Psych Levels, Pivots, and Trendlines - Resurrected | Page 276 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,501
  • Dec 9, 2010 5:16am Dec 9, 2010 5:16am
And again.
This time Main Pivot...
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Donīt live for working, but work for living.
  • #5,502
  • Dec 9, 2010 5:49am Dec 9, 2010 5:49am
Good to see you again, my friend. Two really nice trades......just shows you've still got a sharp eye for an opportunity!!
Hope to see more of your work as and when you can manage it, mate, although I know your time is at a premium right now!
Take care.
  • #5,503
  • Dec 9, 2010 10:07am Dec 9, 2010 10:07am
Thanks ev...

Another quick 13 pips.
I didnīt think it would work out as shown,
because this s/r was nearly too obvious...
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Donīt live for working, but work for living.
  • #5,504
  • Dec 9, 2010 10:12am Dec 9, 2010 10:12am
Quote
Interesting that you didnt appear to take the less risky one as it bounced off upper TL then dropped below 98000 psych line. If you are new to these, just have a flick through for Eyevoltages charts & explanations - they are peerless.

I will, thanks for the advice. Hmm, yes, I don't take trend line bounces, I trade breaks exclusively. There is nothing wrong with trading this way obviously. I have just trained myself to trade breaks. I can recognise when to enter and when something is not right.

I had a quick look at the markets this morning and there were a couple of good trades to be had. Can someone tell me if these pictures are too big, they look fine when I post them but I don't know if they are hogging the screen on other browsers.

First one is the one EV pointed out

http://i288.photobucket.com/albums/l...f?t=1291910466

The confluence of the 50% fib from last weeks up move, the channel width projection, 1.32 level and S1 made a great target (in hindsight).

Over on Oz...

http://i288.photobucket.com/albums/l...f?t=1291910950

A very clear break and re-test took us down to R1. Divergence too.

The US Dollar basket also broke above a significant trend line which added weight to these trades.
  • #5,505
  • Dec 9, 2010 10:16am Dec 9, 2010 10:16am
The pictures are okay, mysterio...
Donīt live for working, but work for living.
  • #5,506
  • Dec 9, 2010 11:11am Dec 9, 2010 11:11am
Quoting matsf
Thanks ev...

Another quick 13 pips.
I didnīt think it would work out as shown,
because this s/r was nearly too obvious...
I said you had a quick eye and you've proved it yet again, mate! I couldn't answer earlier 'cos I had to go out.
Nice trade, me old pal.
Is this the start of an matsf revival or are you going to vanish again?
  • #5,507
  • Dec 9, 2010 11:27am Dec 9, 2010 11:27am
Iīll do my very best...

As my time allows it, iīll post some trades.
Promise !

BTW:
I had another try to short at 3200, but was stopped out with -8.
Donīt live for working, but work for living.
  • #5,508
  • Dec 9, 2010 12:03pm Dec 9, 2010 12:03pm
Quoting matsf
Iīll do my very best...

As my time allows it, iīll post some trades.
Promise !

BTW:
I had another try to short at 3200, but was stopped out with -8.
No problem, mate. I'll keep an "eye" out for you!!
Cheers for now.
  • #5,509
  • Dec 9, 2010 12:16pm Dec 9, 2010 12:16pm
HELP !
How can one miss that...
Iīm getting old...
Perfect s/r-line on S1 AND SP.
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Donīt live for working, but work for living.
  • #5,510
  • Edited 12:55pm Dec 9, 2010 12:41pm | Edited 12:55pm
Quoting matsf
HELP !
How can one miss that...
Iīm getting old...
Perfect s/r-line on S1 AND SP.
Confluence with 34ema as well. Great setup! Sorry to hear you missed it. However, Ive been out all day, and theres been lots of really good confluence setups across a number of currencies. Grrrr. I was in all day yesterday from 10am and it was a very dull day for me. Double grrrr!

