Psych Levels, Pivots, and Trendlines - Resurrected | Page 158 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,141
  • Jul 22, 2009 6:27am Jul 22, 2009 6:27am
Certainly plenty of opportunities of various forms today....

This one is another break-out from a flag pattern, this time a bullish one. What followed was a meandering rise to the xx25 psych-line, where I exited. As I type this, price looks as if it's still got more to come, although the volume indicates that sellers could be moving in.
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  • #3,142
  • Jul 22, 2009 7:21am Jul 22, 2009 7:21am
This is yet another cable opportunity, and my last for the day.

A good-sized harami started it all off, just under the xx50 psych-line, and my entry was (as usual) just under the low of the harami. Two dojis then marched along the xx25 psych-line before price then dropped to just shy of the xx00 psych-line, where I jumped ship.
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  • #3,143
  • Jul 23, 2009 5:54am Jul 23, 2009 5:54am
I've seen one or two "iffy" chances this morning that I haven't bothered with. This is the first one for me that seemed to be a clear-cut set-up. A doji forming right on the xx25 psych-line followed by a nice drop down to just above the xx75 psych-line. Simple as they come, and the only reason I got out was that it looked to me like there was some buying volume coming in. Obviously, I could be wrong, but another opinion would be appreciated.
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  • #3,144
  • Jul 23, 2009 6:05am Jul 23, 2009 6:05am
good morning everybody, took 2 trades in GU. First one is taken after the break of the bar (forgot the candelstick's name ) resting on the xx50 out at xx75. next trade was an inside bar at xx25 and the trendline, in after the break of the trendline and out at xx50. missed alot of trades because i woke up late, got to sleep earlier
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Click to Enlarge Name: gu.gif Size: 29 KB
  • #3,145
  • Jul 23, 2009 6:15am Jul 23, 2009 6:15am
Quoting no0odle
good morning everybody, took 2 trades in GU. First one is taken after the break of the bar (forgot the candelstick's name ) resting on the xx50 out at xx75. next trade was an inside bar at xx25 and the trendline, in after the break of the trendline and out at xx50. missed alot of trades because i woke up late, got to sleep earlier
Nice trades, mate, and those candles you were on about are dojis.
This isn't a criticism, mate, but do you think you could zoom in on your charts before you post it so that we can see the detail a bit better?
Thanks, mate.
  • #3,146
  • Jul 23, 2009 6:48am Jul 23, 2009 6:48am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Simple as they come, and the only reason I got out was that it looked to me like there was some buying volume coming in. Obviously, I could be wrong, but another opinion would be appreciated.

Spot on EV.

The subsequent price-action and rise confirmed it was in fact buyers coming in.

I drew up this 2.5-minute chart of your trade EV. Give you a little more detail.


Magnus
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Click to Enlarge Name: 2009-07-23_6B_1.gif Size: 21 KB
  • #3,147
  • Edited 7:13am Jul 23, 2009 7:10am | Edited 7:13am
Quoting Yuppie
Spot on EV.

The subsequent price-action and rise confirmed it was in fact buyers coming in.

I drew up this 2.5-minute chart of your trade EV. Give you a little more detail.


Magnus
Many thanks for the confirmation and accompanying chart, mate....much appreciated.
Seems as if I might be getting to grips with this volume thingy after all!! I think you were right, though, when you said that as long as you can recognize when the buyers or sellers seem to be entering the market, then you've very near cracked it.
Plus, even if you only suspect it, it would seem to be a good time to exit!
Thanks again, Magnus, and the chart makes it much clearer. Cheers.
  • #3,148
  • Jul 23, 2009 7:26am Jul 23, 2009 7:26am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
You're very welcome EV.

Yeah, buyers/sellers coming in, that's definately the core of it - all else, to my mind, is ancillary.


Magnus
  • #3,149
  • Jul 23, 2009 8:26am Jul 23, 2009 8:26am
This one was initiated by a shooting star candle just above the xx00 psych-line, followed by a break through said line, with volume rising. I exited the trade because price stopped short of the xx50 psych-line and started rising accompanied by what looked like some buying volume. There's no doubt that the volume bars display, irrespective of one fully understanding them, can give ample warning of a possible change of sentiment.
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  • #3,150
  • Jul 23, 2009 8:38am Jul 23, 2009 8:38am
no problem and here is one zoomed in . entry after the break of the trendline, half out, and the other half i am trying to let it run
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Click to Enlarge Name: gu.gif Size: 26 KB
  • #3,151
  • Jul 23, 2009 8:49am Jul 23, 2009 8:49am
Quoting no0odle
no problem and here is one zoomed in . entry after the break of the trendline, half out, and the other half i am trying to let it run
Cheers, mate....much better. These tired old eyes can see what's going on now!!
Nice trading too!
Thanks again.
  • #3,152
  • Jul 23, 2009 5:34pm Jul 23, 2009 5:34pm
Great thread you guys got here, got a couple questions though. How do you stop yourself from over trading? I look back at my charts and look for setups and it seems like there are too many and that I'd be trading too much. I guess just practicing will help with that.

