Psych Levels, Pivots, and Trendlines - Resurrected | Page 302 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,021
  • Feb 8, 2011 3:05am Feb 8, 2011 3:05am
Coming up to TP region at the 00 level.. These levels are by far the best method I have for exiting a position... 00 25 50 75 levels..

+29 Pips 2.4 x risk
+24 Pips 2 x risk...

If price continues to run I don't care...
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  • #6,022
  • Feb 8, 2011 3:49am Feb 8, 2011 3:49am
Back up to previous support and 25 level plus 50% fib level... look for shorts
  • #6,023
  • Edited 4:11am Feb 8, 2011 3:58am | Edited 4:11am
Reversal signal forming at the confluence of the 34ema/ Main Pivot Line/xx25 psych-line? Looks like an engulfing pattern.

Edit: Correction......Tweezer Tops.
  • #6,024
  • Feb 8, 2011 4:02am Feb 8, 2011 4:02am
GM EV and all, just passing by and thought I pop in a post....

I find that the Daily Pivots and timing are also helpful, especially around FO / LO .....here, an anticipated (see TVI divergence) turn at Mid Frankies Hour just below the R1 level was the best entry, although the bounce off the magenta DP line into a LH at the green MR 1 was good too.....a limit exit 5 pips above yesterday's low and this morning's target was in the bank....

As I now try not to watch the screen too much, I also have audio and pop-up alerts on the 20 SMA cross and wide candles

HAppy trading
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Trading Levels with WRBs
  • #6,025
  • Feb 8, 2011 4:09am Feb 8, 2011 4:09am
Morning, Islander, and good to see you. Many thanks for your post, mate. Hope all is well with you and yours?
  • #6,026
  • Feb 8, 2011 4:18am Feb 8, 2011 4:18am
Typical......the reversal pattern turned into an ascending triangle and price pushed right through the confluence! Just watching this one for a while.
Attached Image
  • #6,027
  • Feb 8, 2011 4:19am Feb 8, 2011 4:19am
Well can forget that short idea... no consolidation at all on that retracement..
  • #6,028
  • Feb 8, 2011 4:29am Feb 8, 2011 4:29am
I'm curious to know what those on the VSA thread think about those regions on the chart...

I really don't understand how they determine bullish or bearish volume based on wide or narrow spread bars...

I guess I need to read the book more and the thread some more to understand the key concepts some more.

Support / Resistance Levels and Price...

Market is either doing some serious distribution or accumulation... which one though ??
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  • #6,029
  • Feb 8, 2011 4:36am Feb 8, 2011 4:36am
Quoting eyevoltage
Morning, Islander, and good to see you. Many thanks for your post, mate. Hope all is well with you and yours?

Thanks EV, we're OK, although Spain's problems mean that many here are suffering

As cable's bounce has been on lower volume, I'm thinking that €'s big spike up may have been the culprit - and as it was off a higher low, that one might continue - TWT

Cable's POC for todays Market Profile is at 6135, so that might help turn it south again.....but too late in the morning for me.....
Trading Levels with WRBs
  • #6,030
  • Feb 8, 2011 4:56am Feb 8, 2011 4:56am
Quoting Islander
Thanks EV, we're OK, although Spain's problems mean that many here are suffering

As cable's bounce has been on lower volume, I'm thinking that €'s big spike up may have been the culprit - and as it was off a higher low, that one might continue - TWT

Cable's POC for todays Market Profile is at 6135, so that might help turn it south again.....but too late in the morning for me.....
I thought that Spain were confident about getting though all these current problems, no bother? I don't know whether it's the way our papers report it, or, most probably, it's just me being thick! Whatever, I hope that you and yours get through it all ok, mate.

Thanks for the info, by the way.
  • #6,031
  • Feb 8, 2011 4:59am Feb 8, 2011 4:59am
Quoting Musashi
I'm curious to know what those on the VSA thread think about those regions on the chart...

