Psych Levels, Pivots, and Trendlines - Resurrected | Page 269 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,361
  • Nov 12, 2010 4:32am Nov 12, 2010 4:32am
Quoting Vantage
I must say EV having looked at your charts recently Mrs V and I (she sends regards ) are getting really good warm fuzzy feelings on 15 min charts .

GU 15 min engulfing neg close through the psych level.

Nice one, cheers.
I went back to 15m charts after again studying Mike's (acumen) charts and realizing how they were actually easier to analyse. It just means, of course, that one has to be a bit more patient in one's approach, but the results overall are a pretty good indication of how patience can be rewarded!
Hope you are well, mate, and my very best to your good lady.
  • #5,362
  • Nov 12, 2010 4:36am Nov 12, 2010 4:36am
Quoting Vantage
I must say EV having looked at your charts recently Mrs V and I (she sends regards ) are getting really good warm fuzzy feelings on 15 min charts .

GU 15 min engulfing neg close through the psych level.

Nice one, cheers.
Hello again V. Hope you & Mrs V are well and enjoying the start of your summer.
Its interesting returning & reading the thread, & also noticing the number of 15 min setups. Which currencies are you feeling warm & fuzzy about on these 15 min setups?
  • #5,363
  • Nov 12, 2010 4:38am Nov 12, 2010 4:38am
Quoting zhdeef
Hi EV

A couple of weeks back you recommended putting pivot lines on charts. Well, I've done that, looked at your trades here, & with chart time got more comfortable. I've found them a great tool & they've helped make some great trades.

Today is a good example. Sold GU at 16046 on bounce off ema34 & S1, good looking breakout of previous hammer & rn50. I didn't feel the need to worry about MS2. Set my target for S2 but as move down was so forceful reset to rn00 (& moved stops). It actually made S3, but I'm happy with 46 pips, especially on a Friday!

Mant...
A really nice trade, mate. As for the thread, well, it was originated by acumen and I was one of his converts in the early days. He's gone on to bigger and better things now, but I can't think of a better place to stick around as this method has been so rewarding for me.
Cheers
  • #5,364
  • Nov 12, 2010 4:43am Nov 12, 2010 4:43am
Quoting Barry Cade
Hello again V. Hope you & Mrs V are well and enjoying the start of your summer.
Its interesting returning & reading the thread, & also noticing the number of 15 min setups. Which currencies are you feeling warm & fuzzy about on these 15 min setups?
Hi Barry
GU as usual, eu and ej with the odd look at au.

We used to focus on 1hr and 5 min. Then added 15 min to weed out agressive candles that you don't see on 5 min alone. Now we find that we are focusing on 15 min and once we see nice candle there (hammers/shooting stars, engulfing or inside candles with little/no wick in direction of trade) we then go (again as usual) to 5/1 min for the hl/lh confirmation in direction of 15 min.

Our 15 min charts have 21 ema as it approx = to 1 hr 8 lwma. Also the prev day high/low +open.

We have pivots on 1 hr and 5 min charts using fxpro DO which is 2 hrs ahead of gmt at the mo.
  • #5,365
  • Nov 12, 2010 5:10am Nov 12, 2010 5:10am
Here's another good M15 trade this morning. Just missed this though - wasn't looking at EU!

HL, bounce from MS1 rn25 area, engulfing candle. I would have entered at 13646 (high of engulfing candle). It went up to DP & beyond (I might have looked at rn00 target)!

There are plenty of KISS M15 opportunities without to much stress. It's my favourite place at the moment.
Attached Image (click to enlarge)
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  • #5,366
  • Nov 12, 2010 5:52am Nov 12, 2010 5:52am
Quoting Vantage
Hi Barry
GU as usual, eu and ej with the odd look at au.

Our 15 min charts have 21 ema as it approx = to 1 hr 8 lwma. Also the prev day high/low +open.
Interesting thanks. 21 is another FIB number, as is 34. Do you not use 34?
  • #5,367
  • Nov 12, 2010 6:19am Nov 12, 2010 6:19am
Quoting Barry Cade
Interesting thanks. 21 is another FIB number, as is 34. Do you not use 34?
No simply 21sma is close to the 1hr 8 lwma which is an old fave of mine to determine short term trend.

