Psych Levels, Pivots, and Trendlines - Resurrected | Page 332 | 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

  • #6,621
  • Mar 24, 2011 5:27am Mar 24, 2011 5:27am
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.
The arrow down on gu chart was our last sell which we exited at BE, a valid sell but with the potential for hl at the vol POC we wanted to keep our pips this am.
  • #6,622
  • Mar 24, 2011 5:45am Mar 24, 2011 5:45am
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?...
Delite,

I am in the process of picking up nuggets here myself.
so, there are people here (including ev) who are better qualified than I to answer that question.

however, here's my response for what it's worth:

on candlestick patterns, I have nothing to add to what ev said.

on taking trades against the pivot, I'd like to add :

assuming that a good set up comes along for a trade into the pivot, this is how I include the pivot in my reckoning:

1.
If the pivot is far enough from price for a pip worthy trade , I consider using the pivot as a target.

2.
if price has moved in one direction to exhaustion, it would be around S2/R2 or S3/R3. then, anyway I'd be looking for trades the other way after a reversal and those would inevitably be into the pivot.

3.
if price is near the pivot after testing it a few bars earlier, I sometimes trade into the pivot in anticipation of a slice through. in this case, I'd look for the trade to be supported additionally by the h4 trend.

try this little exercise:

on an h1 chart bearing the pivot line, zoom out so you can view about 10-15 days price action. see how in an up trend, price tends to drop to the pivot almost every day. that drop could be a trade if there are enough pips in that space, provided of course, that a good setup is seen. It would be the reverse in case of a down trend.

hope this helps.

cheers.
  • #6,623
  • Mar 24, 2011 6:00am Mar 24, 2011 6:00am
Quoting Vantage
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.
thanks, vantage.

i am a bit diffident when it comes to these kind of trades.

may i make a humble request...

over the next few days, would you kindly post in advance when you see a tradable 2b setup or other reversal bounces coming, so i can have greater confidence in taking the trade.

just a little note giving pair and TF, no need for a chart...

thanks.
  • #6,624
  • Mar 24, 2011 7:25am Mar 24, 2011 7:25am
Quoting pgd
thanks, vantage.

i am a bit diffident when it comes to these kind of trades.

may i make a humble request...

over the next few days, would you kindly post in advance when you see a tradable 2b setup or other reversal bounces coming, so i can have greater confidence in taking the trade.

just a little note giving pair and TF, no need for a chart...

thanks.
Hi pgd

2b's are particularly difficult to post in advance because they literally happen at close of a 5 min candle.

All I can suggest is from Frankies half hour reversal time 7.30 gmt think reversal only, reverting to trend trades (eg in direction of 15 min ma's with good angle + sep) prob after 9am gmt + when immediate range has been broken.

Mrs V and I actively look for reversal trades from 30 mins before LO. Our requirements are easy, for 2bs key level + divergence in and around LO.
  • #6,625
  • Mar 24, 2011 7:35am Mar 24, 2011 7:35am
Quoting Vantage
Hi pgd

2b's are particularly difficult to post in advance because they literally happen at close of a 5 min candle.

All I can suggest is from Frankies half hour reversal time 7.30 gmt think reversal only, reverting to trend trades (eg in direction of 15 min ma's with good angle + sep) prob after 9am gmt + when immediate range has been broken.

Mrs V and I actively look for reversal trades from 30 mins before LO. Our requirements are easy, for 2bs key level + divergence in and around LO.
Thought I'd attach this chart as its pretty much a perfect example.

15 min eur see left arrow up. Obviously the move down might be expected to continue but our 2b requirements were met on 5 min chart, same trade you posted.

Price moves above immediate range which we saw as 4088. MA's have good angle + sep, right arrow up hammer gave a great 5 min hl trade (we had set up but lost contact).

Taking 2b's, hl/lh's at extremes and following up with 15 min trend with a couple of set ups (as Eyevoltage has been posting here for ages) like pin bars, flags, hl/lh's etc is a great simple way to trade on intra day basis.

And just to jump on the bandwagon for CCI divergence it got all the FH moves.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 16 KB
  • #6,626
  • Mar 24, 2011 7:39am Mar 24, 2011 7:39am
Quoting Vantage
Thought I'd attach this chart as its pretty much a perfect example.