I really don't understand how they determine bullish or bearish volume based on wide or narrow spread bars...

I guess I need to read the book more and the thread some more to understand the key concepts some more.

Support / Resistance Levels and Price...

Market is either doing some serious distribution or accumulation... which one though ??
Good luck figuring out VSA, my friend. To be honest, I gave up trying to understand that quite a while ago. I was giving myself brain-ache trying to figure out what was going on!
  • #6,032
  • Feb 8, 2011 5:08am Feb 8, 2011 5:08am
Quoting eyevoltage
Good luck figuring out VSA, my friend. To be honest, I gave up trying to understand that quite a while ago. I was giving myself brain-ache trying to figure out what was going on!
I would of thought Volume would be more important on a Tick/Price/Range Bar chart than it would on a time based chart... but I guess that's not quite true according to Malcolm.. it's the spread of the bars that makes the difference...

Not sure exactly how that matters however, the range of the bars is just the range of price movement in the time period they are analyzing.. the amount of orders processed in that time is not relevant. 00 50 levels will always have more orders regardless.
  • #6,033
  • Edited 7:36am Feb 8, 2011 7:14am | Edited 7:36am
GU-M5

shorted at 1.6092 below that bearish engulfer on 1.6100.

edit:
exit1 1.6072 (S1)

edit:
it's stalling.
exit2 1.6071.
  • #6,034
  • Edited 7:28am Feb 8, 2011 7:24am | Edited 7:28am
Quoting pgd
GU-M5

shorted at 1.6092 below that bearish engulfer on 1.6100.

edit:
exit1 1.6072 (S1)
Nice one, PG........there wasn't an engulfing candle on my chart....just a spinning-top, plus price was just above yesterday's low. I was going to enter below that level, but got called away suddenly, so that was that.

EDIT: Sorry, mate....just realized that you were using 15m and I was on 5m !!!! I'm definitely not at my best today.
  • #6,035
  • Feb 8, 2011 7:28am Feb 8, 2011 7:28am
Quoting eyevoltage
Nice one, PG........there wasn't an engulfing candle on my chart....just a spinning-top, plus price was just above yesterday's low. I was going to enter below that level, but got called away suddenly, so that was that.
thanks, ev.

Incidentally, Vantage took the exact same trade entry and exit.
  • #6,036
  • Feb 8, 2011 7:33am Feb 8, 2011 7:33am
Quoting eyevoltage
Nice one, PG........there wasn't an engulfing candle on my chart....just a spinning-top, plus price was just above yesterday's low. I was going to enter below that level, but got called away suddenly, so that was that.

EDIT: Sorry, mate....just realized that you were using 15m and I was on 5m !!!! I'm definitely not at my best today.
No, ev.

I was actually using M5.
chart attached.

cheers.
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  • #6,037
  • Feb 8, 2011 7:48am Feb 8, 2011 7:48am
Quoting pgd
No, ev.

I was actually using M5.
chart attached.

cheers.
Thanks, mate. My chart attached.....
Attached Image
  • #6,038
  • Edited 8:03am Feb 8, 2011 7:51am | Edited 8:03am
shorted 1.3634 after Bearish Eugulfing at R1.

edit
bailed out 1.3626.
  • #6,039
  • Feb 8, 2011 8:28am Feb 8, 2011 8:28am
Quoting pgd
shorted 1.3634 after Bearish Eugulfing at R1.

edit
bailed out 1.3626.
Just a suggestion, PG, but perhaps it would be advantageous for you if the yesterday's high and low levels were shown on your chart. You got out of your trade with a small profit, mate, but you were operating from a very squeezed position.
Hope you take this in the right spirit, amigo.
  • #6,040
  • Feb 8, 2011 8:31am Feb 8, 2011 8:31am
Daily high and low indicator attached.......
Attached File(s)
File Type: mq4 dayHL.mq4   3 KB | 441 downloads
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