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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,561
  • Mar 15, 2011 6:17am Mar 15, 2011 6:17am
barry cade,

have a safe trip and enjoy your 2 weeks out.

cheers.
  • #6,562
  • Edited 6:23am Mar 15, 2011 6:20am | Edited 6:23am
Quoting pgd
thanks ev, barry

for cable, mine are:

r3 6410
r2 6304
r1 6238
P 6132
s1 6066
s2 5960
s3 5894

pivot is the same bit i see small differences in the s/r levels.

perhaps, i could download and use the same mt4 are you if u tell me your brokers' names.

thanks.
With the readings so close, there really isn't any point in downloading and using the MT4 platform I'm using, mate. See, the point is with pivots, fibs and psych-lines is that they should be considered as ZONE AREAS rather than "down to the last pip" levels, so to speak.
In short, there'll always be a couple of pips here and there discrepancies.


Edit: Forgot to tell you that I got this platform from the Metaquotes website.
  • #6,563
  • Mar 15, 2011 6:28am Mar 15, 2011 6:28am
Quoting eyevoltage
With the readings so close, there really isn't any point in downloading and using the MT4 platform I'm using, mate. See, the point is with pivots, fibs and psych-lines is that they should be considered as ZONE AREAS rather than "down to the last pip" levels, so to speak.
In short, there'll always be a couple of pips here and there discrepancies.


Edit: Forgot to tell you that I got this platform from the Metaquotes website.
cool.

the metaquotes feed runs GMT?
  • #6,564
  • Mar 15, 2011 6:34am Mar 15, 2011 6:34am
ev,

GU bounced of last week's low.

EJ broke last week'slow but has now climbed back into last week's range and is sitting on it.

both however, have exhausted their daily range.

what would you be looking for now in these 2 pairs.
  • #6,565
  • Mar 15, 2011 7:00am Mar 15, 2011 7:00am
Quoting pgd
cool.

the metaquotes feed runs GMT?
No, it runs GMT+2.
  • #6,566
  • Mar 15, 2011 7:11am Mar 15, 2011 7:11am
Quoting pgd
ev,

GU bounced of last week's low.

EJ broke last week'slow but has now climbed back into last week's range and is sitting on it.

both however, have exhausted their daily range.

what would you be looking for now in these 2 pairs.
I just look for my usual sort of set-ups, mate. At the moment, GU looks as if it's exhausted its move down because the latest pull-back has resulted in a higher low. So I'm just sitting on the sidelines now with GU and waiting for a confirmation of a change of trend. As for EJ, it continues to move down so I'm still bearish on that one until I see any signs of a definite change.
  • #6,567
  • Mar 15, 2011 10:28am Mar 15, 2011 10:28am
Quoting pgd
barry cade,

have a safe trip and enjoy your 2 weeks out.

cheers.
Thanks mate

For what its worth my feed is Alpari but I use IG and also Gekko at the moment for trading. I can be a bit of a tart, using incentives to get free money or trades. IG has the best platform & is best for range of markets, shares & occasional binary betting that I also do, as well as competitive spreads. Gekkos charting is inadequate & frankly I dont like their platform. I havent used Capital for some time either as their platform wasnt great either, albeit easier than Gekko.

I read some interesting stuff yesterday about spreadbetting firms. IG apparently issued a profits warning recently & they are probably the best in the business. Commentary was that there will be consolidation, & more US firms moving in, increasing the concept of lots rather than spreads. Anyway, TWT.
  • #6,568
  • Mar 16, 2011 2:15am Mar 16, 2011 2:15am
Hi all,

anyone see anything setting up?

