Psych Levels, Pivots, and Trendlines - Resurrected | Page 124 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,461
  • Apr 23, 2009 5:42am Apr 23, 2009 5:42am
This was the last morning trade that I saw before going for lunch (which I am now back from and looking at charts already... sad!).

G/U 5m chart - entry off the top of a hammer that formed piercing the daily pivot, 50% retrace of the last upswing and closed above the xx20 psych level. This one shot right up which is a nice thing to see! And then bounced of the upper trendline where I closed out for a good RR 1:3 trade!

Dan
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  • #2,462
  • Apr 23, 2009 5:55am Apr 23, 2009 5:55am
Hey, Dan, nice going, mate. I can see you staying on here permanently!!

This is another one of those "trips between the psych-zones" kind of trades. A harami forming just under the 75/80 psych-zone with entry just under the low. A swift exit as price entered the 20/25 psych-zone and started retreating.
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  • #2,463
  • Apr 23, 2009 6:55am Apr 23, 2009 6:55am
Quoting DanUK
So I tend to just use one lot and move my stop
Makes sence, Dan.

Doesn't your broker allow you to close positions partially (say, 0.2 - 0.5 lots)?
One Chart is Worth Ten Thousand Words.
  • #2,464
  • Apr 23, 2009 7:30am Apr 23, 2009 7:30am
Quoting DanUK
This one shot right up which is a nice thing to see! And then bounced of the upper trendline where I closed out for a good RR 1:3 trade!
It seems that some of your TLs are from higher TF. It is helpful to use diff. colours for diff. TF's TL - then you can see at a glance where you are. Just a thought.
One Chart is Worth Ten Thousand Words.
  • #2,465
  • Apr 23, 2009 7:32am Apr 23, 2009 7:32am
Quoting Forex007
Makes sence, Dan.

Doesn't your broker allow you to close positions partially (say, 0.2 - 0.5 lots)?
Hmmm you know I'm not sure! I'll have to have a look into that! They probably do and I just haven't noticed... and I'm supposed to be an I.T. guy!!!
  • #2,466
  • Apr 23, 2009 7:33am Apr 23, 2009 7:33am
Quoting eyevoltage
Hey, Dan, nice going, mate. I can see you staying on here permanently!!
Thanks, I sure hope to be!

Quoting eyevoltage
This is another one of those "trips between the psych-zones" kind of trades. A harami forming just under the 75/80 psych-zone with entry just under the low. A swift exit as price entered the 20/25 psych-zone and started retreating.
Another classic! Well done mate!
  • #2,467
  • Apr 23, 2009 9:56am Apr 23, 2009 9:56am
Quoting eyevoltage
Just a reminder to all proud Englishmen and Englishwomen everywhere......



"Happy St.George's Day!!!!!!"
Many thanks EV - I'll raise my glass to you in 5 mins as I watch the 6pm uk news...
Trading Levels with WRBs
  • #2,468
  • Apr 23, 2009 9:58am Apr 23, 2009 9:58am
Hope a few got in after the US Existing Home Sales data gave a nice high vol fakeout.....and great wide range push thru the 600 level too


Cheers....http://www.forexfactory.com/images/icons/icon14.gif
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Trading Levels with WRBs
  • #2,469
  • Apr 23, 2009 10:49am Apr 23, 2009 10:49am
Quoting Islander
Hope a few got in after the US Existing Home Sales data gave a nice high vol fakeout.....and great wide range push thru the 600 level too


Cheers....http://www.forexfactory.com/images/icons/icon14.gif
Just the job, mate. Those pin-bars are well worth watching out for!!
  • #2,470
  • Apr 23, 2009 11:02am Apr 23, 2009 11:02am
Quoting eyevoltage
Just the job, mate. Those pin-bars are well worth watching out for!!
Oh, no!! Not that "p-word" from EV!



Just kidding, I think "pinbar" is a nice terms (especially considering its etymology and nature)
One Chart is Worth Ten Thousand Words.
  • #2,471
  • Apr 23, 2009 1:22pm Apr 23, 2009 1:22pm
Quoting Forex007
Oh, no!! Not that "p-word" from EV!



Just kidding, I think "pinbar" is a nice terms (especially considering its etymology and nature)

.....er, did I commit a faux-pas or something? I think I should be told!
  • #2,472
  • Apr 23, 2009 4:12pm Apr 23, 2009 4:12pm
EV: "Nice trade, Dan, but what's with the bars? Candles, man, candles!! That's where it's at!!! "

EV: Just the job, mate. Those pin-bars are well worth watching out for!!

