Psych Levels, Pivots, and Trendlines - Resurrected | Page 173 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,441
  • Aug 18, 2009 3:18am Aug 18, 2009 3:18am
Quoting Islander
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....
another good spot on the 1 min.
Good idea imho to close short. Too much leaping about to be certain of elephants objectives once news is out. Maybe expecting a fall so they can buy back lower & take price up for rest of day.

EV. Ive got the PP indicator up but need to clarify. The standard settings for SDX TZ times for Local_Hrs and Destination_Hrs are both at 2. Can you explain what both of these are?

What are your settings on these & what GMT is that for?

Thx
  • #3,442
  • Aug 18, 2009 3:32am Aug 18, 2009 3:32am
Quoting Barry Cade
EV. Ive got the PP indicator up but need to clarify. The standard settings for SDX TZ times for Local_Hrs and Destination_Hrs are both at 2. Can you explain what both of these are?

What are your settings on these & what GMT is that for?

Thx
Barry, set them both for 0. I'm pretty sure that's for UK time. If you're unsure, then compare the chart readings with another pivot indicator and see if they agree.

Islander, those candles looked as if they were heralding a drop (hanging man, doji and bearish pin-bar), but it looks as if price has its OWN ideas!!

Edit: Better to wait and see how things settle down after the news.
  • #3,443
  • Aug 18, 2009 3:42am Aug 18, 2009 3:42am
Quoting eyevoltage
Barry, set them both for 0. I'm pretty sure that's for UK time. If you're unsure, then compare the chart readings with another pivot indicator and see if they agree.

Islander, those candles looked as if they were heralding a drop (hanging man, doji and bearish pin-bar), but it looks as if price has its OWN ideas!!

Edit: Better to wait and see how things settle down after the news.

Thanks EV - that's what I thought - but I was flat for the news, then sold the 6450 level after the second 1 min candle stalled there and exited ~the 6425 level......now I have to go out, so my banked pips are safe from temptation....
Trading Levels with WRBs
  • #3,444
  • Aug 18, 2009 5:02am Aug 18, 2009 5:02am
A nice trade just finished on EJ. A strong Dark Cloud Cover formed just under the confluence of the MR2/xx75 psych-line. I wasn't going to enter until price had breached the xx50 psych-line, due to the indecision of the following candles. Eventually, price dropped through said line, took a breather, and then dropped quite dramatically down through the R1/xx25 psych-line confluence, and I exited as price started showing some weakness and started retreating before reaching the xx00 psych-line.
Attached Image
  • #3,445
  • Aug 18, 2009 5:35am Aug 18, 2009 5:35am
Quoting eyevoltage
A nice trade just finished on EJ. A strong Dark Cloud Cover formed just under the confluence of the MR2/xx75 psych-line. I wasn't going to enter until price had breached the xx50 psych-line, due to the indecision of the following candles. Eventually, price dropped through said line, took a breather, and then dropped quite dramatically down through the R1/xx25 psych-line confluence, and I exited as price started showing some weakness and started retreating before reaching the xx00 psych-line.
Same trade same result it seems. My 3rd ej decent winner for the day.

Price held by WM2 134.45, had a weak move above 50 line, when it rejected sold and out +25 when DR1 (134.09) held.

Been focusing hard on trying to trade the reaction to levels as influenced by Islander, so far very good. Thks again Islander.
Attached Image (click to enlarge)
Click to Enlarge Name: ej 3.gif Size: 11 KB
  • #3,446
  • Aug 18, 2009 5:48am Aug 18, 2009 5:48am
Quoting Vantage
Same trade same result it seems. My 3rd ej decent winner for the day.

Price held by WM2 134.45, had a weak move above 50 line, when it rejected sold and out +25 when DR1 (134.09) held.

Been focusing hard on trying to trade the reaction to levels as influenced by Islander, so far very good. Thks again Islander.
Nice one, V. Great minds think alike!
  • #3,447
  • Aug 18, 2009 6:11am Aug 18, 2009 6:11am
Quoting Vantage
Same trade same result it seems. My 3rd ej decent winner for the day.

Price held by WM2 134.45, had a weak move above 50 line, when it rejected sold and out +25 when DR1 (134.09) held.

Been focusing hard on trying to trade the reaction to levels as influenced by Islander, so far very good. Thks again Islander.

