Psych Levels, Pivots, and Trendlines - Resurrected | Page 161 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD

Similar Threads

Adr, psych levels, demand & supply trading 15 replies

Standard Pivots and Fibonnaci Pivots? 9 replies

EUR/USD 5min - Trendlines and Pivots 379 replies

Important psych levels 1 reply

Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies

Attachments: Psych Levels, Pivots, and Trendlines - Resurrected
Exit Attachments

Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,201
  • Aug 4, 2009 2:23am Aug 4, 2009 2:23am
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......
that was an easy ~40 pip pull back to the 30 ema also todays MR1 level....

€ just failed to make it up to its earlier high
Trading Levels with WRBs
  • #3,202
  • Aug 4, 2009 2:35am Aug 4, 2009 2:35am
Quoting Islander
that was an easy ~40 pip pull back to the 30 ema also todays MR1 level....

€ just failed to make it up to its earlier high
there was a quick bounce back to the 6975 level where it was rude not to take a sell which so far has not got down to the 6925 area support with the last closed candle a red hammer so I've banked some profits leaving the remainder with a tight trailing stop......
Trading Levels with WRBs
  • #3,203
  • Aug 4, 2009 2:43am Aug 4, 2009 2:43am
Quoting Islander
there was a quick bounce back to the 6975 level where it was rude not to take a sell which so far has not got down to the 6925 area support with the last closed candle a red hammer so I've banked some profits leaving the remainder with a tight trailing stop......
I've now closed the remainder as cable has stalled ~the 910 level, € and swissy have spinning tops, so they're not currently supporting a further drop and so I prefer to bank profit before I go out.......BFN
Trading Levels with WRBs
  • #3,204
  • Aug 4, 2009 2:48am Aug 4, 2009 2:48am
Quoting Vantage
Welcome back Islander, nice trading.

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

Hi V - thanks - hope you're also collecting a few pips......

Updated chart before I leave......
Attached Image (click to enlarge)
Click to Enlarge Name: aug 4 cable 5m 0745.gif Size: 16 KB
Trading Levels with WRBs
  • #3,205
  • Aug 4, 2009 3:57am Aug 4, 2009 3:57am
Welcome back, Islander, and I see you haven't lost your touch after your cruise!! Nice trading, mate.

Here's a couple from eur/jpy this morning. A Dark Cloud Cover candle initiated the first one, by forming right in the 13/34ema zone right on the xx75 psych-line. Entry just under the low of the DCC candle and exit as price started retreating northwards again, after piercing the xx50 psych-line. Another Dark Cloud Cover then formed a quarter of an hour later, touching the 13ema, but a little too near the xx50 psych-line to consider entering, so it was a waiting game whilst a small Spinning Top formed right on said psych-line. Entry was finally just under the ST candle, and a very strong candle took me well below the xx25 psych-line where I jumped ship. Two nice trades from unambiguous set-ups.
Attached Image
  • #3,206
  • Aug 4, 2009 5:20am Aug 4, 2009 5:20am
Quoting eyevoltage
Welcome back, Islander, and I see you haven't lost your touch after your cruise!!...
Nice trades EV, I have been away from trading for a while but I always pop in to see hw u guys are faring. Not bad I must add, keep bagging the pips
He that is from above is above all.
  • #3,207
  • Aug 4, 2009 1:30pm Aug 4, 2009 1:30pm
Quoting eyevoltage
Two nice trades from unambiguous set-ups.
Leonard Cohen gives funny titles to the members of his crew. The drummer is the "Prince of Precision". That would be you, EV!

I found that DCC works even better than Engulfing candles... Do you feel the same?..
One Chart is Worth Ten Thousand Words.
  • #3,208
  • Aug 4, 2009 1:31pm Aug 4, 2009 1:31pm
Quoting eyevoltage
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.
EV, do you set Limit order at the target level when watching such setups? With price moving fast - when it does - it must be hard to enter (profitably) at Market.
One Chart is Worth Ten Thousand Words.
  • #3,209
  • Aug 5, 2009 2:03am Aug 5, 2009 2:03am
GM all - in a rush to go out, so opologies for a 1 min chart that I posted elsewhere - but it really does show the use of The Levels....

Edit: the gold dotted line is at the 935 level / todays open - both are significent for cable....
Attached Image (click to enlarge)
Click to Enlarge Name: aug 5 cable 1m 0700.gif Size: 16 KB
Trading Levels with WRBs
  • #3,210
  • Edited 2:27am Aug 5, 2009 2:05am | Edited 2:27am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
A truly EV inspired trade.

I'm reluctant to post things I see without having actually traded them.

I traded this for 10 ticks.

Dark Cloud Cover I believe.

Was slightly apprehensive with the amount price had retraced back into MAs - but the strength of the down bar made it for me.


Magnus


EDIT: Bearish Engulfing pattern and not Dark Cloud Cover as stated above.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-08-05-6B_3.gif Size: 16 KB
  • #3,211
  • Aug 5, 2009 2:18am Aug 5, 2009 2:18am
Quoting Yuppie
A truly EV inspired trade.



