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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,441
  • Dec 2, 2010 5:02am Dec 2, 2010 5:02am
Quoting saylu
Hi,

Took this break a few mins after the news.

(Was also looking for a 1M HL no wick, didn't get that but entered when I saw solid continuation above the TL - hence posting here and not on V's HL-LH thread).

I didn't feel hugely comfortable with this but post news activity carried it through quickly.

Thanks for your examples EV - they're very useful.

Attachment
Nice trade, saylu, and I always take a leaf out of V's book these days by looking for HL/LH candles, even though I don't religiously stick to his rules.

I'm glad you find my examples beneficial, mate. Makes it all worth while.
Cheers
  • #5,442
  • Dec 2, 2010 5:08am Dec 2, 2010 5:08am
Quoting david4u
EV
It's the same trade as yours but in EU .
Actually a 123 setup , BO of the previous H .
Target was RN 3200
Good for +34 pips

Regarding your trade (and mine)
do you see any reason for not entering earlier ...?
- TL breakout
- price above ema34 .... ema13
- above 110.50 ... above T's Open
Tks
David
Nice one, David, from a good set-up.

Regarding your question......I said that it was a conservative approach to the trade, mate. A more aggressive trader would have entered after the break of the TL/13/34ema confluence. However, with a mid-point level and a psych-line in close proximity, I chose caution in this case.
  • #5,443
  • Dec 2, 2010 7:19am Dec 2, 2010 7:19am
Quoting eyevoltage
Nice trade, saylu, and I always take a leaf out of V's book these days by looking for HL/LH candles, even though I don't religiously stick to his rules.

I'm glad you find my examples beneficial, mate. Makes it all worth while.
Cheers
ev,

all so clearly explained.
sometimes, i do fumble with abbreviations, though. what are HL/LH candles?

also, may i make a suggestion...
all the good trades posted here are after the event since they are on M15 timeframe and there's not much one can do about that.

could we not start working with H1, H4 as well where you and others will then have time to post potential setups with charts in advance along with triggers, stops, targets. this, I think would be very useful since everyone would then know what to look for next. these setups in progress can be constructively discussed b4 trades are taken.

thanks.
cheers.
  • #5,444
  • Dec 2, 2010 7:37am Dec 2, 2010 7:37am
Quoting pgd
ev,

all so clearly explained.
sometimes, i do fumble with abbreviations, though. what are HL/LH candles?

also, may i make a suggestion...
all the good trades posted here are after the event since they are on M15 timeframe and there's not much one can do about that.

could we not start working with H1, H4 as well where you and others will then have time to post potential setups with charts in advance along with triggers, stops, targets. this, I think would be very useful since everyone would then know what to look for next. these...
HL = Higher Low
LH = Lower High

Sorry, mate, but I don't do higher TF's than 15 minute. Just not my scene. In any case, I try to stick to acumen's (the originator of the thread) method, which incorporated 5m and 15m trading.
  • #5,445
  • Edited 12:06pm Dec 2, 2010 12:02pm | Edited 12:06pm
I've been pretty busy both indoors and out all afternoon, so I missed this beaut of a trade on the Aussie.

The blue square shows a really nice HL right on the Main Pivot Level, and for me, entry would have been just above the confluence of the 13/34emas or, more likely, just above the mid-point level. Target could have been either xx25 or R1.



Edit: Also posted on V's HL/LH thread.
Attached Image
  • #5,446
  • Dec 2, 2010 1:09pm Dec 2, 2010 1:09pm
Quoting eyevoltage
Nice one, David, from a good set-up.

Regarding your question......I said that it was a conservative approach to the trade, mate. A more aggressive trader would have entered after the break of the TL/13/34ema confluence. However, with a mid-point level and a psych-line in close proximity, I chose caution in this case.
Bit too risky any earlier, unless you are a pip bandit. Yesterdays high also at 110.75
  • #5,447
  • Dec 2, 2010 1:10pm Dec 2, 2010 1:10pm
[quote=eyevoltage;4217144]I've been pretty busy both indoors and out all afternoon, so I missed this beaut of a trade on the Aussie.

The blue square shows a really nice HL right on the Main Pivot Level, and for me, entry would have been just above the confluence of the 13/34emas or, more likely, just above the mid-point level. Target could have been either xx25 or R1.



