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Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,101
  • Oct 1, 2009 8:19am Oct 1, 2009 8:19am
Thanks masut.

BC - this is what I've seen so far - just potential entries some of which I took....there's a potential 300+ pips in there, with a realistic 150 or so off the easier grey circled entries, all of which are typical confirmed LHs or HLs around "a level"......
Attached Image (click to enlarge)
Click to Enlarge Name: oct 1 cable 5m 1300gmt.gif Size: 25 KB
Trading Levels with WRBs
  • #4,102
  • Oct 1, 2009 8:30am Oct 1, 2009 8:30am
Great trading, Islander, and thanks for posting the chart. I've said it before, and I'll say it again.......I never fail to learn something from your charts, mate.
Keep 'em coming!
  • #4,103
  • Oct 1, 2009 8:49am Oct 1, 2009 8:49am
Quoting eyevoltage
Great trading, Islander, and thanks for posting the chart. I've said it before, and I'll say it again.......I never fail to learn something from your charts, mate.
Keep 'em coming!

Thanks EV - a nice trade on The Loonie - its becoming a popular pair to trade!

The main reason that I posted that chart was to show just how well this simple methodology can work in a narrower range, choppy day.....- no VSA or even the 30ema were needed for the "grey" entries - just levels http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #4,104
  • Oct 1, 2009 8:57am Oct 1, 2009 8:57am
Quoting Islander
Thanks EV - a nice trade on The Loonie - its becoming a popular pair to trade!

The main reason that I posted that chart was to show just how well this simple methodology can work in a narrower range, choppy day.....- no VSA or even the 30ema were needed for the "grey" entries - just levels http://www.forexfactory.com/images/icons/icon12.gif
Yes, and it does work very well, no doubt about it. The thing is, I often have a little trouble spotting those LH's and HL's etc, so this latest chart of yours is a great help, mate. It's going to teach me to be a lot more observant!!

Thanks again.
  • #4,105
  • Oct 1, 2009 9:18am Oct 1, 2009 9:18am
Quoting Islander
Thanks EV - a nice trade on The Loonie - its becoming a popular pair to trade!

The main reason that I posted that chart was to show just how well this simple methodology can work in a narrower range, choppy day.....- no VSA or even the 30ema were needed for the "grey" entries - just levels http://www.forexfactory.com/images/icons/icon12.gif
Islander, what would you say your criteria of importance is when analysing the charts.

Here's a guess (putting it very simply):

1. The trend - High lows low highs etc
2. Levels - price breaking through or rejected
3. Candle analysis: strengh of price (potential for continuation) after the break or reject.

Your gbp chart shows nicely the pattern of higher lows etc working together with the pivot and psych levels, break through then return or reject then return.
  • #4,106
  • Oct 1, 2009 10:08am Oct 1, 2009 10:08am
Quoting Islander
Thanks masut.

BC - this is what I've seen so far - just potential entries some of which I took....there's a potential 300+ pips in there, with a realistic 150 or so off the easier grey circled entries, all of which are typical confirmed LHs or HLs around "a level"......
Brilliant chart of how you trade. Its so good that Ive saved it. I also need to be more watchful of HH HL LH LL.

Many thanks for this.

What was the red line at 5986 as this one isnt on my chart?
  • #4,107
  • Oct 1, 2009 10:23am Oct 1, 2009 10:23am
Quoting eyevoltage
.
nice trade boss. Remember Monty Python? They had a game called "spot the loonie". Well, I dont think this is what they meant but... its been spot traded
  • #4,108
  • Oct 2, 2009 2:05am Oct 2, 2009 2:05am
GM all - so far a HL buy, followed by a LH sell......now at the 5900 level with a 5 min doji, so indecision and its London Open, so I´ll wait for another signal......
Trading Levels with WRBs
  • #4,109
  • Edited 2:27am Oct 2, 2009 2:23am | Edited 2:27am
Quoting Porkpie
Islander, what would you say your criteria of importance is when analysing the charts.

