Psych Levels, Pivots, and Trendlines - Resurrected | Page 289 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,761
  • Jan 24, 2011 9:12am Jan 24, 2011 9:12am
Quoting eyevoltage
Nice to see you again, Islander. Many thanks for the contrib. Hope all is well with you and yours. My best to Medici.
Hi EV - thanks and glad to see that you're still gathering some nice pips.....both of us seldom post now, as we find it too distracting whilst trading.

That € buy off the 50 level has run up ~100 pips into some profit taking around its next xx50 level, but I wouldn't be surprised to see the R1 to 3700 area get hit sooner rather than later.....that's the mid October lows...
Trading Levels with WRBs
  • #5,762
  • Jan 24, 2011 1:51pm Jan 24, 2011 1:51pm
Quoting Islander
Hi Guys - just passing by and thought this chart might be helpful.......the confluence of the 3550 level, MS1 and 50% fib turned € north......will this carry on in the US session??......TWT

Medici and I have found the CII indy to be good at picking up divergance, here very clear.....
Good to hear from you again. Thanks for the new indi - in your experience is it as useful for divergence on other pairs?
  • #5,763
  • Jan 25, 2011 4:43am Jan 25, 2011 4:43am
Quoting Barry Cade
Good to hear from you again. Thanks for the new indi - in your experience is it as useful for divergence on other pairs?

Hi Barry - I only trade Eu and Gu, so I cant say about other pairs, but I would expect it to work. I'm looking for it to highlight divergence and it can be a filter or even included in a set of rules.
Good luck
Islander
Attached Image(s) (click to enlarge)
Click to Enlarge Name: jan 25 eu hrly 1030 gmt.gif Size: 28 KB
Click to Enlarge Name: jan 25 gu hrly 1030 gmt.gif Size: 28 KB
Attached File(s)
File Type: mq4 CII.mq4   3 KB | 296 downloads
Trading Levels with WRBs
  • #5,764
  • Jan 25, 2011 4:46am Jan 25, 2011 4:46am
Quoting Barry Cade
Good to hear from you again. Thanks for the new indi - in your experience is it as useful for divergence on other pairs?
Barry, good for all apirs all time frames.
  • #5,765
  • Jan 25, 2011 5:15am Jan 25, 2011 5:15am
excellent, I will try it out
  • #5,766
  • Jan 25, 2011 5:25am Jan 25, 2011 5:25am
...i wasn't skillful enough to find a decent R:R entry on the move down earlier, but did just take +20 long from the harami entry off the MR1 and psych75, exit between the DP and psych25.

The harami reversal entry has so far been the most reliable pattern in my limited experience on the 15TF, which when dropping down to the 5min is more often than not a 123 which i'm more familiar with.
Attached Image (click to enlarge)
Click to Enlarge Name: 25th Jan EU Piv 1.PNG Size: 37 KB
  • #5,767
  • Edited 3:31am Jan 26, 2011 3:16am | Edited 3:31am
1. double top at resistance from yesterday at 1.5834.
2. confluence bounce off ema240 (mimics H1 ema20 on M5) also in same area (white dashed line).
3. gravestone doji at 2nd top.
4. breach of bullish TL follows (yellow line).

short entry at 1.5817 on breach of previous trough at TL.

exit 1 at RN 1.5800 (+17 pips).
exit 2 at MS1 1.5784 (blue dotted line) (+33 pips).

perhaps, the entry should have been earlier on open of bar immd. after the doji i.e. at 1.5832...

experts please comment.

thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-short.gif Size: 18 KB
  • #5,768
  • Jan 26, 2011 3:22am Jan 26, 2011 3:22am
Quoting pgd
1. double top at resistance from yesterday at 1.5834.
2. confluence bounce off ema240 (mimics H1 ema20 on M5) also in same area (white dashed line).
3. gravestone doji at 2nd top.
4. breach of bullish TL.

short entry at 1.5817 on breach of previous trough

exit 1 at RN 1.5800 (+17 pips).
exit 2 at MS1 1.5784 (+33 pips).

perhaps, the entry should have been earlier on open of bar immd. after the doji i.e. at 1.5832...

experts please comment.

thanks.
Either way (15 min tl break or 5 min doji dble top) it was a good trade for the reasons you listed (OK I wouldn't know about the ema). For those that like CII2 there was also divergence on 5 and 15 min charts.

Exits taken at good areas also (15/85 trade) so thats also fine.

