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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,121
  • Jul 20, 2009 4:23am Jul 20, 2009 4:23am
Quoting orientos
No more trades for me tonight and I'll be away for 2 weeks. Holiday in Bali with my better half.

Good trading. Cheers.
Enjoy!
  • #3,122
  • Edited 5:27am Jul 20, 2009 4:31am | Edited 5:27am
Quoting orientos
No more trades for me tonight and I'll be away for 2 weeks. Holiday in Bali with my better half.

Good trading. Cheers.
Cheers O enjoy.

2 trades this am. GU had a hammer form pushing up from green D M3 1 hr chart. I waited for 6400 to clear exited with 15 pips. Bought the hl break of 6435.
Price hesitated at yellow 38% ext of Fri's high where I exited, 6477. Carried onto 62% ext of Fris high at 6514, missed that re-entry.

After 6400 broke I did want to buy the retrace and bounce from that level but missed it.
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  • #3,123
  • Jul 20, 2009 4:42am Jul 20, 2009 4:42am
This was the 1 min hull entry (hull posted by Islander) that I missed. Mrs V's TL's also signalled, darn and I'm getting rid of indi's on other charts.
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  • #3,124
  • Jul 21, 2009 3:44am Jul 21, 2009 3:44am
hello people. quiet thread today. took a trade on GU. there was a break of the PP, entry on M1 after the pin bar. half of position closed at xx50, and the other half was set to breakeven but was taken out.
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  • #3,125
  • Jul 21, 2009 4:11am Jul 21, 2009 4:11am
Quoting no0odle
hello people. quiet thread today. took a trade on GU. there was a break of the PP, entry on M1 after the pin bar. half of position closed at xx50, and the other half was set to breakeven but was taken out.
Nice trade, mate, and although I was sort of watching this same development, I didn't have the time to do anything about it, being otherwise occupied.
It was afterwards I drew a TL and then saw how price broke through, bounced off the xx25 psych-line, pulled back to the TL again which by this time had become a resistance. Price hit it and promptly went southwards again. I was kicking myself for missing all this, but them's the breaks when one can't be at the computer all the time.
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  • #3,126
  • Jul 21, 2009 4:34am Jul 21, 2009 4:34am
Quoting eyevoltage
Nice trade, mate, and although I was sort of watching this same development, I didn't have the time to do anything about it, being otherwise occupied.
It was afterwards I drew a TL and then saw how price broke through, bounced off the xx25 psych-line, pulled back to the TL again which by this time had become a resistance. Price hit it and promptly went southwards again. I was kicking myself for missing all this, but them's the breaks when one can't be at the computer all the time.
no worries, there will be more trades in the future for sure. have you tried trading higher timeframes? from reading the thread you seem busy alot, and higher timeframes could help.
  • #3,127
  • Jul 21, 2009 4:55am Jul 21, 2009 4:55am
Quoting no0odle
no worries, there will be more trades in the future for sure. have you tried trading higher timeframes? from reading the thread you seem busy alot, and higher timeframes could help.
Yes, I've tried higher TFs, but I'm just not comfortable with the larger drawdowns and SLs. I know I wasn't pleased with missing that move earlier, but as you say, there's plenty more on the horizon, and I do get plenty of opportunities on the 5m and 15m TFs, so it's no big deal.
  • #3,128
  • Jul 21, 2009 6:42am Jul 21, 2009 6:42am
good luck with your trading mate
this is a GU trade i took, outside bar at the M2, xx25 level and 34EMA. entered at break of bar, out at 6400 level. got to love confluence with candlestick patterns
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  • #3,129
  • Jul 21, 2009 6:47am Jul 21, 2009 6:47am
Quoting no0odle
good luck with your trading mate
this is a GU trade i took, outside bar at the M2, xx25 level and 34EMA. entered at break of bar, out at 6400 level. got to love confluence with candlestick patterns

Thanks, pal, and nice trade. I don't know whether it's just me, or does the GU seems to be particularly sensitive to the xx25 and xx75 psych-lines? I've been doing a bit of back-testing, and the number of times it tends to react at those points is quite remarkable.
On the other hand, maybe it IS just me!!
  • #3,130
  • Jul 21, 2009 7:24am Jul 21, 2009 7:24am
Quoting eyevoltage
Thanks, pal, and nice trade. I don't know whether it's just me, or does the GU seems to be particularly sensitive to the xx25 and xx75 psych-lines? I've been doing a bit of back-testing, and the number of times it tends to react at those points is quite remarkable.
On the other hand, maybe it IS just me!!
actually i also found out that EU,GU,UC,UJ,EJ.GJ all react to the xx75 and xx25 levels!!
  • #3,131
  • Jul 21, 2009 7:32am Jul 21, 2009 7:32am
Quoting no0odle
actually i also found out that EU,GU,UC,UJ,EJ.GJ all react to the xx75 and xx25 levels!!
Yeah, you're right, mate. But perhaps the GU is, as I said, PARTICULARLY sensitive to those lines?

