Psych Levels, Pivots, and Trendlines - Resurrected | Page 147 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,921
  • Jul 2, 2009 7:41am Jul 2, 2009 7:41am
Quoting sailor68
Hi, and now what happen look at the candle M15 just on the Mpivot line, maybe a bounce, but have to wait for a confirmation, if look like a hammer.
I was talking about a trade several hours ago, not right now, sorry! Should have clarified... I'm not in the habit of trading around the news, and probably never will start.
  • #2,922
  • Jul 2, 2009 7:49am Jul 2, 2009 7:49am
Quoting Jimmy Jones
I was talking about a trade several hours ago, not right now, sorry! Should have clarified... I'm not in the habit of trading around the news, and probably never will start.
right understand, also sure not trading around the news or at the opening market, better to wait for a tendency
Trade with the momentum
  • #2,923
  • Jul 2, 2009 7:50am Jul 2, 2009 7:50am
Quoting sailor68
I took one just for a few pips, sell, have a look at M15 how do you call it a shooting star or a bearish engulfing pattern near 6400 (last two candles)
You had both a shooting star and a bearish engulfing candle, mate. Unfortunately, things went a bit haywire after that, probably due to the news that Islander was on about. I was away from the computer around that time.
  • #2,924
  • Jul 2, 2009 7:52am Jul 2, 2009 7:52am
Quoting Jimmy Jones
I have not been attempting any trades the last few days, just watching price action around these levels without the clutter of indicators. I saw a trade on the 15m EU earlier short off the 4100 handle / weekly midpoint that I liked but did not take it, maybe a bit nervous perhaps .
Very wise, mate. If you've been reliant on indicators, it can be a bit of a leap of faith to do without them altogether. However, you seem to be doing the right thing in being patient and putting in some valuable screen time. It'll pay off in the end, mate!
  • #2,925
  • Jul 2, 2009 10:05am Jul 2, 2009 10:05am
Quoting eyevoltage
Very wise, mate. If you've been reliant on indicators, it can be a bit of a leap of faith to do without them altogether. However, you seem to be doing the right thing in being patient and putting in some valuable screen time. It'll pay off in the end, mate!
Thanks for the encouragement! The funny thing is, I am comfortable with completely naked charts on the 5m time frame, I spent many hundreds of hours trading FTI style last year, I was fortunate enough to find his thread about 1 month into my forex adventure.

It's me that I don't fully trust yet again, and somewhere along the line I got hooked on indicators thinking they would help solve my internal problems that showed themselves in high pressure situations when the loss of money was involved, while I was trading the naked 5m charts.

I feel I have made lot's of progress in terms of self development and personal growth, but the memories of the havoc I am able to wreak on my risk capital are still fairly fresh in mind. So I am just feeling my way back into this 'naked' thing, and trying to listen to myself to see if I have indeed come as far as I think I have.
  • #2,926
  • Jul 2, 2009 10:48am Jul 2, 2009 10:48am
Thanks for your observations, Jimmy.

I don't think we're ENTIRELY naked in our trading, mate, as there are some out there who are of the opinion that Pivots, Psych-lines, Moving Averages etc., are, in actual fact, indicators. I remember one guy in particular saying that even using CANDLESTICKS were beyond the pale, and those that used them were nothing more than charlatans and heretics and should be burned at the stake!!

There's some bloody good traders who contribute on here, Jimmy. Stick with them and you won't go far wrong.

Cheers
  • #2,927
  • Jul 2, 2009 11:19am Jul 2, 2009 11:19am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Thanks for your observations, Jimmy.

I don't think we're ENTIRELY naked in our trading, mate, as there are some out there who are of the opinion that Pivots, Psych-lines, Moving Averages etc., are, in actual fact, indicators....

From what I can make out, the general consensus seems to be that 'naked' trading is candles/bars, S/R, TLs, Round-numbers and Fibs.

It really is irrelevant as long as you turn a profit.

I mean, I know plenty who watch the price-ladder only (admittedly, they're not trading forex, but less volatile instruments such as interest-rates etc.) - that's about as pure as I can see!...

