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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,321
  • Aug 11, 2009 5:47am Aug 11, 2009 5:47am
helloo people, been a while since i last posted here, been busy lately. yesterday was a very good day for trading, got out with 121 positive pips from 1 trade and some minor losses.
here are my trades for today. GU pinbar with alot of confluence (today's open and xx75) got in early with a nice pinbar on the 1 min., took another pin bar at the confluence of M2, xx50 and 34EMA (out for -14 pips)
on the swissy took the pinbar after the break of the M2 and xx25 (also a higher low), tried to ride it in case it turns into a big move, got out after the break of the trendline to the downside.
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  • #3,322
  • Aug 11, 2009 6:59am Aug 11, 2009 6:59am
I got back just in time to see that cable had failed to move above the high of the high volume shooting star of the 11:15 gmt candle, so I immediatly sold with my TP at the earlier high of 6485.....cable duly popped down and 6 minutes later I was out - a nice little trade http://www.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #3,323
  • Aug 12, 2009 12:43am Aug 12, 2009 12:43am
GM all

Islander, as the pip pirate, we have the PP beneath current price action, where will you be looking to open trades? Just below pp or do you think there will now be a bounce up?

Yesterday was the smallest range I can remember seeing in a day & interestingly all H1 closes were within 50% daily fib at 6512 & 38% weekly fib at 6427.

In looking at PPs over last few weeks, I have noticed a number of current days PPs show as S/R lines when looking at previous days price action. Is this a recent coincidence or in your more experienced opinion a known factor? Its as if PPs can be predicted somehow!
  • #3,324
  • Aug 12, 2009 12:50am Aug 12, 2009 12:50am
Barry on the up/down/consolidation debate the vsa guys suggest there is massive vol around 6475 http://www.forexfactory.com/showthre...to=newpostfrom have a look at the last few pages here.

It seems buyers are now taking whatever is available. Its literally supply and demand more sellers and we'll fall, buyers take in everything and we'll go up shortly.

For what little its worth I feel we are going back up, how much volatility there'll be first I don't know.

Oh the vsa guys don't really focus on this but 6475 also the monthly pivot.
  • #3,325
  • Aug 12, 2009 1:35am Aug 12, 2009 1:35am
Quoting Vantage
Barry on the up/down/consolidation debate the vsa guys suggest there is massive vol around 6475 http://www.forexfactory.com/showthre...to=newpostfrom have a look at the last few pages here.

It...
Thx V. Very interesting. I will need to understand a lot more as the tech phrases are beyond me. However, in simple terms I really like to see volume movements (current movement in GU is still on low vol, so it has to be temporary), but this thread should enlighten me on the elephants psychology & how they dive into markets. Looking 4ward to understanding it! Thx again.

Its great to find these forums as the ones I read last year were irritating & I gave up. Trading & learning on your own is hard work & wastes a lot of time & money! You guys are great.
  • #3,326
  • Aug 12, 2009 1:51am Aug 12, 2009 1:51am
Quoting Barry Cade
GM all

Islander, as the pip pirate, we have the PP beneath current price action, where will you be looking to open trades? Just below pp or do you think there will now be a bounce up?

Yesterday was the smallest range I can remember seeing in a day & interestingly all H1 closes were within 50% daily fib at 6512 & 38% weekly fib at 6427.

In looking at PPs over last few weeks, I have noticed a number of current days PPs show as S/R lines when looking at previous days price action. Is this a recent coincidence or in your more experienced...
LOL and the Pip Pirate also has loosers....I bought the bounce off the PP just before the Frankfurt Open and got stopped out for a small loss when the PP was broken 7 mins later....BUT I was trading against the 5m 30ema - i.e. against the short term trend.

FYI it is always difficult to find the correct direction after a pèriod of inactivity - like before FO - the 5m 30 ema is often flat and so you look for other hints.....

Some days the PP levels are very accurate and at as S/R - but nothing works ALL of the time, so just watch the PA at them and the SS levels to see which holds....

Edit: I did go short - just closed in the spike down to the 400 level
Trading Levels with WRBs
  • #3,327
  • Aug 12, 2009 2:06am Aug 12, 2009 2:06am
Quoting Vantage
Barry on the up/down/consolidation debate the vsa guys suggest there is massive vol around 6475 http://www.forexfactory.com/showthre...to=newpostfrom have a look at the last few pages here.

It seems buyers are now taking whatever is available. Its literally supply and demand more sellers and we'll fall, buyers take in everything and we'll go up shortly.

For what little its worth I feel we are going back up, how much volatility there'll be first I don't know.

Oh the vsa guys don't really focus on this but 6475 also...
Hi V - I too have been in the VSA thread just trying TBC's new "Scrat" indy.....

As has been mentioned, yesterday was a narrow ranged day ~92 pips vs a 6 day average of ~140 pips. Also it was a high volume doji and dojis are often seen around reversals OR around the mid point of a move.

I'm thinking that the important UK and US news due out today will determine the direction - and I wonder what the "Big Dogs" know about this....
Trading Levels with WRBs
  • #3,328
  • Aug 12, 2009 2:07am Aug 12, 2009 2:07am
Edit: I did go short - just closed in the spike down to the 400 level[/quote]

At what point did you short & what convinced you of taking the trade?

