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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,421
  • Aug 16, 2009 11:46pm Aug 16, 2009 11:46pm
Quoting Islander
Thanks Barry - agreed, getting up at sparrow's fart can be unpopular - I just remind my wife that she can now enjoy another sleep whilst I'm working......

Another pull back - the same as before, didnt quite make it up to the S1 level......I sold again with TP ~the 6375 level - and pirated more pips....http://www.forexfactory.com/images/icons/icon6.gif
Previous to knowing about this threads principles I would have looked to enter at prev low on 5 min past 6397. Did you trade this off 1 min spinning top at 7.28? I was unsure of this as high vol & bigger range on 7.27 bar implied more to rise.
  • #3,422
  • Aug 17, 2009 12:19am Aug 17, 2009 12:19am
Quoting Barry Cade
Previous to knowing about this threads principles I would have looked to enter at prev low on 5 min past 6397. Did you trade this off 1 min spinning top at 7.28? I was unsure of this as high vol & bigger range on 7.27 bar implied more to rise.
I try to post signals rather than actual trades, but here I remember that I was late entering, actually in the 5:20 gmt candle.....for me, the signal was the break in the 5:17 candle, ~5 pips higher....
Trading Levels with WRBs
  • #3,423
  • Aug 17, 2009 12:53am Aug 17, 2009 12:53am
Quoting Islander
I try to post signals rather than actual trades, but here I remember that I was late entering, actually in the 5:20 gmt candle.....for me, the signal was the break in the 5:17 candle, ~5 pips higher....
Good bar to trade. Can I clarify though as I am using 2 systems. Signal appears to be the one on Alpari MT4 as 7.17 as they are on GMT +1. The one an hour earlier was a sequence of bars that looked like an uptrade starting. Is your platform showing actual GMT?
  • #3,424
  • Aug 17, 2009 1:24am Aug 17, 2009 1:24am
Like Barry, I was up a little late this morning (no, not too much Boddie's!).

Islander strikes again, regular as clockwork. Nice going, mate.

Barry, try this pivot indicator. It seems to ignore the Sunday night thingy you're on about.

Cheers
Attached File(s)
File Type: mq4 SDX-TzPivots_v4.1.mq4   41 KB | 323 downloads
File Type: ex4 SDX-TzPivots_v4.1.ex4   28 KB | 309 downloads
  • #3,425
  • Aug 17, 2009 1:28am Aug 17, 2009 1:28am
Hows you today? Thoughts on movement from here?

There appears to be a lot of buying in move down today. Maybe today is a test & will retrace up to 50 day MA at 6446? Could move a bit lower first but Ive run out of support lines & next fib appears to be 6237. Theres no news that would surely provoke a move this far?
  • #3,426
  • Aug 17, 2009 1:38am Aug 17, 2009 1:38am
1st trade of the day, 1 min. After that selling the good candles from 5 min, shooting stars in downtrend, take your pick.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gu 5 min.gif Size: 14 KB
  • #3,427
  • Aug 17, 2009 2:12am Aug 17, 2009 2:12am
Quoting Barry Cade
Hows you today? Thoughts on movement from here?

There appears to be a lot of buying in move down today. Maybe today is a test & will retrace up to 50 day MA at 6446? Could move a bit lower first but Ive run out of support lines & next fib appears to be 6237. Theres no news that would surely provoke a move this far?
I don't have any thoughts on movement today, mate. I never do. I just trade/don't trade what I see, taking into account S/R, pivots and psych-lines, not forgetting the invaluable candlestick patterns. I also look for chart patterns with potential breakouts, HL & LH and now there's volume to play with too!!

All that lot gives the old grey matter enough to do without playing the "is it going up/is it going down" game.

Did you find the pivot indicator I posted useful?
  • #3,428
  • Aug 17, 2009 2:21am Aug 17, 2009 2:21am
Quoting Barry Cade
Hows you today? Thoughts on movement from here?

There appears to be a lot of buying in move down today. Maybe today is a test & will retrace up to 50 day MA at 6446? Could move a bit lower first but Ive run out of support lines & next fib appears to be 6237. Theres no news that would surely provoke a move this far?
Can we go lower of course but theres some tricky areas to clear as we are right on the end July lows. I'm out of the market at the mo, after good run down. Will prob only trade again in an hour or so pre US open.
Attached Image (click to enlarge)
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  • #3,429
  • Aug 17, 2009 2:33am Aug 17, 2009 2:33am
Quoting eyevoltage
I don't have any thoughts on movement today, mate. I never do.

Did you find the pivot indicator I posted useful?
Much better thanks. Now I can see where we are! Blind with the previous indicators Sunday/Monday prob. Many thx

I understand your principles of on trading what you see. My concern was that I only like trading in direction of the trend, we were beyond my S3 & I was worried that market was about to retrace eg 5m 9.20 hanging man & large buying vols on way down. I need as much help as I can to more confidently interpret these short term signals!

However, really excited by this new perspective. Thanks to all.
  • #3,430
  • Aug 17, 2009 2:35am Aug 17, 2009 2:35am
Quoting Vantage
Can we go lower of course but theres some tricky areas to clear as we are right on the end July lows. I'm out of the market at the mo, after good run down. Will prob only trade again in an hour or so pre US open.
Yep, keeping clear until then seems a good plan.
  • #3,431
  • Aug 17, 2009 3:04am Aug 17, 2009 3:04am
Quoting Barry Cade
Yep, keeping clear until then seems a good plan.

