Psych Levels, Pivots, and Trendlines - Resurrected | Page 255 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,081
  • Aug 24, 2010 3:20am Aug 24, 2010 3:20am
We wasted our time on a gu sell for -4 and missed ej running its stops.

We did get this retreat back to psych level and push lower for +33.
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  • #5,082
  • Aug 24, 2010 3:22am Aug 24, 2010 3:22am
Quoting eyevoltage
Interesting trading partnership you have with Mrs V, Dave. Do you ever retaliate? Or would that be asking for trouble?

Hey Paul Mrs V just popped out so I can tell you that I'm the boss.

She's pretty much on the ball most of the time though.
  • #5,083
  • Aug 24, 2010 3:23am Aug 24, 2010 3:23am
Thanks EV, I had an old version of sweetspot.

I have set the new version and working like a dream
  • #5,084
  • Aug 24, 2010 3:31am Aug 24, 2010 3:31am
Quoting Vantage
Hey Paul Mrs V just popped out so I can tell you that I'm the boss.

She's pretty much on the ball most of the time though.
So I'm guessing that you won't let her see the postings when she gets back? Or there'll be another smacking on the cards? The way you're going, Dave, your gonna need a damn good health plan!
  • #5,085
  • Aug 24, 2010 3:32am Aug 24, 2010 3:32am
Quoting traderlin
Thanks EV, I had an old version of sweetspot.

I have set the new version and working like a dream
You're welcome, old chap.
  • #5,086
  • Aug 24, 2010 5:59am Aug 24, 2010 5:59am
Two trades from EJ so far today.

First one indicated by a nice little gravestone doji touching the xx75 psych-line, and then an entry just under the low of the candle breaching S2.

Second entry after a large harami candle, but then I watched as price headed back up to the xx50 psych-line again. The little yellow cross indicates my SL. Happily, price reversed again from the xx50 psych-line, and I was happy to grab a profit that didn't seem probable a little earlier.
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  • #5,087
  • Aug 24, 2010 6:37am Aug 24, 2010 6:37am
Price seems to be happy just ranging between the xx50 and the xx25 psych-lines, which almost always throws up good trading opportunities. This one is as a result of a bearish engulfing candle right on the xx50 PL, and the entry was just under the low of said candle. It has to be said that there was a fair bit of buying opposition during the trade (see the lower shadows).
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  • #5,088
  • Aug 24, 2010 6:39am Aug 24, 2010 6:39am
How do you determine your exit strategy if you don't mind me asking
  • #5,089
  • Aug 24, 2010 6:44am Aug 24, 2010 6:44am
Quoting Musashi
How do you determine your exit strategy if you don't mind me asking
My exit strategy is pretty primitive, mate. I just aim for the next line down (or up) and if price gets there, I bail out unless price shows good momentum and looks as if it could go further. However, if I'm in a trade and price is showing a clear reluctance to go where I want it to go, then I'm out and waiting for the next one.
Hope this helps, mate. By the way, I like your stuff over at V's thread.
Cheers
  • #5,090
  • Aug 24, 2010 6:58am Aug 24, 2010 6:58am
Quoting eyevoltage
My exit strategy is pretty primitive, mate. I just aim for the next line down (or up) and if price gets there, I bail out unless price shows good momentum and looks as if it could go further. However, if I'm in a trade and price is showing a clear reluctance to go where I want it to go, then I'm out and waiting for the next one.
Hope this helps, mate. By the way, I like your stuff over at V's thread.
Cheers
No worries, it's a difficult thing to know how to exit at the best of times.

I know exactly what you mean. Ever since I added the 25 pip interval to my 50 pip interval I'm totally blown away by the trading opportunities that present.

Range bars allow for clear signals and best of all the bars are all the same size unlike the 5min bars etc.

Bearish reversal candles at these key levels are a very good sign on Range Bars. You should check them out for sure.

If you like candlestick patterns you'll love them
  • #5,091
  • Aug 24, 2010 7:07am Aug 24, 2010 7:07am
Quoting Musashi
No worries, it's a difficult thing to know how to exit at the best of times.

I know exactly what you mean. Ever since I added the 25 pip interval to my 50 pip interval I'm totally blown away by the trading opportunities that present.

Range bars allow for clear signals and best of all the bars are all the same size unlike the 5min bars etc.

Bearish reversal candles at these key levels are a very good sign on Range Bars. You should check them out for sure.

