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Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,201
  • Oct 13, 2009 6:28am Oct 13, 2009 6:28am
Uchf short after breaks psycho 50 and retrace.
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  • #4,202
  • Oct 13, 2009 8:34am Oct 13, 2009 8:34am
This is a short i just took on EU. Comments pls...
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  • #4,203
  • Oct 13, 2009 9:11am Oct 13, 2009 9:11am
Quoting Wahnone
This is a short i just took on EU. Comments pls...
Interesting trade selling the fall below the previous high.

We tend to use shorter time frames than 4 hr. 5 min shows a very nice lower high reject of 38% ext of Y's high (yellow) and D M4 (green) for a sell below 4850. Having said that armchair quaterbacking very easy, you're in the trade and I'm not, well done.

Did your system under signature pick that up?

All the best.
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  • #4,204
  • Oct 13, 2009 10:22am Oct 13, 2009 10:22am
Hello Vantage,

I normally don`t trade these extremely lower timeframes, but your setup looks very interesting.

Is there a post# where you explain your scalp indic. and setup ? Starting out now tentatively in shortterm trading, this might be helpful....

Or thanks for any suggestion.
Be like water.
  • #4,205
  • Oct 14, 2009 4:59am Oct 14, 2009 4:59am
Quoting msmarple
Hello Vantage,

I normally don`t trade these extremely lower timeframes, but your setup looks very interesting.

Is there a post# where you explain your scalp indic. and setup ? Starting out now tentatively in shortterm trading, this might be helpful....

Or thanks for any suggestion.
Its a Hull HMA period 24. As for using it search Islanders numerous posts here.

NB best trades reaction to levels, in particular again look at Islanders posts.

For those trades yesterday we had a negative close the day before, a lower close on 4 hr and negative 1 hr candles. So I was happy trend down and prepared to sell any pullbacks and take profits if the support areas held. Only needed one of supports to fail and next stop for gbp was way lower.

So as mentioned trade with trend (until you have reason not to) and use 1 min Hull to trade the reaction to key areas. Hope this helps.
  • #4,206
  • Oct 14, 2009 5:02am Oct 14, 2009 5:02am
Yellow line is 38% ext of y's range where move up struggled. Had a large shooting star lower high which closed around 5990. Suggesting move up stalled sold the retrace back to even number. At +20 moved stop to BE.
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  • #4,207
  • Oct 14, 2009 9:34am Oct 14, 2009 9:34am
Hi Guys - I'm a bit too busy at present to post real time set ups - but this was a great area to sell off - and of course I sold the actual 6025 area and was buying the 5975 area.....with the 30 ema flat that's a nice range to trade.

I held part of my position when the 5966 support broke and so got some extra pips there...and I've also had a cheeky hit and run buy off the big confluence around the 5925 level - I'm flat now, looking at either the 5950 area or 5966 for another possible entry.....
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Trading Levels with WRBs
  • #4,208
  • Edited 9:51am Oct 14, 2009 9:46am | Edited 9:51am
Useful extra detail seen on the 1 min chart - look at the shooting star that was the high - that took out all of the stops above the earlier high - then three potential short entries.

I'm experimenting with the Hull MA as another way to stay in moves - wait until it changes colour before exiting

Edit: the 1000 ema - sorry, I forgot to put up the coloured version, which has just turned red - is close to the much watched hourly 20 ema and I use it to show ( remind me of ) the longer term trend
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Trading Levels with WRBs
  • #4,209
  • Oct 15, 2009 2:19am Oct 15, 2009 2:19am
GM all - 6120 was last Thursdays high and is an important resistance level - also todays MR3 - I had a limit sell which got hit in Frankies Hour and I put my TP just above R 2 at 6090 - nice fast pips in a hit and run contra trend trade. Now after LO I've taken another sell as both Euro and Swissy reversed - or pulled back - from FO and this MAY be an early signal that Cable will do the same.....TWT....the 5m 30 ema is currently at 6085 and still strongly up....
Trading Levels with WRBs
  • #4,210
  • Oct 15, 2009 2:34am Oct 15, 2009 2:34am
Quoting Vantage
Its a Hull HMA period 24. As for using it search Islanders numerous posts here.

NB best trades reaction to levels, in particular again look at Islanders posts.

For those trades yesterday we had a negative close the day before, a lower close on 4 hr and negative 1 hr candles. So I was happy trend down and prepared to sell any pullbacks and take profits if the support areas held. Only needed one of supports to fail and next stop for gbp was way lower.

