Psych Levels, Pivots, and Trendlines - Resurrected | Page 162 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,221
  • Aug 6, 2009 12:23am Aug 6, 2009 12:23am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Vantage
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!!

Interesting observations Vantage.

I only traded the Price.

I was unaware of the time or any pivots.

Now, do I look more into this or is there something in intentional ignorance?...


Magnus
  • #3,222
  • Aug 6, 2009 12:23am Aug 6, 2009 12:23am
EV one of the things I picked up from the various posts on the vsa thread was following a hammer/shooting star a failure to move in the direction (hammer up, s star down) is a sign of counter trend. Kinda obvious but now when those candles do not follow through we are looking for a failure of those wicks and to get in a trade.
  • #3,223
  • Aug 6, 2009 12:24am Aug 6, 2009 12:24am
Quoting Yuppie
Interesting observations Vantage.

I only traded the Price.

I was unaware of the time or any pivots.

Now, do I look more into this or is there something in intentional ignorance?...


Magnus
Just me but I reckon look into it.
  • #3,224
  • Aug 6, 2009 12:42am Aug 6, 2009 12:42am
Quoting Vantage
EV one of the things I picked up from the various posts on the vsa thread was following a hammer/shooting star a failure to move in the direction (hammer up, s star down) is a sign of counter trend. Kinda obvious but now when those candles do not follow through we are looking for a failure of those wicks and to get in a trade.
With candles like hammers, hanging-men, spinning-tops, shooting-stars, morning and evening stars and dojis, it's pretty much essential that one waits for a confirming candle. e.g. See a hammer after a move downwards, and then wait to see what the next candle brings. If it's anything other than a fairly strong bullish candle, then stay out of the trade. Piercing patterns, engulfing patterns and, to a lesser extent, haramis, are strong reversal signals, but, as before, it's probably always best to wait for confirmation.
In a nutshell, all these patterns actually signify is that there's a POSSIBILITY of a reversal. The very next candle can, and quite often does, blow one's theory out of the water!!
  • #3,225
  • Aug 6, 2009 12:43am Aug 6, 2009 12:43am
GM all - nice to see some posts and profitable trades .....this is what I've traded......I missed that first buy off the DP / 6975 confluence, but I'm not good at reversing http://www.forexfactory.com/images/icons/icon8.gif.....however I've pirated good pips and will dash for a coffee with my alerts set to very loud.....

PS I'm now flat
Attached Image (click to enlarge)
Click to Enlarge Name: aug 6 cable 5m 0730.gif Size: 13 KB
Trading Levels with WRBs
  • #3,226
  • Aug 6, 2009 12:54am Aug 6, 2009 12:54am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
... will dash for a coffee with my alerts set to very loud........

Cheeky bugger!...
  • #3,227
  • Aug 6, 2009 1:05am Aug 6, 2009 1:05am
Quoting Yuppie
Cheeky bugger!...

with a nice mug of Cafe Rico and a plain chocolate Digestive in hand before heading out, keeping my pips safe before any BOE / ECB antics..
Trading Levels with WRBs
  • #3,228
  • Aug 6, 2009 2:01am Aug 6, 2009 2:01am
Here's a "nearly" trade that I rejected purely and simply because of volume (rightly or wrongly....perhaps Yuppie or Vantage could confirm or otherwise).

I saw the bullish piercing pattern right on the xx25 psych-line, just above the 13ema. I would have entered on the next candle just above the high of the piercing candle, but I noticed that volume seemed to be weakening, so I waited to see what the next candle would bring. As it turned out, from a look at the volume, it seemed to me that there was a lot of selling pressure, so I abandoned the idea. Seems logical to me, but I would value the opinion of others.
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  • #3,229
  • Aug 6, 2009 2:17am Aug 6, 2009 2:17am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Here's a "nearly" trade that I rejected purely and simply because of volume (rightly or wrongly....perhaps Yuppie or Vantage could confirm or otherwise).

I saw the bullish piercing pattern right on the xx25 psych-line, just above the 13ema....

I'm not 100% sure where you were entering. Can you perhaps draw on the pattern and where you would have entered?

Thanks,

Magnus
  • #3,230
  • Aug 6, 2009 2:32am Aug 6, 2009 2:32am
Quoting Yuppie
I'm not 100% sure where you were entering. Can you perhaps draw on the pattern and where you would have entered?

Thanks,

Magnus
I was going to enter on the candle signified by the yellow arrow, at a point just above the high of the piercing candle preceding it. However, although the candle did look as if it was rising nicely, the volume bar below it, again signified by the yellow arrow, was telling me that there wasn't a lot of buying support. Can you see my reasoning, mate, and do you think it seems logical?
Cheers
  • #3,231
  • Aug 6, 2009 2:43am Aug 6, 2009 2:43am
Quoting eyevoltage
Here's a "nearly" trade that I rejected purely and simply because of volume (rightly or wrongly....perhaps Yuppie or Vantage could confirm or otherwise).

I saw the bullish piercing pattern right on the xx25 psych-line, just above the 13ema. I would have entered on the next candle just above the high of the piercing candle, but I noticed that volume seemed to be weakening, so I waited to see what the next candle would bring. As it turned out, from a look at the volume, it seemed to me that there was a lot of selling pressure, so I abandoned the...
My vsa knowledge is too sketchy but it certainly makes sense. It could just be getting too close to int rate decisions, I finished after the big ej push to 137.50.
  • #3,232
  • Aug 6, 2009 2:50am Aug 6, 2009 2:50am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
I was going to enter on the candle signified by the yellow arrow, at a point just above the high of the piercing candle preceding it. However, although the candle did look as if it was rising nicely, the volume bar below it, again signified by the yellow arrow, was telling me that there wasn't a lot of buying support. Can you see my reasoning, mate, and do you think it seems logical?
Cheers

Yeah, I thought that was it.

