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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,421
  • Edited 3:02am Mar 3, 2011 1:50am | Edited 3:02am
Quoting Vantage
Poss gu 2b buy coming off RN twt.
vantage,

GU - M15

took that 2b buy, a bit late though.
entry 6325. hope this will work out.
what price did u buy?

edit:
eventually GU made it to mR1 and am out.
  • #6,422
  • Mar 3, 2011 1:56am Mar 3, 2011 1:56am
[quote=pgd;4443487]Islander,

gm.
anything setting up? (quote)

Sorry, I was busy in the AMT / MP thread and posted this:

Indeed, a narrow Asian Session. I use 5pm GMT for my close (6303) and that gives the range < 30 pips.

My MP is set to 5pm New York and that puts the top of Tuesdays VA at 6292. With today's Daily Pivot at 6293 I'm watching this 10 pip area as potential support into the UK Services PMI at 9:30 GMT

Thus my 10 pip area was 6293 to 6303 and we got a typical mid FH turn and my buy stop was at 6309 + spread
Trading Levels with WRBs
  • #6,423
  • Mar 3, 2011 2:08am Mar 3, 2011 2:08am
Quoting Islander
Sorry, I was busy in the AMT / MP thread and posted this:

Indeed, a narrow Asian Session. I use 5pm GMT for my close (6303) and that gives the range < 30 pips.

My MP is set to 5pm New York and that puts the top of Tuesdays VA at 6292. With today's Daily Pivot at 6293 I'm watching this 10 pip area as potential support into the UK Services PMI at 9:30 GMT

Thus my 10 pip area was 6293 to 6303 and we got a typical mid FH turn and my buy stop was at 6309 + spread.
Thanks, Islander.

what's "VA"?
  • #6,424
  • Mar 3, 2011 2:22am Mar 3, 2011 2:22am
Quoting pgd
vantage,

GU - M15

took that 2b buy, a bit late though.
entry 6325. hope this will work out.
what price did u buy?
As posted earlier didn't get entry off closed candle, pity its a pain when what you are looking for happens and you're not on. The candle then became too big, even looking at 15 mins as the whole move was really from 1 5 min candle.

Islander of course traded it brilliantly. Nice one.
  • #6,425
  • Mar 3, 2011 2:28am Mar 3, 2011 2:28am
Quoting pgd
Thanks, Islander.

what's "VA"?
VA = Value Area - the range in which 70% of the day's trading took place - by volume. I try not to bring volume etc into this thread - but it sometimes happens! http://www.forexfactory.com/images/icons/icon11.gif More info here:

http://www.forexfactory.com/showthread.php?t=277528
Trading Levels with WRBs
  • #6,426
  • Mar 3, 2011 2:31am Mar 3, 2011 2:31am
Quoting Vantage
As posted earlier didn't get entry off closed candle, pity its a pain when what you are looking for happens and you're not on. The candle then became too big, even looking at 15 mins as the whole move was really from 1 5 min candle.

Islander of course traded it brilliantly. Nice one.
Thanks - my entries are off closed 5m candles http://www.forexfactory.com/images/icons/icon12.gif

I banked a few as we now have a LH around the Days open level.....€s leading the activity this morning.....
Trading Levels with WRBs
  • #6,427
  • Mar 3, 2011 2:41am Mar 3, 2011 2:41am
Quoting Islander
Thanks - my entries are off closed 5m candles http://www.forexfactory.com/images/icons/icon12.gif

I banked a few as we now have a LH around the Days open level.....€s leading the activity this morning.....
Oh OK I was looking for pos close from this arrow up candle but it unfortunately ran up too far.
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  • #6,428
  • Edited 2:58am Mar 3, 2011 2:42am | Edited 2:58am
Quoting Islander
VA = Value Area - the range in which 70% of the day's trading took place - by volume. I try not to bring volume etc into this thread - but it sometimes happens! http://www.forexfactory.com/images/icons/icon11.gif More info here:

http://www.forexfactory.com/showthread.php?t=277528
Oh, please don't restrain yourself re. volume.
thanks for the link. eventually, I do want to wrap my head around volume and eventually be able to enter buys at bottom of bars and sells on top of bars...
or is that a mirage?

incidentally, since VA is a range, wouldn't 6292 really be the "point of control" that you illustrated a couple of days ago?
  • #6,429
  • Mar 3, 2011 3:03am Mar 3, 2011 3:03am
Quoting pgd
Oh, please don't restrain yourself re. volume.
thanks for the link. eventually, I do want to wrap my head around volume and eventually be able to enter buys at bottom of bars and sells on top of bars...
or is that a mirage?

incidentally, since VA is a range, wouldn't 6292 really be the "point of control" that you illustrated a couple of days ago?