15 min eur see left arrow up. Obviously the move down might be expected to continue but our 2b requirements were met on 5 min chart, same trade you posted.

Price moves above immediate range which we saw as 4088. MA's have good angle + sep, right arrow up hammer gave a great 5 min hl trade (we had set up but lost contact).

Taking 2b's, hl/lh's at extremes and following up with 15 min trend with a couple of set ups (as Eyevoltage has been posting here for ages) like pin bars,...
Just remembered Paulus on one of the trading 1 2 3 threads says in general that once pa emerged from Asian session he trades REVERSALS ONLY.

Again then in and around FH/LO think reversal.
  • #6,627
  • Mar 24, 2011 8:02am Mar 24, 2011 8:02am
Was having a pm chat on market profile POC - point of control.

The blue histo shows the vol for that day with white line on the single highest vol point.

Provide great supp/rest bands and I use them as help for areas to trade the reaction to exactly as per my normal hl/lh/2b methods.

To me despite the problems with each platform having its own volume its amazing how well the levels work and how close different feeds are. I've seen posts same as fxpro to the pip or only 4-5 away. As vol is a band around those levels thats quite remarkable.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.gif Size: 21 KB
Click to Enlarge Name: 2.gif Size: 20 KB
  • #6,628
  • Mar 24, 2011 8:12am Mar 24, 2011 8:12am
Quoting Vantage
Was having a pm chat on market profile POC - point of control.

The blue histo shows the vol for that day with white line on the single highest vol point.

Provide great supp/rest bands and I use them as help for areas to trade the reaction to exactly as per my normal hl/lh/2b methods.

To me despite the problems with each platform having its own volume its amazing how well the levels work and how close different feeds are. I've seen posts same as fxpro to the pip or only 4-5 away. As vol is a band around those levels thats quite remarkable.
Thanks for that, V.

Indy?
  • #6,629
  • Mar 24, 2011 8:16am Mar 24, 2011 8:16am
Quoting eyevoltage
Thanks for that, V.

Indy?


I'm using show today as true, count profile 7 for 7 days info. The rest as is.
Attached File(s)
File Type: mq4 Marketprofile-line.mq4   9 KB | 487 downloads
  • #6,630
  • Mar 24, 2011 8:47am Mar 24, 2011 8:47am
Good Afternoon all. I see that there's some interest in Market Profile / Auction Market Theory, so here's my 30 min chart with Bandung's recently developed indicator from the AMT thread - its very "customise-able"

Here, mine is set to start each Daily Profile at the NY close - this is not so important for the Weekly & Monthly Profiles.

Also, it has the option to use Volume or Price (TPOs) for its input. Many of us use price as the POC levels seem more useful. Also, this indy differentiates between POC levels already retested and those not yet tested - Virgin POCs, here in mauve.

In addition to the price / volume histogram in blue, the Value Area - 1 Standard Deviation or ~70% of the days action is shown by the shaded (light grey) rectangle.

Edit: whilst posting, cable made a new low for today - at a Virgin POC from last Thursday....its also showing 5m CII divergance......http://www.forexfactory.com/images/icons/icon12.gif
Attached Image (click to enlarge)
Click to Enlarge Name: mar 24 eu 30m amt 1330.gif Size: 31 KB
Trading Levels with WRBs
  • #6,631
  • Mar 24, 2011 9:09am Mar 24, 2011 9:09am
My 5 min chart with imported levels etc
Attached Image (click to enlarge)
Click to Enlarge Name: mar 24 eu 5m 1500 cet.gif Size: 21 KB
Trading Levels with WRBs
  • #6,632
  • Mar 24, 2011 11:46am Mar 24, 2011 11:46am
Quoting Vantage


I'm using show today as true, count profile 7 for 7 days info. The rest as is.
Thanks, V. Just curious, you understand!
  • #6,633
  • Mar 24, 2011 5:01pm Mar 24, 2011 5:01pm
Hey EV. just wanted to ask you what MA's are you using on your charts ... one is 13, whats the other ? are these SMA or EMA ?

