Psych Levels, Pivots, and Trendlines - Resurrected | Page 198 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,941
  • Sep 18, 2009 3:23am Sep 18, 2009 3:23am
Quoting masut
i'll reenter short here.
Hi Mazut,

Would it be possible for you to be more specific with your charts - the way Islander and EV do - so that it's easier to understand the EXACT logic.

E.g. you wrote "re-enter short from here". The price has been at that level for a while now. Why Short? Why now? Etc.

MANY THANKS!
One Chart is Worth Ten Thousand Words.
  • #3,942
  • Sep 18, 2009 3:26am Sep 18, 2009 3:26am
Quoting masut
i'll reenter short here.
Mazut, here is a nice free annotation tool which allows you to quickly capture a chart, add arrows, lines and annotation text.

www.jingproject.com
One Chart is Worth Ten Thousand Words.
  • #3,943
  • Sep 18, 2009 3:33am Sep 18, 2009 3:33am
Quoting Forex007
Hi Mazut,

Would it be possible for you to be more specific with your charts - the way Islander and EV do - so that it's easier to understand the EXACT logic.

E.g. you wrote "re-enter short from here". The price has been at that level for a while now. Why Short? Why now? Etc.

MANY THANKS!
hi fx007

i'm sorry about my chart.

re-enter short CADJ:
- see my daily analysis above
- price bellow pivot
- price break S1 day and retrace, i hope it'll continue down move

hope it help.
btw, thank for weblink.
  • #3,944
  • Sep 18, 2009 3:40am Sep 18, 2009 3:40am
Quoting masut
hi fx007

i'm sorry about my chart.

re-enter short CADJ:
- see my daily analysis above
- price bellow pivot
- price break S1 day and retrace, i hope it'll continue down move

hope it help.
btw, thank for weblink.
Thanks, Mazut!
One Chart is Worth Ten Thousand Words.
  • #3,945
  • Sep 18, 2009 3:53am Sep 18, 2009 3:53am
Quoting Barry Cade
I use 20 50 + 200 EMAs on these daily set ups. Its a different trade to this thread. I look for a day that breaks trend & look to trade the following day back in the way of the trend when previous days high/low was breached & closing or adjusting trade at end of day, used to be 60-70% success.

The original set up was for when I wasnt at screen during day. However it started to fail a lot a few months ago, hence I started looking to intraday more & found this thread. (what a blessing that was!)

This week its been successful, but I will be testing...
Do you say strat's thread?
http://www.forexfactory.com/showthread.php?t=155459

I'm not set and forget trader style. I can't leave my trade open when i'm not
infront my screen.
So i think pivot trade is suitable for me.

I trade 7 pairs but max trade at once only 3 pairs. Actually too hard to manage trade more than 1 at once.
  • #3,946
  • Sep 18, 2009 4:40am Sep 18, 2009 4:40am
Quoting masut
Do you say strat's thread?
http://www.forexfactory.com/showthread.php?t=155459

I'm not set and forget trader style. I can't leave my trade open when i'm not
infront my screen.
So i think pivot trade is suitable for me.

I trade 7 pairs but max trade at once only 3 pairs. Actually too hard to manage trade more than 1 at once.
I have been on few threads & didnt know this one. I gave up with them last year as many were soap operas & childish with dubious traders, so unhelpful.

I will check this tho to see if it helps my other trades. Thx.

Reassuring that you trade max of 3. I too dont like set & forget! Prefer control. However, I originally paid for some systems, & also having full time employment until last year meant I could only trade very early am or late pm. Set & forget means you have to accept losses & work on %s. These stopped working, as did paid-for systems. Grrrr. At least I learned the basics.

Having read lots of books & watched trading for some time, Ive tweaked systems & designed some of my own, & they are ongoing. For some time I believed in PPs & volume & fibs, but never found anywhere or anyone that explained how they all pieced together.

Through a piece of luck I found this thread & it hits my buttons. Still lots to learn & improve at! Thankfully the guys here are patient & helpful. Ive learned the hard way so am happy to provide input that may save someone a bit of pain.
  • #3,947
  • Sep 18, 2009 8:50am Sep 18, 2009 8:50am
My last trade CADJ result BEP

I saw strong move up, long above pin bar there. TP below pivot.
Attached Image
  • #3,948
  • Sep 20, 2009 11:09pm Sep 20, 2009 11:09pm
im short in Gbp/$ from 1.6250 and have a target of 1.6200
Attached Image (click to enlarge)
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  • #3,949
  • Sep 21, 2009 7:23am Sep 21, 2009 7:23am
Quoting bksujal
im short in Gbp/$ from 1.6250 and have a target of 1.6200
Nice one, plenty of pips available off that entry.


I was slow getting on board, the break of the 6200 level around half an hour before the Frankfurt Open opened up a ~60 pip drop into mid Frankies Hour.....first I'm looking for a test of the hourly triple bottom from the begining of the month at the 6110 level.....IF this breaks, then the next support is the July 8 low at 1.5980.

I'm currently short after the two failed attempts on the 6200 area this morning......

On my hourly chart, this mornings low candle is a red high volume spinning top - so some buying / profit taking under the 6150 area....
Trading Levels with WRBs
  • #3,950
  • Sep 21, 2009 7:36am Sep 21, 2009 7:36am
1.6100 very much possible from here
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 13 KB
  • #3,951
  • Sep 22, 2009 2:25am Sep 22, 2009 2:25am
GM all - I hope some early birds caught the ~ equal low at the start of Frankies Hour which gave a nice 60+ pip rally in ~20 mins.....I TPd half and have just bought them back on the pull back to yesterdays high.