EV, thanks for inc Oz. Great example, but I have a question.
I agree, in view of prev high I would have waited for just above mid pp but then approx 10 pips from psych at 9700. From your experience with Oz, how relevant are psychs, as the trade ran thro 9700?
  • #5,448
  • Dec 2, 2010 1:33pm Dec 2, 2010 1:33pm
Quoting eyevoltage
HL = Higher Low
LH = Lower High

Sorry, mate, but I don't do higher TF's than 15 minute. Just not my scene. In any case, I try to stick to acumen's (the originator of the thread) method, which incorporated 5m and 15m trading.
Eyevoltage,

1.
So, HL-LH would be an "inside bar", right?

2.
I appreciate re. sticking to M15.
could you then, try posting advance charts when possible, re. what u're looking for as the next probable setup...

thanks.
  • #5,449
  • Dec 3, 2010 3:23am Dec 3, 2010 3:23am
Quoting pgd
Eyevoltage,

1.
So, HL-LH would be an "inside bar", right?

2.
I appreciate re. sticking to M15.
could you then, try posting advance charts when possible, re. what u're looking for as the next probable setup...

thanks.
PGD
unfortunately no, it isnt an inside bar. An inside bar is a 2 candle formation.
If you want more info on trading HL/LH, which is a sequence of movements across a number of candles, its best to visit Vantages thread, which is excellent at http://vantagefx.blogspot.com/ . Page 1 describes it, but I would read several pages at the beginning and the last dozen so you get a much better feel for this type of trading. Its excellent, and works really well with the themes of this thread
  • #5,450
  • Dec 3, 2010 3:24am Dec 3, 2010 3:24am
[quote=Barry Cade;4217293]
Quoting eyevoltage

EV, thanks for inc Oz. Great example, but I have a question.
I agree, in view of prev high I would have waited for just above mid pp but then approx 10 pips from psych at 9700. From your experience with Oz, how relevant are psychs, as the trade ran thro 9700?
Sorry, mate. Don't read too much into the fact that I didn't refer to the xx00 psych-line. I mentioned possible entry points (just above the MA'S and the mid-point level) and then totally forgot to mention the xx00!! No excuses, mate, just sloppy posting and I promise to do better next time!

As to your question, I've always found the Oz to be pretty respectful of psych-lines. However, as with all pairs, one can never tell when price is just going to blow straight through without stopping or retracing etc.

Thanks for getting in touch, mate.
  • #5,451
  • Dec 3, 2010 3:34am Dec 3, 2010 3:34am
Quoting pgd
Eyevoltage,

1.
So, HL-LH would be an "inside bar", right?

2.
I appreciate re. sticking to M15.
could you then, try posting advance charts when possible, re. what u're looking for as the next probable setup...

thanks.
Many thanks to Barry Cade for his answer to your first question. Working with candlesticks, there's no such thing as an "inside-bar", this being a pattern from a bar chart and not a candle chart. The difference being that an inside bar is inside the H/L of the previous bar if I'm not mistaken. The same sort of thing on a candlestick chart is called a "Harami", and the difference is that a Harami is a small candle inside the BODY of the previous candle, and the H/L is irrelevant in this case. Hope that's clear.

With regard to your 2nd question, I would be happy to post advance charts wherever possible, mate......no problem with that at all. Trouble is, I'm not always at the computer....sometimes I'm busy with other things, but if I see a potential set-up, then I'll try to post it in good time.
Thanks for your questions, mate.
  • #5,452
  • Dec 3, 2010 3:38am Dec 3, 2010 3:38am
Price retraced to RN 5600/T's Open/EMA34
Res becoming Supp.
Agressive entry as saw price above ema13
Target RN 5650
Good for +25 pips
Attached Image (click to enlarge)
Click to Enlarge Name: gu long +25.jpg Size: 114 KB
  • #5,453
  • Dec 3, 2010 3:56am Dec 3, 2010 3:56am
15M TL break again, in today's direction and above DP. Then 1M rejection of xx25 (not technically a Vantage HL), and waited for mid-level to break as well. I'd set a mental TP at xx50 but had to get out early for +14 (due to unrelated reasons). Should have set TP and let it run given I was at BE but figured news coming may as well take the 14.

But that means 4/4 this week (didn't see a good signal Wednesday during the one hour I could trade). I do just one trade a day if it wins. Then get to my day job. Patience seems to have improved recently and feel that has helped apply EV and V methods. Sure, a week is nothing statistically but a few weeks back I would see a signal and then jump in on fast movement thinking I must trade, only to look back and see all the warning or even contrary signs.

pdg, for me, a HL or LH is as defined in Vantage's thread: http://www.forexfactory.com/showthread.php?t=108544

Without wishing to steal Vantage's thunder, I see it as a 5M or 1M swing (not a candle) with a higher low than the previous swing, confirming rejection of a lower level (preferably a pivot or psych level). Vice versa for a LH. But I strongly recommend Vantages thread - it's a real gem.

