Psych Levels, Pivots, and Trendlines - Resurrected | Page 313 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD

Similar Threads

Adr, psych levels, demand & supply trading 15 replies

Standard Pivots and Fibonnaci Pivots? 9 replies

EUR/USD 5min - Trendlines and Pivots 379 replies

Important psych levels 1 reply

Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies

Attachments: Psych Levels, Pivots, and Trendlines - Resurrected
Exit Attachments

Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,241
  • Feb 18, 2011 6:08am Feb 18, 2011 6:08am
Close to yesterday lows on euro.. I traded short after resistance was evident at the 1.3600 level.

I was reluctant to go long on this pair and I still am reluctant, it's quite possible some support will present at this 50 level.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 122 KB
  • #6,242
  • Feb 18, 2011 6:13am Feb 18, 2011 6:13am
Some may consider this to be a bullish flag pattern... Not so sure..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 222 KB
Click to Enlarge Name: 3.jpg Size: 227 KB
  • #6,243
  • Feb 18, 2011 6:17am Feb 18, 2011 6:17am
I'm leaning towards the short side...
Attached Image (click to enlarge)
Click to Enlarge Name: 4.jpg Size: 223 KB
  • #6,244
  • Feb 18, 2011 6:48am Feb 18, 2011 6:48am
Yikes... buyers waiting at those low levels for sure...

Bang... this market can be very brutal...
Attached Image (click to enlarge)
Click to Enlarge Name: 5.jpg Size: 129 KB
  • #6,245
  • Feb 18, 2011 7:26am Feb 18, 2011 7:26am
Quoting Musashi
Yikes... buyers waiting at those low levels for sure...

Bang... this market can be very brutal...
Yep, that move up is a bit harsh. Surely not as a result of any useful comment emanating from kleptocrat Bernanke's speech due at 1.00pm gmt? Do people in the US still take notice of the crook?

The bull candles all have tallish wicks and on high vol. This may be as a result of distribution from the big dogs. If so, we should expect a larger drop!!!
  • #6,246
  • Feb 18, 2011 7:31am Feb 18, 2011 7:31am
EU - M15

Managed to nail that long from double bottom at __50.
entered after inverted hammer and inside bar breakout.

Entry: 1.3558
Exit : 1.3625
Attached Image (click to enlarge)
Click to Enlarge Name: eu-long-20110218.gif Size: 67 KB
  • #6,247
  • Feb 18, 2011 7:35am Feb 18, 2011 7:35am
Hi guys,

Can I ask you a question about pivots?

On Monday, the Euro bounced off the monthly pivot but remained under the weekly. Does that make for a bullish sentiment or mixed?

Sorry if this is really basic stuff...
  • #6,248
  • Feb 18, 2011 7:36am Feb 18, 2011 7:36am
Quoting pgd
EU - M15

Managed to nail that long from double bottom at __50.
entered after inverted hammer and inside bar breakout.

Entry: 1.3558
Exit : 1.3625
Congrats. Thats a cracker, well done. I thought it was going to be a minor move not a rocket launch, so didnt get in. Brilliant PGD
  • #6,249
  • Feb 18, 2011 7:51am Feb 18, 2011 7:51am
Quoting Delite
Hi guys,

Can I ask you a question about pivots?

On Monday, the Euro bounced off the monthly pivot but remained under the weekly. Does that make for a bullish sentiment or mixed?

Sorry if this is really basic stuff...
No probs. Longer timeframes "control" market movement, unsurprisingly over longer timeframes. Technically you should have "all your ducks in a row" to minimise risk.

However as this thread is about intraday trades, mostly looking for 15-40 pips per trade, there are enough action/reaction points using psychs daily pivots (inc mid pivots on currencies with bigger daily ranges) fibs and trendlines to be concerned with adding more lines, which in my opinion will be of less value and significance for this type of trading. Hence I dont use them.

I am not the resident expert so maybe anyone elses comments would be valuable.
  • #6,250
  • Feb 18, 2011 7:51am Feb 18, 2011 7:51am
Just came back from Menu del Dia - worker's priced lunch, 3 courses and 1/2 bottle of wine for €9.50

Bullish CII divergence was the alert for a rally into the NY First Open (14:00)

The reason it bacame 90 pips rather than 20 - 30 pips was this from ForexLive:

CB’s Bini Smaghi: ECB may raise rates as price pressures mount – Bloomberg
That’s the puppy that has caused EUR/USD to spike higher, presently at 1.3632.
Why oh why does it always kick off as soon as I try to do my wrap. It’s a bloody conspiracy I tell ya.
Earlier I was getting reports of decent-sized sell orders lined up around 1.3650. Will be interesting to see whether they’re still in place, or have been scared off by this latest ECB offering.
Attached Image (click to enlarge)
Click to Enlarge Name: feb 18 eu 5m 1440 esp.gif Size: 15 KB
Trading Levels with WRBs
  • #6,251
  • Feb 18, 2011 8:16am Feb 18, 2011 8:16am
Quoting Islander
Just came back from Menu del Dia - worker's priced lunch, 3 courses and 1/2 bottle of wine for €9.50