... and that's coming from another self-proclaimed "price purest" such as myself - and I use the above-mention things (fibs, candle-reading etc) and particularly volume.


Actually, on a more personal note EV, have you used/considered volume in your trading? I used to rubbish forex-volume... until I tried it! It has improved my trading so much. I say this EV, as I see the trades you post and see lots of interesting things that volume would do at the same time.


Magnus
  • #2,928
  • Edited 1:15pm Jul 2, 2009 1:13pm | Edited 1:15pm
Quoting Jimmy Jones
Thanks for the encouragement! The funny thing is, I am comfortable with completely naked charts on the 5m time frame, I spent many hundreds of hours trading FTI style last year, I was fortunate enough to find his thread about 1 month into my forex adventure.

It's me that I don't fully trust yet again, and somewhere along the line I got hooked on indicators thinking they would help solve my internal problems that showed themselves in high pressure situations when the loss of money was involved, while I was trading the naked 5m charts.

I...
Hi Jimmy

I know where you are coming from....I too followed FTI's thread for some time - as well as several other of the more serious threads in FF.

IMO it takes several thousand hours of work to finally find what works for YOU - most of the other excellent threads / systems in FF dont "work" for ME - but they do for many others.

Great if what "we" - as in the regular posters here - are showing helps you on your journey - and dont worry about the 30 ema - or similar - that I brought to the thread some months ago - its just a visual aid for keeping me in line with the trend that I am trading and for comparing the relative action on several other pairs.

I would just add that IMO, as soon as you are happy with the "mechanics" of how we are trading here and you have checked this in demo - then do it live with micro lots.....too much time in demo takes away reality of live trading....JIMHO

Good luck

Issy
Trading Levels with WRBs
  • #2,929
  • Jul 2, 2009 2:31pm Jul 2, 2009 2:31pm
Quoting Yuppie


Actually, on a more personal note EV, have you used/considered volume in your trading? I used to rubbish forex-volume... until I tried it! It has improved my trading so much. I say this EV, as I see the trades you post and see lots of interesting things that volume would do at the same time.


Magnus

Magnus, I hear what you say. However, whenever I go over to the VSA thread and see the amount of info on there, plus there's just less than 150 pages to get through, it sorta puts me off a little!!
I know using Forex-volume has been a revelation to you and Islander, and I would like to find out more about it, but man, that's a big thread!
Still, you've managed to intrigue me by your comments re my posts and the "interesting things"! So I'll have another look and take it bit by bit, mate, and I know at the same time I can rely on you and Islander to fill in any gaps for me?
  • #2,930
  • Jul 3, 2009 12:53am Jul 3, 2009 12:53am
GM all....a triple bottom yesterday ~the 6325 level and then headed north throughout the asian session with a great retrace to the 6350 level early on and half an hour ago to the 375 level which gave me my first trade of the day - very little volume as yet and with the US on holiday that's to be expected...I've already taken my profit as cable failed to reach its 400 level as € just got up to 4004....I'm looking to buy on the retrace - subject to PA...
Trading Levels with WRBs
  • #2,931
  • Jul 3, 2009 1:00am Jul 3, 2009 1:00am
GM you earlybird. . Nice trade. I am "awaiting developments", as they say, on this Independance Day.
  • #2,932
  • Jul 3, 2009 1:12am Jul 3, 2009 1:12am
Quoting orientos
GM you earlybird. . Nice trade. I am "awaiting developments", as they say, on this Independance Day.
Thanks.....I just added in that mini pull back and exited as it spiked up to ~the 425 level where I closed both positions .....the high vol 5m spinning top is showing suppy / profit takers up there.....
Trading Levels with WRBs
  • #2,933
  • Jul 3, 2009 1:16am Jul 3, 2009 1:16am
Quoting Islander
Thanks.....I just added in that mini pull back and exited as it spiked up to ~the 425 level where I closed both positions .....the high vol 5m spinning top is showing suppy / profit takers up there.....
I've now taken a 1/2 size short with a tight stop.....a LH on the 1 min and € stalled too...

