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Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,961
  • Mar 17, 2010 2:34pm Mar 17, 2010 2:34pm
Quoting Prof Hunter
He-he!
And You tried it? Or just curious?
PH
Open H1 chart, zoom out, switch on "Period separators" and have a look how many days were tight ranges. Very few. On the majority of the days price moved at least 100pips. If I believe my entry is with the current prevailing (intraday) trade, why won't I try and capture as much of that day's range as possible?..

If my SL is at BE (and especially if I already banked some money with a partial exit), why would I worry as to what could happen to the rest of my position?
One Chart is Worth Ten Thousand Words.
  • #4,962
  • Mar 18, 2010 2:16am Mar 18, 2010 2:16am
Quoting Forex007
Open H1 chart, zoom out, switch on "Period separators" and have a look how many days were tight ranges. Very few. On the majority of the days price moved at least 100pips. If I believe my entry is with the current prevailing (intraday) trade, why won't I try and capture as much of that day's range as possible?..

If my SL is at BE (and especially if I already banked some money with a partial exit), why would I worry as to what could happen to the rest of my position?
I personally do that a lot, with the open half, just not always move to the entry point the SL.
  • #4,963
  • Mar 18, 2010 3:13am Mar 18, 2010 3:13am
Just look at these two great moves on EJ. A nice little doji/spinning-top initiates the first one, and a harami initiates the second one. Both of them at, or very very near, a pivot resistance, and eventually reversing again at pivot supports.

And I was still snoring my head off!!
Attached Image
  • #4,964
  • Mar 18, 2010 6:48am Mar 18, 2010 6:48am
Quoting eyevoltage

And I was still snoring my head off!!
Hey, EV!
Opportunity flows...
You know. And a good sleep is a good sleep!
  • #4,965
  • Mar 18, 2010 6:54am Mar 18, 2010 6:54am
Quoting Prof Hunter
Hey, EV!
Opportunity flows...
You know. And a good sleep is a good sleep!
That's the trouble, mate. I like my sleep too much, otherwise I'd be up in time for Frankfurt ideally. No chance, I'm afraid.
  • #4,966
  • Mar 18, 2010 11:19am Mar 18, 2010 11:19am
Thatīs what i call a high-probability-setup:

Entry:
1.) s/r-zone
2.) "50"
3.) Shooting Star

Exit:
1.) "20"
2.) S1
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 17 KB
Donīt live for working, but work for living.
  • #4,967
  • Mar 18, 2010 1:37pm Mar 18, 2010 1:37pm
Quoting matsf
Thatīs what i call a high-probability-setup:

Entry:
1.) s/r-zone
2.) "50"
3.) Shooting Star

Exit:
1.) "20"
2.) S1
Nice one, mate! Does this mean we're going to see more of you from now on?
  • #4,968
  • Mar 18, 2010 3:00pm Mar 18, 2010 3:00pm
Hmm, iīd wish i could answer your question with "yes",
but in 6 weeks weīre gonna start to build our nice little house.
Thatīs a lot of work.
But i try to show most of my trades here.

@serj1:
Here you are...
Attached File(s)
File Type: ex4 Pivots + Fibos.ex4   15 KB | 454 downloads
File Type: mq4 Pivots + Fibos.mq4   17 KB | 525 downloads
Donīt live for working, but work for living.
  • #4,969
  • Mar 18, 2010 7:48pm Mar 18, 2010 7:48pm
Had a great run earlier today on the g/j!
Was good for ~50 pips
Attached Image (click to enlarge)
Click to Enlarge Name: sr entry.gif Size: 22 KB
  • #4,970
  • Mar 19, 2010 3:55am Mar 19, 2010 3:55am
Not a bad start to the day. 5m cable produced this quick move, stemming from a nice little doji forming right on a descending 13ema. Then there was a wait to see whether or not price would pierce the midpoint/xx75 confluence. Entry and exit as shown.
Attached Image
  • #4,971
  • Mar 19, 2010 3:59am Mar 19, 2010 3:59am
Quoting T Bryant
Had a great run earlier today on the g/j!
Was good for ~50 pips
Good one, TB, and welcome to the thread. Hope to see more from you, mate.
  • #4,972
  • Mar 19, 2010 4:00am Mar 19, 2010 4:00am
Quoting matsf
but in 6 weeks weīre gonna start to build our nice little house.
Thatīs a lot of work.
But i try to show most of my trades here.
That IS a lot of work, mate, and I wish you lots of luck. Look forward to seeing you drop by as and when you can spare the time, mate.
  • #4,973
  • Mar 19, 2010 8:30am Mar 19, 2010 8:30am
The trades were partially based on "Psych" levels, i.e. Trade 2 was done in respect of xx00. Trade 1 was based primarily on price reaction to prior range (prior Highs) - that happened to be on xx20.

