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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,541
  • Aug 19, 2009 9:21am Aug 19, 2009 9:21am
Quoting Islander
My plumpscious 5 min candles have some nice upside shadows / wicks at the 6450 level, these prompted me into a sell off that level with the promise of plentiful pips to be pirated......
and some have been at the 425 level.......
Trading Levels with WRBs
  • #3,542
  • Aug 19, 2009 9:22am Aug 19, 2009 9:22am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
My plumpscious 5 min candles have some nice upside shadows / wicks at the 6450 level, these prompted me into a sell off that level with the promise of plentiful pips to be pirated......
Yes, I see that. Well done.

Now, Islander, I have seen you including volume on your charts as of late.

But you have not always used it in forex, no?

Are you finding it helpful, or does analyzing the wick/shadows give the game away enough for you?


Magnus
  • #3,543
  • Aug 19, 2009 9:30am Aug 19, 2009 9:30am
Quoting Yuppie
Yes, I see that. Well done.

Now, Islander, I have seen you including volume on your charts as of late.

But you have not always used it in forex, no?

Are you finding it helpful, or does analyzing the wick/shadows give the game away enough for you?


Magnus
Take a look at my last 2 posts in the VSA thread and you'll see that I'm currently confused over VSA and was looking for some input, but I guess that nobody in that thread wants to answer.....or maybe they dont like my question....eitherway, I'm wondering if VSA doesnt distract me from reading the actual Price Action , which is what this thread is all about....
Trading Levels with WRBs
  • #3,544
  • Aug 19, 2009 9:40am Aug 19, 2009 9:40am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
Take a look at my last 2 posts in the VSA thread and you'll see that I'm currently confused over VSA and was looking for some input, but I guess that nobody in that thread wants to answer.....or maybe they dont like my question....eitherway, I'm wondering if VSA doesnt distract me from reading the actual Price Action , which is what this thread is all about....

I've not checked it, but will do now.

Yeah, the start of the thread is good (the first post with resources), but the rest is full of nothingness. A lot of coding of indicator type stuff.

Yeah, this thread is the absolute purest price-action thread on FF - if not the internet.

P.A.D. - Price Action... Distilled...
  • #3,545
  • Edited 9:59am Aug 19, 2009 9:52am | Edited 9:59am
Quoting Yuppie
I've not checked it, but will do now.

Yeah, the start of the thread is good (the first post with resources), but the rest is full of nothingness. A lot of coding of indicator type stuff.

Yeah, this thread is the absolute purest price-action thread on FF - if not the internet.

P.A.D. - Price Action... Distilled...
Like it! I'd better distil some of my messages then to keep it simple!

Guys on this thread are great at reading market by shape of bars. Volume to me has been a massive help in understanding the shape of the bars & why, as I have been, & still am, somewhat weak in interpreting.

VSA is great for understanding & IMO longer term trends & trades, but too much theory when you read the thread. There aint no guaranteed system for trading & I guess thats what some of them are looking for. This thread is great for uncomplicated trading & pip accumulation & opportunistic hoovering.

Great for all currencies & I suspect in any market conditions.

BTW cable just bounced off the unusual but effective 76% fib confluence with 50% down fib
  • #3,546
  • Aug 19, 2009 9:55am Aug 19, 2009 9:55am
How stupid of me to miss that simple PA set up.......after the pull back that I traded off the 6450 level, price held at the 425 level AND above the rising 30 ema....also, this level had been resistance 3 hours earlier.......and BANG away it goes for an 85 pip rally in the next 20 minutes......it does seem that the NY guys really like trading cable...OK, I did pirate some pips but far too few.....
Trading Levels with WRBs
  • #3,547
  • Aug 19, 2009 10:07am Aug 19, 2009 10:07am
Quoting Islander
How stupid of me to miss that simple PA set up.......after the pull back that I traded off the 6450 level, price held at the 425 level AND above the rising 30 ema....also, this level had been resistance 3 hours earlier.......and BANG away it goes for an 85 pip rally in the next 20 minutes......it does seem that the NY guys really like trading cable...OK, I did pirate some pips but far too few.....
in retrospect, have a look back on 15 min & then on 1 hr. back to 11 Aug, 425 has been a daily PP, a support line & also days low. I will be marking this area up for future!
  • #3,548
  • Aug 19, 2009 10:09am Aug 19, 2009 10:09am
What a lovely move from cable....I missed it 'cos I had to go out for a while, but that's life as they say.

This volume thingy is obviously turning out to be a contentious issue on this thread. My own personal view is that I can probably do without it, as there's enough info on the chart itself to influence my decisions, and sometimes, too much info can seriously cloud the issue, which, I think, seems to be Islander's point of view. (Or, at least, he seems to be leaning that way. He'll obviously correct me if I'm wrong.)

I think I'll probably do without it, to be honest. I was doing pretty well before I started looking at it, and I have to say that it does tend to create doubts in my mind, whereas before, the final decision of trade/don't trade was a lot easier.

My 2 pennorth.
  • #3,549
  • Aug 19, 2009 10:17am Aug 19, 2009 10:17am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
I remember encouraging you to look at VSA a while ago EV.

Starting to question looking at volume myself now actually.

