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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,461
  • Edited 9:03am Aug 18, 2009 9:02am | Edited 9:03am
Quoting Islander
I'm short again from this last spike up to the 6450 level.....
I was in this too. Got stopped out when it went above prev high.

Looks like a bit more of a test spike will need to happen to flush out more buyers before it drops.

Im staying out a bit longer
  • #3,462
  • Aug 18, 2009 9:11am Aug 18, 2009 9:11am
Thanks for the pdf, mate, but I already have it. You're right, it IS very readable and a bit easier to take in than other docs that I've seen.
I'll keep plodding away, mate......it'll get easier given time, I reckon.
Thanks again.
  • #3,463
  • Aug 18, 2009 9:14am Aug 18, 2009 9:14am
I got stopped out too - just sold the 6500 level

Edit: and the 525 level....Swissy's holding above its DP....
Trading Levels with WRBs
  • #3,464
  • Aug 18, 2009 9:31am Aug 18, 2009 9:31am
Quoting Islander
I got stopped out too - just sold the 6500 level

Edit: and the 525 level....Swissy's holding above its DP....
still a lot of vol that needs flushing. May bounce so I will wait a bit longer.
  • #3,465
  • Aug 18, 2009 9:32am Aug 18, 2009 9:32am
Memo to self.....take more notice of 15m dojis......the last one showed that the selling was drying up on the push down towards the 400 level.

Its up here on average volume, the Euro's well off its highs and the Swissy keeps bouncing up off its DP.......so I'm smelling a stop sweep......TWT
Trading Levels with WRBs
  • #3,466
  • Aug 18, 2009 9:39am Aug 18, 2009 9:39am
Quoting Islander
Memo to self.....take more notice of 15m dojis......the last one showed that the selling was drying up on the push down towards the 400 level.
Couldn't have put it better myself!! (I didn't like to interrupt!)
  • #3,467
  • Aug 18, 2009 9:45am Aug 18, 2009 9:45am
just sold at 524.
  • #3,468
  • Aug 18, 2009 9:50am Aug 18, 2009 9:50am
Quoting eyevoltage
Couldn't have put it better myself!! (I didn't like to interrupt!)

LOL - please do - other opinions are ALWAYS appreciated, especially here and from you....its all to easy to "see what you want to see"......and more difficult to reverse direction.......now to perform an FYI rescue...
Trading Levels with WRBs
  • #3,469
  • Aug 18, 2009 10:09am Aug 18, 2009 10:09am
Quoting Islander
LOL - please do - other opinions are ALWAYS appreciated, especially here and from you....its all to easy to "see what you want to see"......and more difficult to reverse direction.......now to perform an FYI rescue...
Im parachuted at -1. Fighting the trend. Too risky to stay, but hope you can find a safe landing spot.
  • #3,470
  • Aug 18, 2009 10:46am Aug 18, 2009 10:46am
Hi, guys
Who can post the indicator that can draw round number auto in the mt4?
Thank u
  • #3,471
  • Aug 18, 2009 10:57am Aug 18, 2009 10:57am
Customise it any way you want, mate.
Cheers
Attached File(s)
File Type: ex4 SDX-SweetSpots_v5.2.ex4   8 KB | 284 downloads
File Type: mq4 SDX-SweetSpots_v5.2.mq4   12 KB | 349 downloads
  • #3,472
  • Aug 18, 2009 11:01am Aug 18, 2009 11:01am
I really need to start waking up at a certain time and figure out a certain time to trade. As of now it's just when I wake up but it's not orderly enough, I need to get more serious about a schedule.

Missed that nice EJ trade EV got by about 10 mins. Had a loss on a dark cloud cover on EU, wasn't paying attention and missed a piercing pattern on EU that could have made up for the loss and then some. Just wanted to post in here as a reminder to myself and others I suppose about being focused which seems to be my toughest opponent.

Does anyone do anything else when they are trading like listen to music, watch tv/movies? Normally I browse the net but then I get caught up in something and miss the moves, any tips are appreciated.

Thanks,
trublu
  • #3,473
  • Aug 18, 2009 11:20am Aug 18, 2009 11:20am
Quoting Barry Cade
Im parachuted at -1. Fighting the trend. Too risky to stay, but hope you can find a safe landing spot.
I've taken my loss too - its too late in my day and I prefer a couple of cold beers to beating myself up or revenge trading - neither are any good.....tomorrows another day
Trading Levels with WRBs
  • #3,474
  • Aug 18, 2009 11:28am Aug 18, 2009 11:28am
Quoting trublu

Does anyone do anything else when they are trading like listen to music, watch tv/movies? Normally I browse the net but then I get caught up in something and miss the moves, any tips are appreciated.

Thanks,
trublu
Good to see you back.

I used to have music playing, but not radio which is more distracting. However, I now have computers doing nothing else but trading to reduce chance of crash or poor signal.

My attention span is poor, so as I have a couple of computers I can read from one when keeping an eye on another. I still get distracted & miss opportunities.

