Psych Levels, Pivots, and Trendlines - Resurrected | Page 125 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,481
  • Apr 24, 2009 3:51am Apr 24, 2009 3:51am
Quoting Forex007
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!
Please dont read too much into the 150 level - after LO I expect volume to have picked up and often be >150......the main thing is IF it gets to the 150 area in the Asian session - that will get my interest!

Also, for MT4 brokers we are looking at THEIR tick volume which will vary between brokers, so again its the comparison of the Volume and the Spread and the Analysis of the PA / candle that tells the story. Once you've had time to read up on Shamus's thread AND also read Tom Williams's book a couple of times you'll get the idea....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #2,482
  • Apr 24, 2009 4:32am Apr 24, 2009 4:32am
Quoting eyevoltage
The logic of that PB rule sounds the same as a candlestick harami, mate, wouldn't you agree?
You hit the nail on the head, EV! Thanks a lot!
One Chart is Worth Ten Thousand Words.
  • #2,483
  • Apr 27, 2009 2:01pm Apr 27, 2009 2:01pm
Evening lads!

Been very busy the last couple of days so not had much chance to keep an eye on the lower timeframes.

Managed to catch a nice move on the EUR/JPY 15m as shown on the chart...

It's one of my favourite trades; when the trend is very clear and you get a good candlestick pattern at a pullback showing you it's time to get back into the trend! Just goes to show that patience is a virtue!!

Been a bit quiet on here lately, hope everyone is ok! Enjoying the fruits of labour I expect!

Regards,

Dan
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  • #2,484
  • Apr 27, 2009 2:32pm Apr 27, 2009 2:32pm
Quoting DanUK
Managed to catch a nice move on the EUR/JPY 15m as shown on the chart...

It's one of my favourite trades; when the trend is very clear and you get a good candlestick pattern at a pullback showing you it's time to get back into the trend! Just goes to show that patience is a virtue!!
Classic one, Dan!
One Chart is Worth Ten Thousand Words.
  • #2,485
  • Apr 27, 2009 3:49pm Apr 27, 2009 3:49pm
Yes, nice trade, Dan.

Where WAS everybody today?
  • #2,486
  • Apr 28, 2009 4:40am Apr 28, 2009 4:40am
Quoting eyevoltage
Yes, nice trade, Dan.

Where WAS everybody today?
... Ominous silence second day ..
Hi EV! Don't feel lonely! Post some deals and we will come.. it's like bread for pigeons
  • #2,487
  • Apr 28, 2009 4:52am Apr 28, 2009 4:52am
here is a crumb one.. think even a sparrow won't come..
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  • #2,488
  • Apr 28, 2009 5:08am Apr 28, 2009 5:08am
A fib trade from the 5m cable.
It didn't mess about.....it retraced quite smartly, closing on the fib pivot line (50%), and then started moving up. Just short of Target 1, I bailed out because of the way price was leaping up and down! An additional reason was that Target 1 was inside the 75/80 psych-zone.....a potential strong resistance area.

Coaster, nice trade by the way!
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  • #2,489
  • Apr 28, 2009 5:19am Apr 28, 2009 5:19am
Quoting eyevoltage
A fib trade from the 5m cable.
It didn't mess about.....it retraced quite smartly, closing on the fib pivot line (50%), and then started moving up. Just short of Target 1, I bailed out because of the way price was leaping up and down! An additional reason was that Target 1 was inside the 75/80 psych-zone.....a potential strong resistance area.

