Psych Levels, Pivots, and Trendlines - Resurrected | Page 191 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,801
  • Sep 11, 2009 1:06am Sep 11, 2009 1:06am
another gu textbook trade
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  • #3,802
  • Sep 11, 2009 1:11am Sep 11, 2009 1:11am
i miss this uj short trade
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  • #3,803
  • Sep 11, 2009 2:14am Sep 11, 2009 2:14am
Hi, EV!
Do You set SL behind the 'setup, or use fix SL like Masut?
Also, how do You mamage such a small TF?
THX, NL
  • #3,804
  • Sep 11, 2009 3:18am Sep 11, 2009 3:18am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Cable.

Bearish Engulfing.

Below .00.

I missed this... sort of... well, I'm already short from earlier...
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  • #3,805
  • Sep 11, 2009 3:19am Sep 11, 2009 3:19am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting lacika
...how do You mamage such a small TF?...

Actively!
  • #3,806
  • Sep 11, 2009 3:44am Sep 11, 2009 3:44am
Quoting lacika
Hi, EV!
Do You set SL behind the 'setup, or use fix SL like Masut?
Also, how do You mamage such a small TF?
THX, NL
My SL varies from trade to trade. In other words, I believe in being a little flexible depending on each set-up that crops up.

Not sure I understand your question re "a small TF". I prefer to trade off 5m minute charts, and occasionally, 15m charts. Basically, I'm more comfortable with them.

Hope that answers your questions?
  • #3,807
  • Sep 11, 2009 4:25am Sep 11, 2009 4:25am
I mean do You set a SL when enter a trade:for example: behind something or
wait for price move and set SL according to that?
And how do You mamage, I mean: move Your SL, or tipycally either it hit Your TP or SL... or anything like that...
NL
  • #3,808
  • Sep 11, 2009 4:39am Sep 11, 2009 4:39am
Quoting lacika
I mean do You set a SL when enter a trade:for example: behind something or
wait for price move and set SL according to that?
And how do You mamage, I mean: move Your SL, or tipycally either it hit Your TP or SL... or anything like that...
NL
My SL on 5m charts is usually in the region of 15 to 20 pips. I enter a trade then set the SL accordingly i.e. usually just underneath a previous low or above a previous high, depending on the direction of the trade.
As for moving the SL......if the move turns out to be stronger than I expected, then I will move my SL accordingly. If, on the other hand, the move doesn't look to have much strength, then I'll just be looking to get out with around 15/20 pips or even less. I just don't like turning a profit into a loss!
If the move actually collapses and price reverses against me, then I'll be looking to get out as near to BE as possible.
All pretty standard approaches, IMO.
  • #3,809
  • Sep 11, 2009 4:41am Sep 11, 2009 4:41am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting lacika
I mean do You set a SL when enter a trade:for example: behind something or
wait for price move and set SL according to that?
And how do You mamage, I mean: move Your SL, or tipycally either it hit Your TP or SL... or anything like that...
NL

Speaking only for myself here...

I set an initial stoploss quite far away incase something major happens or I lose my connection or something...

But once in a trade I actively manage and follow what the market is doing.

Use experience for this.

I never set-and-forget.

I also never have a fixed target.


Magnus
  • #3,810
  • Sep 11, 2009 4:51am Sep 11, 2009 4:51am
Masut, Yuppie, EV,
THX for Your reply!
  • #3,811
  • Sep 11, 2009 8:12am Sep 11, 2009 8:12am
It's boring time, all major flat.

maybe acumen will scalp like in asian session
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  • #3,812
  • Sep 11, 2009 9:11am Sep 11, 2009 9:11am
paint-drying! Glad Ive not been watching screens. All dead.
  • #3,813
  • Sep 11, 2009 9:34am Sep 11, 2009 9:34am
Quoting Yuppie
Speaking only for myself here...

I set an initial stoploss quite far away incase something major happens or I lose my connection or something...

But once in a trade I actively manage and follow what the market is doing.

Use experience for this.

I never set-and-forget.

I also never have a fixed target.


Magnus
Similarly I always set a s/l when placing trade just in case of computer crash. Usually 30 as a max.

What I have learned thro this thread is shorter tf using 5 min & from Islander to use 1 min. Active management & experience essential. Like EV I look for recent high/low & set a stop just beyond. When working commodities & my previous experience on longer tf I looked for 2nd previous high or low. If theres a strong s/r line then I set s/l further away on GU because it can spike through as a clearout (sweep) of the herd by the big dogs before moving in your direction.