cheers.
  • #6,569
  • Mar 17, 2011 4:07am Mar 17, 2011 4:07am
I missed this lovely bullish flag this morning on 5m cable. I guess I wasn't quite "zeroed-in" after rolling out of bed this morning!
Attached Image
  • #6,570
  • Mar 17, 2011 4:57am Mar 17, 2011 4:57am
I didn't miss this one! A large shooting star heralded a pull-back and this pull-back ended in a bullish piercing pattern (blue square) right on the R1/13ema confluence. Entry and exit as shown.
Attached Image
  • #6,571
  • Mar 17, 2011 5:06am Mar 17, 2011 5:06am
Nice trade EV. Off topic, but how do you put those price labels on your chart? Thanks.
  • #6,572
  • Mar 17, 2011 5:41am Mar 17, 2011 5:41am
Quoting orientos
Nice trade EV. Off topic, but how do you put those price labels on your chart? Thanks.
If you're using MT4, look along the tool bars at the top, and you should see a little box with a couple of arrows and a tick in. Click it and you'll get a drop-down menu and all will be revealed!
  • #6,573
  • Edited 10:28am Mar 17, 2011 10:10am | Edited 10:28am
EU - long

ev,

are you buying that EU bull flag b/o above yest's high ?

thanks.

edit:

bot : 1.4012
exit: 1.4025
Attached Image (click to enlarge)
Click to Enlarge Name: eu-20110317-1.gif Size: 23 KB
  • #6,574
  • Mar 17, 2011 11:53am Mar 17, 2011 11:53am
Quoting pgd
EU - long

ev,

are you buying that EU bull flag b/o above yest's high ?

thanks.

edit:

bot : 1.4012
exit: 1.4025

No, mate, I was busy with other things at the time.
  • #6,575
  • Edited 7:18pm Mar 17, 2011 7:07pm | Edited 7:18pm
Hi folks. I am off (again) for a couple of weeks. Been too busy to trade intraday for most of the last 2 weeks. This week Ive also been too circumspect, worried about world markets panic to place any daily trades. However many currencies, despite the international traumas have still respected daily/weekly T/Ls / channels. I have been amazed at how many Ive been able to spot & by looking for parallel T/L channels (not just in Forex). Makes me think the markets are still operating to a script. Anyway, hundreds of pips went begging this week, for the braver ones!

I will remember this in the next disaster / economic crash! It'll be coming soon, courtesy of QE.

So, maybe T/Ls and channels are more apparent in times of massive uncertainty?

Good luck with your trades. Catchya soon
  • #6,576
  • Mar 17, 2011 7:36pm Mar 17, 2011 7:36pm
Thanks for the price label advice EV. Appreciate your posts also - I have learnt a lot from you these past few years. Nice simple PA with a high win rate.
  • #6,577
  • Mar 18, 2011 2:47am Mar 18, 2011 2:47am
Quoting orientos
Thanks for the price label advice EV. Appreciate your posts also - I have learnt a lot from you these past few years. Nice simple PA with a high win rate.
You're welcome, old chap. Glad to help.
  • #6,578
  • Mar 18, 2011 4:24am Mar 18, 2011 4:24am
5m Cable......

This would have been a cracking trade had I been on hand to take it! A large harami candle (blue square) in the MA zone and just below the mid-point level was the heads-up. Entry would have been at the first candle below the MA zone (blue ellipse) and exit could have been at the Main Pivot Point or at the next mid-point level down. Either way, a great set-up and I'm sorry I missed it. Worth showing on here, though.
Attached Image
  • #6,579
  • Mar 18, 2011 6:13am Mar 18, 2011 6:13am
Managed to get this one. A pull-back right across R1, and then a bullish piercing pattern (blue square) was the heads-up for this trade. Entry and exit as shown.
Attached Image
  • #6,580
  • Mar 18, 2011 8:36am Mar 18, 2011 8:36am
Bearish engulfing pattern on last week's high, 115.25
Bearish engulfing pattern also on H1.
TL break.

entry: 114.84
exit : 114.65
Attached Image (click to enlarge)
Click to Enlarge Name: ej-20110318-1.gif Size: 33 KB
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