Psych Levels, Pivots, and Trendlines - Resurrected | Page 148 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,941
  • Jul 3, 2009 2:10am Jul 3, 2009 2:10am
Quoting Islander
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 €...
So 4 minutes later the 425 level held yet again, this time I was able tp pirate more pips as price dropped to the DP level at 404.....http://www.forexfactory.com/images/icons/icon12.gif

I think that's sufficient from me for now....time for someone else to post and I need a coffee ....remember the UK data at 4:30 edt / 9:30 gmt....BFN
Trading Levels with WRBs
  • #2,942
  • Jul 3, 2009 2:43am Jul 3, 2009 2:43am
Quoting Islander
So 4 minutes later the 425 level held yet again, this time I was able tp pirate more pips as price dropped to the DP level at 404.....http://www.forexfactory.com/images/icons/icon12.gif

I think that's sufficient from me for now....time for someone else to post and I need a coffee ....remember the UK data at 4:30 edt / 9:30 gmt....BFN
Nice trade Ev, also i took some pips on the break of 6400.......out on 6375
Trade with the momentum
  • #2,943
  • Jul 3, 2009 3:05am Jul 3, 2009 3:05am
Quoting sailor68
Nice trade Ev, also i took some pips on the break of 6400.......out on 6375
lol.......That was Islander, mate, not me!
  • #2,944
  • Jul 3, 2009 3:28am Jul 3, 2009 3:28am
Quoting eyevoltage
lol.......That was Islander, mate, not me!
, nice trade Islander, but EV for sure you will post some nice trade today like everyday
Trade with the momentum
  • #2,945
  • Jul 3, 2009 5:22am Jul 3, 2009 5:22am
Quoting sailor68
, nice trade Islander, but EV for sure you will post some nice trade today like everyday
You mean like this one, sailor?

After price sort of meandered along the "mini" mid-point and a harami formed, I drew the TL and waited to see what would happen. What followed was a nice break downwards, with an entry just under the low of the green candle preceding the harami. When price hit M2 and a spinning top formed, I was tempted to bail out then, but again, waited to see what would happen. In the end, one more candle pushed through M2, and I bailed out as price started retreating upwards.

Will that one do, sailor?
Attached Image
  • #2,946
  • Jul 3, 2009 6:04am Jul 3, 2009 6:04am
One more nice trade, for me i sell on the break 63500 TP 63250 and now buy at 63100 after the hammer (M5) target area 63200-63250 . But i think to sell before this area.......
Trade with the momentum
  • #2,947
  • Jul 3, 2009 6:09am Jul 3, 2009 6:09am
He's my chart of this morning's action.....plenty of opportunities to sell the 6425 area and again the 30 ema before the hammer low ~the 6300 level....I'm now concentrating on collecting these 100+ pip moves - work in progress!

I doubt that I'll be able to post much next week as I have 70 feet of very expensive motor yacht to get into the boatyard - about a foot on either side of 2 concrete travel lift dock walls concentrates the mind even more than trading! Then a week of 35ºC hell with dust and dirt......but with our summer cruise to Corsica and Sardinia due later this month.....now that's something to look forward too....

BFN
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Trading Levels with WRBs
  • #2,948
  • Jul 3, 2009 6:24am Jul 3, 2009 6:24am
Nice, clear and sample analysis (for me) without any of plenty indicators.

I did my last trade today on the hammer, after that lets go fishing catfish in the mekong river.....
Trade with the momentum
  • #2,949
  • Jul 3, 2009 6:25am Jul 3, 2009 6:25am
Quoting Islander
He's my chart of this morning's action.....plenty of opportunities to sell the 6425 area and again the 30 ema before the hammer low ~the 6300 level....I'm now concentrating on collecting these 100+ pip moves - work in progress!

BFN
Islander, can you post that volume indicator? Plus, give me a brief rundown as to how you use it? I know that I'm asking a lot, as it's such a big subject, but is there a way you can condense it somewhat?
Cheers
  • #2,950
  • Jul 3, 2009 6:52am Jul 3, 2009 6:52am
Taking a leaf out of Vantage's and Islander's book, I took this trade off the back of a higher low which formed right on the 1.6306 "mini" mid-point line. I entered just above the high of he HL candle, and only exited where I did because price seemed to be stalling just under the xx.50 psych-line (not shown).
That's it for the week. See you all on Monday, hopefully.
Have a nice weekend.
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  • #2,951
  • Jul 3, 2009 8:34am Jul 3, 2009 8:34am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Taking a leaf out of Vantage's and Islander's book, I took this trade off the back of a higher low which formed right on the 1.6306 "mini" mid-point line. I entered just above the high of he HL candle, and only exited where I did because price seemed to be stalling just under the xx.50 psych-line (not shown).
That's it for the week. See you all on Monday, hopefully.
Have a nice weekend.

Nice trading EV...

This is a coincidence, I kid you not, but I was drawing up this example for you before I saw your trade - interesting!...

Right, this is one of the core concepts in VSA.