However since learning this thread & understanding candle shapes better (EV is brilliant at this), and understanding volume (and the big dogs' activities) more, there is less risk that I enter trades & get spiked thro my s/l.
  • #3,814
  • Sep 14, 2009 2:49am Sep 14, 2009 2:49am
An early one for me on 5m cable after a Bullish Piercing Pattern formed smack on the xx50 psych-line. Strictly speaking, going long UNDER the Pivot isn't usually recommended, but I waited to see if price would head above the high of the BPP candle. Once it did, I was in, and then out again after price started retreating back to S2. A good start to the day.
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  • #3,815
  • Sep 14, 2009 3:03am Sep 14, 2009 3:03am
Another smaller opportunity, this time after the Shooting Star formed right on the S2 line. I then had to wait for a bit of confirmation, and I finally entered under the low of the following Spinning-Top, before jumping quickly out as price touched the M0 line.
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  • #3,816
  • Sep 14, 2009 3:08am Sep 14, 2009 3:08am
Quoting eyevoltage
An early one for me on 5m cable after a Bullish Piercing Pattern formed smack on the xx50 psych-line. Strictly speaking, going long UNDER the Pivot isn't usually recommended, but I waited to see if price would head above the high of the BPP candle. Once it did, I was in, and then out again after price started retreating back to S2. A good start to the day.
GM all - LOL EV, you beat me to it, I too took a similar retracement buy based on similar logic, although I had also noticed that firstly the Lower Lows were - from FO onwards - having difficulty in going much lower ( 15 pips then 6 pips) and the Dollar vis Swissy was actually putting in Lower Lows too - i.e. it was weakening - thus supporting a buy in cable....

As you can see from my chart, I had taken some earlier shorts, continuing the Asian Session drop before starting buying for the retraces......

Edit: the coloured EMA (firebrick red and blue) is still the 30 ema but now the All Averages version which changes colour according to its slope
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Click to Enlarge Name: cable 5m sep 14 0750 gmt.gif Size: 14 KB
Trading Levels with WRBs
  • #3,817
  • Sep 14, 2009 3:17am Sep 14, 2009 3:17am
Quoting Islander
GM all - LOL EV, you beat me to it, I too took a similar retracement buy based on similar logic, although I had also noticed that firstly the Lower Lows were - from FO onwards - having difficulty in going much lower ( 15 pips then 6 pips) and the Dollar vis Swissy was actually putting in Lower Lows too - i.e. it was weakening - thus supporting a buy in cable....

As you can see from my chart, I had taken some earlier shorts, continuing the Asian Session drop before starting buying for the retraces......

Edit: the coloured EMA (firebrick red and...
Nice trades, mate, but as usual, most of them were WAAAAAYY to early for me!! Still in the Land of Nod at that time, I'm afraid!
  • #3,818
  • Sep 14, 2009 3:34am Sep 14, 2009 3:34am
Quoting eyevoltage
Nice trades, mate, but as usual, most of them were WAAAAAYY to early for me!! Still in the Land of Nod at that time, I'm afraid!
LOL - a huge clap of thunder woke me an hour before my alarm, so I was up well before sparrows fart, so it was rude not to pirate some pips.....

BTW, what do you thing about that wide range green bullish engulfing candle about half an hour ago?......it was on high volume, but the lack of follow through worries me.....
Trading Levels with WRBs
  • #3,819
  • Edited 3:51am Sep 14, 2009 3:49am | Edited 3:51am
Quoting Islander
LOL - a huge clap of thunder woke me an hour before my alarm, so I was up well before sparrows fart, so it was rude not to pirate some pips.....

BTW, what do you thing about that wide range green bullish engulfing candle about half an hour ago?......it was on high volume, but the lack of follow through worries me.....
Yeah, I wondered about that too, but the lack of follow-through probably means more short trades (or not, as the case may be).....TWT.

Speaking of which, here's another one just completed after a Bearish Piercing Pattern (Dark Cloud Cover) formed on the S2 line. Another brief wait until price reached just below the low of the BPP candle before entering the trade. I was out just under the M0 line, but price continues down as I type this. This probably fulfills your speculation, Islander!
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  • #3,820
  • Sep 14, 2009 3:55am Sep 14, 2009 3:55am
Quoting Islander
LOL - a huge clap of thunder woke me an hour before my alarm, so I was up well before sparrows fart, so it was rude not to pirate some pips.....

BTW, what do you thing about that wide range green bullish engulfing candle about half an hour ago?......it was on high volume, but the lack of follow through worries me.....
vol this morning has been lower than usual. It was the only candle above 600 (normally there are a few after 8.00). Maybe one of the big dogs decided to accummulate - it appears that theres been a lot of pro buying on the way down this morning. Current 9.50 bars maybe a test/final sweep?

ps good trades both of you! Still jetlagged & cant wake up.
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