Psych Levels, Pivots, and Trendlines - Resurrected | Page 160 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,181
  • Jul 31, 2009 8:53am Jul 31, 2009 8:53am
Quoting eyevoltage
OK, mate, gotcha!
However, stopping using pivots doesn't mean they won't be there!
Do yourself a favour, mate, and just keep an eye on them. Otherwise, they'll surely creep up on you when you least expect it and bite you in the ass!!
heheheh that would hurt lol. but i found out that most of the time pivots are support or resistance or a psych level. so instead of cluttering the chart i removed them, maybe soon will remove psych levels and only settle with S&R i have been only using S&R on higher timeframes for years and they work great for me, and from what i am seeing on the lowertime frames it is exactly the same.
  • #3,182
  • Edited 9:07am Jul 31, 2009 8:57am | Edited 9:07am
I took this one because of the confluence of the psych level and R2:

Good for 10 pips so far, not sure if I'll close it or keep it going

stopped out for +10 nothing but solid trades with this system so far
Attached Image (click to enlarge)
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  • #3,183
  • Jul 31, 2009 9:13am Jul 31, 2009 9:13am
good thing I had a stop in for my last trade, just busted through R2, I'll wait for the retrace
  • #3,184
  • Jul 31, 2009 9:31am Jul 31, 2009 9:31am
i may go long for a few pips if it retraces, and holds at the confluence of the psych level and R2
Attached Image (click to enlarge)
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  • #3,185
  • Jul 31, 2009 11:07am Jul 31, 2009 11:07am
I should have been looking for longs the whole day. I missed out on this one...but, id rather be out than take a loss
  • #3,186
  • Jul 31, 2009 11:55am Jul 31, 2009 11:55am
i just took this trade long at 1.4252 (shoulda waited for 1.4250)

took this trade because of confluence of the 1.4250 psych level and the trend line
Attached Image (click to enlarge)
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  • #3,187
  • Edited 12:59pm Jul 31, 2009 12:42pm | Edited 12:59pm
Last picture for today: going to hold onto this trade for a few more pips +10 right now, but looking for more as we just cracked the 5 minute down trend line

profits profit...stopped out for +3 pips...at 28 cents a pip a whopping 84 cents
Attached Image (click to enlarge)
Click to Enlarge Name: chart5.gif Size: 14 KB
  • #3,188
  • Aug 2, 2009 3:40pm Aug 2, 2009 3:40pm
Quoting eyevoltage
Not much activity on this forum lately
It must be the summer, EV! Or everybody mastered trading and is busy making money

Great charts, as always. Thank you for posting them, EV!
One Chart is Worth Ten Thousand Words.
  • #3,189
  • Aug 2, 2009 6:47pm Aug 2, 2009 6:47pm
Quoting Forex007
It must be the summer, EV! Or everybody mastered trading and is busy making money

Great charts, as always. Thank you for posting them, EV!
Your second sentence doesn't say much for me, mate!!

No problem with the charts.......Let's see some of yours!

Gawd, it's late!! Time for some serious ZEDS!!
See you in the morning, maybe.
Cheers
  • #3,190
  • Aug 3, 2009 4:39am Aug 3, 2009 4:39am
my latest long position... the SL was below the pivot. A bit risky but... +61pips
Attached Image (click to enlarge)
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  • #3,191
  • Aug 3, 2009 4:50am Aug 3, 2009 4:50am
A couple of nice trades this am on gu. A London open head fake move down to 6700. Price rejected this then stayed above the monthly and weekly pivots.

A strong close hl above 6759, entry as it moved on a pip or so, exit at fail of 6850 for +85.

2nd entry after the hammer, vol falling and price moving up suggested that there weren't sellers (my vsa is dicey) exit at W R1 for +30.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu 5 min a.gif Size: 12 KB
Click to Enlarge Name: gu 5 min.gif Size: 12 KB
  • #3,192
  • Aug 3, 2009 5:08am Aug 3, 2009 5:08am
Quoting cunha
my latest long position... the SL was below the pivot. A bit risky but... +61pips
A nice profit, mate, but it sure made you wait for it!!
  • #3,193
  • Aug 3, 2009 5:12am Aug 3, 2009 5:12am
Quoting Vantage
A couple of nice trades this am on gu. A London open head fake move down to 6700. Price rejected this then stayed above the monthly and weekly pivots.

A strong close hl above 6759, entry as it moved on a pip or so, exit at fail of 6850 for +85.

2nd entry after the hammer, vol falling and price moving up suggested that there weren't sellers (my vsa is dicey) exit at W R1 for +30.
As you say, two nice trades, and your logic re the volume thingy seems ok to me, but my VSA is dicier than yours!!
  • #3,194
  • Aug 3, 2009 5:25am Aug 3, 2009 5:25am
Quoting eyevoltage
A nice profit, mate, but it sure made you wait for it!!

I was sleeping until the open of the london session... Still, I'm glad it went well. I started using this system last monday and it was a very profitable week! I'm just still working on the entry points...

Regards
  • #3,195
  • Aug 3, 2009 5:49am Aug 3, 2009 5:49am
Quoting Phonetic
Last picture for today: going to hold onto this trade for a few more pips +10 right now, but looking for more as we just cracked the 5 minute down trend line

profits profit...stopped out for +3 pips...at 28 cents a pip a whopping 84 cents
Sorry for the delay in acknowledging your charts, mate. A really good contribution, and I hope we see more of your work.
Oh, and congrats on your massive win!!!
  • #3,196
  • Aug 3, 2009 6:11am Aug 3, 2009 6:11am
hello people. woke up late as usual i need to sleep earlier heheheh. took my first trade on EU. entry on the break of the harami at the 4300 level, out at xx75
Attached Image (click to enlarge)
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  • #3,197
  • Aug 3, 2009 7:01am Aug 3, 2009 7:01am
Two small trades one after the other on the 5m EU chart.

The first one after price broke up through the TL and then the 13ema, with an exit after the green doji formed. The second was after price broke up through a 3-way confluence of the TL, the 13ema and the xx00 psych-line, with an exit just short of the xx25 psych-line.
Attached Image
  • #3,198
  • Aug 4, 2009 2:03am Aug 4, 2009 2:03am
GM all - I'm back from a superb cruise to Corsica and Sardinia but not yet into full trading mode as I've more boating to do - but still managing to pirate a few pips around FO / LO before heading to sea......

The 1.700 level has been hit a couple of times now, but without any big volumes to confirm an excess of supply, so there's still life in this bull.

The pullback to the 6925 support level and a higher low 40 mins before FO gave an excellent buy with a confirmation 10 mins after FO......I took partials in the spike up to the 6975 level and closed the remainder at the 7000 level

Now to see what The Brits do......
Trading Levels with WRBs
  • #3,199
  • Aug 4, 2009 2:13am Aug 4, 2009 2:13am
Charts re post above.......the last hit of the 7000 level brought out some sellers / profit takers.....the high - a couple of pips higher - was a spinning top / doji and the next red candle was with high volume.....I missed the sell as I was posting......
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: aug 4 cable 5m 0705.gif Size: 18 KB
Trading Levels with WRBs
  • #3,200
  • Aug 4, 2009 2:18am Aug 4, 2009 2:18am
Quoting Islander
Charts re post above.......the last hit of the 7000 level brought out some sellers / profit takers.....the high - a couple of pips higher - was a spinning top / doji and the next red candle was with high volume.....I missed the sell as I was posting......
Welcome back Islander, nice trading.

I got to the computer just after the bullish hammer you show.
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