Coaster, nice trade by the way!
Oh no, EV! But thank u for cheering me up..
re yr deal, u know, i didn't even think of going long nor eur neither gbp today.. so yrs was smart and quick
btw, EV, wanted to share my feeling that eurjpy and cbl better respond to fibs than eurusd.. more clearly i wud say.. don't u think so?
  • #2,490
  • Apr 28, 2009 5:25am Apr 28, 2009 5:25am
and also here is a good fibo example of today... i didnt participate becoz it was too quick so only watched ... had a loosing line so very cautious now until confidence comes back... see for yourself probably too early for UK though
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  • #2,491
  • Apr 28, 2009 5:33am Apr 28, 2009 5:33am
Quoting coaster
Oh no, EV! But thank u for cheering me up..
re yr deal, u know, i didn't even think of going long nor eur neither gbp today.. so yrs was smart and quick
btw, EV, wanted to share my feeling that eurjpy and cbl better respond to fibs than eurusd.. more clearly i wud say.. don't u think so?
Don't feel bad about your trade, mate. You made a profit, so, IMO, it was a good trade!
Like you, I don't think I'd have thought of going long if it wasn't for that fibonacci opportunity showing up. They're always worth looking out for, mate.
As for your comments re the different pairs and their responses to fibs.....to be honest, I hadn't given it much thought. You may well be right, so it might be worth looking further into that line of thought.
Cheers
  • #2,492
  • Apr 28, 2009 5:42am Apr 28, 2009 5:42am
Quoting coaster
and also here is a good fibo example of today... i didnt participate becoz it was too quick so only watched ... had a loosing line so very cautious now until confidence comes back... see for yourself probably too early for UK though
Now that was a nice one, coaster, although, as you say, probably much too early for the likes of us in the UK! Checking the time out, I was still snoring my head off about then!!! However, if you'd got in, it would be have been worth around 40 pips or so. Have you considered altering your fib settings like mine? Just my opinion, but they make things a lot clearer.
  • #2,493
  • Apr 28, 2009 6:09am Apr 28, 2009 6:09am
Quoting eyevoltage
Now that was a nice one, coaster, although, as you say, probably much too early for the likes of us in the UK! Checking the time out, I was still snoring my head off about then!!! However, if you'd got in, it would be have been worth around 40 pips or so. Have you considered altering your fib settings like mine? Just my opinion, but they make things a lot clearer.
EV, if u cud tell me how to do so that the price is shown at each lvl, i wud appreciate that a lot!
  • #2,494
  • Apr 28, 2009 6:46am Apr 28, 2009 6:46am
Quoting coaster
EV, if u cud tell me how to do so that the price is shown at each lvl, i wud appreciate that a lot!
Coaster, go to your fib settings, and in "fibo levels" description,
add (space)%$ after each of your fib levels.

Simple as that, mate.
  • #2,495
  • Apr 28, 2009 6:50am Apr 28, 2009 6:50am
Quoting eyevoltage
Coaster, go to your fib settings, and in "fibo levels" description,
add (space)%$ after each of your fib levels.

Simple as that, mate.
jest puffect, maan thank you!
  • #2,496
  • Apr 28, 2009 7:31am Apr 28, 2009 7:31am
Another nice quick fib trade. A neat retracement with the candle shadow touching the fib pivot before price resumed climbing again. I deliberately waited until price breached the 1.4600 psych-line before jumping in. A quick run up followed to just above Target 1 which did it for me and I was out.

Edit: You'll notice that the readings are upside down. I drew the fib from bottom to top instead of the other way around. Total cock-up on my part. My apologies.
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  • #2,497
  • Apr 28, 2009 7:45am Apr 28, 2009 7:45am
Another fib trade, but I wasn't on this one, as I was busy with the previous example at the time.
The retracement on this one is interesting in that price barely touched the Long Entry (38.2%) with the candle shadow (green ellipse). In cases like this one, it shows that price is showing a lot of strength, and that buyers are busy in the market. This was proved by price reaching Target 3 with no problem at all. Something worth thinking about when taking a fib trade.
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  • #2,498
  • Apr 28, 2009 8:06am Apr 28, 2009 8:06am
Good afternoon all,

Bit of a slow morning today, marked didn't seem to be moving much. That has all changed now!

I often keep an eye on the Murrey Math lines (as previously discussed by Islander). Attached is a trade based on the hourly lines. I know it's not in strict accordance with this thread, but... well I don't have an excuse actually!!

It also had confluence of the MAs/trend and as EV previously mentioned it was also a good fib entry.

Enjoy!
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  • #2,499
  • Apr 28, 2009 8:34am Apr 28, 2009 8:34am
Quoting DanUK
Good afternoon all,

Bit of a slow morning today, marked didn't seem to be moving much. That has all changed now!

I often keep an eye on the Murrey Math lines (as previously discussed by Islander). Attached is a trade based on the hourly lines. I know it's not in strict accordance with this thread, but... well I don't have an excuse actually!!

It also had confluence of the MAs/trend and as EV previously mentioned it was also a good fib entry.

Enjoy!
Nice one, mate, and I shouldn't be worried about it "not in strict accordance with this thread". MM's represent support and resistance, do they not? I'm fairly certain that acumen wouldn't object to this manner of trading. What's the difference between MM's, Pivot Points, Sweetspots and TL's? Nothing, as far as I can see. Support and resistance and price action, mate. That's the whole point of this thread!
Maybe we'll get acumen adding his own valued opinon on MM's?
  • #2,500
  • Apr 28, 2009 8:43am Apr 28, 2009 8:43am
Yet another fib trade, this time from the EJ.
A very solid close of the retracement on the Long Entry (38.2%) line, followed by a very forceful trend continuance towards Target 2, and a bail-out by yours truly. I think Forex007 would approve of this one, purely and simply due to the R:R involved!
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