Thanks
Dan
  • #6,634
  • Mar 25, 2011 3:19am Mar 25, 2011 3:19am
Quoting dan89
Hey EV. just wanted to ask you what MA's are you using on your charts ... one is 13, whats the other ? are these SMA or EMA ?

Thanks
Dan

13 and 34 ema.
  • #6,635
  • Mar 25, 2011 3:45am Mar 25, 2011 3:45am
GM all - plenty of HLs / LHs off established levels and now MR 1 area holding as a new resistance.

The hammer after LO was on the highest volume this week and it will be interesting to see if this well used level holds - its now havings its third test today......
Attached Image (click to enlarge)
Click to Enlarge Name: mar 25 eu 5m 0940 cet.gif Size: 19 KB
Trading Levels with WRBs
  • #6,636
  • Edited 4:21am Mar 25, 2011 4:06am | Edited 4:21am
Vantage,
Islander

GU short M5

the grey box marks FH.
divergence is marked in yellow.
entry: 1.6121

did i make this reversal short entry at the correct place?

thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: 20110325-gu-01.gif Size: 38 KB
  • #6,637
  • Mar 25, 2011 4:46am Mar 25, 2011 4:46am
Quoting pgd
Vantage,
Islander

GU short M5

the grey box marks FH.
divergence is marked in yellow.
entry: 1.6121

did i make this reversal short entry at the correct place?

thanks.
Thats a great 2b trade, we saw but didn't take as it was right on LO. I posted on hl/lh thread my 1hr was not showing POC line which was right there also. Don't think that would have made a difference though we hate trading right at LO.
Anyway I was disappointed to have missed the gu head and shoulders lh that followed.
I did get a eur lh 5 mins later which unfortunately got nicely into profit so I moved stop to BE when 4148 pivot broke, of course we moved up 20 pips to hit BE. So I am flat for the day. Mrs V didn't even moan about 20 pips bank we both thought we were through.
  • #6,638
  • Mar 25, 2011 4:48am Mar 25, 2011 4:48am
Quoting pgd
Vantage,
Islander

GU short M5

the grey box marks FH.
divergence is marked in yellow.
entry: 1.6121

did i make this reversal short entry at the correct place?

thanks.
If you made the entry according to your own researched rules, then yes - and well done http://www.forexfactory.com/images/icons/icon14.gif

For me, I see two other possibilities

IF you are trying to get in as near a potential turn as possible, then - off this chart - I would have a sell stop under the closed red candle - a completed harami - I think, and EV will tell me if I'm wrong! This reduces your stop loss ammount if you're working just above the high.

Another, IMO safer entry is to wait for the LH and take an entry just under the days open level - dashed yellow line - of course, this might not have happened, in which case you'd have missed out!
Attached Image (click to enlarge)
Click to Enlarge Name: mar 25 gu 5m 1040 cet.gif Size: 20 KB
Trading Levels with WRBs
  • #6,639
  • Mar 25, 2011 5:03am Mar 25, 2011 5:03am
Quoting Vantage
Thats a great 2b trade, we saw but didn't take as it was right on LO. I posted on hl/lh thread my 1hr was not showing POC line which was right there also. Don't think that would have made a difference though we hate trading right at LO.
Anyway I was disappointed to have missed the gu head and shoulders lh that followed.
I did get a eur lh 5 mins later which unfortunately got nicely into profit so I moved stop to BE when 4148 pivot broke, of course we moved up 20 pips to hit BE. So I am flat for the day. Mrs V didn't even moan about 20 pips bank...
Hi V - I trust that you and Mrs V are both well. I also got short € (again) under its DO level, but found th PA in that 4150 support area difficult to read, so tightened my trail and collected a few pips when it bounced.

Mmmm, I'm still finding its PA difficult, with no clear break down below this area and another good volume green hammer as a HL - I'll pop a patience pill....
Trading Levels with WRBs
  • #6,640
  • Mar 25, 2011 5:05am Mar 25, 2011 5:05am
Quoting Islander
I would have a sell stop under the closed red candle - a completed harami - I think, and EV will tell me if I'm wrong!
Islander, on my chart it's NOT QUITE a harami and NOT QUITE a dark cloud cover!! So I guess that two "not quites" equals a "go for it"!!
9 traders viewing now