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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,981
  • Sep 23, 2009 4:45am Sep 23, 2009 4:45am
Quoting db-trader
thank you eyevoltage, your proverbs quote hits the spot
It's a powerful verse, mate, and definitely words to live by.

How are you doing with this method?
  • #3,982
  • Sep 23, 2009 4:52am Sep 23, 2009 4:52am
Quoting eyevoltage
It's a powerful verse, mate, and definitely words to live by.

How are you doing with this method?
I'm a new trader. I've been a fan of pivots from the start and now getting used to psych levels. I've been trading inside bars as they have kept me out of trouble quite a lot. A lot to learn and take in. I work on 5m 15m and 1h time frames.
  • #3,983
  • Sep 23, 2009 5:11am Sep 23, 2009 5:11am
Quoting db-trader
I'm a new trader. I've been a fan of pivots from the start and now getting used to psych levels. I've been trading inside bars as they have kept me out of trouble quite a lot. A lot to learn and take in. I work on 5m 15m and 1h time frames.
Well, there's very little 1H activity on this thread, as you know, but plenty of 5m and 15m, so you should fit right in! And I'm sure you're probably looking at ways of keeping to the IB's by working them around the PP's and the Psych-lines? Everybody who comes on here has their own way of doing things, but keeping basically to acumen's mantra as a base from which to work on.
  • #3,984
  • Sep 23, 2009 5:28am Sep 23, 2009 5:28am
Quoting eyevoltage
Well, there's very little 1H activity on this thread, as you know, but plenty of 5m and 15m, so you should fit right in! And I'm sure you're probably looking at ways of keeping to the IB's by working them around the PP's and the Psych-lines? Everybody who comes on here has their own way of doing things, but keeping basically to acumen's mantra as a base from which to work on.
oh I do like to read this. I havepout in the 1h as I've been advised that new traders shouldn't look at anything lower, but my personality prefers the 5m and 15m so I think I've found the right place. !!
  • #3,985
  • Sep 23, 2009 5:29am Sep 23, 2009 5:29am
A quick(ish) trade off the confluence of the 30ema, the xx00 psych-line and yesterday's high.
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  • #3,986
  • Sep 23, 2009 5:37am Sep 23, 2009 5:37am
Quoting db-trader
oh I do like to read this. I havepout in the 1h as I've been advised that new traders shouldn't look at anything lower, but my personality prefers the 5m and 15m so I think I've found the right place. !!
Basically, it's what you feel comfortable with, mate. I'll be honest, I've never considered anything longer than 15m since I started trading. I'm not comfortable with large SL's, for a start. Plus, I like the prospect of "a piece of the action" at various times of the morning/afternoon!
We all have our little idiosyncrasies!
  • #3,987
  • Sep 23, 2009 8:49am Sep 23, 2009 8:49am
Quoting db-trader
oh I do like to read this. I havepout in the 1h as I've been advised that new traders shouldn't look at anything lower, but my personality prefers the 5m and 15m so I think I've found the right place. !!
You will need to really understand the contents of this thread. Maybe dont trade for a while. Just watch markets & try to understand where the opportunities & risks lie, & look at the trades that are posted. The guys here are not only excellent traders with different styles, but their explanations are clear.

If you learn the principles here, it will help you on any timeframe.

I actually believe that in your early days its BETTER to trade shorter timeframes, (once you understand price action & low risk setups - EV is a master at this!), because the stop losses are smaller & you need to build up your account. Once this trading works for you, apply to bigger timeframes.

However, you must always keep an eye on wider picture so dont ignore the trends, support/resistance & shape of candles on bigger t/fs.
  • #3,988
  • Sep 23, 2009 8:58am Sep 23, 2009 8:58am
Quoting Barry Cade
You will need to really understand the contents of this thread. Maybe dont trade for a while. Just watch markets & try to understand where the opportunities & risks lie, & look at the trades that are posted. The guys here are not only excellent traders with different styles, but their explanations are clear.

If you learn the principles here, it will help you on any timeframe.

I actually believe that in your early days its BETTER to trade shorter timeframes, (once you understand price action & low risk setups - EV is a master at this!), because...
Dear Barry Cade

thank you for your input as well. I have gone over the thread, copied posts from everyone and pasted them into a word doc with accompanying images to study further. I will watch and demo trade this for a while before jumping in as I can see there is a lot to learn.

I have more than one monitor with charts and different time frames so I can see at a glance what's going on over the board.