Bullish CII divergence was the alert for a rally into the NY First Open (14:00)

The reason it bacame 90 pips rather than 20 - 30 pips was this from ForexLive:

CB’s Bini Smaghi: ECB may raise rates as price pressures mount – Bloomberg
That’s the puppy that has caused EUR/USD to spike higher, presently at 1.3632.
Why oh why does it always kick off as soon as I try to do my wrap. It’s a bloody conspiracy I tell...
Thanks Pirate. Saved me searching. When I saw EJ had similarly lifted it had to be some Euro toerag that had mouthed off some untruth. Oops, I am off on a rant.

Glad you had such a good lunch. We will be doing the same mid next week when we are back in Puerto Banus. Cant wait.
  • #6,252
  • Feb 21, 2011 3:43am Feb 21, 2011 3:43am
Hi,

hope all had a good weekend.

anyone see anything setting up?

cheers.
  • #6,253
  • Feb 21, 2011 4:12am Feb 21, 2011 4:12am
entry1 = 1.3695 (below the harami at __00 & mR1).
entry2 = 1.3689 (after the retrace and downward resumption).

exit1,2 = 1.3671 (near prev. day's low).

did anyone else take that one?
Attached Image (click to enlarge)
Click to Enlarge Name: eu-20110221-1.gif Size: 23 KB
  • #6,254
  • Feb 21, 2011 5:21am Feb 21, 2011 5:21am
Quoting pgd
entry1 = 1.3695 (below the harami at __00 & mR1).
entry2 = 1.3689 (after the retrace and downward resumption).

exit1,2 = 1.3671 (near prev. day's low).

did anyone else take that one?
Been tied up with other work, as US bank hols, so Ive had little interest in trading today. However I couldnt resist switching on. I did see this one, but too late.

Well done
  • #6,255
  • Feb 22, 2011 4:14am Feb 22, 2011 4:14am
Been a hectic morning in this household, for one reason or another. Consequently, I missed this first trade which resulted from a shooting star on the xx75, just under the 13ema. However, I nabbed the next one (engulfing candle on the 13ema), before nipping off to attend to other duties. Only just got back to the computer!

(I'm working from psych-lines this morning, as the pivots are a bit too close and in some instances, price is well below S3.)
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy1075.gif Size: 18 KB
  • #6,256
  • Feb 22, 2011 4:45am Feb 22, 2011 4:45am
GM all - a nice sell off in Asia, I guess brought on by the problems in the Middle East.

We didnt need an indy to see that the second push down was on lower momentum and there were clear entries off the 5 min chart.

I find it better not to "screen watch" and I'm often researching or even in another room. To remind me to take a look, I found an alarm that sounds at the open of each new candle for the appropriate TF - I use the 15m. I can post it if anyone's interested.
Attached Image (click to enlarge)
Click to Enlarge Name: feb 22 eu 15m 1039 uk.gif Size: 52 KB
Trading Levels with WRBs
  • #6,257
  • Feb 22, 2011 4:46am Feb 22, 2011 4:46am
Quoting Islander

I find it better not to "screen watch" and I'm often researching or even in another room. To remind me to take a look, I found an alarm that sounds at the open of each new candle for the appropriate TF - I use the 15m. I can post it if anyone's interested.
That would be appreciated
  • #6,258
  • Feb 22, 2011 6:12am Feb 22, 2011 6:12am
A strong momentum rise, followed by a retrace from S1 and then a break upwards. Entry and exit as indicated.
Attached Image
  • #6,259
  • Feb 22, 2011 6:14am Feb 22, 2011 6:14am
Quoting medici
That would be appreciated
NP and also, here's the link to the little thread where Xaphod kindly modified it........not that you need his help!

http://www.forexfactory.com/showthread.php?t=281667

I'm having trouble trying to upload the sound file, so you may have to download it from the link in the thread and convert it to a wave file - easy for a trader of your expertise http://www.forexfactory.com/images/icons/icon12.gif
Attached File(s)
File Type: mq4 New_Candle_Alarm 3.mq4   2 KB | 320 downloads
File Type: ex4 New_Candle_Alarm 3.ex4   2 KB | 267 downloads
Trading Levels with WRBs
  • #6,260
  • Feb 22, 2011 6:15am Feb 22, 2011 6:15am
Quoting Islander
NP and also, here's the link to the little thread where Xaphod kindly modified it........not that you need his help!

http://www.forexfactory.com/showthread.php?t=281667

I'm having trouble trying to upload the sound file, so you may have to download it from the link in the thread and convert it to a wave file - easy for a trader of your expertise http://www.forexfactory.com/images/icons/icon12.gif
Muchas Gracias
5 traders viewing now