Psych Levels, Pivots, and Trendlines - Resurrected | Page 291 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,801
  • Jan 27, 2011 9:43am Jan 27, 2011 9:43am
Quoting sidefx
i've been with 'em for several years now. Your last GU an absolute classic EV trade, nice one!
Shucks! You're too kind.
  • #5,802
  • Jan 27, 2011 10:55am Jan 27, 2011 10:55am
Hey Everyone,

I will try to post more, well let's just start with post, shall we?!

Great to find traders who think alike, and hopefully we can help each other get better.

______________________________________________________________

Easy money today on the Euro/Usd...

Sideways channel, resistance at the confluence of MR2 and a 50 mark, double and triple tops with a re-test of a broken trendline...

I would even look for it to test the double of the sideways channel range to the bottom, so MS1...

http://www.forexfactory.com/attachme...6&d=1296147210
  • #5,803
  • Jan 27, 2011 11:57am Jan 27, 2011 11:57am
Quoting Rocknrolla
Hey Everyone,

I will try to post more, well let's just start with post, shall we?!

Great to find traders who think alike, and hopefully we can help each other get better.

______________________________________________________________
Welcome to the thread, Rocknrolla. Hope you stick around, mate.
  • #5,804
  • Jan 27, 2011 12:16pm Jan 27, 2011 12:16pm
TF = M15.

the encircled engulfing pattern formed right on the 1.5900 RN level coinciding with the H4 ema20 (dashed white line).
entered long on next rising bar at 1.5910.
exited at 1.5923 (just a little before the xx25 level).
perhaps, there was more juice in this one but was happy with the +13 as market is slow right now and price is boxed between ma's.

was this technically correct or was I just lucky?
kindly comment.

thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-scalp.gif Size: 15 KB
  • #5,805
  • Jan 27, 2011 12:26pm Jan 27, 2011 12:26pm
Quoting pgd
TF = M15.

the encircled engulfing pattern formed right on the 1.5900 RN level coinciding with the H4 ema20 (dashed white line).
entered long on next rising bar at 1.5910.
exited at 1.5923 (just a little before the xx25 level).
perhaps, there was more juice in this one but was happy with the +13 as market is slow right now and price is boxed between ma's.

was this technically correct or was I just lucky?
kindly comment.

thanks.
Thumbs up from me, Pgd! Nicely done.
  • #5,806
  • Jan 27, 2011 1:04pm Jan 27, 2011 1:04pm
Quoting sidefx
Thumbs up from me, Pgd! Nicely done.
sidefx,

thanks.

an unrelated question:

sometimes I see "M1/M3" marked on charts posted here e.g. see barry cade's post # 5791 at page 387.

must be something obvious but I can't seem to get it.
what does "M1/M3" mean?

thanks.
  • #5,807
  • Jan 27, 2011 1:10pm Jan 27, 2011 1:10pm
Quoting pgd
TF = M15.

the encircled engulfing pattern formed right on the 1.5900 RN level coinciding with the H4 ema20 (dashed white line).
entered long on next rising bar at 1.5910.
exited at 1.5923 (just a little before the xx25 level).
perhaps, there was more juice in this one but was happy with the +13 as market is slow right now and price is boxed between ma's.

was this technically correct or was I just lucky?
kindly comment.

thanks.
Can't see anything wrong with it, mate. A nice opportunistic trade with the right reasons. Well done.
  • #5,808
  • Jan 27, 2011 1:13pm Jan 27, 2011 1:13pm
Quoting pgd
sidefx,

thanks.

an unrelated question:

sometimes I see "M1/M3" marked on charts posted here e.g. see barry cade's post # 5791 at page 387.

must be something obvious but I can't seem to get it.
what does "M1/M3" mean?

thanks.
They're mid-point levels, mate. Half-way levels between pivots.
With apologies to sidefx.
  • #5,809
  • Jan 27, 2011 1:29pm Jan 27, 2011 1:29pm
Quoting pgd
TF = M15.

the encircled engulfing pattern formed right on the 1.5900 RN level coinciding with the H4 ema20 (dashed white line).
entered long on next rising bar at 1.5910.
exited at 1.5923 (just a little before the xx25 level).
perhaps, there was more juice in this one but was happy with the +13 as market is slow right now and price is boxed between ma's.

was this technically correct or was I just lucky?
kindly comment.

thanks.
Not lucky.
Personally I dont like trading at this time of night as risk/reward is not good, esp against the trend, but worth it in this case because on my charts I have trend lines that a) the open of the bull candlestick rested on b) your trade rose to! and also the wick just touched the 13ema. Perfecto .