The reason for my unsure-ness was that, to me, the Piercing Pattern was quite far from textbook and so was almost unrecognizable. For me, the tails/shadows of the candles were screaming 'indecision' - I like to see momentum down and right back up for such a pattern.

I don't actually use volume unless it's at extreme - especially in forex!

For all my interest in VSA and going on about how it's helped my trading. When I think about it, what it has done more than anything, is make me really focus on price only. Volume does however provide me with a lot more confidence.


Hope that helps

Magnus
  • #3,233
  • Aug 6, 2009 3:20am Aug 6, 2009 3:20am
Quoting Yuppie
Yeah, I thought that was it.

The reason for my unsure-ness was that, to me, the Piercing Pattern was quite far from textbook and so was almost unrecognizable. For me, the tails/shadows of the candles were screaming 'indecision' - I like to see momentum down and right back up for such a pattern.

I don't actually use volume unless it's at extreme - especially in forex!

For all my interest in VSA and going on about how it's helped my trading. When I think about it, what it has done more than anything, is make me really focus...
Thanks for that, Magnus. I agree with you regarding the shadows on the piercing pattern. To be honest, I probably wouldn't have even considered a possible trade but for the fact that all the action at that precise point was in amongst a confluence of the xx25 psych-line and the 13ema. A lot of the time, these alone are a great pointer to a profitable move. However, if nothing else, this shows that shadows shouldn't be ignored, and the volume indy really can make one think twice!
Thanks again, mate.
  • #3,234
  • Aug 6, 2009 4:09am Aug 6, 2009 4:09am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Any Cable traders still alive?...

Actually, ignoring rate news and such, it was a great setup on the 5-min.
  • #3,235
  • Aug 6, 2009 4:11am Aug 6, 2009 4:11am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Thanks for that, Magnus. I agree with you regarding the shadows on the piercing pattern. To be honest, I probably wouldn't have even considered a possible trade but for the fact that all the action at that precise point was in amongst a confluence of the xx25 psych-line and the 13ema. A lot of the time, these alone are a great pointer to a profitable move. However, if nothing else, this shows that shadows shouldn't be ignored, and the volume indy really can make one think twice!
Thanks again, mate.

Yeah, I mean, you have been watching pure price for some time EV. So you will know very soon if something is helping or hindering.

Also, can you recommend a candlestick website. I remember you mentioning one before that was very thorough but I can't seem to find it.
  • #3,236
  • Aug 6, 2009 4:45am Aug 6, 2009 4:45am
Quoting Yuppie
Yeah, I mean, you have been watching pure price for some time EV. So you will know very soon if something is helping or hindering.

Also, can you recommend a candlestick website. I remember you mentioning one before that was very thorough but I can't seem to find it.
Here you go, mate. It's quite a large website, with loads of info and examples. If one can't learn the basics of candlestick theory from this site, then one is DEFINITELY a hopeless case!

And thanks again for your invaluable help.

http://www.candlestickforum.com/
  • #3,237
  • Aug 6, 2009 4:54am Aug 6, 2009 4:54am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
Here you go, mate. It's quite a large website, with loads of info and examples. If one can't learn the basics of candlestick theory from this site, then one is DEFINITELY a hopeless case!

And thanks again for your invaluable help.

http://www.candlestickforum.com/

Thanks EV.

I had found that website but was sure you had recommended another one.

The one I was looking for (after a further googling) was http://www.candlesticker.com


Magnus
  • #3,238
  • Aug 6, 2009 5:05am Aug 6, 2009 5:05am
Quoting Yuppie
Any Cable traders still alive?...

Actually, ignoring rate news and such, it was a great setup on the 5-min.
of course ....and I pirated ~30 pips from the bounce off the S2 / 6825 confluence......now for a short siesta.....zzzzzzzzzz
Trading Levels with WRBs
  • #3,239
  • Aug 6, 2009 5:13am Aug 6, 2009 5:13am
Quoting Yuppie
Thanks EV.

I had found that website but was sure you had recommended another one.

The one I was looking for (after a further googling) was http://www.candlesticker.com


Magnus
........I did recommend that one some time ago, but I'd forgotten. Yes, I also have candlesticker in my favourites, along with some other sites I refer to on occasion. The thing about studying candlestick theory is that one always seems to find something new. You know.....lots of "I didn't know that!" moments!!
Cheers
  • #3,240
  • Aug 6, 2009 5:41am Aug 6, 2009 5:41am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting eyevoltage
........I did recommend that one some time ago, but I'd forgotten. Yes, I also have candlesticker in my favourites, along with some other sites I refer to on occasion. The thing about studying candlestick theory is that one always seems to find something new. You know.....lots of "I didn't know that!" moments!!
Cheers

Yes!

We always have revelations in trading. I have had quite a number recently and so am re-visiting things I have "discarded" in the past. And finding out that, as a general rule, the simpler the better.

I did know this... but I didn't truly know it.

How do I "truly" know that I now know it?.. simple... my P&L tells no lies!


Magnus
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