Agreed....from the VSA thread.....

I'm now finished until the early NY session.....its all too easy to loose concentration and give back hard earnt pips...... http://www.forexfactory.com/images/icons/icon11.gif
__________________
Trading Levels with WRBs
  • #3,432
  • Aug 17, 2009 3:35am Aug 17, 2009 3:35am
Well I was flat until my break-down entry got triggered and my alarms went off......exited at the 6275 level......

Quoting Islander
Agreed....from the VSA thread.....

I'm now finished until the early NY session.....its all too easy to loose concentration and give back hard earnt pips...... http://www.forexfactory.com/images/icons/icon11.gif
__________________
Trading Levels with WRBs
  • #3,433
  • Aug 17, 2009 3:50am Aug 17, 2009 3:50am
Quoting Islander
Well I was flat until my break-down entry got triggered and my alarms went off......exited at the 6275 level......
I sold the bounce to the 6300 level and pirated pips towards the retest of the 6275 area - so far a Higher Low.....perhaps I'll try to sell the 6325 / 5m 30ema area next.....LOL, I guess my NY session has started early.....
Trading Levels with WRBs
  • #3,434
  • Aug 17, 2009 4:04am Aug 17, 2009 4:04am
Quoting Islander
I sold the bounce to the 6300 level and pirated pips towards the retest of the 6275 area - so far a Higher Low.....perhaps I'll try to sell the 6325 / 5m 30ema area next.....LOL, I guess my NY session has started early.....
Star trading.
  • #3,435
  • Aug 17, 2009 11:27pm Aug 17, 2009 11:27pm
quiet for postings this morning.

50% fib at 6512, a different fib shows 62% at 6385 and 6400 confluence. Still seems some strength in market & a lot of resistance to 6400. Its a bit congested here with pp at 6374, so it may be a bit of a wait.

EV - wish I had your patience
  • #3,436
  • Edited 11:48pm Aug 17, 2009 11:42pm | Edited 11:48pm
6393 is 50% of yesterdays H/L.
However, I am not a fan of simple fibs from previous days, prefer nearest actual High/ Lows.
This means previous meaningful high was 16606, which gives a 38% at 16401

Maybe I am ignoring something important by ignoring previous days fibs unless meaningful H/L. (in this case it wont matter as there are enough confluences to create resistance) However, in isolation it may be important so any strong views on this?
  • #3,437
  • Aug 18, 2009 12:03am Aug 18, 2009 12:03am
Quoting Barry Cade
6393 is 50% of yesterdays H/L.
However, I am not a fan of simple fibs from previous days, prefer nearest actual High/ Lows.
This means previous meaningful high was 16606, which gives a 38% at 16401

Maybe I am ignoring something important by ignoring previous days fibs unless meaningful H/L. (in this case it wont matter as there are enough confluences to create resistance) However, in isolation it may be important so any strong views on this?

Hi Barry - as you may know, some time ago I ran the "Intra Day Yen - Naked" thread - since then I've realised that fibs are too subjective to use as a "stand alone" S/R level tool - as you're already discovering above...http://www.forexfactory.com/images/icons/icon12.gif

However, I do still use my old "decision zone" - the 38% to 61% range after a sharp move to help target the retracement area - then I'll look at the "objective" lines that fall in that area.....

Cheers

Islander
Trading Levels with WRBs
  • #3,438
  • Aug 18, 2009 12:28am Aug 18, 2009 12:28am
Quoting Islander
Hi Barry - as you may know, some time ago I ran the "Intra Day Yen - Naked" thread - since then I've realised that fibs are too subjective to use as a "stand alone" S/R level tool - as you're already discovering above...http://www.forexfactory.com/images/icons/icon12.gif

However, I do still use my old "decision zone" - the 38% to 61% range after a sharp move to help target the retracement area - then I'll look at the "objective" lines that fall in that area.....

Cheers

Islander
Actually I didnt know about previous thread. I have kept away for several months because I couldnt stand all the rubbish that overwhelmed the useful stuff. Too timewasting & aggravating.

Ive now found a couple of threads I really like & are in line with my own approaches & beliefs, & which I am learning a lot from. This obviously being one of them.

As you correctly pointed out, I am learning that fibs are not stand alone for trading, although I find them invaluable. Need to keep in context.

Thx for help
  • #3,439
  • Aug 18, 2009 1:09am Aug 18, 2009 1:09am
Just look at those shadows / wicks above the 6400 level - I guess EV will be able to give us his expert opinion.......I've pull my standard fibs over that last fall - the retrace is right into the Decision Zone, where price "decides" if its going to retrace or go out of the other side and reverse....

I've got a small short - small in front of the UK CPI data due in 25 minutes - the short was after the last spike high - great 1 min tweezers / rail road tracks....

Edit: short closed ......I like banking these pips....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #3,440
  • Aug 18, 2009 1:14am Aug 18, 2009 1:14am
Been trading ej this am but W S1/psych level has been giving some nice gu bounces so far.

Islander I've even taken off my 34 ema in an attempt to trade reaction to levels as per the numerous examples you have posted.
Attached Image (click to enlarge)
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