Frustratingly I didnt trade as I thought it would retrace to PP as small vol & yesterdays minimum movements. Should have re-entered at 6445 once in motion but again not confident. Grrr
  • #3,329
  • Aug 12, 2009 2:13am Aug 12, 2009 2:13am
Quoting Barry Cade
Edit: I did go short - just closed in the spike down to the 400 level
At what point did you short & what convinced you of taking the trade?

Frustratingly I didnt trade as I thought it would retrace to PP as small vol & yesterdays minimum movements. Should have re-entered at 6445 once in motion but again not confident. Grrr[/quote]

I shorted the break under the 4750 SS and the MS1 pivot....a little late as I was stupidly side tracked by that new indy that I mentioned
Trading Levels with WRBs
  • #3,330
  • Aug 12, 2009 2:28am Aug 12, 2009 2:28am
I just closed a hit and run small sized buy after the last attempted push down only went ~5 pips lower....also € and Swissy had a hammer and a hanging man - i.e. good wicks / tails at their low / high

Another test of the 400 level would be nice.http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #3,331
  • Aug 12, 2009 2:31am Aug 12, 2009 2:31am
Due to my concerns on gu I was selling ej using 1 min entry with hull indi Islander posted some time back. Thks, "pirated" some nice pips.
  • #3,332
  • Aug 12, 2009 2:40am Aug 12, 2009 2:40am
We had sells at 97, 71 and 62 scalping what we can, now I look back its +42. Whilst we do use 1 min for re-entries we don't normally take so many trades within a few mins of each other.
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  • #3,333
  • Aug 12, 2009 2:50am Aug 12, 2009 2:50am
Quoting Vantage
We had sells at 97, 71 and 62 scalping what we can, now I look back its +42. Whilst we do use 1 min for re-entries we don't normally take so many trades within a few mins of each other.

Nice one V....BTW, what's your red MA?
Trading Levels with WRBs
  • #3,334
  • Aug 12, 2009 3:05am Aug 12, 2009 3:05am
This is what I have just put up.....the Higher Low just before the FO would have put me into a long, but after it failed to break the 150 ema and then had a Lower High at the falling 150 ema I would have changed to short....if not then, 'cause "hindesight is always 20/20! - then at the break of the S1 area

mm nice pips and only a 3 pip spread.....I'd better start watching this too....
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Trading Levels with WRBs
  • #3,335
  • Aug 12, 2009 3:12am Aug 12, 2009 3:12am
Quoting Islander
I just closed a hit and run small sized buy after the last attempted push down only went ~5 pips lower....also € and Swissy had a hammer and a hanging man - i.e. good wicks / tails at their low / high

Another test of the 400 level would be nice.http://www.forexfactory.com/images/icons/icon12.gif
25 minutes later it happened with a 2 pip Higher Low.......a nice ~25 pip run back upm to yesterdays low.....or higher?
Trading Levels with WRBs
  • #3,336
  • Aug 12, 2009 3:38am Aug 12, 2009 3:38am
Quoting Islander
25 minutes later it happened with a 2 pip Higher Low.......a nice ~25 pip run back upm to yesterdays low.....or higher?
Are you on 1 min? I watch 5min, 15 & 60 & daily on GU but suspect I need to use 1 or 2 min for this scalping.

At what price did you enter?
  • #3,337
  • Aug 12, 2009 3:48am Aug 12, 2009 3:48am
Lots of activity on here this morning......nice to see.

The 5m EJ had a nice reversal pattern on the 134.25 psych-line i.e. a pin-bar followed by a harami candle. My entry and exit are as shown, and I apologize for not posting it earlier, but I was called away from the computer. Looks like I could have left the trade running for a bit, but with the xx75 psych-line looming, I thought it was expedient to bail out.
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  • #3,338
  • Aug 12, 2009 4:09am Aug 12, 2009 4:09am
Quoting eyevoltage
Lots of activity on here this morning......nice to see.

The 5m EJ had a nice reversal pattern on the 134.25 psych-line i.e. a pin-bar followed by a harami candle. My entry and exit are as shown, and I apologize for not posting it earlier, but I was called away from the computer. Looks like I could have left the trade running for a bit, but with the xx75 psych-line looming, I thought it was expedient to bail out.
Great trade. Looks like JPY had an active morning on E & U as well. Need 5 more screens! 2 isnt enough - I missed a 35 pointer on 8 am index as well whilst watching GU.
  • #3,339
  • Aug 12, 2009 4:18am Aug 12, 2009 4:18am
Quoting eyevoltage
Lots of activity on here this morning......nice to see.

The 5m EJ had a nice reversal pattern on the 134.25 psych-line i.e. a pin-bar followed by a harami candle. My entry and exit are as shown, and I apologize for not posting it earlier, but I was called away from the computer. Looks like I could have left the trade running for a bit, but with the xx75 psych-line looming, I thought it was expedient to bail out.
Nice trade EV, i saw it, but a little bit late (134.77), then i didn't jump on it..only had a look of a nice miss trade....
right now, waiting for a good entry..
Trade with the momentum
  • #3,340
  • Aug 12, 2009 4:18am Aug 12, 2009 4:18am
Quoting Barry Cade
Great trade. Looks like JPY had an active morning on E & U as well. Need 5 more screens! 2 isnt enough - I missed a 35 pointer on 8 am index as well whilst watching GU.
Which index? Do you spend a lot of time on the indices?
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