Psych Levels, Pivots, and Trendlines - Resurrected | Page 133 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,641
  • May 13, 2009 8:56am May 13, 2009 8:56am
Quoting eyevoltage
The 5m eur/jpy (what else these days?) produced this one. A bearish doji forming between the MA's and right on the 20/25 psych-zone gave a useful heads-up of a potential trade. The following candle was a confirming candle, and entry was just under the low of that one. Bailed out just under the 75/80 psych-zone. Again, nice and simple.
Nice trade (as usual ), EV! Do you always wait for the confirming candle (or rather - how often do you wait for one )
One Chart is Worth Ten Thousand Words.
  • #2,642
  • May 13, 2009 8:59am May 13, 2009 8:59am
Market is still too choppy for my liking, so I moved up a step to M15 and widened my SLs.
Attached Image (click to enlarge)
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One Chart is Worth Ten Thousand Words.
  • #2,643
  • May 13, 2009 11:10am May 13, 2009 11:10am
Quoting Forex007
Nice trade (as usual ), EV! Do you always wait for the confirming candle (or rather - how often do you wait for one )
Hello 007,
In spite of what I've read about different candle signals, and how some merit a confirmation candle and some don't, I think it all comes down to trader's discretion, to be honest, mate. For instance, an engulfing candle wouldn't normally need a confirmation, but a harami would. The first one is high-probability and the second is low-probability. However, you know as well as I do how theory has a nasty habit of blowing up in one's face!! So I guess that my advice would be to judge each situation as it crops up, and act accordingly. Neat cop-out, eh?

Oh, and a nice trade on your 15m chart, mate. Well done.

Cheers
  • #2,644
  • May 13, 2009 11:26am May 13, 2009 11:26am
Quoting eyevoltage
So I guess that my advice would be to judge each situation as it crops up, and act accordingly. Neat cop-out, eh?
Agree, EV. E.g. with "pinbars" (good ones in good location) I don't wait for a confirmation candle as on lower TFs I am often out within 1-2 candle after "pinbar" (good PBs produce high-momentum moves).
One Chart is Worth Ten Thousand Words.
  • #2,645
  • May 14, 2009 2:51am May 14, 2009 2:51am
Quoting eyevoltage
Hello 007,
In spite of what I've read about different candle signals, and how some merit a confirmation candle and some don't, I think it all comes down to trader's discretion, to be honest, mate. For instance, an engulfing candle wouldn't normally need a confirmation, but a harami would. The first one is high-probability and the second is low-probability. However, you know as well as I do how theory has a nasty habit of blowing up in one's face!! So I guess that my advice would be to judge each situation as it crops up, and act accordingly. Neat...
Hi EV,

What do you think about this chart, IN just after the Hammer (with a stop at 1.3548), still no waiting confirmation...exit 0.80 psy lines, let we see what happen later....
Thank for your advice....
Sailor68
Attached Image (click to enlarge)
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Trade with the momentum
  • #2,646
  • May 14, 2009 3:59am May 14, 2009 3:59am
A nice trade, mate, from a very strong hammer signal. Normally, the consensus would be that a confirmation candle would be needed after the hammer formed. However, in this case, the long lower shadow was indicating that there had been a very bullish reaction to the push-down in price, so I guess that you were justified in entering where you did. The next two candles (both dojis) must have had you wondering if you'd done the right thing, though!!
  • #2,647
  • May 14, 2009 4:45am May 14, 2009 4:45am
Quoting eyevoltage
A nice trade, mate, from a very strong hammer signal. Normally, the consensus would be that a confirmation candle would be needed after the hammer formed. However, in this case, the long lower shadow was indicating that there had been a very bullish reaction to the push-down in price, so I guess that you were justified in entering where you did. The next two candles (both dojis) must have had you wondering if you'd done the right thing, though!!
Yes both dojis , then everytime when you get a strong hammer, you wait for a confirmation, is it right ?
EUR/USD Now consolidation on the PP.
Sailor68
Trade with the momentum
  • #2,648
  • May 14, 2009 5:35am May 14, 2009 5:35am
Quoting sailor68

everytime when you get a strong hammer, you wait for a confirmation, is it right ?