Brilliant advice. Thanks again
  • #3,989
  • Edited 10:01am Sep 23, 2009 9:53am | Edited 10:01am
This is one of those set-ups that I describe as high-probability. A Dark Cloud Cover forming right on the confluence of the 30ema (Islander's influence, here!) and the xx25 psych-line. A routine entry just under the low of the DCC candle, followed by a strong momentum movement southwards. Exit just under the xx00 psych-line and just above yesterday's high. Nice and simple.

Edit: Forgot to mention that the Dark Cloud Cover candle was also a 38.2% fib retracement from the swing high at 1.6450. My apologies.
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  • #3,990
  • Edited 11:25am Sep 23, 2009 10:43am | Edited 11:25am
Since NY Open I've been range trading - mainly off the physc levels for ~20 pips a go - my last trade has just closed, so I'm having an early beer and then I'll post a chart

LOL - its too much like hard work to plot every trade 3 sells and 3 buys, so twelve arrows / ticks - the point was to show how I was just taking the entries and exits based just on "the levels" and waiting for minimal confirmation.
Trading Levels with WRBs
  • #3,991
  • Sep 23, 2009 11:28am Sep 23, 2009 11:28am
Quoting Islander
Since NY Open I've been range trading - mainly off the physc levels for ~20 pips a go - my last trade has just closed, so I'm having an early beer and then I'll post a chart

LOL - its too much like hard work to plot every trade 3 sells and 3 buys, so twelve arrows / ticks - the point was to show how I was just taking the entries and exits based just on "the levels" and waiting for minimal confirmation.
Sooooooooooo.......

No chart then?

Flippin' 'eck, I was looking forward to that, as well!!
  • #3,992
  • Sep 23, 2009 10:30pm Sep 23, 2009 10:30pm
It isn't easy to trade GJ.

price below pivot, break psycho 149.00, retrace, and continue

time to short.
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  • #3,993
  • Sep 23, 2009 11:07pm Sep 23, 2009 11:07pm
Quoting masut
It isn't easy to trade GJ.

price below pivot, break psycho 149.00, retrace, and continue

time to short.
i did it again. TP almost hit, manual close.
  • #3,994
  • Sep 23, 2009 11:52pm Sep 23, 2009 11:52pm
I'll pay attention if price break trendline, confluence with pivot and psycho level 00.
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  • #3,995
  • Sep 23, 2009 11:59pm Sep 23, 2009 11:59pm
nice short trade.

price breaks S1, retrace and continue.

another textbook trade.

edit: SL move BE now.
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  • #3,996
  • Edited 1:50am Sep 24, 2009 1:47am | Edited 1:50am
GM all - I missed the first set up half an hour before FO as I was late getting up - I had banked 75 pips on an overnighter, but that's another story http://www.forexfactory.com/images/icons/icon12.gif.

The set up was a higher Low buy of the days open line at 6340 and it ran up 45 pips in 25 mins to spike above the 6375 / DP confluence.

The 1 min spike was immediatly followed by a 1 min bearish engulfing candle, so I sold at the 375 level and my TP at the 350 level hit 25 mins later.....now for LO
Trading Levels with WRBs
  • #3,997
  • Sep 24, 2009 2:33am Sep 24, 2009 2:33am
Short GU after break trendline. TP above psycho 6300
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  • #3,998
  • Sep 24, 2009 2:53am Sep 24, 2009 2:53am
Quoting masut
Short GU after break trendline. TP above psycho 6300
Nice one - I had shorts too with 1 TP at 6305 and I closed the other at 6275 and then too a cheeky buy for the retrace back to the 6300 level....thank you Mr King for those pips....
Trading Levels with WRBs
  • #3,999
  • Sep 24, 2009 4:52am Sep 24, 2009 4:52am
A trade just completed on 5m cable. Now using a 13/30ema combination to see what that brings. This one was the perfect set-up.....a bearish engulfing pattern forming right on the 13ema, and entry just under the low of said engulfing candle. A brief pull-back to the xx00 psych-line followed by a trend continuance down to just above the xx75 psych-line, where I exited. Again, nothing complicated....just a text-book set-up.
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  • #4,000
  • Sep 24, 2009 9:17am Sep 24, 2009 9:17am
Not much happening on the thread today except for very early activity.

Just closed this trade on cable. The consolidation running along the S3/xx50 psych-line zone, plus the downward thrust and widening of the MA's gave me a heads-up for a possible trade. Again, an entry under the low of the last candle which broke down, then a slight retracement before another trend continuance down to around the xx00 psych-line, which was an excellent place to bail out.
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