Comments - good trade, well done.
  • #5,769
  • Jan 26, 2011 4:08am Jan 26, 2011 4:08am
Quoting pgd
1. double top at resistance from yesterday at 1.5834.
2. confluence bounce off ema240 (mimics H1 ema20 on M5) also in same area (white dashed line).
3. gravestone doji at 2nd top.
4. breach of bullish TL follows (yellow line).

short entry at 1.5817 on breach of previous trough at TL.

exit 1 at RN 1.5800 (+17 pips).
exit 2 at MS1 1.5784 (blue dotted line) (+33 pips).

perhaps, the entry should have been earlier on open of bar immd. after the doji i.e. at 1.5832...

experts please comment.

thanks.
Good analysis of your trade, mate.....logical and easily followed. In particular, I like your reference to the gravestone doji. I still feel that candlestick formations and patterns are still very much underestimated by a lot of traders. More fool them.
Nice trade.
  • #5,770
  • Jan 26, 2011 4:39am Jan 26, 2011 4:39am
Quoting pgd
1. double top at resistance from yesterday at 1.5834.
2. confluence bounce off ema240 (mimics H1 ema20 on M5) also in same area (white dashed line).
3. gravestone doji at 2nd top.
4. breach of bullish TL follows (yellow line).

short entry at 1.5817 on breach of previous trough at TL.

exit 1 at RN 1.5800 (+17 pips).
exit 2 at MS1 1.5784 (blue dotted line) (+33 pips).

perhaps, the entry should have been earlier on open of bar immd. after the doji i.e. at 1.5832...

experts please comment.

thanks.
I'm not a resident expert but your trade was spot on to me. Opening at 5832 was too risky with the TL not far below & gravestone doji wasnt big enough to be a conclusive rejection to have convinced me.

Great trade pgd!!!
  • #5,771
  • Jan 26, 2011 4:43am Jan 26, 2011 4:43am
EJ getting close to a breakout of upper TL on 15m. Big rejection of lower trendline confluence with DP
  • #5,772
  • Jan 26, 2011 6:35am Jan 26, 2011 6:35am
vantage, ev, barry

thank you all, for the comments.
cheers.
  • #5,773
  • Jan 26, 2011 6:50am Jan 26, 2011 6:50am
Quoting Barry Cade
EJ getting close to a breakout of upper TL on 15m. Big rejection of lower trendline confluence with DP
Still not broken out of pennant. EU also within pennant. Falling asleep.
  • #5,774
  • Jan 26, 2011 7:20am Jan 26, 2011 7:20am
GU retraced to 1.5861 (Pivot) and then to 1.5883 (50% of yest's big plunge).
Here it made a spinning top on M15 and slowing inching down from there.
Bullish TL already breached and price respecting bearish TL.

Time to look for shorts again?
what would be a proper entry trigger?

Thanks.
  • #5,775
  • Jan 26, 2011 8:01am Jan 26, 2011 8:01am
Quoting pgd
GU retraced to 1.5861 (Pivot) and then to 1.5883 (50% of yest's big plunge).
Here it made a spinning top on M15 and slowing inching down from there.
Bullish TL already breached and price respecting bearish TL.

Time to look for shorts again?
what would be a proper entry trigger?

Thanks.
I didn't see that as a potential short opportunity. Instead, I've been watching it as a bullish flag. As you can see, it's broken upwards, and looks to be retracing. TWT.
Attached Image
  • #5,776
  • Jan 26, 2011 8:30am Jan 26, 2011 8:30am
Quoting pgd
GU retraced to 1.5861 (Pivot) and then to 1.5883 (50% of yest's big plunge).
Here it made a spinning top on M15 and slowing inching down from there.
Bullish TL already breached and price respecting bearish TL.

Time to look for shorts again?
what would be a proper entry trigger?

Thanks.
Ive been watching the 50% retracement of the big drop yesterday on the GU 1hr tf. Its still holding as support. Waiting for it to break! Also at confluence with 50 psych
  • #5,777
  • Jan 26, 2011 8:35am Jan 26, 2011 8:35am
Quoting Barry Cade
Ive been watching the 50% retracement of the big drop yesterday on the GU 1hr tf. Its still holding as support. Waiting for it to break! Also at confluence with 50 psych
Thanks for that, Barry.....I never thought to pull a fib, but now I have, it's produced an interesting scenario. Price now hovering around the 38.2%. Which way will it go? I'm still thinking northwards.
  • #5,778
  • Jan 26, 2011 8:47am Jan 26, 2011 8:47am
Quoting eyevoltage
Thanks for that, Barry.....I never thought to pull a fib, but now I have, it's produced an interesting scenario. Price now hovering around the 38.2%. Which way will it go? I'm still thinking northwards.
it will either confirm break of the 50% of the 1hr at 5847 or break daily PP at 5861. Patience needed. Shame I dont have any!
Havent got a clue which it will be, but funnymentals should surely take it down as sentiment on UK economy wont recover quickly after yesterdays figures
  • #5,779
  • Jan 26, 2011 8:49am Jan 26, 2011 8:49am
Hi Guys

I rather like the CII on the 15 min chart as the swings are longer and its turn / divergence give a nice warning to watch the PA - like the 5:30am warning of the 6:30am slightly LH for the fall in the Frankfurt Open. Also, I find the 0 / 100 levels another reminder to look closely at the PA.

Remember the New Home Sales data due in 10 mins and the FOMC later....
Attached Image (click to enlarge)
Click to Enlarge Name: jan 26 gu 15m 1440 gmt.gif Size: 23 KB
Trading Levels with WRBs
  • #5,780
  • Jan 26, 2011 8:51am Jan 26, 2011 8:51am
also bouncing between 13 & 34 ema's
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