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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,781
  • Apr 11, 2011 7:19am Apr 11, 2011 7:19am
well price just blasted through and now forming shooting star at sup/res level 6338. mabey a drop down to s1 pivot and res level ?
  • #6,782
  • Apr 11, 2011 7:19am Apr 11, 2011 7:19am
Quoting dan89
EV is this what your looking at ?

Attachment

Yep, but it's broke downwards now......
  • #6,783
  • Apr 11, 2011 7:23am Apr 11, 2011 7:23am
Quoting eyevoltage
Yep, but it's broke downwards now......
Didn't get an entry those lower wicks on 5 min just a touch too big for my liking.

We have tough areas now at 6329 and 6313 but surely they won't hold?
  • #6,784
  • Edited 8:16am Apr 11, 2011 7:39am | Edited 8:16am
i'm in at 6341.

edit:

stopped out!

to me the short entry looked just right. see attached chart.
where did this go wrong?
Attached Image (click to enlarge)
Click to Enlarge Name: 20110411-gu-01.gif Size: 32 KB
  • #6,785
  • Apr 11, 2011 8:28am Apr 11, 2011 8:28am
Quoting pgd
i'm in at 6341.

edit:

stopped out!

to me the short entry looked just right. see attached chart.
where did this go wrong?
yeah i was looking at that entry but if i had entered i would have exited at 1:2 which is my target for trades. i would of had the stop above the mid pivot level and entry just below that doji/pin bar
  • #6,786
  • Apr 11, 2011 8:28am Apr 11, 2011 8:28am
Quoting pgd
i'm in at 6341.

edit:

stopped out!

to me the short entry looked just right. see attached chart.
where did this go wrong?
The only thing that stopped me putting in the same trade was the bullish piercing looking candle on the 15min.
  • #6,787
  • Apr 11, 2011 8:30am Apr 11, 2011 8:30am
Quoting pgd
i'm in at 6341.

edit:

stopped out!

to me the short entry looked just right. see attached chart.
where did this go wrong?
In a move up where a doji or two appears, it's always best to wait for the close of a bearish confirmation candle before entering short. This is because dojis do NOT signify on their own that there's a reversal in the wind. The reversal has be confirmed by another candle before any entry is considered.
Hope this helps.
  • #6,788
  • Apr 11, 2011 8:30am Apr 11, 2011 8:30am
did anyone catch that big move up on GU. I didnt see any signals for entry though except playing a breakout of the pivot levels and mid levels. does anyone play straight breakouts like this or do you wait for a breakout and then pullback ?

Dan
  • #6,789
  • Apr 11, 2011 8:32am Apr 11, 2011 8:32am
Quoting eyevoltage
In a move up where a doji or two appears, it's always best to wait for the close of a bearish confirmation candle before entering short. This is because dojis do NOT signify on their own that there's a reversal in the wind. The reversal has be confirmed by another candle before any entry is considered.
Hope this helps.
you mention waiting for a confirmation candle. on that chart there was a bearish confirmation candle after the doji ... would you of entered on the break of the low of the confirmation candle ?

Dan
  • #6,790
  • Apr 11, 2011 8:38am Apr 11, 2011 8:38am
Quoting dan89
you mention waiting for a confirmation candle. on that chart there was a bearish confirmation candle after the doji ... would you of entered on the break of the low of the confirmation candle ?

Dan

No, because as I neglected to mention (my apologies) once the confirmation candle has closed, it would have been prudent to wait and watch what the next candle was going to do. If it had started heading down and broke the low of the confirmation candle, then yes, I would have entered. However, as can be seen by pgd's example, not all confirmation candles can be taken as gospel on their own.
I hope that's clear now. Once again, my apologies.
  • #6,791
  • Apr 11, 2011 8:40am Apr 11, 2011 8:40am
Quoting dan89
did anyone catch that big move up on GU. I didnt see any signals for entry though except playing a breakout of the pivot levels and mid levels. does anyone play straight breakouts like this or do you wait for a breakout and then pullback ?

Dan

There wasn't an entry signal per se, but price did break through the upper TL of the bullish flag I mentioned. An entry around that area would have been perfectly feasible but unfortunately, by that time, I was busy with other things.
  • #6,792
  • Apr 11, 2011 8:54am Apr 11, 2011 8:54am
thanks for the replies EV. Im learning alot from your posts, appreciate it

Dan
  • #6,793
  • Apr 11, 2011 9:09am Apr 11, 2011 9:09am
Quoting dan89
thanks for the replies EV. Im learning alot from your posts, appreciate it

Dan
You're welcome.
  • #6,794
  • Apr 11, 2011 9:13am Apr 11, 2011 9:13am
Quoting eyevoltage
In a move up where a doji or two appears, it's always best to wait for the close of a bearish confirmation candle before entering short. This is because dojis do NOT signify on their own that there's a reversal in the wind. The reversal has be confirmed by another candle before any entry is considered.
Hope this helps.
ev,
ohammond,
dan,

thanks for the input.

now there's Bearish Divergence on GU M5.
  • #6,795
  • Apr 11, 2011 9:19am Apr 11, 2011 9:19am
Quoting pgd
i'm in at 6341.

edit:

stopped out!

to me the short entry looked just right. see attached chart.
where did this go wrong?
As has been mentioned you were going against a 15 min solid positive close. That never followed through and if you had seen that I can understand why you'd consider the sell.

Having taken the trade with the 15 min candle going against you and some clear buy divergence I personally wouldn't have waited to be stopped out but exited with a smallish loss. I hadn't taken the trade though that whole area was a problem 6329 - 6313.
  • #6,796
  • Apr 11, 2011 9:45am Apr 11, 2011 9:45am
Quoting pgd
Islander,

are those grey arrows generated by the candle size indy?
what ma period/type is that?

thanks.
yes - just set it to the number of pips you require and you'll get a pop up alert when the range of the candle reaches that number. If the candle closes with > than the set number, it will put on an arrow.....
Attached File(s)
File Type: mq4 CandleSizeAlert.mq4   4 KB | 360 downloads
Trading Levels with WRBs
  • #6,797
  • Apr 11, 2011 9:51am Apr 11, 2011 9:51am
Quoting dan89
Islander ... Do you draw your horizontal sup/res on the 15 min charts ? Or do you go to higher timeframes like 1hr. Also, how far do you zoom out when you draw your sup/res ive noticed that if i draw the levels on the 5min chart when its fully zoomed out its basically the same as drawing them on the 1hr

Regards
Dan

Yes, I tend to place them on the 15m, 5m & 1m as the day unfolds and then use that S&R updating indy that pgd wrote, that way I've always got the most recently used levels updated.

I do also take a look at higher TFs if price is moving into new Hs / Ls for the move and add any relevent levels
Trading Levels with WRBs
  • #6,798
  • Apr 11, 2011 10:52am Apr 11, 2011 10:52am
did anyone take any trades then in todays london session ?

Dan
  • #6,799
  • Apr 12, 2011 2:27am Apr 12, 2011 2:27am
GM all - S&R areas from Friday lined up with todays S2 and yesterdays close .....so the HL after LO was a gift of a buy that ran up 36 pips - and may go higher.....TWT
Attached Image (click to enlarge)
Click to Enlarge Name: apr 12 eu 1m lo plus 20.gif Size: 16 KB
Trading Levels with WRBs
  • #6,800
  • Apr 12, 2011 2:49am Apr 12, 2011 2:49am
Morning, folks.
Did anyone get this lovely bullish flag pattern on EJ this morning? I really must start getting up earlier!
Attached Image
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