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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,601
  • Mar 21, 2011 9:30am Mar 21, 2011 9:30am
Quoting pgd
bearish engulfing pattern seen on both at last H1 close.
in next 20 mins both bounced right back.
any idea where we're headed now?

Haven't a clue. Any idea what those large movements were due to?
  • #6,602
  • Mar 21, 2011 9:50am Mar 21, 2011 9:50am
Quoting eyevoltage
Haven't a clue. Any idea what those large movements were due to?
by the drop in US existing home sales figure released then, one might have expected the $ to weaken but we are seeing just the opposite!
  • #6,603
  • Mar 22, 2011 4:14am Mar 22, 2011 4:14am
Entry:
bounce off daily pivot
115.22

Exit :
spinning top followed by hanging man at __50
cci divergence
115.49
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  • #6,604
  • Mar 22, 2011 7:53pm Mar 22, 2011 7:53pm
was up early today.

picked up this nice one in the asian session.

entry: 114.88
exit1: 114.70 (S1)
exit2: 114.49 (divergence & h4-ema20 -- white dashed line).

had targeted lower but pulled out when I saw the divergence.
lucky! what a sharp bounce on the next bar!
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  • #6,605
  • Mar 23, 2011 7:55am Mar 23, 2011 7:55am
Rising wedge across the mid-point level/13ema confluence with a doji plus confirmation indicating a high-probability short. Entry and exit as shown.
Attached Image
  • #6,606
  • Mar 23, 2011 8:26am Mar 23, 2011 8:26am
A nice strong momentum pull-back to the 13ema/S2 confluence, followed by a Harami candle and sweet drop down to the mid-point level. Lovely set-up.
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  • #6,607
  • Edited 8:49am Mar 23, 2011 8:32am | Edited 8:49am
Good Afternoon - Sorry I didnt have time to post this earlier. In addition to the normal levels, I've added yesterday's POC level.

The rally off LO initially stalled under the 4200 level. However, it was soon obvious that € was not ready to turn south and so our attention switched to the area of the DP, the mauve POC line and the pink level around yesterday afternoon's high.

Once again, price turned at the POC level - the highest activity level........here mauve as it hadnt been hit before. FYI the next mauve POC is from last Friday at 1.4070 http://www.forexfactory.com/images/icons/icon12.gif
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Trading Levels with WRBs
  • #6,608
  • Edited 8:41am Mar 23, 2011 8:40am | Edited 8:41am
Quoting eyevoltage
A nice strong momentum pull-back to the 13ema/S2 confluence, followed by a Harami candle and sweet drop down to the mid-point level. Lovely set-up.
Took the same trade for +26 as well as some shorts on EJ and GU. Made some other trades today as well, all demo because I'm still not sure how many pairs to watch. I think I like just watching EJ, EU and GU but then I look at other pairs and see missed opportunities. I think that's just a mental hurdle I have to get over, you can't catch them all.

trublu
  • #6,609
  • Mar 23, 2011 9:00am Mar 23, 2011 9:00am
Quoting trublu
Took the same trade for +26 as well as some shorts on EJ and GU. Made some other trades today as well, all demo because I'm still not sure how many pairs to watch. I think I like just watching EJ, EU and GU but then I look at other pairs and see missed opportunities. I think that's just a mental hurdle I have to get over, you can't catch them all.

trublu
In addition to those three you mentioned, I watch AU as well. Vastly underrated pair, IMHO.
  • #6,610
  • Mar 23, 2011 9:05am Mar 23, 2011 9:05am
Quoting eyevoltage
In addition to those three you mentioned, I watch AU as well. Vastly underrated pair, IMHO.
Yea I had that chart up and saw a set up I would have taken but I missed it when I was looking at the other pairs, but I do usually look at it, had some good trades on it in the past.

trublu
  • #6,611
  • Edited 4:23am Mar 24, 2011 4:12am | Edited 4:23am
experts,

please help me out here:

divergence above 4050.
long entry as marked on chart.
was this a technically valid long entry?

thanks.
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  • #6,612
  • Mar 24, 2011 4:40am Mar 24, 2011 4:40am
Quoting pgd
experts,

please help me out here:

divergence above 4050.
long entry as marked on chart.
was this a technically valid long entry?

thanks.
I never look at divergence, to be honest, but I wouldn't have gone against the MA's, anyway. But that's just me, mate. Others will probably feel differently about it.
  • #6,613
  • Edited 4:53am Mar 24, 2011 4:45am | Edited 4:53am
Good morning EV and pgd

I dip in out of your thread and it is always interesting and throws up fantastic nuggets - so many thanks.

Can I ask a question about the DP? It is often said that you only trade long above the DP and vice versa. Is this something of a myth or is there validity in the theory?