Thanks V - I do find that waiting for "a level" to get hit is an excellent discipline - and I also try to let the 1 min candle close....http://www.forexfactory.com/images/icons/icon12.gif

I just got back from an aborted attempt to buy an icecream maker - €110, you must be joking, so € 50 from Amazon.....and a vacuum cleaner hose....they're out of season here !!.....and I noticed that cable was at the top end of the decision zone on that chart that I posted earlier - also the 6475 level - so I took a short just looking for 10 / 15 pips towards the 6450 level...its still against the 5m 30ema that I use to remind me of the short term trend....

Edit: I've also noticed that the 5m has a nice almost graveyard doji as the high - average volume, but its still early for the NY guys....and PPI and Housing Starts due in just over an hour......
Trading Levels with WRBs
  • #3,448
  • Aug 18, 2009 6:21am Aug 18, 2009 6:21am
Quoting Islander
.....and a vacuum cleaner hose....they're out of season here !!.....and I noticed that cable was at the top end of the decision zone on that chart that I posted earlier - also the 6475 level - so I took a short just looking for 10 / 15 pips towards the 6450 level...its still against the 5m 30ema that I use to remind me of the short term trend....

Edit: I've also noticed that the 5m has a nice almost graveyard doji as the high - average volume, but its still early for the NY guys....and PPI and Housing Starts due in just over an hour......
For your pips hoover no doubt!! Cheers.
  • #3,449
  • Aug 18, 2009 6:56am Aug 18, 2009 6:56am
Quoting Vantage
For your pips hoover no doubt!! Cheers.


great trade tho

EV nice trade too.

Been trying to sort out MT4 indi's. Not watching other currencies. Oil & indices were making v small moves today, so I am flat of those too. I guess everyone waiting for news.
  • #3,450
  • Aug 18, 2009 6:58am Aug 18, 2009 6:58am
Absolutely - into the bag ~the 6450 level about 20 mins ago before I had lunch.....http://www.forexfactory.com/images/icons/icon6.gif

Quoting Vantage
For your pips hoover no doubt!! Cheers.
Trading Levels with WRBs
  • #3,451
  • Aug 18, 2009 7:04am Aug 18, 2009 7:04am
Quoting Barry Cade


Been trying to sort out MT4 indi's...
By sorting out, do you mean getting rid of?
  • #3,452
  • Aug 18, 2009 7:07am Aug 18, 2009 7:07am
Quoting eyevoltage
By sorting out, do you mean getting rid of?
I too was hoping for clarification......I know that many are afraid of getting naked........
Trading Levels with WRBs
  • #3,453
  • Aug 18, 2009 7:21am Aug 18, 2009 7:21am
Quoting Islander
I too was hoping for clarification......I know that many are afraid of getting naked........
Peace, love and getting naked.........

What could be better?

Edit: I really miss the 60's. Showing my age now!
  • #3,454
  • Aug 18, 2009 7:46am Aug 18, 2009 7:46am
Quoting eyevoltage
Peace, love and getting naked.........

What could be better?

and in between times, pirating a few pips.......

Edit: I really miss the 60's. Showing my age now!
hush - no need to give away all of our secrets....experience and all that..
Trading Levels with WRBs
  • #3,455
  • Aug 18, 2009 8:06am Aug 18, 2009 8:06am
I'm really very fond of EJ, as I always find it to be a bit more predictable than other pairs.
This trade was initiated by the shooting-star which formed just under the MR1/xx75 psych-line confluence. I was going to wait for price to breach the xx50 psych-line, but got one of those "wtf" moments, for some reason! Not like me at all! A strongish move down followed, on volume that wasn't particularly impressive, and I think it was that that prompted my exit just under the xx25 psych-line. I'm still trying to get my head round volume and its various nuances, and it's proving to be a bit of a S.O.B., to be honest.
Attached Image
  • #3,456
  • Aug 18, 2009 8:09am Aug 18, 2009 8:09am
I'm trying not to post in too many threads and I really prefer it here with you guys - no BS, a few jokes and some good trading..http://www.forexfactory.com/images/icons/icon14.gif - so here's my current chart.....assuming that my VSA interpretations are correct, I'm seeing a Bear Trap with the Big Dogs trying to keep prices up whilst they load up with shorts......TWT

and yes, I'm short again from the bounce up off the 6425 level that held ~the MR1 / 30 ema......

