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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,681
  • May 28, 2009 7:46am May 28, 2009 7:46am
Quoting srmfx
http://forexsb.com/blog/wp-content/u...eurusd-pp7.gif
Sell at the central PP was just great today. 3 hours later we had new sell at the 1.3900 round number.

Nice trading, srmfx........
  • #2,682
  • Edited 2:01pm May 29, 2009 11:43am | Edited 2:01pm
I missed Dark Cloud (first grey rect), which was off prior SR level (note those Lows of the left).

I traded Hammer off xx50 (and 61.8% RT of the prior big move) - there was RSI divergence there too (check out Jankone's thread for more details, if interested).

I traded Shooting Star which occured below xx00 (second xx00 for today - too many "historic" psych levels to brake in one day ) but bailed out at BE when price hesitated (London closed, US is at lunch - when US comes back they may decide to have another go at xx00).

P.S. Surely enough, after my exit price did go down - a missed RR2 trade.
P.S. RR4.5, in fact, and still falling...
Attached Image (click to enlarge)
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One Chart is Worth Ten Thousand Words.
  • #2,683
  • Jun 1, 2009 1:41am Jun 1, 2009 1:41am
GM all.....three nice trades to start my week, a clear sell before FO on the lower high confirmed by the rejection of the 6225 level for ~30 pips, then take the bounce back up to the 225 level for ~20 pips and then a hit and run sell off the level for ~10 pip back to the 200 level.....chart to follow as I'm taking a break till The Brits wake up.....http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #2,684
  • Jun 1, 2009 2:16am Jun 1, 2009 2:16am
Quoting Islander
GM all.....three nice trades to start my week, a clear sell before FO on the lower high confirmed by the rejection of the 6225 level for ~30 pips, then take the bounce back up to the 225 level for ~20 pips and then a hit and run sell off the level for ~10 pip back to the 200 level.....chart to follow as I'm taking a break till The Brits wake up.....http://www.forexfactory.com/images/icons/icon6.gif

I think you are really good at this pivot trading method , bother you to share more ~ as show how you traded ~ thank you a lot
  • #2,685
  • Jun 1, 2009 2:20am Jun 1, 2009 2:20am
Hey islander is it cool if you shoot your template on the eurusd ....I want to see your thinking proccess and try and see what your doing since you hold great experience in this lower timeframes. Thanks hope its not a bother
  • #2,686
  • Edited 4:10am Jun 1, 2009 4:08am | Edited 4:10am
Hi Sherm.....long time no see.....Here's my take on the Euro.....the Higher Low just after the Frankfurt Open - they're supposed to be on holiday! - was a heads up to a potential rally, so I'd buy either on the break of the fast MA - yellow is a Hull 15 MA - or on the break of the slower, aqua MA - a 30 EMA......I use MAs these to view price action and to compare with other pairs - I also watch cable, euro & swissy.

The wide rage breakout candle was a great confirmation and of course a safer buy, but I prefer to get in earlier.....

Price then stalled around the 4200 level - a good place to take some profits and then again at the 225 level......its clear from the Price Action that momentum has peaked, but it manages a last push up to peak -?for now? - at todays R1 level and a couple of pips under the 4250 level.

Now I'd wait to see how far it retraces and I dont get hung up on exact levels - for me they're bands - the aqua ema / 4200 area - that will aslo be the 38% retrace http://www.forexfactory.com/images/icons/icon12.gif.....or even deeper to the 4175 area.....also the 50% retrace of this morning's rally.....

Hope this helps, regards Issy
Attached Image (click to enlarge)
Click to Enlarge Name: jne 1 eur 5m 08455.gif Size: 18 KB
Trading Levels with WRBs
  • #2,687
  • Jun 1, 2009 6:15am Jun 1, 2009 6:15am
Quoting Islander
yellow is a Hull 15 MA
Hi Issy, it's the first time you mentioned "Hull" MA. What's the deal with it?
One Chart is Worth Ten Thousand Words.
  • #2,688
  • Jun 1, 2009 7:31am Jun 1, 2009 7:31am
Quoting Forex007
Hi Issy, it's the first time you mentioned "Hull" MA. What's the deal with it?
I'm always trying different MAs, trying to find one that has a smooth action, but also reacts quickly at turning points, which this one does....its also got some other featurs that can be useful.....take a look.....http://www.forexfactory.com/images/icons/icon12.gif
Attached File(s)
File Type: ex4 HMA Modified.ex4   7 KB | 278 downloads
Trading Levels with WRBs
  • #2,689
  • Jun 1, 2009 7:46am Jun 1, 2009 7:46am
Quoting Islander
I'm always trying different MAs, trying to find one that has a smooth action, but also reacts quickly at turning points, which this one does....its also got some other featurs that can be useful.....take a look.....http://www.forexfactory.com/images/icons/icon12.gif
Thank you, Islander!
One Chart is Worth Ten Thousand Words.
  • #2,690
  • Jun 1, 2009 7:33pm Jun 1, 2009 7:33pm
Yesterday's summery ,and today's trade~
Attached Image (click to enlarge)
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  • #2,691
  • Jun 2, 2009 1:28am Jun 2, 2009 1:28am
GM - 25 mins before the Frankfurt Open cable put in a lower high at 6446 - just above the flat 5m 30 EMA. It then fell 70 pips in 30 mins, turning at the 375 level. I sold, but got out early around the 400 level and then took a hit and run buy for a swift 10 pips.

