Psych Levels, Pivots, and Trendlines - Resurrected

[quote=Islander;3218476]Remainder stopped out for a small profit, then a small bounce that held at the 6800 level allowed me to go short - small size as the longer term MAs are still up.

I'm looking at the 50% / prior resistance / 60 min 20 ema at ~6730 as my TP.....[/quote]

OK - so I got out after the second hit of 6733 - that's right in the area I posted......I'm finished tarding, so I'll post an updated chart in a moment

Updated chart showing trades already discussed.....BFN

Been following your entries all day, mate.......very nice trading indeed!

I know you've probably explained this before, but to save me searching, can you tell me what the other two MA's are below the 30ema, and the reasoning behind them?
Much obliged, mate.

The slowest one is 240 (M5's equivalent of EMA20 on H1).

The middle one is 90 (I guess it's M5's equivalent of EMA30 on M15).

Much obliged, mate.

GM all - being asleep when Fitch's co-head of global sovereign ratings David Riley said U.K. most at risk of losing its AAA status among major economies, I missed the 130 pip drop that took all of nine minutes....guess that caused a sphincter clenching few moments for any longs without hard stops.....http://cdn.forexfactory.com/images/icons/icon11.gif

I've had a couple of requests for details of my latest chart set ups, so I'm attaching my 1m and 5m templates - I'll repost my indies next and then explain - hopefully all before LO.....

These are the indies that I currently use - explaination to follow.....

Plus this one - 7 is the max we can upload....

I have now added 2 extra EMAs - on the 5 min these are the 240 which is the much used hourly 20 ema and a 90 ema - these are to confirm / visually remind me of the longer term trends and form part of my money management - trade full size when they all agree and smaller size when they dont!

Likewise, the EMAAngleZero is a histogram showing the slope of the relevent EMA - I have set it up to act as an OB / OS indy and again this forms part of my trading rules, warning that prices are extended and also permissioning contra trend entries. Its also useful for divergence.

The "marketprofile_scrat" is best explained in the VSA thread where it was developed for scrat by another trader. I also used Hidden Gap's Volume indy - but that's on another 'puter that I use for VSA work...

My 1 min template has a faster EMA 40, my old standard EMA 150 - the 5m 30 - and a slower EMA 360 - again for my trading rules on this TF.

Nothing is finally "cast in stone" but after several years of looking at charts, these set ups allow me to look at any pair and quickly make comparisions and find entries, place and trail stops etc

I hope that helps - I'm happy to answer questions - but only when I'm not busy, so sometimes that can be several hours.....

Now to trading.......the first question is "did I have a sell signal before the big fall".......yes - as we can see, the mini uptrend had been broken with a Lower High and in the grey circle, price moved under the MAs which were starting to roll over, this being confirmed by the EMAAngle.....

Here's the action that followed......that huge, fast drop pushed the EMA Angle deeply into over sold -1 is a high reading, so -2.33485 is hugely so and gives me permission to buy against the MAs for the pull back - which surprise surprise goes to the 50% / 675 levels http://cdn.forexfactory.com/images/icons/icon12.gif

The second hit at FO was a nice sell and now I'm flat whilst the Brits decide what to do next....the 5m 30ema - here magenta - is already flattening as the sideways action works off the oversold condition and the other MAs are closing in - the usual prelude to the start of the next move - so I'll put on my price alerts and wait for the breakout - I'll trade small size off this 1 min chart until I see confirmation from the higher TFs....

So far the uptrend remains intact - but IMO we need to see price back above the 6700 level to confirm this.......the green TL is currently ~6600 so that's 2 nice levels to work off - LOL and price is at 6650 as I type, having held at the S1 level of 6634

Note that the volume in that fall was only ~2000, but then it was in the Asian Session.....BUT I always take note of Ultra Wide Range candles and at ~150 pips this was just that.....http://cdn.forexfactory.com/images/icons/icon12.gif

My last post for this morning......notice how the volume is building with the blue showing the London traders now pushing the high volume pivot down to the 6649 level......I'm now long off the HL a few moments ago as the 650 area plus 30 ema confluence held AND the 1 min MAs have now turned green.....

OK - just one more - I've partially closed that long mentioned above in the push up to the 6700 area resistance shown on my hourly chart. The stop on the remainder is being trailed behind the fast 1 min 40 ema and is currently at 6675, locking in good pips.

Now I'm out until the NY session.....LOL, so someone else can make some posts....please......http://cdn.forexfactory.com/images/icons/icon7.gif

Very nice explained Islander. I have learnt alot from your posts, and you are the main reason I switched to GU for scalping from EJ.

Many thanks for taking the time and effort to explain your entries, and why you use the indicators you do use.

Regards,
K.

OK.

A lot of action before I got to computer but smc4 scalper candles also alerted before the big move down.

When I got to computer there was a higher low above 6650. Moved up to 75 level and 50% of big fall so when it failed to push on exited +14.

Then had a lower high shooting star below 6650 which couldn't push below the 25 and W M3. Exited for +9.

GU then went to sleep.

Well Islander your down week forecast may happen, we did get some big news.

Daily has a big hammer that closed on a key level suggesting up. 4 hr stalled at 62% fib and we are heading down so could be selling soon. Or of course we could turn up with daily, could be interesting.

Thinking down for now but have that big hammer in the back of my mind on daily. We have some support for now at D pivot 6710. TWT.

Forgot to mention, the 4 hr trendline that currently comes in around the 23% line 6640 ish (see above post) may be important as a turn place if we fall from here. The trend lines on these charts are auto drawn by a demark indi. Look at the above post and you'll see blue and red circles they show where trendlines have been. You'll see the current lower trendline is just a continuation (connect the green tl with the next lower blue circle). Anyway the big news drop couldn't break the tl so it may be important.

If it holds should be nice bounce, if it fails decent fall.

Again TWT.

GM all - Hi V - thanks for your posts.....I too have picked up on the 61.8% fib - I actually have it at the 6750 level and just used it to take a short.

I need to look at my charts to see if I find any clues for direction - a bloody MS update rebooted my 'puter, so I've had to reload my programs, so I'm a bit late....

Asia has been sideways in a narrrow range and just looking at the market profile drawn since mid morning yesterday we can see that this has put the high volume pivot at 6724. This poses the question is this further accumulation? - or is this distribution?

Given the rejected opportunity for a larger sell off after that big drop yesterday, I'm leaning towards further accumulation which would mean higher prices.....this is - so far - supported by the move up from the DP at 6710

Either way, I'm currently long off the HL - chart to follow....

As I explained earlier, I missed the first buy, but sold the 6750 level - also the fib 61.8% retrace of the last 2 days range.

The mauve DP level is providing good support so I TPd there and then bought the later HL and exited partials at the green MR1 level.

Another buy off the aqua 150 ema and now watching to see if this 6765 area - which was in play just before yesterdays big drop - gets broken...