This is mainly from what I have been experiencing. Seeing price-only setups and then checking the volume on my chart. If it confirms - good. If it does not - probably take it anyway.

I am going to study this at the weekend. Not going to change mid-week (even though I did take off the MAs earlier today - hypocrite that I am!).


Magnus
  • #3,550
  • Aug 19, 2009 10:21am Aug 19, 2009 10:21am
Quoting eyevoltage
What a lovely move from cable....I missed it 'cos I had to go out for a while, but that's life as they say.

This volume thingy is obviously turning out to be a contentious issue on this thread. My own personal view is that I can probably do without it, as there's enough info on the chart itself to influence my decisions, and sometimes, too much info can seriously cloud the issue, which, I think, seems to be Islander's point of view. (Or, at least, he seems to be leaning that way. He'll obviously correct me if I'm wrong.)

I think I'll...
As usual, a well thought out reply......naked and KISS is the way to go......the fact that its 35ºC here also helps confirm that decision...http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #3,551
  • Aug 19, 2009 10:34am Aug 19, 2009 10:34am
Quoting Islander
As usual, a well thought out reply......naked and KISS is the way to go......the fact that its 35ºC here also helps confirm that decision...http://www.forexfactory.com/images/icons/icon6.gif

Too much info!!
  • #3,552
  • Aug 19, 2009 10:57am Aug 19, 2009 10:57am
Finally got a winning trade after losing my last few. Bullish engulfing candle on EU with the uptrend and bounce of the 13EMA. Stop loss was at 19 so I got out at +19 even though it's continuing up for now. Puts me back to break even after a losing trade on EJ earlier.

trublu
Attached Image (click to enlarge)
Click to Enlarge Name: eu bullish engulfing.gif Size: 15 KB
  • #3,553
  • Aug 19, 2009 11:04am Aug 19, 2009 11:04am
Quoting trublu
Finally got a winning trade after losing my last few. Bullish engulfing candle on EU with the uptrend and bounce of the 13EMA. Stop loss was at 19 so I got out at +19 even though it's continuing up for now. Puts me back to break even after a losing trade on EJ earlier.

trublu
Nice one, mate. Glad to see you're persevering and getting some pips! And thanks for posting the chart........can't be enough charts posted....it's always interesting to see someone else's slant on things.
Cheers
  • #3,554
  • Aug 20, 2009 1:33am Aug 20, 2009 1:33am
GM all - simple higher lows with a test of the 6525 / todays open level around an hour before FO with another one, again a HL ~ 40 mins later gave Buy Signals worth up to 50 pips.....
Trading Levels with WRBs
  • #3,555
  • Aug 20, 2009 1:47am Aug 20, 2009 1:47am
Quoting Islander
GM all - simple higher lows with a test of the 6525 / todays open level around an hour before FO with another one, again a HL ~ 40 mins later gave Buy Signals worth up to 50 pips.....
yep, I drew the rising support on 5 min & parallel above. However I bailed out as a lot of selling going on as well & thought 7.05 shooting star was terminal. Missed the next 25 pips from 7.15.
  • #3,556
  • Edited 1:58am Aug 20, 2009 1:52am | Edited 1:58am
formed a nice gravestone doji on 1 hr. However, Im not sure if this is just another HL in move from FO. Thoughts?
  • #3,557
  • Aug 20, 2009 2:00am Aug 20, 2009 2:00am
Quoting Barry Cade
yep, I drew the rising support on 5 min & parallel above. However I bailed out as a lot of selling going on as well & thought 7.05 shooting star was terminal. Missed the next 25 pips from 7.15.
One way of overcoming this problem is to trade in units of 2 or 3 with different targets.....I do this a lot
Trading Levels with WRBs
  • #3,558
  • Aug 20, 2009 2:04am Aug 20, 2009 2:04am
Quoting Barry Cade
formed a nice gravestone doji on 1 hr. However, Im not sure if this is just another HL in move from FO. Thoughts?
Thx for the heads up....I've already been short - € helped as it was much clearer - see that nice 5m doji / spinning top at its high.....

I only took a small position as its against the 5m trend - 30 ema.... I'll wait and see what The Londoners want to do - any signs of a Lower High and I¡ll be all over it like a rash...http://www.forexfactory.com/images/icons/icon7.gif

Edit: short closed at confluence of 30 ema and 550 level
Trading Levels with WRBs
  • #3,559
  • Aug 20, 2009 2:14am Aug 20, 2009 2:14am
Quoting Islander
One way of overcoming this problem is to trade in units of 2 or 3 with different targets.....I do this a lot
Good point. Unfortunately as I only spreadbet, its not so straightforward although not a major problem if I really wanted to. If placing up & down bets at the same time, you need separate brokers otherwise they self-cancel orders. I have several accounts but very messy & I only really like trading on IG as platform is more comprehensive & easier to navigate to amend trades.

Trying to KISS it as I have low attention span.

Its currently bouncing off the lower trend line that I drew earlier & psych line 50.
  • #3,560
  • Aug 20, 2009 2:22am Aug 20, 2009 2:22am
Retrace went to the 61% level / MR1 at 6558 and € held under its 30ema - short cable, small size

Edit: will add when the 550 level / 30ema are broken....
Trading Levels with WRBs
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