SL was hit (at xx50): I deliberately set it too tight - although the price could still make it to the next xx00 level, I don't want any Friday surprised, and RR13 is good enough for me with that trade

P.S. White line is EMA20, blue - SMA50 (don't ask). BB - part of Ryanmcd's method (see Jankone's thread, if you are interested).
Attached Image (click to enlarge)
Click to Enlarge Name: EU_M15_-_two_trades.png Size: 52 KB
One Chart is Worth Ten Thousand Words.
  • #4,974
  • Mar 19, 2010 2:03pm Mar 19, 2010 2:03pm
@ev:
The indicator with english language.
Iīm sorry...
Attached File(s)
File Type: mq4 Pivots + Fibos engl..mq4   17 KB | 661 downloads
Donīt live for working, but work for living.
  • #4,975
  • Mar 26, 2010 7:51am Mar 26, 2010 7:51am
Islander posted several examples of how he uses Volume. There has been a lot of debate as to whether Volume means anything with FX.

Anyway, here's an interesting article as to how Volume (in particular) could be used. And here's today's example of how that principle worked.
Attached Image (click to enlarge)
Click to Enlarge Name: Volume.png Size: 13 KB
Attached File(s)
File Type: pdf Profiting From What the Market Doesn't Do.pdf   92 KB | 1,021 downloads
One Chart is Worth Ten Thousand Words.
  • #4,976
  • Mar 27, 2010 6:09am Mar 27, 2010 6:09am
Hello

I noticed this on Friday and thought I would comment. EU was trading above R1 and retraced back to it. Then in the US session it rallied up again. I have noticed that EU does retrace to SR levels regularly. Do people here trade these situations and if so how?

Thanks

PP
Attached Image (click to enlarge)
Click to Enlarge Name: EUFri26Mar10.gif Size: 20 KB
  • #4,977
  • Mar 27, 2010 8:31am Mar 27, 2010 8:31am
Quoting pi piper
Hello

I noticed this on Friday and thought I would comment. EU was trading above R1 and retraced back to it. Then in the US session it rallied up again. I have noticed that EU does retrace to SR levels regularly. Do people here trade these situations and if so how?

Thanks

PP
sometimes pivots just get blown away by price action and sometimes price retraces back to these pivots i try and use trendlines though with pivots
  • #4,978
  • Mar 27, 2010 6:27pm Mar 27, 2010 6:27pm
Quoting pi piper
Hello

I noticed this on Friday and thought I would comment. EU was trading above R1 and retraced back to it. Then in the US session it rallied up again. I have noticed that EU does retrace to SR levels regularly. Do people here trade these situations and if so how?

Thanks

PP
For me the line in the sand for direction is Price at London open. The R1 price coincided with 2 things - psych xx50 level, and london open price. Its all about confluence, as acumen, EV, islander and vantage show in their charts.

Cheers,
K.
  • #4,979
  • Mar 28, 2010 9:18am Mar 28, 2010 9:18am
Quoting kermut
For me the line in the sand for direction is Price at London open. The R1 price coincided with 2 things - psych xx50 level, and london open price. Its all about confluence, as acumen, EV, islander and vantage show in their charts.

Cheers,
K.

So if the market is over your line in the sand do you place a Buy Limit at R1 OR wait for PA to develop after price has interacted with R1?
  • #4,980
  • Mar 28, 2010 5:02pm Mar 28, 2010 5:02pm
Because I scalp, and only try to scalp very HP setups, I wait for price action to develop a bit. I may make an initial entry with a small size to see what happens, and then go in with normal once there is confirmation, but mainly wait for price action development. If you have a look at the 1M chart at that time, PA would tell you to either not look for shorts, and atleast tempt you to take a 'test the water' position long.

Cheers,
K.
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