EV:.....er, did I commit a faux-pas or something? I think I should be told!

--

One Chart is Worth Ten Thousand Words.
  • #2,473
  • Apr 23, 2009 11:30pm Apr 23, 2009 11:30pm
Quoting Islander
Hope a few got in after the US Existing Home Sales data gave a nice high vol fakeout.....and great wide range push thru the 600 level too
Hi Islander,

Could you please explain to me how exactly you use Volume - you seem to use 150 level (on M5) as a reference, but only very few (and not always the best) moves are initiated when 150 level is exceeded.

Also, it seems that for diff. TFs you need diff. levels - e.g. it appears that on 1500 is H1 equivalent of 150 on M5.

MANY THANKS!
One Chart is Worth Ten Thousand Words.
  • #2,474
  • Apr 23, 2009 11:44pm Apr 23, 2009 11:44pm
Hi 007 - the whole methodolgy of using volume - aka Volume Spread Analyis - is a huge subject, as volume shows us small traders what the Big Dogs are doing - supporting the move or not. Accumulating positions for the start of a move or distributing positions at the end of a move etc etc

I would suggest that you take a look at Shamus's thread for some basic ideas http://www.forexfactory.com/showthread.php?t=157629

My use of the 150 level on my 5m chart is just as a reminder that < 150 is low volume.....however, its the actual volumes themselves and comparing them that helps show what's happening. Also, what happened at S/R many bars back is important......most of this and much more is in the thread....I also post there......http://www.forexfactory.com/images/icons/icon12.gif

Good luck

Islander

Edit: On the volume indy that I use - one of those posted in the thread - I have changed the colours so that bright green / red are the higher vol bars in relation to prior bars and thus those that need my attention.
Trading Levels with WRBs
  • #2,475
  • Apr 24, 2009 12:41am Apr 24, 2009 12:41am
Quoting Forex007
EV: "Nice trade, Dan, but what's with the bars? Candles, man, candles!! That's where it's at!!! "

EV: Just the job, mate. Those pin-bars are well worth watching out for!!

EV:.....er, did I commit a faux-pas or something? I think I should be told!

--

You're right!!! I'm a heretic!!! I should be burnt at the stake!!! I promise I will NEVER mention those PB words ever again!!!!!!
And now, I'm just going to nip out the back for a bit of self-flagellation......will that suffice, Forex007?
  • #2,476
  • Apr 24, 2009 1:16am Apr 24, 2009 1:16am
Quoting Islander
Edit: On the volume indy that I use - one of those posted in the thread - I have changed the colours so that bright green / red are the higher vol bars in relation to prior bars and thus those that need my attention.
Thanks A LOT, Islander!! Greatly appreciated!
One Chart is Worth Ten Thousand Words.
  • #2,477
  • Apr 24, 2009 1:33am Apr 24, 2009 1:33am
Quoting eyevoltage
And now, I'm just going to nip out the back for a bit of self-flagellation......will that suffice, Forex007?
Only if you gonna hit yourself with a pinbar

BTW, I was a bit surprised with one of the key differences between Shooting Star, for example, and equivalent PB: according to the PB rules, Open and Close of PB must be within the prior bar's body. With the Shooting Star, the farther it shoots, the merrier. I wonder what is the logic behind that PB rule...
One Chart is Worth Ten Thousand Words.
  • #2,478
  • Apr 24, 2009 1:38am Apr 24, 2009 1:38am
Islander,

I will go through the thread you recommended, but I have a quick question: what should volume over 150 across several bars be telling us?

MANY THANKS!
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One Chart is Worth Ten Thousand Words.
  • #2,479
  • Apr 24, 2009 1:44am Apr 24, 2009 1:44am
Just a quick thought as to why "psych" levels work: most traders are aware of the importance of xx00 levels, hence majority will be jumping ship near xx00 - jumping ship 20 pips away from a big level is easier and safer than doing so 5-10 pips away; hence xx20/80.

But I could be totally wrong.
One Chart is Worth Ten Thousand Words.
  • #2,480
  • Apr 24, 2009 1:46am Apr 24, 2009 1:46am
Quoting Forex007
Only if you gonna hit yourself with a pinbar

BTW, I was a bit surprised with one of the key differences between Shooting Star, for example, and equivalent PB: according to the PB rules, Open and Close of PB must be within the prior bar's body. With the Shooting Star, the farther it shoots, the merrier. I wonder what is the logic behind that PB rule...
The logic of that PB rule sounds the same as a candlestick harami, mate, wouldn't you agree?
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