The good news is that we are spotting these trades, so thanks for posting despite your frustration. Lets bag the next batch.
  • #5,511
  • Dec 10, 2010 3:31pm Dec 10, 2010 3:31pm
If the thread owner was so successful with this why is he selling systems? Is anyone else having success wth this, have you added anything?
  • #5,512
  • Dec 10, 2010 3:57pm Dec 10, 2010 3:57pm
Quoting Stilgare
If the thread owner was so successful with this why is he selling systems? Is anyone else having success wth this, have you added anything?
The thread owner was and still is VERY successful with this method. He's now elaborated it a little and added one or two items that make it even better and markets it. And why shouldn't he? Personally, I don't see anything wrong in this.

Why does anyone SELL anything? To make money!! And as long as his method is original and he's not pinching anybody else's copyright, what's your problem?
  • #5,513
  • Dec 10, 2010 5:03pm Dec 10, 2010 5:03pm
Quoting eyevoltage
The thread owner was and still is VERY successful with this method. He's now elaborated it a little and added one or two items that make it even better and markets it. And why shouldn't he? Personally, I don't see anything wrong in this.

Why does anyone SELL anything? To make money!! And as long as his method is original and he's not pinching anybody else's copyright, what's your problem?
Well, his blatant marketing style makes me uneasy about how successful he was. As far as making money is concerned from selling systems, I thought the aim of forex was to make money by trading, and to that, if successful, at a level that would eclipse that of book sales ( I doubt he would be realisticly expecting to sell a mill+ copies you see).

Anyway, to each his own.
  • #5,514
  • Dec 11, 2010 2:58am Dec 11, 2010 2:58am
Quoting eyevoltage
The thread owner
I wanted to let him know that I am sorry I made a stupid comment over at the E/U thread. I wasn't trying to do harm and wasn't thinking when I threw that out....

If you are in touch with him I'd appreciate it if you'd pass that along.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #5,515
  • Dec 11, 2010 4:04am Dec 11, 2010 4:04am
Quoting The Fool
I wanted to let him know that I am sorry I made a stupid comment over at the E/U thread. I wasn't trying to do harm and wasn't thinking when I threw that out....

If you are in touch with him I'd appreciate it if you'd pass that along.
Passed along as requested, mate.
  • #5,516
  • Dec 13, 2010 6:56am Dec 13, 2010 6:56am
15m Cable......

I watched this doji/hanging-man candle forming across the 34ema and the S1/xx50 confluence, and waited for a possible bearish candle. Not only was it bearish, it had strong momentum and I was in as indicated, and out at the mid-point/xx25 confluence.
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  • #5,517
  • Dec 13, 2010 2:00pm Dec 13, 2010 2:00pm
Quoting eyevoltage
15m Cable......

I watched this doji/hanging-man candle forming across the 34ema and the S1/xx50 confluence, and waited for a possible bearish candle. Not only was it bearish, it had strong momentum and I was in as indicated, and out at the mid-point/xx25 confluence.
ev,

great trade.
additionally, the bearish candle engulfed the hanging man.

cheers.
  • #5,518
  • Dec 14, 2010 2:53am Dec 14, 2010 2:53am
Quoting pgd
ev,

great trade.
additionally, the bearish candle engulfed the hanging man.

cheers.
Thanks, mate, but I must point out that the bearish candle wasn't an engulfing candle. On candle charts, only the BODIES of the candles are taken into account, and not the shadows, whereas on bar charts, the whole bar is considered. If my chart had been a bar chart, then I'm assuming that the bar you're referring to would have been an OUTSIDE bar? Is that right?
  • #5,519
  • Edited 9:48am Dec 14, 2010 7:26am | Edited 9:48am
Hello folks. This is what I've got my eyes on today. A trend line that has been respected all day. Either we rally up from here or it breaks through. A break down would take me in short targeting today's open (1.3387ish).

http://i288.photobucket.com/albums/l...f?t=1292333186

UPDATE:

I got stopped out on this one by a whisker. We had a big bounce up from 200 EMA. Pretty frustrating when that happens, but I did break my rules here by not moving my stop to break even.

http://i288.photobucket.com/albums/l...f?t=1292341105
  • #5,520
  • Dec 14, 2010 10:04am Dec 14, 2010 10:04am
That was tough luck, mysterio........

I haven't been trading today.....been too busy with other things, but watching in passing, so to speak.
I know this is hindsight, but my slant on this one would have been the breakout from the rising wedge and targeting perhaps the xx00 psych-line.

Just an example of how this method can throw up opportunities that can be approached in different ways.
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