The hourly chart shows three lower highs and pulling a fib retrace over yesterdays ~320 pip range places the retraces ~at 375 - already hit, 340 and 300, so lets see what happens. As long as price stays under the 425 level ( 61% retrace of this 70 pip fall) and aslo the current 5m 30EMA - I'm a seller.....
Trading Levels with WRBs
  • #2,692
  • Jun 2, 2009 2:00am Jun 2, 2009 2:00am
Dont you just love the Sweet Spots.....the 400 level held, so another sell that stalled at todays daily pivot at 6366......after 15 mins stalled there it was rude not to take a small buy for the re-trace.....but best not to be greedy - 10 / 15 pips against the trend is plenty for me.....and all before LO....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #2,693
  • Jun 2, 2009 2:47am Jun 2, 2009 2:47am
Quoting onmyself
Yesterday's summery ,and today's trade~
Your chart is not very good explaining the trades you have taken.
  • #2,694
  • Jun 2, 2009 3:03am Jun 2, 2009 3:03am
Quoting Islander
Dont you just love the Sweet Spots.....the 400 level held, so another sell that stalled at todays daily pivot at 6366......after 15 mins stalled there it was rude not to take a small buy for the re-trace.....but best not to be greedy - 10 / 15 pips against the trend is plenty for me.....and all before LO....http://www.forexfactory.com/images/icons/icon12.gif

That bounce stalled around the 400 level again - except for a quick 1 min spike up to 415, the 61% retrace and a nice sell signal. The next push down could only manage a few pips under the support at the DP level, with just a single 1 min candle spiking down to the 350 level.....this made a nice 5m doji and set up another buy as the selling momentum had clearly slowed. Here again I would expect a pull back to the 30 EMA - then ~ 6390 and so this time set a 30 pip target which was hit.....

Now, with UK data due in half an hour I'll stay flat.....
Trading Levels with WRBs
  • #2,695
  • Jun 2, 2009 3:07am Jun 2, 2009 3:07am
Nice trades Islander - I took one of the bounces myself for just 10 pips. I am a bit confused on the EMA you use - is it 30 or 34? Thanks.
  • #2,696
  • Jun 2, 2009 3:30am Jun 2, 2009 3:30am
Quoting orientos
Nice trades Islander - I took one of the bounces myself for just 10 pips. I am a bit confused on the EMA you use - is it 30 or 34? Thanks.
Its not very important if its the 34 or the 30 as the EMAs are just a guide and useful when comparing Price Action of several pairs - I always have my Euro and Swissy charts open too.

As I've recently been revisiting some of my old work on Gann and timing, I changed my Aqua 34 to a 30 - sorry for the confusion.....
Trading Levels with WRBs
  • #2,697
  • Jun 2, 2009 7:41am Jun 2, 2009 7:41am
Quoting Islander
Its not very important if its the 34 or the 30 as the EMAs are just a guide and useful when comparing Price Action of several pairs - I always have my Euro and Swissy charts open too.

As I've recently been revisiting some of my old work on Gann and timing, I changed my Aqua 34 to a 30 - sorry for the confusion.....
I should also post the reminder that the safest way of using the aqua EMA is to look for entries when price pulls back towards it whilst the MA itself is sloping. If its also close to a Level.....even better......these are great examples....except for the last one where the aqua EMA is now Flat, showing that the rally has run out of momentum and is More likely to fail. Thus its is not as good a buy as the previous green arrow......
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #2,698
  • Jun 4, 2009 1:32am Jun 4, 2009 1:32am
GM - another nice FO trade - a higher low - OK, by 1 pip! - 10 mins before FO gave a buy signal and the FO candle was a +40 solid greeny for some great pips.

I also took a hit and run sell when price stalled at the MS1 / 6275 confluence and got my 15 pip limit order hit.

After such a big fall yesterday in the ultra wide range day -~420 pips, we're due for a larger pull back - the confluence of the daily pivot and fib 38% level around the 6400 level would be nice......Time Will Tell.....also UK data and the BOE rates announcement due this morning.....
Trading Levels with WRBs
  • #2,699
  • Jun 4, 2009 1:39am Jun 4, 2009 1:39am
I was up waaaaay too early this morning, and I also spotted that higher low just before the FO opening. Guess what? My first thought was "I just bet Islander is pouncing on that one!"
Nice one, mate.
  • #2,700
  • Jun 4, 2009 1:42am Jun 4, 2009 1:42am
GM Islander. Took the same FO trade myself (but using Vantage's strategy for an entry on the 1 min chart). That was a nice short you took. I have trouble seeing MS1 etc on my charts. What indic. are you using please?
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