Psych Levels, Pivots, and Trendlines - Resurrected | Page 286 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,701
  • Jan 20, 2011 3:42am Jan 20, 2011 3:42am
Quoting sidefx
.

Indie attached...had to lift it from a google search though, can't seem to upload from my MT4 folder for some reason.
I like this ADR. Many thanks. I was keeping a spreadsheet for indices trading so I could monitor ADRs (where daily movements are only 100ish), so this is a big time saver, and useful in forex for later afternoons to get a feel for the likely strength of any further trend.
  • #5,702
  • Jan 20, 2011 3:56am Jan 20, 2011 3:56am
Quoting Barry Cade
I like this ADR. Many thanks. I was keeping a spreadsheet for indices trading so I could monitor ADRs (where daily movements are only 100ish), so this is a big time saver, and useful in forex for later afternoons to get a feel for the likely strength of any further trend.
Try this indicator for ADR it will project the Daily High and Daily Lows. For example today the Daily Range for GU is 100.3 pips and the ATR(7) is 133 Pips, ATR projection up is 1.6042 based on the current low for GU.
Attached File(s)
File Type: ex4 LFL-ATRprojections.ex4   6 KB | 404 downloads
  • #5,703
  • Jan 20, 2011 4:06am Jan 20, 2011 4:06am
I missed the large harami (blue rectangle) and subsequent move up earlier, but then watched as the short flag pattern formed on the xx75 psych-line. Entry and exit as shown.
Attached Image
  • #5,704
  • Jan 20, 2011 4:13am Jan 20, 2011 4:13am
Thanks sidefx and M for those ATR indi's.

2 trades this am hammer reaction push up from 5950, Y's low, S1 combo and nice hl push through 75, M2 in continuation of morning trend. +12, +25. 2nd trade I have W R1 at 6011 100 pips done in range good place to exit.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 16 KB
  • #5,705
  • Jan 20, 2011 4:22am Jan 20, 2011 4:22am
  • #5,706
  • Jan 20, 2011 4:45am Jan 20, 2011 4:45am
Quoting eyevoltage
I missed the large harami (blue rectangle) and subsequent move up earlier, but then watched as the short flag pattern formed on the xx75 psych-line. Entry and exit as shown.
I saw it but only after it had passed entry point - too many urgent issues to concentrate on trading. Classic EV, so I am pleased you caught it. It was also at confluence with daily open at 3472 on my chart.
  • #5,707
  • Jan 20, 2011 4:47am Jan 20, 2011 4:47am
Quoting Musashi
Try this indicator for ADR it will project the Daily High and Daily Lows. For example today the Daily Range for GU is 100.3 pips and the ATR(7) is 133 Pips, ATR projection up is 1.6042 based on the current low for GU.
Good one. Thx for this.
  • #5,708
  • Jan 20, 2011 4:58am Jan 20, 2011 4:58am
I was hoping daily pivot and trendine confluence were going to be support for a buy but it dropped beneath. However 34ema also in confluence with lower (albeit weak) trend line may see some reaction.
Apologies for untidy chart as I have 2 pivots I am comparing. The dashed red line is also likely to be support as it was a major point yesterday.
Attached Image
  • #5,709
  • Jan 20, 2011 5:22am Jan 20, 2011 5:22am
lower trendline now acting as resistance but 34ema now support. Confluence of trendline & DP should give a better clue as to direction!
  • #5,710
  • Edited 5:46am Jan 20, 2011 5:34am | Edited 5:46am
Quoting Barry Cade
I was hoping daily pivot and trendine confluence were going to be support for a buy but it dropped beneath. However 34ema also in confluence with lower (albeit weak) trend line may see some reaction.
Apologies for untidy chart as I have 2 pivots I am comparing. The dashed red line is also likely to be support as it was a major point yesterday.
...i'm looking at this from the 15 (rather than 5m) and preparing to long. Nice fib retrace to 38.2, 75 psych and waiting for confirmation above DP and probably RN & WR1 for entry.....mindful of yesterday's ADR already printed!
Attached Image (click to enlarge)
Click to Enlarge Name: 20th Jan GU Piv 1.PNG Size: 36 KB
  • #5,711
  • Jan 20, 2011 5:41am Jan 20, 2011 5:41am
EV styli

edit: Target confluence of DR1, 138.2 fib ext & 50 pysch if this flag flies..
Attached Image (click to enlarge)
Click to Enlarge Name: 20th Jan EU Piv 1.PNG Size: 34 KB
  • #5,712
  • Jan 20, 2011 5:47am Jan 20, 2011 5:47am
Keeping an eye on this big rising wedge. The bullish flag inside it is around where I took my earlier trade. Lower TL of the wedge looks to be breaking as I type this.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1067.gif Size: 23 KB
  • #5,713
  • Jan 20, 2011 5:49am Jan 20, 2011 5:49am
Quoting eyevoltage
Keeping an eye on this big rising wedge. The bullish flag inside it is around where I took my earlier trade. Lower TL of the wedge looks to be breaking as I type this.
thanks for the headsup!...edit: 15min bearish Harami now in too. Still potential for this to be a RbS switch, so my short plan for this will be to wait for any break south to be confirmed by momentum down through the 75 psych to tgt the 50 initially.
  • #5,714
  • Jan 20, 2011 5:57am Jan 20, 2011 5:57am
Your flag's breaking up, old buddy.

Edit: It's got a pivot and the xx00 to get past, though.
  • #5,715
  • Jan 20, 2011 5:59am Jan 20, 2011 5:59am
Quoting eyevoltage
Your flag's breaking up, old buddy.
...finger on the trigger should be a useful 20 if it goes...although rejecting as i type...
  • #5,716
  • Jan 20, 2011 6:37am Jan 20, 2011 6:37am
OK, with the flag break i'm in long from 07, now do i take the 25 psych if offered as an all out, or is it likely we'll see that 138.2/R1/50Psych tgt confluence...decisions, decisions

Edit: stop to b/e, just short of the psych TP before pulling back...damn....waited all morning for a b/e ha that's life...hrly toppy, indecision candles around this level now. Perhaps the US session will reverse it.

GU short is what i'm seeing setting up next....15min 123, below the DP and 75psych. Initial target S1 conf with 50psych.
  • #5,717
  • Jan 20, 2011 6:46am Jan 20, 2011 6:46am
does this look like a good long above 131.50?

cheers
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-long.gif Size: 42 KB
  • #5,718
  • Jan 20, 2011 6:48am Jan 20, 2011 6:48am
Quoting pgd
does this look like a good long above 131.50?

cheers
looks bullish to me, could be on for a measured move type target. How's the ADR looking there atm?...usual disclaimers apply etc!
  • #5,719
  • Jan 20, 2011 6:54am Jan 20, 2011 6:54am
Quoting pgd
does this look like a good long above 131.50?

cheers
Looks good for a modest rise, but earlier resistance at around xx68 plus the pivot mid-level line might stop it.
  • #5,720
  • Jan 20, 2011 6:58am Jan 20, 2011 6:58am
Quoting sidefx
thanks for the headsup!...edit: 15min bearish Harami now in too. Still potential for this to be a RbS switch, so my short plan for this will be to wait for any break south to be confirmed by momentum down through the 75 psych to tgt the 50 initially.
EV's wedge playing out, EU short trade plan kicking in now...15min closed right on 75 (Oanda), so further confirmation needed for the short.
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