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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,481
  • Edited 3:27am Mar 8, 2011 3:15am | Edited 3:27am
GM all - here's a correlation trade from half an hour ago.

I saw €/$ fail to break through 1.3920 and bought cable under 1.6180 for 18 quick ones.
Attached Image (click to enlarge)
Click to Enlarge Name: cable m5 8 march.jpg Size: 94 KB
  • #6,482
  • Mar 8, 2011 4:39am Mar 8, 2011 4:39am
what just happened here !?

saw divergence on M5, M15.
big hammer at support area on M15.
bought above hammer.
it quickly moved up +10
I placed mkt order to exit here.
It sped back down and stuck me a slippage of 11 pips !!
  • #6,483
  • Mar 8, 2011 4:47am Mar 8, 2011 4:47am
Quoting pgd
what just happened here !?

saw divergence on M5, M15.
big hammer at support area on M15.
bought above hammer.
it quickly moved up +10
I placed mkt order to exit here.
It sped back down and stuck me a slippage of 11 pips !!
Personally once LO is done I won't trade against the 1hr chart and that was solidly down. PA can take 1-2 hours to turn pre US open. Waiting for that turn to materialise on 1hr has saved me lots of pips.

Have a look at lots of charts from say 10 gmt - 12 gmt and see how sticky it can be to turn.
  • #6,484
  • Mar 8, 2011 4:51am Mar 8, 2011 4:51am
Quoting Vantage
Personally once LO is done I won't trade against the 1hr chart and that was solidly down. PA can take 1-2 hours to turn pre US open. Waiting for that turn to materialise on 1hr has saved me lots of pips.

Have a look at lots of charts from say 10 gmt - 12 gmt and see how sticky it can be to turn.
thanks, vantage.
  • #6,485
  • Mar 8, 2011 6:35am Mar 8, 2011 6:35am
Afternoon, folks.

My first trade today.......a nice set-up, with a pair of railtracks forming in the MA zone, right on the xx25. Entry and exit as shown.
Attached Image
  • #6,486
  • Mar 8, 2011 6:58am Mar 8, 2011 6:58am
Quoting eyevoltage
Afternoon, folks.

My first trade today.......a nice set-up, with a pair of railtracks forming in the MA zone, right on the xx25. Entry and exit as shown.
Nice one mate. I had to go out. Needless to say, its the first trade I spotted on return (actually the only one in forex), so missed it. Good to see the Maestro bagging it though.

Got to go out again. I think this week will be written off for me doing trading. Grrrr.
  • #6,487
  • Mar 8, 2011 7:05am Mar 8, 2011 7:05am
Quoting shiko
That's pretty interesting way to draw fibs. i have seen few and all different.

LOL - try my old thread then - we experimented with loads of ideas there http://www.forexfactory.com/images/icons/icon12.gif
http://www.forexfactory.com/showthre...=69499&page=59
Trading Levels with WRBs
  • #6,488
  • Mar 8, 2011 7:13am Mar 8, 2011 7:13am
Quoting pgd
what just happened here !?

saw divergence on M5, M15.
big hammer at support area on M15.
bought above hammer.
it quickly moved up +10
I placed mkt order to exit here.
It sped back down and stuck me a slippage of 11 pips !!
LOL - that's more like Cable!!

When I'm not certain about where - or when - to place my exit, I open the "Modify or Delete Order" window and start trailing a 2 - 3 pip stop.

I just did this into the NYO as € broke the 3900 level and the start of the 16 pip spike up closed me out a few pips above the low.... http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #6,489
  • Mar 8, 2011 8:48am Mar 8, 2011 8:48am
Quoting Islander
LOL - that's more like Cable!!

When I'm not certain about where - or when - to place my exit, I open the "Modify or Delete Order" window and start trailing a 2 - 3 pip stop.

I just did this into the NYO as € broke the 3900 level and the start of the 16 pip spike up closed me out a few pips above the low.... http://www.forexfactory.com/images/icons/icon12.gif
Laugh away, brother

I trail too at times.
but this was just too quick.

cheers.
  • #6,490
  • Edited Mar 9, 2011 12:15am Mar 8, 2011 9:08am | Edited Mar 9, 2011 12:15am
Islander,

prompted by your S/R zones marked by coloured rectangles, I wrote an indicator that keeps the rectangles updated to the current bar once you have put them on manually at places of your choice. it colours green all rectangles below close of last bar and others crimson. these colours can be customized. while drawing the rectangles you can draw them small just at the start point. the indicator will then stretch them to the current bar. all you have to do is name the rectangles SR-1, SR-2 and so on in their respective properties boxes. you can go upto SR-20. In the unlikely event that you want to use more than 20, you can appropriately change the default value of 'max_zones' in the properties box which, at present, stands at 20.

instructions are written at the top of the attached mq4 file.

all, feel free to download.

cheers.
Attached File(s)
File Type: mq4 SR_zones.mq4   4 KB | 1,118 downloads
  • #6,491
  • Mar 9, 2011 1:00am Mar 9, 2011 1:00am
Quoting pgd
Islander,

prompted by your S/R zones marked by coloured rectangles, I wrote an indicator that keeps the rectangles updated to the current bar once you have put them on manually at places of your choice. it colours green all rectangles below close of last bar and others crimson. these colours can be customized. while drawing the rectangles you can draw them small just at the start point. the indicator will then stretch them to the current bar. all you have to do is name the rectangles SR-1, SR-2 and so on in their respective properties boxes. you...
GM - thanks, I'll give it a try.......and let's hope cable wake's up today and gets back into the 120 pip range again....
Trading Levels with WRBs
  • #6,492
  • Mar 9, 2011 1:47am Mar 9, 2011 1:47am
To clarify my use of fibs, I've modified my fib tool to make it non directional.