Also, am I right in thinking some of the most important candles to look out for are pinbars, engulfings and haramis?

If either of you have chance to reply I would be most grateful.

Best wishes


PS I use ProRealTime charts and wondered if anyone knew how to get the mid points? They have the daily, weekly and monthly pivots, but not the mid points...
  • #6,614
  • Mar 24, 2011 4:58am Mar 24, 2011 4:58am
Quoting Delite
Good morning EV and pgd

I dip in out of your thread and it is always interesting and throws up fantastic nuggets - so many thanks.

Can I ask a question about the DP? It is often said that you only trade long above the DP and vice versa. Is this something of a myth or is there validity in the theory?

Also, am I right in thinking some of the most important candles to look out for are pinbars, engulfings and haramis?

If either of you have chance to reply I would be most grateful.

Best wishes
Hi Delite.
When acumen started this thread, he maintained that if price went above the PP, then one should look for long trades, and vice versa if price went below the PP. I've seen the same sort of thing stated many times, but personally, I can't see how a good set-up should be ignored just because it's the "wrong" side of the Pivot Point! My opinion only.
As for candlesticks, there are quite a few reversal patterns that are very effective and well worth studying. Look for Hammers, Shooting stars, Bearish and Bullish engulfing candles, Dark Cloud Covers, Bullish piercing patterns and Haramis. Also, when a doji appears at the top or bottom of a move, you should take notice and wait for a confirming candle before entry. If you look back through the thread and study the charts that have been posted by various contributors, you'll see many examples of candlestick patterns and their effects.
Hope this helps


Edit: If your charting platform doesn't "do" mid-point levels, then you're left with no alternative but to draw them in for yourself, if the platform willl let you.
  • #6,615
  • Mar 24, 2011 5:01am Mar 24, 2011 5:01am
EU M5 chart

Took entry at the black arrow. Bullish engulfing with a close above the 14100 level and a bounce off the 10MA.

Aware this is counter trend so will take what I can - hoping for the DP.
Attached Image
  • #6,616
  • Edited 5:15am Mar 24, 2011 5:09am | Edited 5:15am
Quoting Delite
EU M5 chart

Took entry at the black arrow. Bullish engulfing with a close above the 14100 level and a bounce off the 10MA.

Aware this is counter trend so will take what I can - hoping for the DP.
I was in the process of posting these when I saw your chart, mate. I can't see anything counter-trend about your trade, mate. Have a look at how I saw these two trades. Couldn't take them, as I was busy with other things.

Edit: I see what you mean regarding "counter-trend", because I've just looked at the 1H chart and yes, these trades are counter to that trend. However, there's such a difference between TF's, and with 5m charts, trends are up and down all day compared with the higher TF's, so I don't worry too much about what the higher TF's are doing, to be honest.
Attached Images
  • #6,617
  • Mar 24, 2011 5:16am Mar 24, 2011 5:16am
Quoting pgd
experts,

please help me out here:

divergence above 4050.
long entry as marked on chart.
was this a technically valid long entry?

thanks.
Hi pgd
We took that 2b, with cci 14 divergence (I've been watching that with macd 5 15 histo for some time and we now use cci only) is very very good. It was also vol POC from 18 Mar at frankies half hour reversal.
  • #6,618
  • Mar 24, 2011 5:18am Mar 24, 2011 5:18am
Quoting Delite
EU M5 chart

Took entry at the black arrow. Bullish engulfing with a close above the 14100 level and a bounce off the 10MA.

Aware this is counter trend so will take what I can - hoping for the DP.
Hi Delite
We had that same trade set up but unfortunately lost platform connection at the key moment. Came back up with the trade 6-7 pips higher and we said miss entry miss trade.
  • #6,619
  • Mar 24, 2011 5:24am Mar 24, 2011 5:24am
Eur 1hr with vol POC.

1hr gu with vol POC and 5 min with trades at those key SR areas + divergence.

We have had another very good morning trading 2b's, hl/lh (well today a dble top) at these key areas.

Mrs V was never a fan of 2b's or divergence but has really turned around (trading several successfully in last couple of weeks helps with that focus) with the addition of POC.
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  • #6,620
  • Mar 24, 2011 5:26am Mar 24, 2011 5:26am
Quoting Vantage
Eur 1hr with vol POC.

1hr gu with vol POC and 5 min with trades at those key SR areas + divergence.

We have had another very good morning trading 2b's, hl/lh (well today a dble top) at these key areas.

Mrs V was never a fan of 2b's or divergence but has really turned around (trading several successfully in last couple of weeks helps with that focus) with the addition of POC.
Sorry just to be clear the FH reversal trade with divergence we didn't take the above gu, just showing, we were in eur 2b.
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