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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,861
  • Edited 9:42am Jun 30, 2009 9:14am | Edited 9:42am
how are you suppose to react when MT4 spikes, blacks out, takes out your shorts then moves 60 pips south???

I.E.

mmmm, edit 110 pips.
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Click to Enlarge Name: gbp stop out.GIF Size: 69 KB
  • #2,862
  • Jun 30, 2009 9:42am Jun 30, 2009 9:42am
Quoting metatsock
Candlestick patterns on tf 5min have a very low power....pay attention!
I can assure you that I DO pay attention, mate! However, thank you for reminding me.

How about patterns? Do THEY have very low power on 5m charts as well, do you think?
What about this one? I didn't trade it as I was away from the computer at the time, but it would have been a beauty, what do you think?
A bearish flag pattern that was literally crying out to be traded!!
I hope somebody else spotted it and traded it.
Cheers
Attached Image
  • #2,863
  • Jun 30, 2009 9:42am Jun 30, 2009 9:42am
I have been trading with the daily, weekly and monthly pivots and mid pivots as well as 0000 and 0050 levels for quite some time now, but off the 1m chart in conjunction with parts of the THV system. Many times I have seen a trade I like but did not take because the thv did not trigger an entry, only to watch price do what I thought it was going to. This next month I am getting rid of all the indicators, moving up to the 5m charts and attempting to trade indicator free again.

JJ
  • #2,864
  • Jun 30, 2009 9:47am Jun 30, 2009 9:47am
I reffered to single candlestick patterns (HArami, Shooting, hanging...)...not price patterns (flags, pennant, H&S).... they are 2 different things!!!!
Second ones are very useful on every TF!!!

Candlestick patters are expression of sentiment of trader but on 5min...it's too short TF to be comfortable!

Anyway happy pips to everybody...
  • #2,865
  • Jun 30, 2009 10:04am Jun 30, 2009 10:04am
Quoting metatsock
I reffered to single candlestick patterns (HArami, Shooting, hanging...)...not price patterns (flags, pennant, H&S).... they are 2 different things!!!!
Second ones are very useful on every TF!!!

Candlestick patters are expression of sentiment of trader but on 5min...it's too short TF to be comfortable!

Anyway happy pips to everybody...

....and to you, mate. Happy trading.
  • #2,866
  • Jun 30, 2009 10:06am Jun 30, 2009 10:06am
Quoting metatsock
I reffered to single candlestick patterns (HArami, Shooting, hanging...)...not price patterns (flags, pennant, H&S).... they are 2 different things!!!!
Second ones are very useful on every TF!!!

Candlestick patters are expression of sentiment of trader but on 5min...it's too short TF to be comfortable!

Anyway happy pips to everybody...
I don't mean to butt in but I feel much more comfortable trading 1m and 5m time frames then I do trading the larger time frames. I tried the higher ones and I just can't do it, it does not fit my personality...
  • #2,867
  • Jun 30, 2009 10:09am Jun 30, 2009 10:09am
Quoting Jimmy Jones
I have been trading with the daily, weekly and monthly pivots and mid pivots as well as 0000 and 0050 levels for quite some time now, but off the 1m chart in conjunction with parts of the THV system. Many times I have seen a trade I like but did not take because the thv did not trigger an entry, only to watch price do what I thought it was going to. This next month I am getting rid of all the indicators, moving up to the 5m charts and attempting to trade indicator free again.

JJ
To be honest with you, I'm not familiar with the various nuances of the THV system, so I wouldn't dream of commenting on it.
However, your post tells a story. It says that you've been monitoring this thread of acumen's and you've realised that there's an easier way of doing things. That's how I see it, anyway.
I hope you stay around, Jimmy. The more contributors, the more benefit to us all.
Thanks for your post, Jimmy.
  • #2,868
  • Jun 30, 2009 11:08am Jun 30, 2009 11:08am
Trading under the DP now, so only looking for short opportunities. Were sitting right on a confluence of Weekly Pivot, Daily S1 and the .4000 handle. I imagine there is a lot of stops collected under the 3880 area from the day traders who went long last Friday, as well as intra day traders who went long on the previous bounce off the Weekly Pivot hoping for a longer term move.

5m chart is consolidating into a triangle right now, it's tempting to short a break of that triangle with the possibility of a sharp stop driven move further downside if price can get below the 3880 level, but I think the safer play would be to see this confluence get broken and then prove itself as resistance. That or a retest of the DP and rejection.

I'm just talking out loud for my own sake, and hopefully to get some constructive criticism on my thought process

EDIT, as I was getting this post ready the upside of the triangle was broken, now waiting for a test of DP, or perhaps calling it a day.
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  • #2,869
  • Jun 30, 2009 12:02pm Jun 30, 2009 12:02pm
Quoting DrMcDDC
how are you suppose to react when MT4 spikes, blacks out, takes out your shorts then moves 60 pips south???

I.E.

mmmm, edit 110 pips.
mm....I think that probably means that you didnt check your calendar for news as I think you got caught up in the pre and then post US data release......it dropped cable by ~200 pips.....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #2,870
  • Edited 1:00pm Jun 30, 2009 12:08pm | Edited 1:00pm
Quoting Jimmy Jones
I have been trading with the daily, weekly and monthly pivots and mid pivots as well as 0000 and 0050 levels for quite some time now, but off the 1m chart in conjunction with parts of the THV system. Many times I have seen a trade I like but did not take because the thv did not trigger an entry, only to watch price do what I thought it was going to. This next month I am getting rid of all the indicators, moving up to the 5m charts and attempting to trade indicator free again.

