Psych Levels, Pivots, and Trendlines - Resurrected | Page 335 | Forex Factory

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Attachments: Psych Levels, Pivots, and Trendlines - Resurrected
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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,681
  • Mar 30, 2011 4:04am Mar 30, 2011 4:04am
Quoting pgd
Islander,

GU:
wud u be looking for a short around LO?
He is on holiday...
  • #6,682
  • Edited 4:48am Mar 30, 2011 4:47am | Edited 4:48am
Hi guys,

just closed this trade for +21 pips

entry reasons: 1st pullback after fast MA's cross to bearish
bearish flag, also clear on the 5min chart
price tests the daily pivot point and the 00 psych level
trigger was price closing below 1.4100

Exit just above 75 psych level
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD (1 Min) 30_03_2011.jpg Size: 109 KB
  • #6,683
  • Mar 30, 2011 4:54am Mar 30, 2011 4:54am
Hey EV, just wanted to ask you, how do you have your screen/charts setup ? I noticed that you tend to trade 4 pairs (GU, EU, AU, EJ) do you just have these 4 pairs in 2 sets, 1 set with pivot points and the other with psych lines ? Also, how do you monitor the market, i seem to be staring and my computer screen all day lol which is annoying. how many screens you using ?

Thanks
Dan
  • #6,684
  • Mar 30, 2011 5:05am Mar 30, 2011 5:05am
Quoting Sakk
Hi guys,

just closed this trade for +21 pips

entry reasons: 1st pullback after fast MA's cross to bearish
bearish flag, also clear on the 5min chart
price tests the daily pivot point and the 00 psych level
trigger was price closing below 1.4100

Exit just above 75 psych level
Nice trade, Sakk, and for all the right reasons. Spot on! Good to see you drilling down to the 1m charts too!
  • #6,685
  • Mar 30, 2011 5:27am Mar 30, 2011 5:27am
quick one for 10 pips taken off falling wedge b/o above support confluence of R1, ma zone, green band coming from H4 tf.

entry: 1.6067
exit : 1.6078
Attached Image (click to enlarge)
Click to Enlarge Name: 20110330-gu-02.gif Size: 33 KB
  • #6,686
  • Mar 30, 2011 5:33am Mar 30, 2011 5:33am
A bearish flag formed right on the mid-point line just after MA cross. Entry and exit as marked.
Attached Image
  • #6,687
  • Mar 30, 2011 5:42am Mar 30, 2011 5:42am
Quoting dan89
Hey EV, just wanted to ask you, how do you have your screen/charts setup ? I noticed that you tend to trade 4 pairs (GU, EU, AU, EJ) do you just have these 4 pairs in 2 sets, 1 set with pivot points and the other with psych lines ? Also, how do you monitor the market, i seem to be staring and my computer screen all day lol which is annoying. how many screens you using ?

Thanks
Dan
One screen only, mate, split into four so I can monitor the 4 pairs you mentioned. Lately, I've tended to move away from psych-lines, preferring instead to concentrate on price action at the Pivot Points. I try to bear in mind whether or not one happens to be in close proximity when I'm weighing up a possible trade, but I dislike having the lines on the chart. I like to have things as clear and simple as possible, and my view is that if there's lots and lots of lines on the chart, then it's almost impossible for me to see the wood for the trees, as they say.
Only one way to monitor the market when one is playing with 1m, 5m and 15m charts, mate, and that's to be in front of the screen. Unless, of course, you can set up some sort of audible notification of a possible set-up occurring.
  • #6,688
  • Mar 30, 2011 5:54am Mar 30, 2011 5:54am
Quoting eyevoltage
Nice trade, Sakk, and for all the right reasons. Spot on! Good to see you drilling down to the 1m charts too!

Thanks mate, learning from the best

I also took the same trade in EU you just took, however i exited a little too early....see attached chart.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD (1 Min) 30_03_2011 2nd Trade.jpg Size: 107 KB
  • #6,689
  • Mar 30, 2011 6:20am Mar 30, 2011 6:20am
Quoting Sakk
Thanks mate, learning from the best

I also took the same trade in EU you just took, however i exited a little too early....see attached chart.
Do you stick with 1m entries all the time, Sakk? And I'm curious about that longer MA you have on your chart. Is it a 200ema, perhaps?
  • #6,690
  • Mar 30, 2011 6:23am Mar 30, 2011 6:23am
Hello all

I saw this trade - a pullback to the DP followed by a bearish engulfing candle - but didn't take it. It worked out, obviously, but would the position of the MAs have kept others out?

EV - thanks for the doggie goodwishes - he had an op on Friday and hopefully all is well
Attached Image (click to enlarge)
Click to Enlarge Name: EU29Mar.JPG Size: 81 KB
  • #6,691
  • Mar 30, 2011 6:38am Mar 30, 2011 6:38am
Is EJ generating a short?
potential HnS pattern on M5.
price now at right shoulder.
  • #6,692
  • Mar 30, 2011 6:52am Mar 30, 2011 6:52am
Quoting Delite
Hello all

I saw this trade - a pullback to the DP followed by a bearish engulfing candle - but didn't take it. It worked out, obviously, but would the position of the MAs have kept others out?