In my old thread, I named the 38% to 61% range the Decision Zonr, as that is where Price makes its decision to respect this retracement area or reject it, and carry on thru it. Thus I frequently colour this zone and then remove the fibs to declutter my chart.

On my hourly charts, I usually start with a fib over the last week's range and on my 15 min chart over the last days range. IF - like yesterday - the range allows another obvious fib, then I'll add it too, or just note it and add when it becomes appropriate. When you've pull 1,000s of fibs, your Mk 1 Eyeball becomes rather accurate!

Tradewise so far, the slightly LL before FO held ~ MS1 for a 40 pip bounce.
Attached Image (click to enlarge)
Click to Enlarge Name: mar 9 gu 30m mid fh.gif Size: 18 KB
Trading Levels with WRBs
  • #6,493
  • Mar 9, 2011 1:52am Mar 9, 2011 1:52am
Quoting Islander
To clarify my use of fibs, I've modified my fib tool to make it non directional....
Thanks, Islander.

I read thru' a bit of your fib thread. I found the 23.6 & 76.4 lines marked 'AL'. what does that stand for and how do u use it ?
  • #6,494
  • Edited 2:10am Mar 9, 2011 1:57am | Edited 2:10am
Islander,

I am long EU from 1.3898 targeting the pivot at 3917.
do you see an achievable higher target?

thanks.

edit:
it stalled.
out 3906.

ooh! that was a close shave!
  • #6,495
  • Mar 9, 2011 2:10am Mar 9, 2011 2:10am
Quoting pgd
Islander,

I am long EU from 1.3898 targeting the pivot at 3917.
do you see an achievable higher target?

thanks.

edit:
it stalled.
out 3906.
that was a short...triple top against trend line...good old pattern
Attached Image (click to enlarge)
Click to Enlarge Name: euro short 9 march.PNG Size: 33 KB
  • #6,496
  • Mar 9, 2011 2:36am Mar 9, 2011 2:36am
Chart with fibs over yesterday's range showing a perfect rejection of the 50% level - also a resistance area - now being updated via pgd's new indy . I like the idea that I can quickly check back to where I started the rectangle to remind myself of the PA at that time http://www.forexfactory.com/images/icons/icon12.gif

The green 3861 line is an old S/R level - off my 4 hrly chart - so important......IF it breaks, then the T1 & T2 are activated, T2 being ~120 pips from today's high......

The orange line at 3903 is yesterday's volume POC level and I'm short from around there, with a partial TP ~3861.....
Attached Image (click to enlarge)
Click to Enlarge Name: mar 9 eu 15m lo plus 15m.gif Size: 20 KB
Trading Levels with WRBs
  • #6,497
  • Mar 9, 2011 2:40am Mar 9, 2011 2:40am
Quoting Islander
The orange line at 3903 is yesterday's volume POC level and I'm short from around there, with a partial TP ~3861.....
What did you say the other day? "The old telepathy still working!"
  • #6,498
  • Mar 9, 2011 2:56am Mar 9, 2011 2:56am
Quoting medici
What did you say the other day? "The old telepathy still working!"
LOL - I'd have bet my house that you were in it too .....my chart....I'm now flat after the 5m HL and waiting for the next set up....
Attached Image (click to enlarge)
Click to Enlarge Name: mar 9 eu 5m 0949 cet.gif Size: 16 KB
Trading Levels with WRBs
  • #6,499
  • Mar 9, 2011 3:07am Mar 9, 2011 3:07am
Quoting Islander
LOL - I'd have bet my house that you were in it too .....my chart....I'm now flat after the 5m HL and waiting for the next set up....
To me both were pattern trades with divergence, and then entry trigger on M1.

First a 'false' breakout at 6am - those usually reverse.

Then the triple top against trendline.

Seems like the research we once did is paying off
Attached Image (click to enlarge)
Click to Enlarge Name: euro 9 march.jpg Size: 96 KB
  • #6,500
  • Mar 9, 2011 3:35am Mar 9, 2011 3:35am
Quoting medici
To me both were pattern trades with divergence, and then entry trigger on M1.

First a 'false' breakout at 6am - those usually reverse.

Then the triple top against trendline.

Seems like the research we once did is paying off
Agreed

On my 5m chart, the green band was incorrectly placed, having been transposed several times http://www.forexfactory.com/images/icons/icon11.gif - it should be a little higher, off the more recent 4 hrly highs, so from 3855 to 3857, thus nicely catching the spike low. Its also interesting that the volume POC from last Thursday is at 3857......
Trading Levels with WRBs
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