Psych Levels, Pivots, and Trendlines - Resurrected

By drilling down to the 1 min chart around FO, its easier to see a set up and place an order after seeing the initial reaction to a level.

For the retrace to the 30ema (aqua) I had a limit order a couple of pips under it and then took the sell as soon as price spiked up and just broke it.....a LH.....http://www.forexfactory.com/images/icons/icon12.gif

Edit: at 8:43 GMT another sell as price again spiked up to the 30ema = 150ema on my 1 min chart.....so far this move has dropped over 80 pips.....BFN....

Nice to see Islander bagging his pips before another day on the high seas!!
I was up very early this morning for a change, which gave me the chance to bag this opportunity just before the LO.
A pull-back to the 13ema and a small harami just above a "mini-mid" left me waiting for the right time to enter. As indicated, I entered just under the last swing low, with my initial target being the M2 line. Price totally ignored that one, and dropped further to the "mini-mid" at 1.6351, where I bailed out. As I type this, price is still dropping.

EV and Islander, it's good to see you back here! Great trades, with clear logic.

Thanks, mate. I have to admit that I lost my enthusiasm for this thread for a while. Lots of people dropping in and looking, but no contributions as such, apart from the ever-popular Islander and Sherm and a couple of others. If there's no interaction and swapping of ideas etc., then the thread might as well be terminated, wouldn't you agree?
Personally, I think that there's plenty of life left in this thread, if we manage to get more contributors than lurkers, but, as Islander puts it.....TWT.
I'd be interested in anybody else's thoughts on this.

I had similar thoughts too, EV, funny enough! I guess each thread has its own dynamics and "lifespan" (or rather life cycles). I agree that most people are coming here to see what's up - which is one of the purposes of having a public thread (i.e. if we wanted to share ideas/results in a closed circle, we'd gone that way). Again, summer is here and many people are in a relaxed mode (trading- and posting-wise). Even if this thread wilters, there is already plenty of top-grade material here for studying and learning.

I think it's difficult to come up with new ideas (especially if the old ones work well), and there is a point at which "repetition is good" stops being exciting.

OK, to keep the juices flowing, here's something I learnt today from Larry Williams (PDF enclosed). Those ideas are not to be used mechanically (read the last page first); but the general logic behind that pattern is a good starting point for watching specific levels. That can be done in two ways: watching on M5 levels "indicated" by D1 "smash pattern" or using those patterns as a concept puely on M5. Enjoy!

Thanks for your comments, mate. Much appreciated.
Re the Larry Williams item......is there only 2 pages of this document? All I got was 2 pages of Williams telling me he fully expected every trade to be a loser! Very encouraging.
Cheers for now.

Oopps... The correct file is now attached to that post, please check.

As for expecting every trade to be a loser, it's a rather healthy approach, if you come to think about it from the expectations management point of view...

Thanks, mate. I'll have a look at it later on.
Cheers

...oooooooooooooooooo.. ..oooooooooooo.. ..oooooo.. ..oooo.. ..oo.. ..o!

This thread was the best thing until sliced-bread came along.

I read it every day.

I have to own up to not contributing here any more. Have other things going on just now. Do hope to continue though.

I only really liked to post things that I actually traded. So posts were pretty scarce.

Plenty of coulda-shoulda-woulda trades though...

Let's steer this baby back on course... I'll do what I can as well...


Magnus

slowly going through this excellent thread to reactivate essential chart reading knowledge that has got a bit lost under a heap of nonsense this last year or so. Great posts and enthusiasm from EV and Islander and others. So thanks to Acumen for starting it in the first place.

Could anyone direct me to the pivots indicator that paints the previous days. The one on Acumen's website doesn't download??

Cheers

GM all - I see that the entries that I posted yesterday caught the start of the 8 hour fall that dropped ~225 pips into the US lunchtime as it tested the lower area of its current 400 pip trading range.

My chart shows how the 30ema helps show the Retracement Areas where High Probability continuation trades can be expected and I'm always looking for exits around "The Levels".......the doji ~the 6225 would have been a "Grail Trade"......