EV - thanks for the doggie goodwishes - he had an op on Friday and hopefully all is well
I saw that one, but too late, unfortunately. I was involved with other things right then, but it seems that you missed a nice trade, mate! And almost straight after that one, was the one I took after another pull-back.

Good news about the pooch!! Hope he recovers very soon, mate.
  • #6,693
  • Mar 30, 2011 6:55am Mar 30, 2011 6:55am
Quoting pgd
Is EJ generating a short?
potential HnS pattern on M5.
price now at right shoulder.
Let's see how it reacts to the mid-point level.
  • #6,694
  • Mar 30, 2011 7:12am Mar 30, 2011 7:12am
Quoting eyevoltage
Do you stick with 1m entries all the time, Sakk? And I'm curious about that longer MA you have on your chart. Is it a 200ema, perhaps?
Hi EV, yes I do bbut I also have the 3min 5 min and 15 min timeframes up. i sometimes take signals off the 3min. I use VSA also as I try to read the realtionship between volume and price range/formation.

The longer MA is a 250wma

Here's one more trade;
Short GU similar to previous trades.
Fast ma's cross slow ma = bearish
price rallies to test the slow MA = 1st pullback setup
the trigger is the price pattern and price breaking both the fast ma's
closed for +18 as NFP news in 15 min
Attached Image (click to enlarge)
Click to Enlarge Name: $GBPUSD (1 Min) 30_03_2011 4th Trade.jpg Size: 107 KB
  • #6,695
  • Mar 30, 2011 7:26am Mar 30, 2011 7:26am
Quoting Sakk
Hi EV, yes I do bbut I also have the 3min 5 min and 15 min timeframes up. i sometimes take signals off the 3min. I use VSA also as I try to read the realtionship between volume and price range/formation.

The longer MA is a 250wma

Here's one more trade;
Short GU similar to previous trades.
Fast ma's cross slow ma = bearish
price rallies to test the slow MA = 1st pullback setup
the trigger is the price pattern and price breaking both the fast ma's
closed for +18 as NFP news in 15 min
Again, nice one, mate, and thanks for the info. To be honest, I gave up with VSA a long time ago as I found it confused the hell out of me!! Still, each to their own.
  • #6,696
  • Mar 30, 2011 7:59am Mar 30, 2011 7:59am
Quoting eyevoltage
Again, nice one, mate, and thanks for the info. To be honest, I gave up with VSA a long time ago as I found it confused the hell out of me!! Still, each to their own.
Agree, thousands of ways to trade, the trick is to find the method that suits your psychology and perception of the market.
  • #6,697
  • Mar 30, 2011 9:48am Mar 30, 2011 9:48am
Quoting Delite
Hello all

I saw this trade - a pullback to the DP followed by a bearish engulfing candle - but didn't take it. It worked out, obviously, but would the position of the MAs have kept others out?

EV - thanks for the doggie goodwishes - he had an op on Friday and hopefully all is well
I don't think the ma's would have bothered me. 1hr had closed with a big upper wick, suggesting poss move down, though we would have waited for 15 min to turn around giving an entry at 4089 or so. 2 point of a 1 2 3 top.
  • #6,698
  • Mar 30, 2011 1:30pm Mar 30, 2011 1:30pm
Quoting eyevoltage
One screen only, mate, split into four so I can monitor the 4 pairs you mentioned....
thanks for the help EV I really appreciate it. I have one more question (sorry), whilst going through your charts I noticed you usually trade with the trend. How do you acknowledge whether the trend is bullish or bearish on the 5 min time frame? Do you use the MVA, (price above = bullish, Below = bearish) or higher timeframes 15m 1hr ?


Kind Regards
Dan
  • #6,699
  • Mar 31, 2011 2:55am Mar 31, 2011 2:55am
Quoting dan89
thanks for the help EV I really appreciate it. I have one more question (sorry), whilst going through your charts I noticed you usually trade with the trend. How do you acknowledge whether the trend is bullish or bearish on the 5 min time frame? Do you use the MVA, (price above = bullish, Below = bearish) or higher timeframes 15m 1hr ?


Kind Regards
Dan
Dan, I keep it as simple as I can. The two ema's that I use (13/34) are all I need to tell at a glance what I should be watching for. They tell me to watch for long trades, and they tell me to watch for short trades. Best of all, in my opinion, they tell me when to stay out! I try, whenever possible, not to complicate things.
  • #6,700
  • Mar 31, 2011 4:14am Mar 31, 2011 4:14am
Well, this one took me by surprise!! I entered after the break of the bullish flag which formed across the mid-point level. ( Entry above the high of the swing-high doji) I thought it might stall at R2, which it did, but I left it with my finger on the button, to see if there was anything more to come. It seems there was, and my exit is as shown, just under the next mid-point level. One of those rare ones that was worth getting up for!!
Attached Image
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