Edit: out for a wash....was looking for 10 pips hit and run...hasnt happened....yet.....
Trading Levels with WRBs
  • #2,934
  • Jul 3, 2009 1:17am Jul 3, 2009 1:17am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Magnus, I hear what you say....

Yeah, that thread is of a reasonable size.

However, and ironically enough, the Learn VSA (shamousfamous one at least - not read the other one) thread is not actually worth reading through. I'm sure a few others on there would agree. After the first 3 or 4 pages I realised that the posts by malcolmb14 are the only ones of any real content there - so I just pulled all his examples out of there. (I still read the thread but there is nothing in it - mostly discussion about the volume indicators and different feeds)

The links/pdfs (and of course the original Master the Maskets book) on the first page are all you need.

Actually, I'm going to own up here (although not on that thread ) I have not read that much on VSA - considering the amount of examples I've posted on that thread and my own threads. It looked a bit daunting for me at first but I soon realised that it was (at least to get a basic understanding for its use) a few simple bar-recognitions.

Apologies for harping on EV, but I just can't help that you (more than most) would benefit from VSA.

Have a good weekend,


Magnus
  • #2,935
  • Jul 3, 2009 1:20am Jul 3, 2009 1:20am
Nice exit. Too quick for me so I made less pips. My entry was based on my DP at 1.6389 holding and those 2 spinning tops? candles just before FO. My first attempt at using them.
  • #2,936
  • Jul 3, 2009 1:27am Jul 3, 2009 1:27am
Sorry to rain on the no indi parade. Islander I'm giving a lot of thought as to how to use the hull ma that you posted.

The bounce from 6350 on 5 min looks like this on 1 min. Not normally a trade I would have taken as the 1 min 21/hama is heading down. It is a bounce from a key level in move up.

I have struggled trading from levels, picking the right one that moves, this does seem to give very interesting possibilities.

Cheers again Islander.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gu 1 min 3.gif Size: 9 KB
  • #2,937
  • Jul 3, 2009 1:32am Jul 3, 2009 1:32am
Quoting orientos
Nice exit. Too quick for me so I made less pips. My entry was based on my DP at 1.6389 holding and those 2 spinning tops? candles just before FO. My first attempt at using them.
Well done.......any wicks get me interested - but EV's the expert on the actual candles.......I also have audio alerts set in case I'm reading or typing.....just trying another short after the hit of the 425 level....I watching € in case it breaks up http://www.forexfactory.com/images/icons/icon12.gif

Edit: pirated another 12 pips....a typical Frankies Hour hit and run trade...
Trading Levels with WRBs
  • #2,938
  • Jul 3, 2009 1:40am Jul 3, 2009 1:40am
Quoting Vantage
Sorry to rain on the no indi parade. Islander I'm giving a lot of thought as to how to use the hull ma that you posted.

The bounce from 6350 on 5 min looks like this on 1 min. Not normally a trade I would have taken as the 1 min 21/hama is heading down. It is a bounce from a key level in move up.

I have struggled trading from levels, picking the right one that moves, this does seem to give very interesting possibilities.

Cheers again Islander.

LOL V - its whatever rows YOUR boat - I do keep a hull ma on one of my charts - mainly to try and keep me in trades longer - and as its on the price screen its "almost" naked........its all of those other "below the price" squiggly things that distract ME from trading..... http://www.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #2,939
  • Jul 3, 2009 1:46am Jul 3, 2009 1:46am
I'm on my 1min chart for these quick trades.......the blue & red lines with 3 white dots are my audio alerts......
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #2,940
  • Jul 3, 2009 1:53am Jul 3, 2009 1:53am
The 425 level held - again - another 1/2 size short......

Edit: NB € has a small graveyard doji as its high.....need to be careful as these can also be a"measuring" doji - around in the mid point of a move.....

Edit: another wash.....look at €...
Trading Levels with WRBs
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