See chart:

(1) Volume a lot higher than any of the previous volume. Kind of a heads-up for strength. (strength is shown on high-volume downbars and weakness is shown on high-volume upbars - counter-intuitive!)

(2) High volume on wide-spread (that's what they call the range of the bar)

(3) This is the real critical bar. The volume is higher than the previous bar, the spread is a lot less, and it closes well off the lows and at the high. What is happening here is the amateurs are selling selling selling as the market is going down. While at the same time the professionals are buying buying buying and filling their boots with whatever the amateurs are getting rid of. Because of the size the pros. work in they need to buy on down-candles and sell on up-candles so that they down move the market dis-favourably on themselves.


Not a thorough explanation perhaps, but I hope you get the idea of what VSA is capable of.


Have a great weekend as well,

Cheers,

Magnus
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  • #2,952
  • Jul 3, 2009 8:35am Jul 3, 2009 8:35am
Quoting eyevoltage
Taking a leaf out of Vantage's and Islander's book, I took this trade off the back of a higher low which formed right on the 1.6306 "mini" mid-point line. I entered just above the high of he HL candle, and only exited where I did because price seemed to be stalling just under the xx.50 psych-line (not shown).
That's it for the week. See you all on Monday, hopefully.
Have a nice weekend.

Welcome to the higher low lower high club.
  • #2,953
  • Jul 3, 2009 8:41am Jul 3, 2009 8:41am
Quoting eyevoltage
Islander, can you post that volume indicator? Plus, give me a brief rundown as to how you use it? I know that I'm asking a lot, as it's such a big subject, but is there a way you can condense it somewhat?
Cheers
EV have a look at the VSA thread by ShamusFamous http://www.forexfactory.com/showthread.php?t=157629 there are some very good articles in first post.
  • #2,954
  • Jul 5, 2009 10:56am Jul 5, 2009 10:56am
Many thanks indeed for the concise explanation of how volume works, mate, plus the nice clear chart.
Looks like I'm in for a lot of studying, considering I also want to catch up with Vantage's HL LH thread!
Thanks again, Magnus.
  • #2,955
  • Jul 5, 2009 10:59am Jul 5, 2009 10:59am
Quoting Vantage
EV have a look at the VSA thread by ShamusFamous http://www.forexfactory.com/showthread.php?t=157629 there are some very good articles in first post.
Yes, I've been looking at Shamus's thread, but I've barely scratched the surface yet. Looks to be some interesting reading though, and I'm looking forward to learning more about VSA.
The day you stop learning in this game, you're dead.
Cheers
  • #2,956
  • Jul 6, 2009 1:14am Jul 6, 2009 1:14am
GM - I have a Monthly Pivot at 39 and the DP at 51, so a lot of resistance up above. I'll bet Islander went short at the 25 level - too quick for me.

However I did go short when the 30 ema appeared to be holding and exited at the 50 level (prob too soon, I suspect)
  • #2,957
  • Jul 6, 2009 1:58am Jul 6, 2009 1:58am
hi everybody, i just was late this morning but i did one trade (just a few pips) sell on the break of 62500 out in 62250, wait for a confirmation of the hammer (62250), but nothing happen, now down to 62000.
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  • #2,958
  • Jul 6, 2009 2:06am Jul 6, 2009 2:06am
Morning Sailor. That's a huge move of more than 160 pips as I write and I only got 37 pips of that. Shouldn't grizzle I suppose, but I would kill for a better exit strategy.
  • #2,959
  • Jul 6, 2009 2:19am Jul 6, 2009 2:19am
Quoting orientos
Morning Sailor. That's a huge move of more than 160 pips as I write and I only got 37 pips of that. Shouldn't grizzle I suppose, but I would kill for a better exit strategy.
Morning Orientos, Ok 37 pips good, better than nothing, yes i think the key is a better exit strategy, but also we can liquidate a part of our position at different level, but i didn't do that i will try to do it next time.
Trade with the momentum
  • #2,960
  • Jul 6, 2009 2:49am Jul 6, 2009 2:49am
Quoting orientos
GM - I have a Monthly Pivot at 39 and the DP at 51, so a lot of resistance up above. I'll bet Islander went short at the 25 level - too quick for me.

However I did go short when the 30 ema appeared to be holding and exited at the 50 level (prob too soon, I suspect)
Hi Guys - a flying visit-----lol orientos, you're correct, I would have sold the failure at the 6325 level as there was no volume supporting the move - so it was an upthrust / fakeout / bull trap - but I was just weighing anchor before heading into the travel lift dock....

Nice entry off the 30 ema http://www.forexfactory.com/images/icons/icon14.gif.......I got to my screen 15 mins into Frankies Hour and so sold at the 6250 level for some nice pips......with the break of support at the 6200 level, the trend is short, so I'll be placing some limit order sell before heading back to the boatyard.....

@EV - sorry to have missed your post on Friday, but I see that others have already put you on the right track.....take a look at the vols in FH this morning......http://www.forexfactory.com/images/icons/icon12.gif

BFN
Trading Levels with WRBs
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