Have a great evening
  • #5,810
  • Jan 27, 2011 1:41pm Jan 27, 2011 1:41pm
Quoting eyevoltage
They're mid-point levels, mate. Half-way levels between pivots.
With apologies to sidefx.
EV, you are right re M1 M3 lines, but in this case its a box on the top right. Apparently the box is called "Bios". Frankly is a bit of unnecessary clutter and I dont know which indi has planed it there.

My fault for experimenting with indis. Much better keeping it "simples"
  • #5,811
  • Jan 27, 2011 1:48pm Jan 27, 2011 1:48pm
Quoting Barry Cade
EV, you are right re M1 M3 lines, but in this case its a box on the top right. Apparently the box is called "Bios". Frankly is a bit of unnecessary clutter and I dont know which indi has planed it there.

My fault for experimenting with indis. Much better keeping it "simples"
OK, mate, many thanks for that. I sit corrected!!

You're on here a lot just lately. Is it now a long-term thing or what?
  • #5,812
  • Jan 27, 2011 6:27pm Jan 27, 2011 6:27pm
Quoting Vantage

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

Comments - good trade, well done.

Vantage,

thanks.
what do you mean by, "15/85 trade" ?
  • #5,813
  • Jan 28, 2011 1:48am Jan 28, 2011 1:48am
Quoting eyevoltage
OK, mate, many thanks for that. I sit corrected!!

You're on here a lot just lately. Is it now a long-term thing or what?
Cant say if its long term, but whilst I am at my desk trading I will post. Trying to set up other income streams too & manage properties at the same time, so it may turn out to be spasmodic.

For the moment I am enjoying myself. This thread is brill, so will contribute when I can.
  • #5,814
  • Jan 28, 2011 1:49am Jan 28, 2011 1:49am
Quoting pgd
Vantage,

thanks.
what do you mean by, "15/85 trade" ?
Nice trade pgd.

Your earlier post gu (and I've seen someone say eur also) often if it breaks down below 15 will go through RN to hit around 85. If moving up through 85 will often break through to 15.
  • #5,815
  • Edited 3:20am Jan 28, 2011 1:58am | Edited 3:20am
bearish engulfing pattern closes below RN 1.5900 (M15).

entry: 1.5896
exit1: 1.5876 (near S1, xx75) (+20); SL at B/E.
exit2: riding out to HnS target on H1 1.5792 (or maybe RN 1.5800) (see H1 chart attached)

edit
exit2 taken at 1.5658 on close of doji at 1.5656 above RN xx50 (+40)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd-short-01.gif Size: 23 KB
Click to Enlarge Name: gbpusd-short-01a.gif Size: 28 KB
  • #5,816
  • Jan 28, 2011 3:11am Jan 28, 2011 3:11am
Quoting Vantage
Nice trade pgd.

Your earlier post gu (and I've seen someone say eur also) often if it breaks down below 15 will go through RN to hit around 85. If moving up through 85 will often break through to 15.
Vantage,

got it.

i now recall having read somewhere that 15, 85 are sweet spots for gu. never paid attention to it then.

thanks.
  • #5,817
  • Jan 28, 2011 3:22am Jan 28, 2011 3:22am
Quoting pgd
bearish engulfing pattern closes below RN 1.5900 (M15).

entry: 1.5896
exit1: 1.5876 (near S1, xx75) (+20); SL at B/E.
exit2: riding out to HnS target on H1 1.5792 (or maybe RN 1.5800) (see H1 chart attached)

edit
exit2 taken at 1.5658 on close of doji at 1.5656 above RN xx50 (+40)
Morning guys, great trading Pgd
  • #5,818
  • Jan 28, 2011 3:34am Jan 28, 2011 3:34am
Quoting sidefx
Morning guys, great trading Pgd
sidefx,

thanks.

others,

please post trades and setups in formation.

thanks.
  • #5,819
  • Jan 28, 2011 3:48am Jan 28, 2011 3:48am
15m AU......

Spinning-top formed on the mid-point level. Waited for confirmation candle and then entered. Entry and exit as indicated. I was waiting for it to make the Main Pivot Level, and it still might, but I guess I lost patience!
Attached Image
  • #5,820
  • Jan 28, 2011 3:54am Jan 28, 2011 3:54am
Quoting eyevoltage
15m AU......

Spinning-top formed on the mid-point level. Waited for confirmation candle and then entered. Entry and exit as indicated. I was waiting for it to make the Main Pivot Level, and it still might, but I guess I lost patience!
Nice EV Where was your stoploss on this one initially?
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