Psych Levels, Pivots, and Trendlines - Resurrected | Page 284 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,661
  • Jan 13, 2011 7:46am Jan 13, 2011 7:46am
One I finally managed to nail. I knew newstime was coming up, but as ever, close attention and a hand on the mouse.
It's a nice ascending triangle with the upper line in confluence with the mid-point level. The blue square shows the retrace after the break-out and entry and exit are as shown. I didn't hang around with this one, purely and simply because immediately after newstime, it's all a bit of a lottery. I'm pleased I managed to get something out of it, because it was such a nice set-up.
Attached Image
  • #5,662
  • Jan 13, 2011 9:07am Jan 13, 2011 9:07am
Finally, I get a trade that goes into profit today.

Stop is at B/E lets see if I can hit some targets!

http://i288.photobucket.com/albums/l...f?t=1294931212
  • #5,663
  • Jan 13, 2011 9:56am Jan 13, 2011 9:56am
Quoting mysterio
Barry, I usually just enter after the 5 minute candle penetrates the TL if there is no resistance in the way. The exception is if the piercing candle pulls away too far from the TL after the break, by 'too far' I mean not very far at all, say 5 + pips. Look at this one again.

The piercing candle is something like 6 pips away from the trend line, which would only give me 4-6 pips 'breathing space' on the opposite end of the trend line. You could just extend your stop and adjust your position size accordingly. But I prefer to wait for the price to...
Thanks M. Sorry I have appeared rude not to have posted earlier but Ive been out of the country, not trading, and am going away again tomorrow.

However, great info so many thanks. I look forward to catching up in a couple of weeks.
  • #5,664
  • Jan 13, 2011 2:05pm Jan 13, 2011 2:05pm
Quoting eyevoltage
This is a good video to watch regarding using candlesticks along with pivot points. A Steve Nison special.

http://www.candlecharts.com/blog/?p=156


Enjoy!
Apologies for being out of synch as I catch up, but I would endorse Steve Nison. Read his book "Beyond Candlesticks". Essential if you want to know more about candlestick formations.
  • #5,665
  • Jan 13, 2011 4:11pm Jan 13, 2011 4:11pm
Enjoy your travels, Barry.

I will check out that book. Candlestick patterns are still double Dutch to me. I may as well use a line chart.
  • #5,666
  • Jan 14, 2011 4:25am Jan 14, 2011 4:25am
Quoting mysterio
Enjoy your travels, Barry.

I will check out that book. Candlestick patterns are still double Dutch to me. I may as well use a line chart.
Check out this website, mate. Literally LOADS of info on candlesticks and the various patterns....how to interpret them etc. Well worth a look.

http://www.candlestickforum.com/

  • #5,667
  • Jan 14, 2011 6:24am Jan 14, 2011 6:24am
Thanks, got some reading for the weekend now.

http://i288.photobucket.com/albums/l...f?t=1295007794
  • #5,668
  • Jan 19, 2011 4:29am Jan 19, 2011 4:29am
You're all quiet!

Just took this nice one on the Aussie, nice for it to behave for a change

http://i288.photobucket.com/albums/l...f?t=1295432904
  • #5,669
  • Edited 7:51am Jan 19, 2011 7:35am | Edited 7:51am
Spent a few hours last night reading Acumen's Trading for a Living thread which is inspirational and timely, as i've been struggling with my trading plan. I've been using 5&15min 123s on EU and GU for 6 months or so (as per Paulus' rules) but couldn't get completely comfortable with the R:R, i'll now be using the 123s along with other candle patterns as part of a pivot trading plan.

Looking at EU, i didn't trade the Asian move from the pivot and didn't take the R1 short scalp. ADR isn't far off and there appear to be 3 potential setups for the US session (1 & 2 marked on the chart)....continuation without retest of R1, R1 Retest & continuation or a 123 reversal to the downside.

Anyone care to share their thoughts for the US session (in foresight )?
Attached Image (click to enlarge)
Click to Enlarge Name: 19th Jan EU Piv 1.PNG Size: 38 KB
  • #5,670
  • Edited 8:48am Jan 19, 2011 7:57am | Edited 8:48am
Perhaps GU would be a better option during US...