Sorry, this isnt the place to go into volume. Please check my posts in the thread that I mentioned. Thanks http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #6,430
  • Mar 3, 2011 4:16am Mar 3, 2011 4:16am
Quoting Islander
Sorry, this isnt the place to go into volume. Please check my posts in the thread that I mentioned. Thanks http://www.forexfactory.com/images/icons/icon12.gif
Of course.

however, I hadn't intended to draw you into changing the course of this thread. I'd meant to say that I do like the passing references you make to volume, that lend an additional perspective to trades already supported by the rules of this thread.

thanks.
  • #6,431
  • Edited 5:29am Mar 3, 2011 4:24am | Edited 5:29am
a nice short below mR1, __50 & TL break for 20 pips to the pivot.
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  • #6,432
  • Mar 3, 2011 4:26am Mar 3, 2011 4:26am
EJ 15 min trend line got broken to downside but I saw that daily PP and area of interest to the left were too close to go short. waited for PP to be hit and watched. entered long but price spiked lower than previous low, I closed trade at 12-15 pips loss. but after seeing long orders coming I went long with target around 50XX number. took it 21 pips.
eur/usd same thing after PP rejection went long with target 70XX, closed 5 pips short for 15 pips. bad that closed that long before stop was hit. unnecessary loss. I wonder, with stops of 20-25 pips I doubt loss should be taken before stop hit., I guess we should let some randomness in.

http://img51.imageshack.us/img51/6755/ej15min.png

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http://img232.imageshack.us/img232/137/eu15min.png

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  • #6,433
  • Mar 3, 2011 4:39am Mar 3, 2011 4:39am
I think GU is developing good long opportunity depending upon price action. I would not short it anyway. it is hitting major support area along with fib retracement.
gotta go.
  • #6,434
  • Mar 3, 2011 4:50am Mar 3, 2011 4:50am
Quoting pgd
a nice short below mS1, __50 & TL break for 20 pips to the pivot.
Nice one, pg......should that read mR1 and not mS1? Or have I got my eyes crossed?
  • #6,435
  • Mar 3, 2011 5:27am Mar 3, 2011 5:27am
Quoting eyevoltage
Nice one, pg......should that read mR1 and not mS1? Or have I got my eyes crossed?
my mistake.
mR1 is correct.
post edited.
  • #6,436
  • Edited 5:45am Mar 3, 2011 5:34am | Edited 5:45am
EJ M5 just broke out of a bull flag. but didn't take it as res. up ahead from __50, mR1, yest's high.
perhaps, these resistances will generate a short. let's see...

what is your take on this?
  • #6,437
  • Mar 3, 2011 5:54am Mar 3, 2011 5:54am
Quoting pgd
EJ M5 just broke out of a bull flag. but didn't take it as res. up ahead from __50, mR1, yest's high.
perhaps, these resistances will generate a short. let's see...

what is your take on this?
My take on this, mate, is that everything seems to be literally up and down. I've not been keen on anything this morning, to be honest. I was watching the EJ flag also, but I couldn't raise any enthusiasm for precisely the reasons you stated above.
I've also been watching a descending triangle on 15m GU just to see what happens.......TWT.
  • #6,438
  • Mar 3, 2011 6:06am Mar 3, 2011 6:06am
Lethargic moves prior to tomorrows NFP data.

However, € dropped into the earlier resistance area, a 38 fib and today's DP, so watching the 5m whose low red cadle turned into a harami and made a buy available at 3843 for 20 - 30 pips
Attached Image (click to enlarge)
Click to Enlarge Name: mar 3 eu 15m 1200 gmt.gif Size: 24 KB
Trading Levels with WRBs
  • #6,439
  • Mar 3, 2011 6:13am Mar 3, 2011 6:13am
UK's poor Services PMI pushed cable down into support and a 61 fib - its now waiting for MPC Member Bean to Speak in 50 mins.

Plenty of lower support areas IF the fall continues.......
Attached Image (click to enlarge)
Click to Enlarge Name: mar 3 gu hrly 11am cet.gif Size: 30 KB
Trading Levels with WRBs
  • #6,440
  • Mar 3, 2011 4:10pm Mar 3, 2011 4:10pm
During break took this one. it was after 12:00 I guess. I do not think this trade was a proper one for few reasons.
1. I was thinking it was breaking through sloping trend line on 5-15 min but on second thought it was not the obvious one to get broken.

2. The pair has moved more than average ATR daily range.
3. Time was after London close , hence reduced liquidity.

It missed my stop by only 10 pips. Had to leave it running. Thankfully TP got hit for 22 pips.

http://img847.imageshack.us/img847/137/eu15min.png

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