Hope this helps.

Attached Image (click to enlarge)
Click to Enlarge Name: 20101203.JPG Size: 141 KB
  • #5,454
  • Dec 3, 2010 4:13am Dec 3, 2010 4:13am
Quoting david4u
Price retraced to RN 5600/T's Open/EMA34
Res becoming Supp.
Agressive entry as saw price above ema13
Target RN 5650
Good for +25 pips

That certainly WAS an aggressive entry, with R1 and xx25 in close proximity!! Still, it worked out well for you, mate. Well done.
  • #5,455
  • Dec 3, 2010 4:20am Dec 3, 2010 4:20am
Quoting saylu
15M TL break again, in today's direction and above DP. Then 1M rejection of xx25 (not technically a Vantage HL), and waited for mid-level to break as well. I'd set a mental TP at xx50 but had to get out early for +14 (due to unrelated reasons). Should have set TP and let it run given I was at BE but figured news coming may as well take the 14.

But that means 4/4 this week (didn't see a good signal Wednesday during the one hour I could trade). I do just one trade a day if it wins. Then get to my day job. Patience seems to have improved recently...
All good stuff, saylu, and a nice analysis as well. Those small TL's frequently work well and produce the goods!!
  • #5,456
  • Dec 3, 2010 4:32am Dec 3, 2010 4:32am
[quote=eyevoltage;4218679]
Quoting Barry Cade

Sorry, mate. Don't read too much into the fact that I didn't refer to the xx00 psych-line. I mentioned possible entry points (just above the MA'S and the mid-point level) and then totally forgot to mention the xx00!! No excuses, mate, just sloppy posting and I promise to do better next time!


Thanks for getting in touch, mate.
Thanks EV.
At home, snowed in but not trading as its big news day and I didnt get up early.

Looks like you need to clutter your super-clean charts with psych lines again!http://cdn.forexfactory.com/images/icons/icon10.gif
  • #5,457
  • Dec 3, 2010 4:38am Dec 3, 2010 4:38am
Quoting eyevoltage
Many thanks to Barry Cade for his answer to your first question. Working with candlesticks, there's no such thing as an "inside-bar", this being a pattern from a bar chart and not a candle chart. The difference being that an inside bar is inside the H/L of the previous bar if I'm not mistaken. The same sort of thing on a candlestick chart is called a "Harami", and the difference is that a Harami is a small candle inside the BODY of the previous candle, and the H/L is irrelevant in this case. Hope that's clear.

.
Good description. My apologies for mis-stating its a candle formation. Yep, its a harami in candlesticks.
For info I quickly looked up "inside bar". Full description and chart can be seen here http://www.dacharts.com/inside.htm
  • #5,458
  • Dec 3, 2010 5:49am Dec 3, 2010 5:49am
Quoting Barry Cade
Good description. My apologies for mis-stating its a candle formation. Yep, its a harami in candlesticks.
For info I quickly looked up "inside bar". Full description and chart can be seen here http://www.dacharts.com/inside.htm
Thanks, Barry, and no need for apologies.

This is my lot for the week, as I have to go out now and I'll be very busy for the rest of the day, so a good weekend to all.

In addition, maybe one of our overseas punters could post and tell us lads in the UK what warm sunshine and balmy breezes are like! With all this bloody snow and ice and freezing temperatures, I've forgotten!

CU next week.
  • #5,459
  • Dec 3, 2010 9:54am Dec 3, 2010 9:54am
[quote=Barry Cade;4218864]
Quoting eyevoltage

Thanks EV.
At home, snowed in but not trading as its big news day and I didnt get up early.

Looks like you need to clutter your super-clean charts with psych lines again!http://cdn.forexfactory.com/images/icons/icon10.gif
I know the weathers terrible, I haven't had 1 swim yet this summer the pool hasn't got above 24 deg C. I normally need 26 C minimum.
  • #5,460
  • Dec 3, 2010 9:57am Dec 3, 2010 9:57am
Quoting eyevoltage
That certainly WAS an aggressive entry, with R1 and xx25 in close proximity!! Still, it worked out well for you, mate. Well done.
EV normally I'm of opinion that in and around 8.30 gmt the 1st psych level etc isn't going to be a problem, even if close, it'll go.
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