Dark Cloud Cover I believe.




Magnus
No. A Bearish Engulfing Pattern.

Nevertheless, a good trade, mate, and I'm flattered!
  • #3,212
  • Aug 5, 2009 2:23am Aug 5, 2009 2:23am
Quoting Yuppie
A truly EV inspired trade.

I'm reluctant to post things I see without having actually traded them.

I traded this for 10 ticks.

Dark Cloud Cover I believe.

Was slightly apprehensive with the amount price had retraced back into MAs - but the strength of the down bar made it for me.


Magnus
Hi Magnus - nice trade.

I do post all of the signals that I see, even when I only trade some of them because of other activities or because I'm aleady in the trade and not taking the later signals, I shown them all to point out the possibilities and to highlight the way price reacts around the "levels / 30 ema" in the hope that this helps others "see" the possibilities.

BTW, where do you get your futures chart - I like its volume, different to the 3 MT4 brokers that I'm using.....the high vol on that spinning top low would have been very useful....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #3,213
  • Aug 5, 2009 2:27am Aug 5, 2009 2:27am
Quoting Forex007
EV, do you set Limit order at the target level when watching such setups? With price moving fast - when it does - it must be hard to enter (profitably) at Market.
Sometimes I do, sometimes I don't, mate. It all depends on the circumstances. If I see a potential set-up forming, but I know there's a risk I might not be able to be at the computer at the right time, I'll set a Limit order. On the other hand, if I know that I'm unlikely to be disturbed, I'll wait and jump in as and when (which is what I prefer).

As regards DCC v. Engulfing candles........to be honest, I haven't really done a comparison. All I know is that they're both VERY effective signals, and work very well (MOST of the time!).
  • #3,214
  • Aug 5, 2009 2:33am Aug 5, 2009 2:33am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
No. A Bearish Engulfing Pattern.

Nevertheless, a good trade, mate, and I'm flattered!

Ah, yes, I'm absolutely sh*t at remembering the names of patterns and bars and such.

Modified post so as not to mislead.

Cheers EV...
  • #3,215
  • Aug 5, 2009 2:35am Aug 5, 2009 2:35am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
Hi Magnus - nice trade.

I do post all of the signals that I see, even when I only trade some of them because of other activities or because I'm aleady in the trade and not taking the later signals,...

That is eSignal.

Although, obviously, any package would give you the same volume since it is from an actual exchange.

Definitely keep the charts coming Islander - they are always most insightful.

Magnus
  • #3,216
  • Aug 6, 2009 1:48am Aug 6, 2009 1:48am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Right, not sure what the pattern is but EV may be able to enlighten.

I was taught a lesson by Mr. Market here. Don't take the p*ss!!

The trade took off right away. I got greedy and overconfident. Set my SL to +2 ticks and headed off for a coffee expecting to see more green when I came back.

I came back to watch the decent green I had turn to not-so-decent green.

*rant over*...


Magnus


EDIT: It's called a "Piercing Pattern"... I finded it on the int0rwebz...
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-08-06-6B_10.gif Size: 18 KB
  • #3,217
  • Aug 6, 2009 1:54am Aug 6, 2009 1:54am
Quoting Yuppie
Right, not sure what the pattern is but EV may be able to enlighten.

agnus
Bullish Piercing Pattern.

Expensive coffee!!
  • #3,218
  • Aug 6, 2009 2:06am Aug 6, 2009 2:06am
Quoting Yuppie
Right, not sure what the pattern is but EV may be able to enlighten.

I was taught a lesson by Mr. Market here. Don't take the p*ss!!

The trade took off right away. I got greedy and overconfident. Set my SL to +2 ticks and headed off for a coffee expecting to see more green when I came back.

I came back to watch the decent green I had turn to not-so-decent green.

*rant over*...


Magnus


EDIT: It's called a "Piercing Pattern"... I finded it on the int0rwebz...
Great entry, off the D pivot then hit w r2 7013 and backed off. As Islander says bank those pips in Frankies hour, also half way through FH it often reverses. FH has done this to me lots of times!!
  • #3,219
  • Edited 2:42am Aug 6, 2009 2:19am | Edited 2:42am
Mrs V and I were chatting away and missed the FH half hour reversal from w r2 7013 but we did like the failure of the hammer that followed below 6990 with an exit at m r1 6967 the psych level.

Forgot to add what we like about this trade in particular was the consolidation that occurred below the even number.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 5.gif Size: 15 KB
  • #3,220
  • Aug 6, 2009 2:21am Aug 6, 2009 2:21am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Bullish Piercing Pattern.

Expensive coffee!!

Yeah, I thought the coffee itself Cost-a lot... And, much to my chagrin, it literally cost me that, a one lot and about 10+ pips...

Well, getting a little better every day.

Thanks for the heads-up on the pattern EV..


Magnus
6 traders viewing now