Sailor68
That does seem to be the general rule, mate. A strong bullish candle, or even a higher low would probably suffice, but really, it all comes down to trader discretion in the end. In other words, it's all down to using your own judgement.
  • #2,649
  • May 14, 2009 5:54am May 14, 2009 5:54am
Quoting sailor68
Yes both dojis , then everytime when you get a strong hammer, you wait for a confirmation, is it right ?
EUR/USD Now consolidation on the PP.
Sailor68
My USD0.02 (at the current rate) are on the chart.
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One Chart is Worth Ten Thousand Words.
  • #2,650
  • May 16, 2009 10:11am May 16, 2009 10:11am
know a lot of guys here play pivot level very well. some of you use pivot level to counter trade for little scalper, others use pivot level as entry point to follow the trend.

my question is
(1) How do you determine which pivot level is a higher posibility trade entry? especially for counter-trend
(2) How do you set up your entry level, how to choose intial SL and TP. How to manage your BE point when PA say up 5, or 10 points?

Here is today's 15m EUR charts. As you can see, for the european session, every pivot level is a good opportunity for scalper. However, for U.S session, it's totally disappointing.

Hope you guys enjoy your weekend, and if... only if you feel boring and have nothing to do, plz come here and I have this quiz for you.

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  • #2,651
  • May 19, 2009 1:47pm May 19, 2009 1:47pm
Hm, is everybody on vacations? Or did you all win a lottery syndicate?
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One Chart is Worth Ten Thousand Words.
  • #2,652
  • May 25, 2009 2:10am May 25, 2009 2:10am
Quoting Forex007
Hm, is everybody on vacations? Or did you all win a lottery syndicate?
LOL - yes http://www.forexfactory.com/images/icons/icon6.gif and no http://www.forexfactory.com/images/icons/icon11.gif.....I'll post a nice Frankies Hour trade as soon as I get time....
Trading Levels with WRBs
  • #2,653
  • May 25, 2009 2:32am May 25, 2009 2:32am
OK, so here's what I saw.....a low volume Asian Session that found support at the 5850 level, followed by three Higher Lows.

The last HL was after the wide range green breakout candle on higher volume AND supported by the up-trending 34 ema (aqua) and the hourly 20ema (dark blue) so a clear buy before FO.

5 mins after FO there was another wide range green breakout candle - this time on lower volume and there was NO FOLLOW THROUGH......so take profits and look for a retracement short after the attempted bounce failed.

As these are Frankies Hour trades, dont be greedy, be happy with 10 to 20 pips as the main move USUALLY starts after LO.....http://www.forexfactory.com/images/icons/icon12.gif
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Trading Levels with WRBs
  • #2,654
  • May 25, 2009 4:58am May 25, 2009 4:58am
Update......no comments needed.......
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Trading Levels with WRBs
  • #2,655
  • May 25, 2009 7:03am May 25, 2009 7:03am
Quoting Islander
Update......no comments needed.......
Nice hl/lh trades, cheers.
  • #2,656
  • May 25, 2009 8:22am May 25, 2009 8:22am
This trade I took ...
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  • #2,657
  • May 25, 2009 8:53am May 25, 2009 8:53am
Quoting Vantage
Nice hl/lh trades, cheers.
Thanks V - good to see that your thread has got active whilst I've been away - and thanks for reminding me about todays holidays.....
http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #2,658
  • May 25, 2009 8:55am May 25, 2009 8:55am
Quoting onmyself
This trade I took ...
nice....hope you banked those pips....http://www.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #2,659
  • May 25, 2009 9:50am May 25, 2009 9:50am
Quoting Islander
nice....hope you banked those pips....http://www.forexfactory.com/images/icons/icon7.gif

I have closed that trade ,+25 pips
  • #2,660
  • May 26, 2009 3:42am May 26, 2009 3:42am
Nice setup:
s/r-level @ SP 3950.
Entry @46
Exit too early @ 12.
Price moved further to SP 3900.
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