Edit: fib move developing, just bounced up from the 61.8
Edit 14:48 - now heading for D pivot...
Attached Image (click to enlarge)
Click to Enlarge Name: 19th Jan GU Piv 1.PNG Size: 38 KB
Attached Image
  • #5,671
  • Jan 19, 2011 8:58am Jan 19, 2011 8:58am
Looks like me and sidefx were on the same wavelength, although my approach was slightly different!

Two trades on 15m cable, both initiated by the appearance of a harami candle. Entry and exit on both trades indicated. Entry for the second trade delayed because of a confirmation needed of the break below the mid-point level.
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  • #5,672
  • Jan 19, 2011 9:02am Jan 19, 2011 9:02am
Very nice, EV....GU shaping up around the pivot now too. Confluence of 61.8 fib retrace, daily pivot and last 15 closed as a hammer(??)...still learning indiv candles patterns ).
Attached Image (click to enlarge)
Click to Enlarge Name: 19th Jan GU Piv 2b.PNG Size: 30 KB
  • #5,673
  • Jan 19, 2011 9:14am Jan 19, 2011 9:14am
...1st tgt should perhaps be the RN, rather than WR1 i posted.
  • #5,674
  • Jan 19, 2011 9:16am Jan 19, 2011 9:16am
Quoting sidefx
Very nice, EV....GU shaping up around the pivot now too. Confluence of 61.8 fib retrace, daily pivot and last 15 closed as a hammer(??)...still learning indiv candles patterns ).
Not quite a hammer, mate. Upper shadow on my chart is around 3 pips which, strictly speaking, negates it as a hammer. However, I think it can be classified as a spinning-top, but both would need confirmation anyway.

Would you mind explaining the row of symbols in yellow across the top of your chart, mate?
  • #5,675
  • Jan 19, 2011 9:19am Jan 19, 2011 9:19am
Quoting eyevoltage
Not quite a hammer, mate. Upper shadow on my chart is around 3 pips which, strictly speaking, negates it as a hammer. However, I think it can be classified as a spinning-top, but both would need confirmation anyway.

Would you mind explaining the row of symbols in yellow across the top of your chart, mate?
ah, thanks EV. The yellow data is Average Daily Range info. I find it useful to bear in mind, especially when i'm late to the day. Cheers.
  • #5,676
  • Jan 19, 2011 9:22am Jan 19, 2011 9:22am
Quoting sidefx
ah, thanks EV. The yellow data is Average Daily Range info. I find it useful to bear in mind, especially when i'm late to the day. Cheers.
Thanks, sidefx. Do you have the indicator handy?
  • #5,677
  • Jan 19, 2011 9:32am Jan 19, 2011 9:32am
Quoting eyevoltage
Thanks, sidefx. Do you have the indicator handy?
...see what you mean about the confirmation, my GU long is underwater now because I overlooked this. I have stops under the DP atm.

Indie attached...had to lift it from a google search though, can't seem to upload from my MT4 folder for some reason.
Attached File(s)
File Type: mq4 xADR_vbobv1.mq4   4 KB | 385 downloads
  • #5,678
  • Jan 19, 2011 9:48am Jan 19, 2011 9:48am
Not looking too promising at the moment but we'll see. It's a bearish wedge, pretty much.

http://i288.photobucket.com/albums/l...f?t=1295452040
  • #5,679
  • Jan 19, 2011 10:03am Jan 19, 2011 10:03am
Quoting sidefx
...see what you mean about the confirmation, my GU long is underwater now because I overlooked this. I have stops under the DP atm.

Indie attached...had to lift it from a google search though, can't seem to upload from my MT4 folder for some reason.
Many thanks, mate, much appreciated.

Looks like your SL is safe at the moment, with price heading north again. Good luck with that one.
  • #5,680
  • Edited 11:05am Jan 19, 2011 10:31am | Edited 11:05am
...so we have indecision just below DR1 followed by bullish bounce candle which has now been tested again and beyond a few pips. What constitutes confirmation...price closing above the bull candle?...any guidance much appreciated.

Edit: ascending triangle around the RN now, so setting up for long on confirmation above 3500.
Attached Image (click to enlarge)
Click to Enlarge Name: 19th Jan EU Piv 2.PNG Size: 20 KB
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