If / when price breaks above the 6300 level I'll be looking for the 6350 area as my target - its the fib 1.618 expansion on the 15 min chart of yesterdays earlier rally and pull back into the UK close.....TWT http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #3,952
  • Sep 22, 2009 2:25am Sep 22, 2009 2:25am
Quoting Islander
Nice one, plenty of pips available off that entry.


I was slow getting on board, the break of the 6200 level around half an hour before the Frankfurt Open opened up a ~60 pip drop into mid Frankies Hour.....first I'm looking for a test of the hourly triple bottom from the begining of the month at the 6110 level.....IF this breaks, then the next support is the July 8 low at 1.5980.

I'm currently short after the two failed attempts on the 6200 area this morning......

On my hourly chart, this mornings low candle is a red high volume spinning...
rising channel support on daily. Now at approx 6190 just below todays pp. Yesterday closed back above this support. Maybe building up today against negative £ sentiment to swallow up The Herd for a bigger fall on tomorrows news?
  • #3,953
  • Sep 22, 2009 2:46am Sep 22, 2009 2:46am
Quoting Islander
GM all - I hope some early birds caught the ~ equal low at the start of Frankies Hour which gave a nice 60+ pip rally in ~20 mins.....I TPd half and have just bought them back on the pull back to yesterdays high.

If / when price breaks above the 6300 level I'll be looking for the 6350 area as my target - its the fib 1.618 expansion on the 15 min chart of yesterdays earlier rally and pull back into the UK close.....TWT http://www.forexfactory.com/images/icons/icon12.gif
With price so far unable to break the 6300 level I've banked 20+ on this trade, leaving the rest to run with a trailing stop.
Trading Levels with WRBs
  • #3,954
  • Sep 22, 2009 3:29am Sep 22, 2009 3:29am
5m eur/usd provided this one........unfortunately, I was up a little too late to catch the strong momentum move just after the LO. The rectangle shows how price consolidated/pulled-back before rising again, but after such a strong move, I had my doubts that it would do it again, which is why I cashed in where I did, just under the M5/xx00 psych-line confluence......
Attached Image
  • #3,955
  • Sep 22, 2009 4:22am Sep 22, 2009 4:22am
Todays signals / trades.....
Attached Image (click to enlarge)
Click to Enlarge Name: sep 22 cable 5m 1020 gmt.gif Size: 15 KB
Trading Levels with WRBs
  • #3,956
  • Sep 22, 2009 4:26am Sep 22, 2009 4:26am
Quoting Islander
Todays signals / trades.....
Yes got the hammer, in 6234, the first one you mentioned and 2 hl's that followed 6276 and 6286. Good morning but I'm off out now prob finished for the day.
  • #3,957
  • Sep 22, 2009 4:42am Sep 22, 2009 4:42am
Quoting Islander
Todays signals / trades.....
Lovely trades, Islander......I have to admit I wasn't even watching cable this morning......don't ask me why.....I just seemed to have a bit of tunnel vision as far as eur/usd was concerned!! I could kick myself for missing that VERY obvious move up from R1 to R2! Nice one, mate. Believe me, I won't make that mistake again!
  • #3,958
  • Sep 22, 2009 6:53am Sep 22, 2009 6:53am
Quoting eyevoltage
Lovely trades, Islander......I have to admit I wasn't even watching cable this morning......don't ask me why.....I just seemed to have a bit of tunnel vision as far as eur/usd was concerned!! I could kick myself for missing that VERY obvious move up from R1 to R2! Nice one, mate. Believe me, I won't make that mistake again!
LOL, when we get R1 + a minor physc level + the 5m 30 ema in a confluence it just begs for us to take the trade......http://www.forexfactory.com/images/icons/icon6.gif


I'm now thinking of the short side and put my limit order 3 pips under the 6350 level for a small position as its against the still rising 30 ema

Also, todays range is 144 pips with the 6 day average at 120, so IMO we're due for a pull back....TWT
Trading Levels with WRBs
  • #3,959
  • Sep 22, 2009 7:45am Sep 22, 2009 7:45am
Quoting Islander
LOL, when we get R1 + a minor physc level + the 5m 30 ema in a confluence it just begs for us to take the trade......http://www.forexfactory.com/images/icons/icon6.gif


I'm now thinking of the short side and put my limit order 3 pips under the 6350 level for a small position as its against the still rising 30 ema

Also, todays range is 144 pips with the 6 day average at 120, so IMO we're due for a pull back....TWT

Good point about small daily range. I too am expecting drop but there is an interesting resistance / support line on 15 min from high at 7.70 & is now support at 16328. Also highs have been increasing slightly. I am expecting another high to sweep The Herd. As I type this price has dropped below support. I still think theres another high.

Currently bouncing up off M4 pivot confluence with 23% & 38% fibs from todays move. 2 hammers. As you say, TWT.
  • #3,960
  • Edited 8:00am Sep 22, 2009 7:56am | Edited 8:00am
Quoting Barry Cade
Good point about small daily range. I too am expecting drop but there is an interesting resistance / support line on 15 min from high at 7.70 & is now support at 16328. Also highs have been increasing slightly. I am expecting another high to sweep The Herd. As I type this price has dropped below support. I still think theres another high.

Currently bouncing up off M4 pivot confluence with 23% & 38% fibs from todays move. 2 hammers. As you say, TWT.

After the last closed 15 min candle I'd be surprised to see another high.....it was a wider range high vol red candle with only a 7 pip downside wick, so IMO some selling by the early NY traders....eitherway, I'm targeting the 50% retrace at 6285 for my sell.....just above R1.....

Edit: a little buying of the dollar to allow swissy to break up above its S2 at 1.0234 would be nice....
Trading Levels with WRBs
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