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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,281
  • Oct 21, 2010 7:22am Oct 21, 2010 7:22am
The ema's are back on (thanks for reminding me, mdowd!!).
Price had already moved below the MPL, so I was happy to see this Dark Cloud Cover forming in the MA zone just below the MPL. Entry just under the DCC and exit as price reached and breached the mid-point level.
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  • #5,282
  • Oct 26, 2010 5:26am Oct 26, 2010 5:26am
This is from the 5m cable. I wasn't around to take these, but it's useful to post the chart for others to perhaps learn from.

The little blue rectangle shows price heading back down towards the R2 line, but the candles are very small and even though the bears are dominating, there's very little conviction there. Price then shows a tweezer bottom ABOVE the R2, indicating that there's going to be nothing more from the bears and price will reverse upwards. Price then bounced off the mid-point level, before continuing up with strong momentum to the R3 line. I drew the TL to show a possible entry point above the mid-point.
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  • #5,283
  • Oct 26, 2010 5:30am Oct 26, 2010 5:30am
Quoting eyevoltage
This is from the 5m cable. I wasn't around to take these, but it's useful to post the chart for others to perhaps learn from.

The little blue rectangle shows price heading back down towards the R2 line, but the candles are very small and even though the bears are dominating, there's very little conviction there. Price then shows a tweezer bottom ABOVE the R2, indicating that there's going to be nothing more from the bears and price will reverse upwards. Price then bounced off the mid-point level, before continuing up with strong momentum to the...
I got a nice gu trade earlier and was pottering around also away from the computer and missed the nice hl that comes just after the low you show.

Coulda, woulda, shoulda!!!
  • #5,284
  • Oct 26, 2010 5:35am Oct 26, 2010 5:35am
Quoting Vantage
I got a nice gu trade earlier and was pottering around also away from the computer and missed the nice hl that comes just after the low you show.

Coulda, woulda, shoulda!!!

Them's the breaks, mate!
  • #5,285
  • Oct 26, 2010 2:17pm Oct 26, 2010 2:17pm
ev,

your illustrations are awesome.
  • #5,286
  • Oct 26, 2010 6:13pm Oct 26, 2010 6:13pm
Quoting samk090905
ev,

your illustrations are awesome.
Thank you, samk.......I'm glad you like them and I hope they help you in your trading.
Cheers
  • #5,287
  • Oct 26, 2010 6:27pm Oct 26, 2010 6:27pm
Quoting eyevoltage
Thank you, samk.......I'm glad you like them and I hope they help you in your trading.
Cheers
just learning, but your illustrations are quite simple and comprehensible.

do you have an actual strategy that you follow or whatever that a chart may present?

incidentally, i've read somewhere that candle formation are not reliable (like the hammer, dark cloud cover, etc...). is that true?

thank you ev,
  • #5,288
  • Oct 27, 2010 3:29am Oct 27, 2010 3:29am
Quoting samk090905
just learning, but your illustrations are quite simple and comprehensible.

do you have an actual strategy that you follow or whatever that a chart may present?

incidentally, i've read somewhere that candle formation are not reliable (like the hammer, dark cloud cover, etc...). is that true?

thank you ev,
The strategy I follow is close to acumen's (the originator of this thread), so if you read his contributions then you'll see how it works. Also, get on YouTube and see his videos on there. It's all very simple but effective.

Some traders, it's true, won't have anything to do with candlestick formations etc., and of course, they're entitled to their opinions. However, the Japanese traders have been using them for around 300 years now, so I guess that speaks for itself. Personally, I think they're great, and well worth studying. If you look through some of my earlier charts, you'll see I use candlestick formations a lot. Check them out for yourself, mate. Don't listen to other people. Do a spot of studying and then form your own opinion. Google "candlestick trading" or something like that, and you'll have all the information you need on the subject.

Hope that helps.
  • #5,289
  • Oct 27, 2010 4:08am Oct 27, 2010 4:08am
Eyevoltage Would you have a new link to acumen's videos on YouTube? The old one will not work.

Thanks
  • #5,290
  • Oct 27, 2010 5:24am Oct 27, 2010 5:24am
Quoting atlas
Eyevoltage Would you have a new link to acumen's videos on YouTube? The old one will not work.

Thanks
If you get on YouTube and look for a contributor named "thefxpivotpoint", you'll be able to access acumen's current videos.
I understand that his old website is now deactivated.
  • #5,291
  • Oct 28, 2010 4:11am Oct 28, 2010 4:11am
I usually post on Vantage's excellent thread, but I've also learned a lot from this one too. I've moved towards using trendines as support/resistance areas & they are important in my trades especially as targets. Also the KISS outlook is something I aspire to. This trade might be appropriate for these pages. Apologies for cross posting on the hllh thread.

Took this trade earlier from lh on m15.

Good candle pattern as price bounced off res trend line/rn.

Cautious entry just below rn on 15795 on new candle breakout.