Here's a guess (putting it very simply):

1. The trend - High lows low highs etc
2. Levels - price breaking through or rejected
3. Candle analysis: strengh of price (potential for continuation) after the break or reject.

Your gbp chart shows nicely the pattern of higher lows etc working together with the pivot and psych levels, break through then return or reject then return.
Some thoughts.....

1. For me the trend that I am trading is defined by the 5 min 30 ema price above I'm looking for longs and price under shorts - BUT the MA must be sloping with some angle - not the up and down action like yesterday when I'll trade both ways.

In a trend I'll be taking partial profits around levels and add back on retraces towards the 30ema.

2. The Levels - I use them all of the time often with limit orders and I'll watch the Price Action on a 1 min chart

3 Whilst candles are useful, I'm often not waiting for the close of a 5 min or 15 min as I've acted off the 1 min PA......look at this morning the 5 min wide ranged green candle 2 before FO initiall seemed bullish with only a short upside wick, BUT on the 1 min chart and we see an ulra wide range solid green candle forming the high, followed red candles going back under its low......not bullish PA and that set up the LH sell a few minutes later. Note that the 15 min had a big upside wick, confirming this

I hope this helps.....
Trading Levels with WRBs
  • #4,110
  • Oct 2, 2009 2:34am Oct 2, 2009 2:34am
Quoting Islander
Some thoughts.....

1. For me the trend that I am trading is defined by the 5 min 30 ema price above I'm looking for longs and price under shorts - BUT the MA must be sloping with some angle - not the up and down action like yesterday when I'll trade both ways.

In a trend I'll be taking partial profits around levels and add back on retraces towards the 30ema.

2. The Levels - I use them all of the time often with limit orders and I'll watch the Price Action on a 1 min chart

3 Whilst candles are useful, I'm often not waiting for the...
Thank you Islander. I was looking forward to this very helpful response. Every day I see things more clearly thanks to the posts on this lovely thread
  • #4,111
  • Oct 2, 2009 2:35am Oct 2, 2009 2:35am
Quoting Barry Cade
Brilliant chart of how you trade. Its so good that Ive saved it. I also need to be more watchful of HH HL LH LL.

Many thanks for this.

What was the red line at 5986 as this one isnt on my chart?
That was the high vol pivot line drawn by the scrat MP indy - I'm drawing it over different periods to highlight areas that I'm interested in.....work in progress.....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #4,112
  • Oct 2, 2009 2:48am Oct 2, 2009 2:48am
I've been short, closed partials at the 875 level, added again in the mini bounce and just closed on what's looking like a double bottom on the 1 min.~todays S2 at 5866.....€s just bouncing up off its 4525 level so I'm thinking this will help a pull back in cable.....chart to follow....
Trading Levels with WRBs
  • #4,113
  • Edited 3:20am Oct 2, 2009 3:02am | Edited 3:20am
Thanks Islander.

I never really considered the importance of the 1 min. But as you say, when you consider the breach of a strong 1 min h's an l's it places what you see on the 5 min (which resulted in an inside bar + as per your example), in greater context. A breach of a strong move on a one minute chart seems more significant than an inside bar on a 5 min chart. Like you say confirming with a higher time frame a la 15mins you get a brighter picture. So setups on 5 min, check 15 min for wider confirmation and check the 1 min for micro confirmation and entry for a bargain price.

I like your use of 30 ema. I have been using 50 in similar fashion, but when below the pivot and the ema that gives greater emphasis on the downwards trend. But when and only when I am around the s2 or s3 levels I will then also look for moves upwards. It depends on the time of day and the range between the pivots also (GMT).



Quoting Islander
Some thoughts.....

1. For me the trend that I am trading is defined by the 5 min 30 ema price above I'm looking for longs and price under shorts - BUT the MA must be sloping with some angle - not the up and down action like yesterday when I'll trade both ways.