The differences really in most ma's is not that much and not really worth bothering about, 21 or 34 is just an example. You could use either.
  • #5,368
  • Nov 15, 2010 2:28am Nov 15, 2010 2:28am
Price bellow EMA's & bellow DP , so thinking to short.
Found res. @ 3685 area (yellow)
As price cross down DP and ema13 holded I entered
Does not look like a "perfect" text book setup
1st target was RN 3650
when I did not see a clear break of this level
I exited with +19 pips
Attached Image (click to enlarge)
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  • #5,369
  • Nov 15, 2010 2:53am Nov 15, 2010 2:53am
2nd trade of the day :
Asian session was about 50 pips range .
In this case I actually waited for the BO of this range + BO of DP just a few pips bellow .
Target was @ RN 6050
Closed 50% close to the target , and moved SL to BE to give a chance to catch a nice runner.
But after one minute I did not have the patience and closed the 2nd half also , for a total of 30 pips.
It's obvious I need to work on patience but EV's way to set TP
and close the trade on the 1st hesitation is also IMHO a good approach.
So actually done for the day with almost +50 pips.
The key is still consistency ...
Attached Image (click to enlarge)
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  • #5,370
  • Nov 15, 2010 3:59am Nov 15, 2010 3:59am
Two good trades, David, and good explanations.
Well done!
  • #5,371
  • Nov 15, 2010 4:24am Nov 15, 2010 4:24am
EV
Can you pls tell me what is your
DP , S1 , R1 .... MS1 , MR1
for EU+GU
checking some indicators and settings
Tks
David
  • #5,372
  • Nov 15, 2010 5:22am Nov 15, 2010 5:22am
Quoting david4u
EV
Can you pls tell me what is your
DP , S1 , R1 .... MS1 , MR1
for EU+GU
checking some indicators and settings
Tks
David
Here you go.......

EU......DP - 3681, S1 - 3586, R1 - 3786, MS1 - 3633, MR1 - 3733

GU......DP - 6100, S1 - 6019, R1 - 6216, MS1 - 6059, MR1 - 6158

  • #5,373
  • Nov 15, 2010 3:01pm Nov 15, 2010 3:01pm
Tks mate
Is you mt4 gmt +2 ? Do you have Sunday data ?
In the EU my pivot are 1-2 pips away from yours
On GU.... up to 15 pips different (strange)
any idea ?
Tks
David

Quoting eyevoltage
Here you go.......

EU......DP - 3681, S1 - 3586, R1 - 3786, MS1 - 3633, MR1 - 3733

GU......DP - 6100, S1 - 6019, R1 - 6216, MS1 - 6059, MR1 - 6158

  • #5,374
  • Nov 15, 2010 4:26pm Nov 15, 2010 4:26pm
Quoting david4u
Tks mate
Is you mt4 gmt +2 ? Do you have Sunday data ?
In the EU my pivot are 1-2 pips away from yours
On GU.... up to 15 pips different (strange)
any idea ?
Tks
David
Hi David.
Yes, the mt4 platform I use is GMT +2 and doesn't have Sunday data.

The only reason why our pivots differ that I can think of is probably the brokers behind the platform. However, I could be wrong about that.....it wouldn't surprise me in the least!!

Thanks for your emails and the content therein, David. Much appreciated.
  • #5,375
  • Nov 16, 2010 1:29am Nov 16, 2010 1:29am
I was not at home when the Shooting Star was formed.
Look at the confluence.
Fibo cluster : Ret 50% of A-C +Ret 78.6% BC
and RN 3650 between them.
Saw this type of up channel break .
Liked the LH forming with this big spike.
Waited for price to break the previous Low (just to bars before) and also to be bellow EMA34.
Was aware of entering above RN 3600.
Target was at the confluence of 3575+MS1.
Tried to be smart so exited at 35833 with +22 pips.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eu short +22p z.jpg Size: 149 KB
  • #5,376
  • Nov 17, 2010 12:13pm Nov 17, 2010 12:13pm
Been very busy all day, so no time for trading. Nevertheless, I spotted this 2b trade forming and decided to give it a go, with a nice result. It's in a perfect spot as well......forming right on the Main Pivot Level and ready to plunge downwards. Exited because of the very close proximity of the RN.

Also posted on Vantage's thread, as they've been pretty popular on there.
Attached Image
  • #5,377
  • Nov 18, 2010 5:17am Nov 18, 2010 5:17am
This one just taken off a simple short TL drawn from a short series of LH's. Entry and exit as shown.
Attached Image
  • #5,378
  • Nov 19, 2010 2:58am Nov 19, 2010 2:58am
I dont recall these terms or maybe I am out of touch, but what do 2b and RN stand for?

Ive had a look at V's excellent thread and patently they refer to these but theres too many pages of the thread for me to research.
  • #5,379
  • Nov 19, 2010 3:06am Nov 19, 2010 3:06am
2b.... visit V's thread >>> 1st post
RN = round number (X.0000, X.2500 ,X.5000, X.7500)


Quoting Barry Cade
I dont recall these terms or maybe I am out of touch, but what do 2b and RN stand for?

Ive had a look at V's excellent thread and patently they refer to these but theres too many pages of the thread for me to research.
  • #5,380
  • Nov 19, 2010 3:41am Nov 19, 2010 3:41am
I took this trade as bounce off MR1 RN50 confluence.

Entered on green candle's high 16062. Was going to settle for a target at 75 but it kept going. Set TP of 25. It was a bit close to today's theatre of news but a good call (or just lucky).
Attached Image (click to enlarge)
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