
In the interest of keeping things fair - here is the trade I took on G/U earlier -price moved up to my first target so I moved my stop to breakeven - which is where the trade ended!
Dan, I noticed RR1 was hit. Have you considered taking part of your position off at that level (I know it's hard after several RR3-4 trades )
One Chart is Worth Ten Thousand Words.
  • #2,457
  • Edited 4:38am Apr 23, 2009 4:34am | Edited 4:38am
I've maintained for a while now that the "psych-zones", as I named them, seem to be particularly effective regarding reversal signals. This is a really nice example.......a strong hammer forming at the bottom of a retracement, right on the 20/25 psych-zone, with entry just above the high of said hammer. Exit after a run up to just short of the next psych-zone. Eur/jpy rocks at present.........

Edit: My apologies. The subject should read "15m eur/jpy" (and forget the "yet again", seeing as it's nearly always the 5m !!!)
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  • #2,458
  • Apr 23, 2009 4:41am Apr 23, 2009 4:41am
Just a reminder to all proud Englishmen and Englishwomen everywhere......



"Happy St.George's Day!!!!!!"
  • #2,459
  • Apr 23, 2009 5:27am Apr 23, 2009 5:27am
Quoting Forex007
Dan, I noticed RR1 was hit. Have you considered taking part of your position off at that level (I know it's hard after several RR3-4 trades )
Hi,

I have considered opening two lots, closing one at RR1, moving stop on the second to breakeven and letting it run but in all honesty because these are 5m chart trades I have found the action is too fast for me to keep up with multiple lots!!!

So I tend to just use one lot and move my stop upwards (if it's a with trend move) incrementally, so once RR1 is achieved I will move to breakeven, then when RR2 is achieved I will move my stop to RR1 etc. I will sometimes close a trade if the momentum seems to be dropping and I am in good profit, but I mostly trail! I think this is also because it is what I do with my longer term trades so I am used to it from a practical point of view!!

Regards,
Dan
  • #2,460
  • Apr 23, 2009 5:29am Apr 23, 2009 5:29am
Cheers! Happy St. George's Day to you too!!!

Quoting eyevoltage
Just a reminder to all proud Englishmen and Englishwomen everywhere......



"Happy St.George's Day!!!!!!"
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