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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,581
  • Dec 30, 2010 5:00am Dec 30, 2010 5:00am
Quoting eyevoltage
Morning, folks.
This trade was initiated by a large harami candle forming (in the blue square) right on the confluence of the 34ema and the mid-point level. The small trendline was necessary to give me some point of reference regarding an entry point. The strong momentum candle didn't quite reach the pivot line, so after a short waiting period, I bailed out.
I hope the holiday period lived up to everyones expectations. Are we now almost back to whatever passes as normal?

I thought I'd looksee if there were any trading opps after the hols. Took that same gu short just now, but for different reasons! Price left & returned to the res area around mr1. Entry at couple of pips below close price of bar that completes the m15 train lines pattern as price leaves res area for 2nd time. This is my fav pattern. Tp at pp. Price still dropping but I'm happy with my pips.
Attached Image (click to enlarge)
Click to Enlarge Name: guthurs.gif Size: 25 KB
  • #5,582
  • Dec 30, 2010 5:29am Dec 30, 2010 5:29am
I usually take a trade on the close of any m15 bar that continues to drop (or rise in case of uptrend) & closes across the pp. Didn't expect to see anything this morning so not prepared & left gu alone after my previous trade. Gu has dropped now through ms1. Where will it end? You never know.
  • #5,583
  • Edited 6:34am Dec 30, 2010 5:38am | Edited 6:34am
Hello folks, I just caught this on the Aussie/Dollar, safe exit is the pivot which it hit pretty quick, but with the strong momentum and the chance of some end of year profit taking I have set my stop to break even and will let it ride a bit further. It is a simple trend line break although you could draw it as a horizontal support.

Get well soon EV

http://i288.photobucket.com/albums/l...f?t=1293709060

1 hour chart says lower too. However my Aussie short didn't work too well last week.

http://i288.photobucket.com/albums/l...f?t=1293709782

Took it out +10 when it retraced to the pivot, oh well!
  • #5,584
  • Dec 30, 2010 6:07am Dec 30, 2010 6:07am
Quoting zhdeef
I hope the holiday period lived up to everyones expectations. Are we now almost back to whatever passes as normal?

I thought I'd looksee if there were any trading opps after the hols. Took that same gu short just now, but for different reasons! Price left & returned to the res area around mr1. Entry at couple of pips below close price of bar that completes the m15 train lines pattern as price leaves res area for 2nd time. This is my fav pattern. Tp at pp. Price still dropping but I'm happy with my pips.
I've said this before, but the beauty of this method is the way that trades crop up and people see the opportunities in different ways!
Nice one, zh, and yes, price kept dropping, but what the heck.....a profit is a profit!!
  • #5,585
  • Dec 30, 2010 6:10am Dec 30, 2010 6:10am
Hi mysterio.

I was watching that AU as well, but in passing, as I was too busy with other things to get involved.

Hope you got the max out of it, mate!
  • #5,586
  • Dec 31, 2010 5:02am Dec 31, 2010 5:02am
Another good trade where price leaves overnight congestion range & then returns to bounce off. Entered at 15486 just above green candle at mr1. Target of r1 hit (actually I went for just below at 15521). I had thought 15500 might be more realistic for 15 pips but thought that I'd tough it out to r1 as there seemed to be a bit of momentum & not too much wriggling around rn.
Attached Image (click to enlarge)
Click to Enlarge Name: gufri.gif Size: 24 KB
  • #5,587
  • Dec 31, 2010 5:16am Dec 31, 2010 5:16am
Another beautiful example of s/r at GU.

I know, itīs hindsight...

I wish to all of you a happy new year 2011, and another year with many many pips.

Especially to ev:
Take care and may god be with you.
Get well soon !!
Donīt live for working, but work for living.
  • #5,588
  • Dec 31, 2010 5:17am Dec 31, 2010 5:17am
Oh, forgot the picture.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 16 KB
Donīt live for working, but work for living.
  • #5,589
  • Dec 31, 2010 5:24am Dec 31, 2010 5:24am
Quoting zhdeef
Another good trade where price leaves overnight congestion range & then returns to bounce off. Entered at 15486 just above green candle at mr1. Target of r1 hit (actually I went for just below at 15521). I had thought 15500 might be more realistic for 15 pips but thought that I'd tough it out to r1 as there seemed to be a bit of momentum & not too much wriggling around rn.
We seem to be on the same wavelength, mate, as I was watching this, again in passing. Too busy to trade! Roll on next week!

