Psych Levels, Pivots, and Trendlines - Resurrected

Out for a few pips after The Brits started selling....

Hello
So far have read pages 1 to 40 and 300 to 318 of this thread. Have enjoyed your posts.
Been trading since Jan.
Dollar in no-man's-land? Indeterminate stuff till news at 0900, 1030 and 1445 GMT?
Kan

Still observing and learning. Hindsight is easy. Nevertheless, some classical signals on which this system is based:
G/U 5m 0940 GMT - pinbar on yesterday's low, up to resistance and eventual rejection at confluence of Fib 50 and MS1, down to rejection at pinbar (the day's) low.
Hope to find out how to post a chart soon.

Been a while since I've posted, but I've just completed two trades on cable and thought I'd post them to show how simple this method can be.

First entry at 1.6133, just above the swing-high of the shooting-star candle, as both moving averages show clearly that they're moving apart. Exit at 1.6163 as price starts retreating after failing to reach R1.

Second entry was a bonus, really. After price stalled below R1, it then showed good momentum by moving above R1 and moving away from the MA's. It then took a breather indicated by the small spinning-top. I entered just above the high of the said ST candle at 1.6176, with the intention of jumping ship at the first sign of weakness. Final exit at 1.6192, and a nice end to the year, as I think I'm done for today.

All the best to all of you for the new year.

Hi EV - a Happy and Prosperous New Year - nice trade on Dec 31st to finish off the year

Like you, I'm a little busy elsewhere, but I swing by when I can.....

I missed a great buy this morning in the middle of Frankies Hour.....whilst you can see it on the 5 min, its clearer on the 1 min....

A late morning high just above the Dec 31 high and with a 5 min doji was the first signal.....best to wait for the pull back to the support and 38% level followed by the bounce into a double Lower High.

That was a much safer entry and price quickly dropped ~80 pips.....http://cdn.forexfactory.com/images/icons/icon12.gif

Hi Guys - here's another take on the use of "The Levels"....I'll explain later....

OK, so this is the bigger picture.....during the Asian Session on Dec 30th there was a fakeout push down under the 5940 support area.

The Europeans bought and rallied price up to the old support area, now resistance, breaking the upper Andrews Pitch Fork line.

Now we've come back to have a classic test of the breakout....and bounced back up into another resistance area - the red one on the 1 min chart, which was formed by the Dec 29 high, Dec 30 low and Jan 4 low all around 1.6060......

My fancy-ish 1 min charts are just my way of milking the maximum pips out of the limited time that I wish to devote to actual trading.....

4hr chart upper TL at 1.61, good place for a turn.

FYI, I have now joined forces with an excellent trader who also specialises in trading FO and LO, so that's where I'm now posting. My thanks to EV and all who helped make this thread so interesting - please pass bye and say hello.

Cheers

Islander

Islander and Medici trade the European open http://www.forexfactory.com/showthread.php?t=214628

hold your mouse over the indicator, right click, save as...

Just thought I'd post a couple of trades here to try and drum up some further interest in acumen's very efficient methodology.

This is a 5m eur/jpy chart, displaying pivots, mid-points and psych-lines. In addition, there is a 13ema which acts as an additional source of reversals from time to time.

The first trade (1) was a result of a small retrace to the 13ema/xx00 psych-line confluence, followed by a LH candle. Entry as shown under the low of the swing high candle. Exit after price hit the xx75 psych-line.

The second trade (2) was initiated by a Dark Cloud Cover candle just on the xx75 psych-line, (entry as shown) followed by two strong momentum candles, with exit clearly marked as price started reversing again.

The figure (3) indicates the trade that never was. Quite simply, I was looking for an entry under the xx50 psych-line as and when price reached it. However, I was discouraged by the three dojis and then the spinning-top. Lots of indecision there, so it was better to stay on the sidelines.

hey eyevoltage, do you find it harder to trade the eur and gbp jpy crosses on the pivots.. I tried a while ago and to me it didnt seem to hold its ground as much as the majors, even the usd/jpy fared pretty well.. Just curious.. great trades ..

I don't actually trade pivot crosses much, mate. Instead, I tend to watch for reversals at the lines, and preferably at the confluences. My reversal signals involve candlestick patterns and watching for higher/lower highs/lows. If those sort of indications occur around the lines and the 13ema, then I treat these as possible high-probability trades.
With regard to eur/jpy, I've found that this particular pair seem to respect the xx25 and xx75 psych-lines a lot of the time.....certainly more than cable or eus/usd, anyway. Or then again, maybe that's just me!
Hope this helps. Thanks for the shout.
Cheers

Hey mate,
nice to see you back here !
With a brand-new avatar...

Nice trades !
Hope this great thread stays alive.
Would love to contribute more, but with my day-job it´s more difficult to trade this way...

Nice to see you again, my friend! I understand how difficult it is for you with your job......don't worry about it. Pop in as and when you can. Always good to see you!
Take care.

Here's a couple of trades from eur/jpy over the last couple of hours or so.....

The first one was a break-out from a Bearish Flag pattern, with the entry just under the break-out candle. Exit was a tad premature, but nevertheless, gave a good return of pips.
The second one was as a result of a typical pull-back to the 13ema before continuing down, albeit with another pull-back before dropping down below the mid-point/xx25 psych-line confluence. SL for this one was above the xx50 psych-line, but price never got near it in spite of the second retrace.

Nice trades, EV! (Long time no "see") I hope life treats you well.

Thanks, mate, and I hope the new year gives you many good trades!
Cheers

This time it's a 15m chart that delivers the goods. A nice shooting star candle formed just before the NY open on the confluence of the 13ema and the xx50 psych-line. I was in just under the low of the SS candle and then kept a careful eye on things as I was aware of the News at 13:30. A lovely trade that took me to just below the Main Pivot line where I jumped ship. I think that's me for the day!