So as mentioned trade with trend (until you have reason not to) and use 1 min Hull to trade...
Thanks !
Be like water.
  • #4,211
  • Edited 3:00am Oct 15, 2009 2:50am | Edited 3:00am
Sold again for the third time - a Lower High - in this resistance area around last week's high / MR3 / 6125 level - tight stop and looking for around 20 pips untill the 5 min 30 ema rolls over......as has already happened in Swissy.....

LOL - third time unlucky - stop hit....
Trading Levels with WRBs
  • #4,212
  • Oct 15, 2009 3:09am Oct 15, 2009 3:09am
Quoting Islander
Sold again for the third time - a Lower High - in this resistance area around last week's high / MR3 / 6125 level - tight stop and looking for around 20 pips untill the 5 min 30 ema rolls over......as has already happened in Swissy.....

LOL - third time unlucky - stop hit....
Hello, Islander!
Can I ask what it means on this TF in pips tight stop? Please sign You mean the SL with or without spread.
THX in advance, NL
  • #4,213
  • Oct 15, 2009 3:16am Oct 15, 2009 3:16am
Was buying and selling the 25 level/even number and missed one of my fave trades.





The daily shows the obvious importance of 6125. The sells at that price were pretty obvious. What was not so obvious are trades we have taken many times:

  1. a vital level proven over months only had a 30 pip reaction
  2. it followed up with 2 higher lows per 1 min
  3. first hl couldn't fall to the blue line M4 and the last sell we had exited at +10 hl at 6109

As we had exited the last sell couldn't set up for last 1 min buy see blue arrow and Mrs V didn't want to hear of a break out buy above 6130.
If such a key level has such a small reaction then the main trend (in this case up) isn't finished (in my experience).

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  • #4,214
  • Oct 15, 2009 4:42am Oct 15, 2009 4:42am
Long EJ here, after price breaks R1and psycho 00 and retrace.

Another textbook trade
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  • #4,215
  • Oct 15, 2009 4:55am Oct 15, 2009 4:55am
Quoting masut
Long EJ here, after price breaks R1and psycho 00 and retrace.

Another textbook trade
Nice one.
  • #4,216
  • Oct 15, 2009 7:04am Oct 15, 2009 7:04am
good !
Be like water.
  • #4,217
  • Oct 15, 2009 8:39am Oct 15, 2009 8:39am
Quoting lacika
Hello, Islander!
Can I ask what it means on this TF in pips tight stop? Please sign You mean the SL with or without spread.
THX in advance, NL

Just back and see that I missed more fun.....

10 pips plus spread - and Cable uncoupled from Euro and Swissy which caught me out!....http://www.forexfactory.com/images/icons/icon11.gif

Memo to self.....must take more notice of my own posts!.....the 5m 30 ema is currently at 6085 and still strongly up....
Trading Levels with WRBs
  • #4,218
  • Oct 16, 2009 2:44am Oct 16, 2009 2:44am
Not been posting this last week 'cos of various problems at home, but I had an early start this morning, so thought I'd post this one that I grabbed just after the LO.

Admittedly, it's a contratrend trade, but price is ABOVE the Main Pivot line, so I thought I'd give it a go. Entry and exit as shown.....all pretty straightforward. The MA is a 30ema - a la Islander!!
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  • #4,219
  • Oct 16, 2009 3:43am Oct 16, 2009 3:43am
Quoting eyevoltage
Not been posting this last week 'cos of various problems at home, but I had an early start this morning, so thought I'd post this one that I grabbed just after the LO.

Admittedly, it's a contratrend trade, but price is ABOVE the Main Pivot line, so I thought I'd give it a go. Entry and exit as shown.....all pretty straightforward. The MA is a 30ema - a la Islander!!
Hah great trade, 15 min had 2 hammers with high vol suggesting that the 150 pip move down against the major trend up was done. 6250 was also a 23.6% fib on 4 hr chart and bounce from 50 level. All suggesting up. A resumption of the major trend of the last week.

We also have a buy above 6300 when round number held.

NB a close today above the major area of 6125 seems assured for confirmation of overall uptrend.

OK we have to pop out so just exited at 6375.
  • #4,220
  • Oct 16, 2009 4:30am Oct 16, 2009 4:30am
THX for Your reply, Islander!

I read Mr. and Mrs. V accept 1 retest of the Entry point.
Eye and Islander how do You approach that matter?
Happy life, NL
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