JJ

Join the "almost naked" crowd......http://www.forexfactory.com/images/icons/icon6.gif....I've had too many posts complaining that MAs , Pivots and Sweet Spots are "indiicators" to call myself a naked trader, although as I sit in my study after skinnying in the pool I certainly am in the naked club http://www.forexfactory.com/images/icons/icon11.gif

Edit: I would add that for me, price and a couple of MAs - thus all in the same window - show you as much as any indicator that I've ever seen - and that's hundreds......and as you are concentrating on the PA, there is no lag.....
Trading Levels with WRBs
  • #2,871
  • Jun 30, 2009 12:31pm Jun 30, 2009 12:31pm
Quoting DanUK
Ha ha! This thread and it's continuing success is proof that they work just fine!!
Good to "see" you again, Dan!
One Chart is Worth Ten Thousand Words.
  • #2,872
  • Jun 30, 2009 12:38pm Jun 30, 2009 12:38pm
Quoting Forex007
Good to "see" you again, Dan!
Thanks for reminding me, 007. I meant to post a "hello again" message to our old pal Dan, but I got a bit distracted.

Hey Dan! Don't be a stranger, mate!
Cheers
  • #2,873
  • Jun 30, 2009 1:44pm Jun 30, 2009 1:44pm
Hi guys!

Sorry it's been a while since I've posted here; I've just been so busy lately that I haven't spent much time on the lower timeframes! I do often drop by to see how everyone is doing though! Glad to see all is well, keep up the good work chaps!

Hopefully I'll get a bit more time soon to join in here again!

Regards,

Dan
  • #2,874
  • Jul 1, 2009 12:59am Jul 1, 2009 12:59am
GM all - plenty of clear sell signals in the 2 hours before FO, with yesterdays low getting broken 45 mins before it. This drop has so far been ~70 pips, halting at the 385 level - not one that I often use, but cable does seem to like it.....I got 15 pips off the first bounce and am now watching to see if it holds again.....smaller sized trades as they're against the trend....I'm hoping for a bounce back up to yesterdays low - the 6420 area to consider more shorts - subject to PA.....
Trading Levels with WRBs
  • #2,875
  • Jul 1, 2009 1:20am Jul 1, 2009 1:20am
Quoting Islander
GM all - plenty of clear sell signals in the 2 hours before FO, with yesterdays low getting broken 45 mins before it. This drop has so far been ~70 pips, halting at the 385 level - not one that I often use, but cable does seem to like it.....I got 15 pips off the first bounce and am now watching to see if it holds again.....smaller sized trades as they're against the trend....I'm hoping for a bounce back up to yesterdays low - the 6420 area to consider more shorts - subject to PA.....
I took the buy - a graveyard doji on the 1 min plus a long wicked hammer on € convinced me - TP in the resistance area - a great confluence yesterdays low, the 425 level, 50% retrace and 5m 30 ema.....that's a "Grail Entry"........so I reversed and I've now taken partials at the 400 level and stop to BE+10 on the remainder.......http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #2,876
  • Jul 1, 2009 1:23am Jul 1, 2009 1:23am
Morning Islander - no trades for me yet. Lovely L/H about 2 hours before FO esp. in conjunction with Vantage's (or should I say Mrs. V) entry.

I have a Weekly pivot at 1.6640 but the market seems to be ignoring that - showing no respect at all!
  • #2,877
  • Jul 1, 2009 2:35am Jul 1, 2009 2:35am
Quoting Islander
I took the buy - a graveyard doji on the 1 min plus a long wicked hammer on € convinced me - TP in the resistance area - a great confluence yesterdays low, the 425 level, 50% retrace and 5m 30 ema.....that's a "Grail Entry"........so I reversed and I've now taken partials at the 400 level and stop to BE+10 on the remainder.......http://www.forexfactory.com/images/icons/icon6.gif

My stop was hit for +10 as the 6400 level held, making it a HL......2 more HLs since then providing nice hit and run entries for an easy ~20 pips a go and I also took a sell in the 440 /450 resistance area.

The 6400 area was ~the 61% retrace of the last 5 days range so IF the resistance area breaks, the fibos from yesterdays fall give the Decision Zone around the 6500 to 6600 area.....I'm long from the last HL

UK Mfg PMI due in an hour at 4:30 edt / 8:30 gmt
Trading Levels with WRBs
  • #2,878
  • Jul 1, 2009 2:39am Jul 1, 2009 2:39am
Finally got a trade away and am long from the last H/L. Let's see if it's got any legs.
  • #2,879
  • Jul 1, 2009 2:47am Jul 1, 2009 2:47am
Here's my chart covering the above posts
Attached Image (click to enlarge)
Click to Enlarge Name: jly 1 cable 5m 0745.gif Size: 14 KB
Trading Levels with WRBs
  • #2,880
  • Jul 1, 2009 2:52am Jul 1, 2009 2:52am
Quoting Islander
My stop was hit for +10 as the 6400 level held, making it a HL......2 more HLs since then providing nice hit and run entries for an easy ~20 pips a go and I also took a sell in the 440 /450 resistance area.

The 6400 area was ~the 61% retrace of the last 5 days range so IF the resistance area breaks, the fibos from yesterdays fall give the Decision Zone around the 6500 to 6600 area.....I'm long from the last HL

UK Mfg PMI due in an hour at 4:30 edt / 8:30 gmt

The volumes on my 15m chart ahave just shown some supply / selling in the push up to the next resistance area around the 475 level so I took partial profits and tightened my trailing stop.....

Edit: stop hit
Trading Levels with WRBs
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