In a trend I'll be taking partial profits around levels and add back on retraces towards the 30ema.

2. The Levels - I use them all of the time often with limit orders and I'll watch the Price Action on a 1 min chart

3 Whilst candles are useful, I'm often not waiting for the close of...
  • #4,114
  • Oct 2, 2009 3:08am Oct 2, 2009 3:08am
Here it is......just the main potential entries....note how the mid pivots - dashed dark green - as well as the red S1 and S2 have been useful - my last entry was a limit order at the MS2 level as shown.....
Attached Image (click to enlarge)
Click to Enlarge Name: cable oct 2 1m 0800.gif Size: 17 KB
Trading Levels with WRBs
  • #4,115
  • Oct 2, 2009 3:20am Oct 2, 2009 3:20am
Quoting Porkpie
Thanks Islander.

I never really considered the importance of the 1 min. But as you say, when you consider the breach of a strong 1 min h's an l's it places what you see on the 5 min (which resulted in an inside bar + as per your example), in greater context. A breach of a strong move on a one minute chart seems more significant than an inside bar on a 5 min chart. Like you say confirming with a higher time frame a la 15mins you get a brighter picture. So setups on 5 min, check 15 min for wider confirmation and check the 1 min for micro...
PS I pirated pips off that grey area.......
Trading Levels with WRBs
  • #4,116
  • Oct 2, 2009 3:23am Oct 2, 2009 3:23am
Quoting Porkpie
Thanks Islander.

I never really considered the importance of the 1 min. But as you say, when you consider the breach of a strong 1 min h's an l's it places what you see on the 5 min (which resulted in an inside bar + as per your example), in greater context. A breach of a strong move on a one minute chart seems more significant than an inside bar on a 5 min chart. Like you say confirming with a higher time frame a la 15mins you get a brighter picture. So setups on 5 min, check 15 min for wider confirmation and check the 1 min for micro...

Darn it - most of my reply's missing - I'll find another way of doing it....
Trading Levels with WRBs
  • #4,117
  • Oct 2, 2009 3:27am Oct 2, 2009 3:27am
I like your use of 30 ema. I have been using 50 in similar fashion, but when below the pivot and the ema that gives greater emphasis on the downwards trend.

agreed

But when and only when I am around the s2 or s3 levels I will then also look for moves upwards.


I too have techniques for trading pull backs - but lol a guy's got to keep some secrets....http://www.forexfactory.com/images/icons/icon12.gif


It depends on the time of day and the range between the pivots also (GMT).
Trading Levels with WRBs
  • #4,118
  • Oct 2, 2009 3:31am Oct 2, 2009 3:31am
Quoting Islander
That was the high vol pivot line drawn by the scrat MP indy - I'm drawing it over different periods to highlight areas that I'm interested in.....work in progress.....http://www.forexfactory.com/images/icons/icon12.gif
Ah. Different place to mine. Like the idea of your start time. Very interested in your conclusions so pls let me know how you get on. Maybe best to PM as its outside scope of this thread.
  • #4,119
  • Oct 2, 2009 3:35am Oct 2, 2009 3:35am
Just the 1 trade this am and I have to pop out to get some stuff for lunch(having some friends over). Missed the move down on GU, EJ looked good after 3 shooting stars in a row, rejecting the weekly pivot W S1. Entry 130.20, exited 95 in the chop when it didn't follow through.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 13 KB
  • #4,120
  • Oct 2, 2009 3:36am Oct 2, 2009 3:36am
...throwing a dash of volume for good measure perhaps.

Ever considered, trading is like cooking. Too many ingredients and you'll end up with a dogs dinner. Keepin it simple but imaginative by using a few ingredients and using them well is what its all about.

[quote=Islander;3111556]I like your use of 30 ema. I have been using 50

I too have techniques for trading pull backs - but lol a guy's got to keep some secrets....http://www.forexfactory.com/images/icons/icon12.gif
[quote]
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