My biggest problem is staying on board as I often exit too early, but by re-entering I often get a good portion of a move.....when I'm not "all at sea"!

I've already been in a sell this morning, exiting as price stalled at the 6375 level, so I'm now looking to sell around the 6400 level - the 30 ema....

Hey EV, 007 et all.....keeping a thread alive is Hard Work and needs the input from more than one person if its not to become an individual "trade journal", so PLEASE lets have some more input from the long time lurkers and passers by

MM....are threads cyclical......maybe it depends on the "Jobs Cycle" of the participents.....

I did take a sell off the 6400 level and took a small loss in the spike up to the 425 level. As the 30 ema has now become support, I took a long and have already banked some pips as it hit resistance at its earlier highs.

I'm now looking for a pull back for an add on long in case it breaks out to the upside......TWT

I've not posted too often here due to the amount of squiggles I have on the charts . A trade I took yesterday.

The yellow ema is a 210 roughly = to 1 hr 21 ema. The blue/red ema is the Hull that Islander passed on, thanks for that. The blue/red thick lines on chart is a HAMA indi = a 21 ema but for me very strong visually.

The MrsVTL green/red goes off when the 3 indi's below all line up.

Phew now you know why I don't post much here.

Anyway price below 210 ema so on hourly I have good idea where we are and we are below the HAMA/21 ema on 5 min. Price edging soooo slightly lower below 1.6420 psych level and 1.6418 a weekly pivot. Moves up, a nice inverted hammer reject of move up for a sell below weekly pivot.

I actually exited at even number and re-entered below 1.64 again.

and it did......nice of cable to oblige with a 100+ rally.....http://www.forexfactory.com/images/icons/icon6.gif

Yes very nice, 5 min candle broke above even number closed just below the W pivot hesitated and gave nice signal from 1 min chart.

Porkpie, here is a good pivot indicator: http://www.forexfactory.com/showthread.php?p=71960
What makes it nice is that you can adjust the starting time of the day for pivot calculation with it

More pivots.

I use the multitime frame for weekly and monthly. I use the pivots for daily as it can adjust the start times. I use for London session and they work well. The pivots can also show days open, prev days high low and some fibs based on yesterdays range. All work well for me.

I use fxpro mainly and have 2am their chart time as my days open.

Hello all,

I have lurked in this thread for a long time and thought it was time to contribute and share my two cents. I sort of lost my way trading the last couple of weeks, lost my feel for the market, busy running a business, so sat back cleared my head and did some brain storming. Well, all is back on track, went with the old saying and principle of keeping it simple. Trading pivots is by far the easiest most straight forward way to make a trading decision. I was scalping with THV, great system, I got caught up trading gartleys and harmonics, and ended up putting myself into a state of confusion one could say. It got to the point I thought the market was deliberately moving in the opposite direction every time I placed a trade. So I wanted to simplify things a bit and get back to the basics, trade only price action and pivots.

So I set up a template that gives me a good "feel" for the market from a micro to macro point of view, a tick chart to M15. I open two charts, one M1 and one M15. Apply the tick chart template to M1 and Pivot template to M15. I wanted to see how price was behaving around those pivots, and that tick chart really gets me sync'd up with the market, allows me to set good tight stops and the ability to see the early breakout happening off the pivot. Just play with it in the sim or demo, feel free to comment, and I always enjoy constructive criticism.

The main purpose is to give me a feel for price action. A few things I occasionally may do is zoom out and draw a price channel on H4, and on the M1 draw the horizontal lines were the daily pivots and psych points are. I'm trying to keep things as simple as possible, and still give me an overall view of the market. I trade the three main pairs that acumen suggest, EUR/USD, USD/CHF, and GBP/USD, here lately I feel the GU is the better trending pair of the three. I have also started timing my trades with the candle change. Any questions feel free to ask.

thanks, acumen and EV for keeping the thread alive, and cobra for showing me your way of trading in the first place.

happy trading,

McD

Was away all last week and so looking forward to trading this week. Went short on cable at FO when it became apparent that the DP was going to hold as resistance and exited at the 50 psych level fo + 16. Probably should have stayed in till the Weekly Pivot for another 10 pips.