Psych Levels, Pivots, and Trendlines - Resurrected | Page 223 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,441
  • Nov 19, 2009 1:43am Nov 19, 2009 1:43am
Quoting Kamikaze456
Hey there vantage,

Thanks for the praise

I will try to post some set-up's but the thing is I leave for work at 8 so I only have a hour window...If some setups happen within that hour like the EUR/USD yesterday then I will post them..
Nothing so far pretty much a dead morning on my side....

I will try to post some from work I have MT4 loaded up there but everyone is watched like a hawk
No problem don't drop yourself in it.
  • #4,442
  • Nov 19, 2009 1:46am Nov 19, 2009 1:46am
OK I'm outta here, I think down but not prepared to put in a trade at such a volatile area and hope, oh nice I see its popped down.

Break a leg guys ..............
  • #4,443
  • Nov 19, 2009 1:55am Nov 19, 2009 1:55am
See ya Vantage,

BTW I think you did the right thing about not putting on the trade it's just so volatile....

Nice one!
  • #4,444
  • Nov 19, 2009 2:00am Nov 19, 2009 2:00am
Hey

Just watching the Aussie S2 get torn up to bits....
Is this a result of trade balance or something?

  • #4,445
  • Nov 19, 2009 2:05am Nov 19, 2009 2:05am
Quoting Vantage
Nicely traded.

Thanks - but I then got sidetracked away from my screen and so missed the 2 x1 min LHs in mid FH that gave a clue to the impending drop....55 pips and counting....http://cdn.forexfactory.com/images/icons/icon8.gif
Trading Levels with WRBs
  • #4,446
  • Nov 19, 2009 2:09am Nov 19, 2009 2:09am
On the swissy we could see some rebound action from previous resistance at 1.01817 wait for a tester and if confirmation by trend breakout then....maybe?

I'm off to work now....

Good luck trading guys,
  • #4,447
  • Nov 19, 2009 3:25am Nov 19, 2009 3:25am
Plenty of interaction between our early risers this morning, which is very good to see.
Just completed a short trade on the 5m EU, resulting from a bearish engulfing candle forming on the confluence of the the 13ema and the xx75 psych-line. Entry and exit as indicated.
Attached Image
  • #4,448
  • Nov 19, 2009 3:38am Nov 19, 2009 3:38am
Quoting eyevoltage
Plenty of interaction between our early risers this morning, which is very good to see.
Just completed a short trade on the 5m EU, resulting from a bearish engulfing candle forming on the confluence of the the 13ema and the xx75 psych-line. Entry and exit as indicated.

Nice one EV.....FYI I have 4845 as todays MS2 level.....with bullish divergence on both 1m and 5m that was a buy signal that I missed....
Trading Levels with WRBs
  • #4,449
  • Nov 19, 2009 4:11am Nov 19, 2009 4:11am
Quoting Islander
Nice one EV.....FYI I have 4845 as todays MS2 level.....with bullish divergence on both 1m and 5m that was a buy signal that I missed....
Yes, I see what you mean. The very next candle after my exit was a HL, and I might have been tempted, but I was called away and the opportunity was missed.
  • #4,450
  • Nov 19, 2009 6:42am Nov 19, 2009 6:42am
Islander I've been looking at your ema anglezero (EMAAZ), very interesting.


Whilst not on topic of this thread can you pls clarify:

  1. Are you looking for EMAAZ divergence on 5 min first and then at 1 min for confirmation divergence? Or would you trade 1 min divergence on its own?
  2. When you have good angle on ema's up or down you follow trend until you get +1 or -1 on EMAAZ and then for look counter trend possibilities? Is this -1/+1 on 5 min or 1 min, eg I see we have -2.2 on 5 min and 1 min is -0.25
  3. If you have divergence do you trade the level or wait for candle to close (1 or 5 min).
  4. You have smc scalper candles loaded? Are you looking for divergence with scalper signal, if yes are you waiting for candle to close as smc can fall away in candle after signal?

Enough q's for now.

Thanks.

  • #4,451
  • Nov 19, 2009 7:36am Nov 19, 2009 7:36am
Quoting Vantage
Islander I've been looking at your ema anglezero (EMAAZ), very interesting.



Whilst not on topic of this thread can you pls clarify:[list=1][*]Are you looking for EMAAZ divergence on 5 min first and then at 1 min for confirmation divergence? Or would you trade 1 min divergence on its own?[*]When you have good angle on ema's up or down you follow trend until you get +1 or -1 on EMAAZ and then for look counter trend possibilities? Is this -1/+1 on 5 min or 1 min, eg I see we have -2.2 on 5 min and 1 min is -0.25[*]If you have divergence do...
LOL - I'm glad! http://cdn.forexfactory.com/images/icons/icon12.gif.....that you dont have more questions.....yet....

