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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,841
  • Jan 28, 2011 5:38am Jan 28, 2011 5:38am
Another nice set-up, with a bullish engulfing pattern forming on the Main Pivot Level. Entry above the high of the engulfing candle and a hasty exit as price pushed through the mid-point level.
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  • #5,842
  • Jan 28, 2011 5:39am Jan 28, 2011 5:39am
Quoting eyevoltage
Another nice set-up, with a bullish engulfing pattern forming on the Main Pivot Level. Entry above the high of the engulfing candle and a hasty exit as price pushed through the mid-point level.
larvli, will have to take a closer look at AU
  • #5,843
  • Jan 28, 2011 5:42am Jan 28, 2011 5:42am
112.78 would be around the Average Daily Range for EJ plus a full measured move down.

Don't expect that too happen however.

Certainly looking for another short on a pull back though.
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  • #5,844
  • Jan 28, 2011 5:43am Jan 28, 2011 5:43am
Quoting sidefx
larvli, will have to take a closer look at AU

I've found in recent times that it's one of those pairs that it's well worth keeping an eye on.
And seeing as it's you, sidefx, AU seems to respect fib levels very well indeed, unless it's my imagination.
  • #5,845
  • Jan 28, 2011 5:46am Jan 28, 2011 5:46am
Quoting eyevoltage
I've found in recent times that it's one of those pairs that it's well worth keeping an eye on.
And seeing as it's you, sidefx, AU seems to respect fib levels very well indeed, unless it's my imagination.
ha, sold!
  • #5,846
  • Jan 28, 2011 5:53am Jan 28, 2011 5:53am
gbpjpy - M5

just took this quick short.

double top price action at mS1 (dotted blue line).
backed by ma squeeze in same area.
break below bullish TL.
retrace to TL.
entry below last trough at 131.15.
exit at RN 131.00 (+15)

perhaps more shorts coming up on this pair.

your views?

cheers
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  • #5,847
  • Jan 28, 2011 5:57am Jan 28, 2011 5:57am
...didn't take it but a pretty setup from the confluence zone and break north from the spinner.
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  • #5,848
  • Jan 28, 2011 5:58am Jan 28, 2011 5:58am
Price Levels in action...
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  • #5,849
  • Jan 28, 2011 6:01am Jan 28, 2011 6:01am
That's about as simple as it gets...
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  • #5,850
  • Jan 28, 2011 6:05am Jan 28, 2011 6:05am
Quoting pgd
gbpjpy - M5

just took this quick short.

double top price action at mS1 (dotted blue line).
backed by ma squeeze in same area.
break below bullish TL.
retrace to TL.
entry below last trough at 131.15.
exit at RN 131.00 (+15)

perhaps more shorts coming up on this pair.

your views?

cheers
Very neat. Almost surgical in your approach, mate. Can't fault it. Nice one.
  • #5,851
  • Jan 28, 2011 6:27am Jan 28, 2011 6:27am
Quoting eyevoltage
Very neat. Almost surgical in your approach, mate. Can't fault it. Nice one.
thanks, ev.

surgical, thankfully with the scalpel pointing the right way, lol.
also, do be merciless in your criticism when you have to
  • #5,852
  • Jan 28, 2011 6:43am Jan 28, 2011 6:43am
Quoting pgd
thanks, ev.

surgical, thankfully with the scalpel pointing the right way, lol.
also, do be merciless in your criticism when you have to
Merciless? Me? Nah, couldn't do that, mate. Maybe a little gentle nudge in the right direction now and again, perhaps? And judging by your charts, you won't need many of those anyway!!
  • #5,853
  • Jan 28, 2011 6:45am Jan 28, 2011 6:45am
An example of what I was pointing out to you before, mate. From this morning's action........
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  • #5,854
  • Jan 28, 2011 6:54am Jan 28, 2011 6:54am
Quoting eyevoltage
And judging by your charts, you won't need many of those anyway!!
..agreed!...Pgd's a great trader....a chip off your block. As a relative newb its a great thread to be part of Thanks guys.
  • #5,855
  • Jan 28, 2011 9:57am Jan 28, 2011 9:57am
Quoting eyevoltage
An example of what I was pointing out to you before, mate. From this morning's action........
Thanks for pointing these out, EV. I've noticed your penchant for this setup and not surprising given the excellent R:R potential.

The flags typically being resting areas between measured moves. A great setup.
  • #5,856
  • Jan 31, 2011 1:35am Jan 31, 2011 1:35am
inside bar near xx25.
entry: short just below break of IB at 1.3612
exit : at 1.3601 (near RN __00) (+11)

cheers.
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  • #5,857
  • Edited 3:32am Jan 31, 2011 2:22am | Edited 3:32am
M15
Short off the D.Pivot.
Tweezer, IB
Entry : 1.5868 (below IB)
Stop : above DP.
TP1 : 1.5850 (Pending, then to move stop to B/E)
Edit: TP1 achieved (+18).

TP2 : ride out, perhaps, to bottom of DR.

Edit: S/L moved to B/E.
Edit: S/L trailed to 1.5854
Edit: Stopped out 1.5854 (+14)

Edit:
Longer Term context:
W1 -- HnS posted here early last week.


Edit:

ev,

any comments?
any ideas on what might have been a technically better exit policy?

thanks.
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  • #5,858
  • Jan 31, 2011 2:56am Jan 31, 2011 2:56am
please post your setups / trades brothers.
thanks.
  • #5,859
  • Edited 4:02am Jan 31, 2011 3:57am | Edited 4:02am
Quoting pgd
please post your setups / trades brothers.
thanks.
no trades this morning as I have been waiting for markets to settle down. No real direction. Friday late afternoon was batty on indices and oil, & a number of currencies that I checked over the weekend may have been looking to retrace, so sorry, cant help with setups. I was going to take NZ/USD last night but it gapped down 30 points lower on IG, buggering my profit potential. Grrr.

FTSE also gapped up this morning but only 12 points. It usually fills gap, but risk/reward not enough at 12 points. Yes, it did fill and even dropped below Fridays low without retracing to any fibs.

I did see the one you took but thought better of it as against trend although also at confluence with 38% of Fridays movements, and thought it might stick again at prev low of 5858ish where 23% fib sits. Anyway, it was a good trade, so well done.
  • #5,860
  • Jan 31, 2011 4:12am Jan 31, 2011 4:12am
Quoting Barry Cade

I did see the one you took but thought better of it as against trend although also at confluence with 38% of Fridays movements, and thought it might stick again at prev low of 5858ish where 23% fib sits. Anyway, it was a good trade, so well done.
Similarly I didnt take AU/USD when it broke down thro rising T/L at 9940 as DP at 9935, altho it subsequently dropped to my T/L at 9917 & bounced with a hammer. Against the trend & reward vs risk too small given my uncertainties over any market direction.
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