The lower blue square shows a nice pin-bar bouncing off the 34ema, and the first white arrow shows the entry candle. Second white arrow shows exit point. Now we come to the sort of trade that I don't normally indulge in.....the countertrend trade. Again, we have a pin-bar, this time running through R1, followed by strong momentum downwards. The purple arrows show the probable entry and exit points.
Lovely examples of how to combine Pivots, an MA and candlesticks in order to get nice trades.
Definitely NOT trying to steal your glory, zh!!
Attached Image
  • #5,590
  • Dec 31, 2010 5:36am Dec 31, 2010 5:36am
Quoting eyevoltage
We seem to be on the same wavelength, mate, as I was watching this, again in passing....
It's all good stuff. Let's hope we have lots of it next year. If I hadn't taken the earlier trade I'd have considered your countertrend move, but I don't have the confidence in them yet.

Anyway: a happy & peaceful new year to all us traders & people everywhere.

See you next year.
  • #5,591
  • Dec 31, 2010 5:40am Dec 31, 2010 5:40am
Quoting matsf
Another beautiful example of s/r at GU.

I know, itīs hindsight...

I wish to all of you a happy new year 2011, and another year with many many pips.

Especially to ev:
Take care and may god be with you.
Get well soon !!
Nice to see you on, me old mate, and I hope you managed to get the little one home for Christmas.
I pray that God brings you many blessings in the New Year.
Take care.
  • #5,592
  • Dec 31, 2010 5:49am Dec 31, 2010 5:49am
Quoting zhdeef
It's all good stuff. Let's hope we have lots of it next year. If I hadn't taken the earlier trade I'd have considered your countertrend move, but I don't have the confidence in them yet.

Anyway: a happy & peaceful new year to all us traders & people everywhere.

See you next year.
The thing is, zh, if one is using an MA and price drifts away from it to the sort of extreme shown in my chart, then it follows that price will eventually find its way back to the MA, or very near. For instance, one wouldn't trade a short pull-back, but in this instance shown on the chart, it does have a good way to go, and so presents a high(ish) probability trade.
  • #5,593
  • Dec 31, 2010 5:56am Dec 31, 2010 5:56am
This one I DID take. A really good Bullish Engulfing Pattern formed right on the mid-point level. Entry and exit as shown.
Attached Image
  • #5,594
  • Dec 31, 2010 7:19am Dec 31, 2010 7:19am
Happy Hogmanay (as we call it here in Edinburgh) folks!

I couldn't resist taking this today, unfortunately I was a bit impatient with my entry and got stopped out break even after the first move down. Lets see where it ends up.

http://i288.photobucket.com/albums/l...f?t=1293801524
  • #5,595
  • Dec 31, 2010 7:25am Dec 31, 2010 7:25am
Quoting mysterio
Happy Hogmanay (as we call it here in Edinburgh) folks!

I couldn't resist taking this today, unfortunately I was a bit impatient with my entry and got stopped out break even after the first move down. Lets see where it ends up.

http://i288.photobucket.com/albums/l...f?t=1293801524
Hey mysterio.....don't you usually wait for the retrace before any possible entry?
  • #5,596
  • Dec 31, 2010 7:55am Dec 31, 2010 7:55am
Indeed, lapse of discipline - I would be 30 or so pips in the green if I had waited a minute or two! No harm done, though.
  • #5,597
  • Dec 31, 2010 8:54am Dec 31, 2010 8:54am
Another one I missed. Another Bullish Engulfing Pattern, right on R1.......entry just above the small TL, and exit......well, who knows? 20-odd pips at the mid-point level and 40-odd if one had waited until the candle closed. All hypothetical, but still, another nice example.

Happy new year to all.
Attached Image
  • #5,598
  • Jan 1, 2011 6:19am Jan 1, 2011 6:19am
hey ev, just wondering what risk reward you aim for? do you use a hard stop or does it depend on the set up? do you aim for a daily or weekly quota?
keep up the good work bro.

cheers
  • #5,599
  • Jan 3, 2011 4:04am Jan 3, 2011 4:04am
Quoting karnivol
hey ev, just wondering what risk reward you aim for? do you use a hard stop or does it depend on the set up? do you aim for a daily or weekly quota?
keep up the good work bro.

cheers
To be honest, mate, I rarely take R:R into account with my trading. Using 5m and 15m charts, I usually employ a SL of anywhere between 10 to 20 pips, and rarely have to tighten it because my trades are of such short duration. As you say, it all depends on the set-up, because as I'm sure you've noticed with this method, there are varying types of set-up that will result in a different approach.
As for daily and weekly quotas, I don't bother with them, purely and simply because of my personal circumstances. I never know how much time I'm going to have to trade, so I just take what I can get, really.
Sorry I can't be of more help, mate.
  • #5,600
  • Jan 3, 2011 4:20am Jan 3, 2011 4:20am
thanks mate, you've been a good help posting your trades, nice simple clean charts, easy to see what you're looking for in a set up.
cheers
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