I started displaying the EMAAngle Zero mainly to help other traders "see the slope of an MA" more easily and then I modified its settings to bring it into my trading rules - it also removes the use of outer 30 ema bands as OB/ OS levels, thus reducing clutter on the main chart. Seeing a green or red histogram bar "allows" me to take a contra trend trade - for me that's its main use.

When in a trend, a red or green histogram warns of OB / OS conditions and the levels even more so - thus if price is close to "a level" I'll consider taking partial profits......remember price can remain OB/OS for some time, so you need to think what caused / started the move

My 1 min settings are "faster" than my 5 min so I'll get a warning earlier - for TPs I'll often take partials via a limit order at a level as PA is more important than any indy.

Taking a reversal againt the trend is MUCH more difficult and I need to see other signals / confirmations - red / green are just an alert for this purpose.......here, divergence helps...

When I get a red / green on my 5 min I immediatly look at my 1 min and will take an entry or exit off the close of a 1 min candle - again, always depending on the PA......the indy is ONLY an alert, in the same way that I now use two coloured MAs to visually remind me current TF trend and the higher TF trends.....

I dont know why the scalper signals stuff is on the charts - I dont use it - and cant even remember what it did....http://cdn.forexfactory.com/images/icons/icon11.gif

I hope this helps -
Trading Levels with WRBs
  • #4,452
  • Nov 19, 2009 1:01pm Nov 19, 2009 1:01pm
Hey guys,

Sorry I was unable to post from work...

anyway here was my swiss trade worked like a dream...

Saw some heavy resistance at this same point a before took a sell after trend line broke with the testers
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  • #4,453
  • Nov 19, 2009 1:06pm Nov 19, 2009 1:06pm
The main reason i took the trade due to the fibs linking up to a heavy R2 area..
becuas ethe fibs linked up with previous R2 point it suggested there was going to be some rebound action
Here is the chart
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  • #4,454
  • Nov 19, 2009 2:10pm Nov 19, 2009 2:10pm
Quoting eyevoltage
Plenty of interaction between our early risers this morning, which is very good to see.
Just completed a short trade on the 5m EU, resulting from a bearish engulfing candle forming on the confluence of the the 13ema and the xx75 psych-line. Entry and exit as indicated.
Hi eyeboltage ..

nice traede man.. would u mind telling me what is the bigger MA u use 50 ema or sma.. also.. you look for PA pattern in the psych level am i right?

thanks
  • #4,455
  • Nov 19, 2009 5:01pm Nov 19, 2009 5:01pm
Quoting hoichoi
Hi eyeboltage ..

nice traede man.. would u mind telling me what is the bigger MA u use 50 ema or sma.. also.. you look for PA pattern in the psych level am i right?

thanks
Basically, I use a 13ema and a 34ema along with Pivot lines and psych-lines. I look for candlestick reversal patterns which occur on these S/R lines, but I'm especially interested in these patterns if they occur at a confluence formed by the S/R lines and the emas. When price is trending, pull-backs are the ideal set-ups for me, but when price is ranging, then it's just looking for the reversals at the S/R lines I mentioned earlier. Have a look through my previous charts, and you'll soon see what I'm getting at. It's a very simple methodology, but can be very profitable, nevertheless. Remember to keep it simple at all times, mate.
Hope that helps.
  • #4,456
  • Nov 20, 2009 12:19am Nov 20, 2009 12:19am
Quoting eyevoltage
Basically, I use a 13ema and a 34ema along with Pivot lines and psych-lines....
what psych level u use?
  • #4,457
  • Nov 20, 2009 12:53am Nov 20, 2009 12:53am
GM all.

Cable turned south off its DP / 6675 confluence and then broke its 5m 30 ema, so I'm short.....now waiting for Euro and Swissy which are close to their DPs to break them.....
Trading Levels with WRBs
  • #4,458
  • Nov 20, 2009 1:00am Nov 20, 2009 1:00am
Quoting hoichoi
what psych level u use?

Excuse me for posting before EV, this is how I view these levels.....the 100s are the most important then the 50s and I personally only put the 25 / 75 levels up when price has reacted around them - this saves clutter.

Obviously, ANY psych level that has acted as S or R before becomes MORE important than an unrespected level.....

Also, remeber that I look at an area or band, so for me +/- 10 pips is fine and means that price has reacted to that level.....just my opinion....http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #4,459
  • Nov 20, 2009 1:37am Nov 20, 2009 1:37am
GBP getting to a tough area after breaking daily TL. We had a 70 odd pip bounce when it got here before, I think you know my thinking is if we have a small bounce then we'll be going lower.
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  • #4,460
  • Nov 20, 2009 1:39am Nov 20, 2009 1:39am
GU 4 hr right on lower TL, 6674 was a problem on upside for the last 4/5 candles.
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