Target was sup tl/rn 15750 confluence but I bailed out at 15768 after a couple of unsuccesful pokes on m5 to penetrate barrier around 15760.
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  • #5,292
  • Oct 28, 2010 5:37am Oct 28, 2010 5:37am
Quoting zhdeef
I usually post on Vantage's excellent thread, but I've also learned a lot from this one too. I've moved towards using trendines as support/resistance areas & they are important in my trades especially as targets. Also the KISS outlook is something I aspire to. This trade might be appropriate for these pages. Apologies for cross posting on the hllh thread.

Took this trade earlier from lh on m15.

Good candle pattern as price bounced off res trend line/rn.

Cautious entry just below rn on 15795 on new candle breakout.

Target was sup tl/rn 15750...
Nice trade, mate. Do you not use Pivot Points? Just curious.
  • #5,293
  • Oct 28, 2010 5:53am Oct 28, 2010 5:53am
Just finished this trade on 15m cable.
After price pushed through R1 and my little TL, I waited for the next candle, and entered just above the high of the previous one. Exited after price breached the mid-point line and starting retreating.
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  • #5,294
  • Oct 28, 2010 6:00am Oct 28, 2010 6:00am
Quoting eyevoltage
Nice trade, mate. Do you not use Pivot Points? Just curious.
Haven't yet used pivot points. Those extra lines would give me more factors to consider/distract. I would use them if someone could convince me that they gave an extra edge. I'm always open to new tools.

By the way, I notice from a previous post that you use spread bet bookies rather than broker. I'm in UK & considering that too. How do you find it? I presume you use MT4 to look for set ups & spread bet platform to make trade?
  • #5,295
  • Oct 28, 2010 6:06am Oct 28, 2010 6:06am
Quoting zhdeef
Haven't yet used pivot points. Those extra lines would give me more factors to consider/distract. I would use them if someone could convince me that they gave an extra edge. I'm always open to new tools.

By the way, I notice from a previous post that you use spread bet bookies rather than broker. I'm in UK & considering that too. How do you find it? I presume you use MT4 to look for set ups & spread bet platform to make trade?
As far as PP's are concerned, the only person who can convince you of the advantage that they can give to your trading, is YOU!! Put a separate chart up, put PP's on them and then just watch and study. Combined with candlestick patterns, they can be devastating, but that's MY view.

Yes, I use a spread-betting firm and use MT4 for my set-ups. You have to be a little quicker with the mouse, admittedly, but I honestly prefer to trade by spread-betting. Of course, the fact that there's no tax involved is a plus!!
  • #5,296
  • Oct 28, 2010 6:22am Oct 28, 2010 6:22am
Quoting eyevoltage
As far as PP's are concerned, the only person who can convince you of the advantage that they can give to your trading, is YOU!! Put a separate chart up, put PP's on them and then just watch and study. Combined with candlestick patterns, they can be devastating, but that's MY view.

Yes, I use a spread-betting firm and use MT4 for my set-ups. You have to be a little quicker with the mouse, admittedly, but I honestly prefer to trade by spread-betting. Of course, the fact that there's no tax involved is a plus!!
You are right! I'll have a look at pps over the weekend.

The prospect of no tax & minimal contact with HMRC is worth an extra bit of bother with a mouse. I'll check that out too.

Cheers!
  • #5,297
  • Oct 28, 2010 7:18am Oct 28, 2010 7:18am
A nice little falling wedge pattern on the mid-point line is the starting gun for this trade. Entry and exit as shown. Nice and simple.
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  • #5,298
  • Oct 28, 2010 9:16am Oct 28, 2010 9:16am
Looks like cable has been the place to be today. Yet another falling wedge pattern, this time forming on the R2 line, heralded another neat little trade. Once the upper line of the wedge was broken, very closely followed by a breach of R2, it was time to enter. The next mid-point level was the target and exit is clearly marked.
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  • #5,299
  • Oct 28, 2010 11:02am Oct 28, 2010 11:02am
I didn't trade this one, as I was away from the computer and only spotted the result when I got back, but it's worth posting for reference sake.

The pattern this time is a symmetrical triangle, which usually heralds a trend continuance, and obviously this time, didn't disappoint. Again, this pattern formed right on a pivot line, this time a mid-point. If traded, it would have been worth around 25-30 pips or so.

These patterns happen all the time and as is plain to see, are very tradeable and represent high-probability opportunities.
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  • #5,300
  • Edited 8:57am Oct 29, 2010 7:54am | Edited 8:57am
Hi EV

Can you help me out by telling me what you would have done here please.

On GU we came down to a key area (two previous H1 swing highs) and around the DP.
I was short at the time from the wedge Breakout pullback on the 15min LH but was watching for PA to confirm exit of trade I didn't want to exit without PA confirmation on this trade incase 15880-70 area couldn't hold as support becasue next stop for me was 15825.

The exit signal was the bull flag breakout (blue line) but the reason I didn't go long at the bull flag breakout was becasue the H1 closed as an IB under the DP which made me nervous.
I am really just wondering if you would have payed attention to the close under the DP on H1 or as it was a good clear signal on the 15min off good area you would have took the trade?

15min and H1 below.

Cheers
Reflex.
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