Best suggestion I can make is to set alarms on your system (if you can do this), for when pricing your triggers are hit.

I do this with my broker platform at IG Index for indices & oil as I look for PP & previous hi/lo trades & I dont need to watch screen all the time. You just need to give yourself enough time to set up should a trade be worth entering.

Once you have a system that works & you can make X points per day consistently, then start reducing your hours to those thats most profitable. You will find that certain times are best for certain types of trades. If I am not mistaken EV tends to trade US open, & Islander trades more at Frankie, Brit & US open times as theres more volatility for pip pinching. I also trade Wall St. late in US session (not every day as its antisocial locking yourself away all day & evening).

Some time back it was recommended to me to stop trading GU 3 hours after open & then for 2 hours after US open. I do tend to watch screens less after 3 hours of GU open until US because that does offer less opportunities, so as with today, I spent the time resetting my indicators.

Hope that helps.
  • #3,475
  • Aug 18, 2009 11:37am Aug 18, 2009 11:37am
Quoting Islander
I've taken my loss too - its too late in my day and I prefer a couple of cold beers to beating myself up or revenge trading - neither are any good.....tomorrows another day
Youve made enough today anyway with those great trades earlier (I hope).

565 on 1 min looked a good sell scalping opportunity after spinning top, but I declined it. Dont have the patience for trading at this time of day & fear of losing put me off. Now at 544 altho I would have exited at 550.

Ive got gardening to do (urgh), the bugger is Ive run out of beers, so will be attacking the wine later.

Catch you 2moro.
  • #3,476
  • Aug 18, 2009 11:40am Aug 18, 2009 11:40am
Quoting Barry Cade
Good to see you back.

I used to have music playing, but not radio which is more distracting. However, I now have computers doing nothing else but trading to reduce chance of crash or poor signal.
Thanks for the tips Barry. I think another monitor would help a lot so I can always have my charts up on one screen. I'll look into alerts, I know I can set some with FXDD I just never really looked into since before I was always trading 4hr charts and didn't need them.

Think there is an old CRT in the basement, might need to see if can hook it up.

trublu
  • #3,477
  • Aug 18, 2009 4:53pm Aug 18, 2009 4:53pm
Quoting eyevoltage
I'm really very fond of EJ, as I always find it to be a bit more predictable than other pairs.
.
just been doing some prep looking for daily trade setups. These have not been noticeable for a few weeks as trending isnt happening the way it used to, virtually on any currency. Mostly have been keeping to fibs. Not having even bothered to look for the last week, it was no surprise to find there are none for tomorrow & not a decent one that Ive missed in the last week.

However I remembered your comment EV about EJ. I remembered doing some research work a few months ago & I believed (no hard facts, just a belief from drawing trends & adding fibs) that Jap-related pricing was more linear in its movements than other currencies (& also bigger daily ATRs) & it did seem to keep more to trends. Perhaps there is something in the national psychology & their predictability / obeyance of laws etc?

Anyway, as soon as Ive got on top of GU with your trading style, I will be checking out EJ, esp as trading margin at IG Index is only 2 points, whereas GJ is 6 so risk/reward in scalping is unattractive.

Now, time for bed. See y'all.
  • #3,478
  • Edited 12:39am Aug 19, 2009 12:37am | Edited 12:39am
GM all. Useful little win down to 525 psych from 6.05 5 min reversal. Unfortunately I missed the first 10 pips whilst setting up, so presumably our resident hoover, Islander, took them all?

Maybe Islander confident enough to sell again into previous lows around 500?
  • #3,479
  • Aug 19, 2009 12:50am Aug 19, 2009 12:50am
Quoting Barry Cade
GM all. Useful little win down to 525 psych from 6.05 5 min reversal. Unfortunately I missed the first 10 pips whilst setting up, so presumably our resident hoover, Islander, took them all?

Maybe Islander confident enough to sell again into previous lows around 500?
GM all,

i miss one trade, ej reistance psych level 134, push down to area 133...now have a look before FO
Trade with the momentum
  • #3,480
  • Aug 19, 2009 1:00am Aug 19, 2009 1:00am
Quoting Barry Cade
GM all. Useful little win down to 525 psych from 6.05 5 min reversal. Unfortunately I missed the first 10 pips whilst setting up, so presumably our resident hoover, Islander, took them all?

Maybe Islander confident enough to sell again into previous lows around 500?

GM Barry - nice one - I was a bit late, but did pick up a few pips out of of the move down to the 525 level and then some more after the 5m 30ema held and price broke the 525 level......notice how 5 mins later it became resistance.....I just exited in the push down to todays DP at 6488.....

Now I'm also watching € and Swissy - they're both around their DPs too....

A pull back to the 525 area - also the 30 ema would be great for another entry

Edit: pull a fib on this last drop puts the 38% at 514, the 50% at 522 and the 61% at 531......
Trading Levels with WRBs
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