If you like candlestick patterns you'll love them
I told V just recently that I wasn't really interested in RB's, but it has to be said that not only do they look pretty cool (!), they also seem to get good results. I might indeed have another look at them and try and figure out how to get them up on my screen. Yep, I love candlestick patterns and I've found they can be a killer-diller around the psych-lines, not to mention the Pivot Points. I still maintain that indicators just aren't necessary when one is employing these tactics.
  • #5,092
  • Aug 24, 2010 7:11am Aug 24, 2010 7:11am
Quoting eyevoltage
I told V just recently that I wasn't really interested in RB's, but it has to be said that not only do they look pretty cool (!), they also seem to get good results. I might indeed have another look at them and try and figure out how to get them up on my screen. Yep, I love candlestick patterns and I've found they can be a killer-diller around the psych-lines, not to mention the Pivot Points. I still maintain that indicators just aren't necessary when one is employing these tactics.
Might not be as big a diff for you mate to go with RB's. You often seem to take a trade on an open candle if it breaks in your direction, whereas I'm a closed candle only trader.
  • #5,093
  • Aug 24, 2010 7:14am Aug 24, 2010 7:14am
Quoting eyevoltage
I might indeed have another look at them and try and figure out how to get them up on my screen.
http://www.forexfactory.com/showthre...40#post3938040

Clear explanation with pictures in case you missed how to set them up.

Just have a chart open next to your typical 5min charts, and watch you'll be quietly surprised.

I'm 2.4% increase to equity today using only 0.5% risk per trade.

I've been advised to decrease risk per trade which will decrease equity swings up and down, but seems to help with keeping emotions in tact.

  • #5,094
  • Aug 24, 2010 7:38am Aug 24, 2010 7:38am
Quoting Musashi
http://www.forexfactory.com/showthre...40#post3938040

Clear explanation with pictures in case you missed how to set them up.

Just have a chart open next to your typical 5min charts, and watch you'll be quietly surprised.

I'm 2.4% increase to equity today using only 0.5% risk per trade.

I've been advised to decrease risk per trade which will decrease equity swings up and down, but seems to help with keeping emotions in tact.

Thanks for that, M. If you have the time, would it be possible to put all the set-up info into a pdf? Just a thought.
  • #5,095
  • Aug 24, 2010 7:41am Aug 24, 2010 7:41am
Quoting eyevoltage
Thanks for that, M. If you have the time, would it be possible to put all the set-up info into a pdf? Just a thought.
It is possible, I can do that I think.... "I think"
  • #5,096
  • Aug 24, 2010 7:43am Aug 24, 2010 7:43am
Quoting Musashi
It is possible, I can do that I think.... "I think"
  • #5,097
  • Aug 24, 2010 8:50am Aug 24, 2010 8:50am
Quoting Vantage
Might not be as big a diff for you mate to go with RB's. You often seem to take a trade on an open candle if it breaks in your direction, whereas I'm a closed candle only trader.

Sorry, mate, for not replying. It totally slipped my mind due to the fact that I'm having a busy day both with trading and domestic matters.

Yes, you've seen me enter on open candles many times, mate, and very often with no problems at all. Waiting for the candle to close can mean leaving quite a few pips on the table from time to time, mate, but there again, I supposed it balances out in the end. Each to his own.
I'm thinking about taking M's advice and giving RB's a trial run, mate, if only to be able to say to myself that I at least tried them. I think I'll leave it until weekend and then use the dead time to try and get stuck in with them.
Have you lot in SA gone back to bed or something? It's all very quiet all of a sudden!
  • #5,098
  • Aug 24, 2010 8:54am Aug 24, 2010 8:54am
Quoting eyevoltage
Sorry, mate, for not replying. It totally slipped my mind due to the fact that I'm having a busy day both with trading and domestic matters.

Yes, you've seen me enter on open candles many times, mate, and very often with no problems at all. Waiting for the candle to close can mean leaving quite a few pips on the table from time to time, mate, but there again, I supposed it balances out in the end. Each to his own.
I'm thinking about taking M's advice and giving RB's a trial run, mate, if only to be able to say to myself that I at least tried...
I would definitely suggest trying them, after all I did try and nudge you last week I think it was.

One thing that has worked for me is to look for set ups as I normally would and once something is looking right switch to 7RB for entry.

Oh and yes Mrs V went shopping, I made lunch, pottered around the house, job (trading) as good as done hitting target early today.
  • #5,099
  • Aug 24, 2010 9:05am Aug 24, 2010 9:05am
Quoting Vantage
I would definitely suggest trying them, after all I did try and nudge you last week I think it was.

One thing that has worked for me is to look for set ups as I normally would and once something is looking right switch to 7RB for entry.

Oh and yes Mrs V went shopping, I made lunch, pottered around the house, job (trading) as good as done hitting target early today.
Sounds good, mate. As I said, I'll have more time at weekend hopefully, and then I'll have a go at getting them on a chart. Yes, I know you mentioned them to me recently, but sometimes it takes a kick up the arse for me to try something new!!
Cheers, pal.
  • #5,100
  • Edited 10:22am Aug 24, 2010 10:11am | Edited 10:22am
Would you have taken a short on EU after the spike and DCC off R1?

I learnt the name of the candle

Actually I think the short on GU would have been better. 5m doji, market almost touched 50%fib and more pips available down to S2

I jumped out of the short on EU at the pivot.
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