Edit: agua here is 10 ema = 5m 30 ema = 1min 150 ema the high was just > than the 75 level, not shown and rather close to the 61.8% top of my DZ at 6480......dont you just love confluences.....
Attached Image (click to enlarge)
Click to Enlarge Name: aug 18 cable 15m 1300 gmt.gif Size: 18 KB
Trading Levels with WRBs
  • #3,457
  • Aug 18, 2009 8:12am Aug 18, 2009 8:12am
Quoting eyevoltage
Peace, love and getting naked.........

What could be better?

Edit: I really miss the 60's. Showing my age now!
Yep, showing your inclinations too.

Naked to me in trading would mean getting Nuked!

Ive learned loads in the last week & my interpretations have improved no end, but I am not at your levels. I am now even seeing some of the 1 min pip steals, but as its such a change of trading style that I am too hesitant with decision-making. As they say - better to preserve than lose.

Serious answer:- I had to spend time adjusting settings on the PP indicators (I dont like learning software) as my platform runs at European time (EV, fyi Ive set at 1 and -2 so that should be in line with Acumens thoughts about US time). The settings I had early this morning proved to have been worryingly different to other indicators to have been useful. We will see how these go. Ive also added a Better Volume Indicator. MUCH better than my previous one on MT.

I now look at RSI as a backup & dont watch the MAs as much on currencies. These will be cut down soon. Bar recognition has helped with this, so esp to EV who has charted these throughout this thread, many thx. This & volume interpretation so much more meaningful than the textbooks "this is a doji" approach, which needs a reference book open all the time & by the timne you spot it the opportunity has vanished or halved.

Just missed a GU trade whilst typing this! Never mind. New skills mean more opportunities, also across more currencies, & in current market where my previous setups had stopped working, this is fantastic.
  • #3,458
  • Edited 8:39am Aug 18, 2009 8:37am | Edited 8:39am
Quoting eyevoltage
A strongish move down followed, on volume that wasn't particularly impressive, and I think it was that that prompted my exit just under the xx25 psych-line. I'm still trying to get my head round volume and its various nuances, and it's proving to be a bit of a S.O.B., to be honest.
EV
From the stuff I waded thro last week, the attached was more comprehensive than most & easier to understand than others.

Basically its understanding supply & demand, & when the elephants are looking to set everyone else up for a loss. ie they are trying to get everyone to buy to force price up so they can complete their exit before they force market down, to a much lower position so they can buy again for the next leg up (stitch up), & its spotting their selling within upmoves & vice versa.

Simplistic description is they buy at wholesale & sell at retail. You will see it, because I already can.
Attached File(s)
File Type: pdf VSA BASICS from MTM.pdf   1.6 MB | 606 downloads
  • #3,459
  • Aug 18, 2009 8:42am Aug 18, 2009 8:42am
....for this time of day. It's usually pretty dead, chat-wise, on this thread by now. Good to see Islander still knocking around.........you haven't been sacked, have you, mate? Don't usually see you around this time.......you're usually on the high-seas at this time, aren't you? I agree with you re this thread, but I still can't understand why we don't get more visitors. Maybe it's because we don't all load up our charts with around 3 lower panes with all sorts of weird and not-so-wonderful indicators.
I've been taking a look at Frankenpip's C4 scalping for poor traders thread. He's come up with a soooooooooo simple scalping scenario, you wouldn't believe, and he scalps 5 pips at a time throughout the day. His charts show price and psych-lines (10,20,30,40.....and so on), and that's it. You wouldn't believe the amount of people entering the thread and wanting to add this indicator and that indicator and this MA and that MA and so on ad infinitum.
Why is it people want to complicate things? If such a simple method as Frankenpip's works, why would they want to change it? To his credit, Frankenpip is always polite, and never loses his rag with these people, but he must be steaming behind the scenes. I know I would be!
Glad you joined us, Barry. Me and Islander have seem 'em come and we've seen 'em go, so I hope you stick around, mate.
Look at all that typing! I'll have to go for a lie-down in a darkened room, I think!
  • #3,460
  • Aug 18, 2009 8:43am Aug 18, 2009 8:43am
I'm short again from this last spike up to the 6450 level.....
Trading Levels with WRBs
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