Anyway, here's a recently completed trade after a consolidation break-out. Entry and exit clearly defined.
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  • #3,132
  • Jul 21, 2009 8:13am Jul 21, 2009 8:13am
This one is as a result of a pull-back to the xx50 psych-line, with a hammer and a spinning-top forming right on said line. Entry just above the high of the spinning-top, and exit as price nudged through the Main Pivot Point.
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  • #3,133
  • Jul 21, 2009 8:57am Jul 21, 2009 8:57am
Quoting eyevoltage
This one is as a result of a pull-back to the xx50 psych-line, with a hammer and a spinning-top forming right on said line. Entry just above the high of the spinning-top, and exit as price nudged through the Main Pivot Point.
excellent trade. i also took this one i think i am going to demo for one more week and then start trading this method on my live account but with micro lots till i gain confidence in it. nothing beats learning with real money even if it was micro lots.
  • #3,134
  • Jul 22, 2009 4:09am Jul 22, 2009 4:09am
A couple of trades on 5m EJ over the last hour or so. The first one was a break-out from a bearish flag pattern, and produced some really strong bearish candles with corresponding high volume. The increase in volume suggested to me that the buyers were stepping in, so once price started retreating from the confluence of the xx25 psych-line and the S1 line, I bailed out.
The second trade was a bit of a conundrum. A really nice large harami candle showed the way, but I was a bit wary of the large upper shadow. So instead of entering on the next candle, I decided to wait until price cleared the xx50 psych-line. After that, there wasn't much action upwards and volume was dropping all the time. When the red candle appeared, it moved rather quickly, and I decided to bail out just as quickly!
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  • #3,135
  • Jul 22, 2009 4:12am Jul 22, 2009 4:12am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Smashing it again I see EV...

Great observation on the Volume analysis.

Look forward to hearing more from the Don of Simplicity as you progress with your volume analysis...


Magnus
  • #3,136
  • Jul 22, 2009 4:15am Jul 22, 2009 4:15am
Quoting Yuppie
Smashing it again I see EV...

Great observation on the Volume analysis.

Look forward to hearing more from the Don of Simplicity as you progress with your volume analysis...


Magnus
To be honest, mate, I'm sort of groping in the dark a little where volume is concerned. With time, no doubt I'll be able to see things a little more clearly, but for the time being, it's still all a bit of a mystery!
  • #3,137
  • Jul 22, 2009 4:32am Jul 22, 2009 4:32am
Quoting eyevoltage
A couple of trades on 5m EJ over the last hour or so....
Nice analysis, on g/u this morning i miss the break of 6400 but now im long since 6325, i try to close my position on 6400 or maybe 6375 level and long again if break the 6400 level.
Trade with the momentum
  • #3,138
  • Jul 22, 2009 4:41am Jul 22, 2009 4:41am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
To be honest, mate, I'm sort of groping in the dark a little where volume is concerned. With time, no doubt I'll be able to see things a little more clearly, but for the time being, it's still all a bit of a mystery!

I'm also in the dark with a lot of it. I learnt a bit of it initially, but kind of slipped in carrying on with it. However, just know if buyers or sellers are coming in is, to my mind, the core of it. This will get you further than anything else - my opinion, not 'official' VSA thoughts.

Either way, great to see you having a stab at it EV...


Magnus
  • #3,139
  • Jul 22, 2009 4:47am Jul 22, 2009 4:47am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Here's a copy of a post I made yesterday for learning purposes. Never traded it.

It's not FX, but that does mean the volume is official.

Dax.

1-min.


Magnus
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  • #3,140
  • Jul 22, 2009 5:08am Jul 22, 2009 5:08am
A couple of tidy little trades on cable......

First one the result of 2 dojis and a hanging-man right on the confluence of the xx75 psych-line and the S1 line, with entry just under the low of the hanging man. Exit as the doji formed on the xx50 psych-line.
The second one was initiated by an engulfing candle right on the xx50 psych-line, followed by a strong upward candle and a bail out just shy of the xx75 psych-line. Nice and simple.
(And this time, I'm not even going to to TRY and interpret the volume!)
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