Also do any of you guys trade during any other session or just during London hours? Hard for me to trade then unless I want to be up in the middle of the night.

Went through a bunch of your old charts yesterday EV, they're so clear and you make it look so easy, Islander too. Hopefully I can get there one day.

Thanks,
trublu
  • #3,153
  • Jul 24, 2009 1:56am Jul 24, 2009 1:56am
Quoting trublu
Great thread you guys got here, got a couple questions though. How do you stop yourself from over trading? I look back at my charts and look for setups and it seems like there are too many and that I'd be trading too much. I guess just practicing will help with that.

Also do any of you guys trade during any other session or just during London hours? Hard for me to trade then unless I want to be up in the middle of the night.

Went through a bunch of your old charts yesterday EV, they're so clear and you make it look so easy, Islander too. Hopefully...
Thanks for posting, trublu, and as for the thread, thank acumen, because he's the main man! We just sort of keep it ticking along for him.

Overtrading needn't be a problem if you remember to take a step back every time you see a possible set-up developing. Make a set of rules for yourself, stick to them, and in all likelihood, you'll probably reject more chances than the ones you take! Just remember the expressions: "high-probability.....low-risk". If an opportunity crops up but doesn't look as if it's covered by those expressions, then forget about it and move on....it's that simple.

I only trade the London session, mate. I'm lucky, I guess, from a trading point-of-view, because I'm resident in the UK, and I often wonder how people who live in the States manage, especially those who live on the West Coast. It must be even more difficult for people in Oz, NZ and the Pacific area.

Thank you for your comments re the charts. Acumen's mantra was always K.I.S.S., and in general, those who post on here are usually happy to stick to that. I know I am!

Cheers for now and thanks again for your post, trublu.
  • #3,154
  • Jul 24, 2009 2:09am Jul 24, 2009 2:09am
GM all,

just a test this morning for a few pips on EJ (M15), i was short after the second hanging man and exit at the support of psych level 25, and also, we can see some indecision between bear and bull with these candlestick....now im waiting for a break of this area....
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Trade with the momentum
  • #3,155
  • Jul 24, 2009 2:29am Jul 24, 2009 2:29am
Quoting sailor68
GM all,

just a test this morning for a few pips on EJ (M15), i was short after the second hanging man and exit at the support of psych level 25, and also, we can see some indecision between bear and bull with these candlestick....now im waiting for a break of this area....
Yes, it's ranging for a while, and if it breaks upwards, then it should test the previous resistance at the psych-line 1.3475.
  • #3,156
  • Jul 24, 2009 4:04am Jul 24, 2009 4:04am
A couple of trades. After a strong move up on gu I was not in front of computer for the first push up from 1.65 but entered after the highlighted hammer, after a couple of goes to move up exited at BE.

EJ has been pushing up on 1 hr, on 5 min nice hammer push up from the 50% of y's range 134.22. Entry above the hammer. exit 135.00 when it failed a few times to push on.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu 5 min.gif Size: 14 KB
Click to Enlarge Name: ej 5 min.gif Size: 13 KB
  • #3,157
  • Jul 24, 2009 4:31am Jul 24, 2009 4:31am
Quoting Vantage
A couple of trades. After a strong move up on gu I was not in front of computer for the first push up from 1.65 but entered after the highlighted hammer, after a couple of goes to move up exited at BE.

EJ has been pushing up on 1 hr, on 5 min nice hammer push up from the 50% of y's range 134.22. Entry above the hammer. exit 135.00 when it failed a few times to push on.
Hi Vantage, im short belong the hanging man on ej (m15) and on gu (m15) im waiting confirmation of the hammer...
Trade with the momentum
  • #3,158
  • Jul 26, 2009 3:52pm Jul 26, 2009 3:52pm
hi everyone,

I started reading this thread a few days ago and I going to start using it this week. I'm sick of all those indicators out there, so I'm just going to use these lines.

I just wanted to know how you guys set your fibs? Do you use the HH and LL from the previous day? Or is there something else?

Regards
  • #3,159
  • Jul 27, 2009 2:14am Jul 27, 2009 2:14am
Quoting cunha
hi everyone,

I started reading this thread a few days ago and I going to start using it this week. I'm sick of all those indicators out there, so I'm just going to use these lines.

I just wanted to know how you guys set your fibs? Do you use the HH and LL from the previous day? Or is there something else?

Regards
Welcome to the thread, and I hope you decide to stick around.

As for fibs......we all have our own way of using fibs. As an experiment, I have two screens set up with AutoDayFibs, an indicator that adjusts itself during the course of the day according to the ups and downs of price action. So, at any one time during the day, you have up-to-date fib lines that will adjust themselves if price reaches a higher high for the day or a lower low. I've included it below so that you can have a play with it.

Alternatively, of course, you could use the previous day's high and low, it's entirely up to you, mate....whatever you find is best for you.
Cheers
  • #3,160
  • Jul 27, 2009 2:15am Jul 27, 2009 2:15am
AutoDayFib indicator attached below......
Attached File(s)
File Type: mq4 AutoDayFibs.mq4   10 KB | 371 downloads
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