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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,901
  • Apr 26, 2011 8:39am Apr 26, 2011 8:39am
Yes nice trades. EV don't know if you have been watching POC lines at all but I'm just showing this chart to show how nicely price again reacts to them.

I hope to be back trading tomorrow, cheers.
Attached Image (click to enlarge)
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  • #6,902
  • Apr 26, 2011 9:08am Apr 26, 2011 9:08am
V
Tks for sharing .
Do u mind posting here the POC ind. that u r using ?
Is it one indicator ?Any special settings ?
Tks
David

Quoting Vantage
EV don't know if you have been watching POC lines at all but I'm just showing this chart to show how nicely price again reacts to them.
  • #6,903
  • Apr 26, 2011 9:14am Apr 26, 2011 9:14am
Quoting david4u
V
Tks for sharing .
Do u mind posting here the POC ind. that u r using ?
Is it one indicator ?Any special settings ?
Tks
David
Hi david
Here you go. Look back 7, profile time frame D, extended POC lines 7 (shows then for last 7 trading days). I personally have showprice histogram through to showopenclosearrow all as false. So on mine it shows the highest vol as a line. Of course in reality that high vol will be a band around that line that a histogram will show. I'm happy at the mo just to have the line on alone. Its amazing how often they touch and react from there.
Attached File(s)
File Type: mq4 ay-MarketProfileDWM.v1.31.rev1.mq4   36 KB | 485 downloads
  • #6,904
  • Apr 26, 2011 10:21am Apr 26, 2011 10:21am
Quoting Vantage
Yes nice trades. EV don't know if you have been watching POC lines at all but I'm just showing this chart to show how nicely price again reacts to them.

I hope to be back trading tomorrow, cheers.
No, I haven't bothered with PoC lines, V. Islander mentioned them fairly recently but I was a bit distracted at the time and didn't take much notice. Perhaps you could give me a brief explanation, mate, so I know what I'm looking at.
Again, my sympathies, and it's good to have you back.
  • #6,905
  • Apr 26, 2011 11:37am Apr 26, 2011 11:37am
Quoting eyevoltage
No, I haven't bothered with PoC lines, V. Islander mentioned them fairly recently but I was a bit distracted at the time and didn't take much notice. Perhaps you could give me a brief explanation, mate, so I know what I'm looking at.
Again, my sympathies, and it's good to have you back.
Thanks mate.

The lines show the highest volume of the day so there'll usually be some kind of reaction to that level. Whilst there is more to it than this but you like KISS.
  • #6,906
  • Apr 28, 2011 4:19am Apr 28, 2011 4:19am
Morning, folks....

A rising wedge as price pulled back to and entered the MA zone, culminating in two dojis followed by a break-out of the wedge. I was watching for some kind of support from xx75, but when price went through, I felt that xx50 was a reasonable expectation.
Attached Image
  • #6,907
  • Apr 28, 2011 4:41am Apr 28, 2011 4:41am
Quoting eyevoltage
Morning, folks....

A rising wedge as price pulled back to and entered the MA zone, culminating in two dojis followed by a break-out of the wedge. I was watching for some kind of support from xx75, but when price went through, I felt that xx50 was a reasonable expectation.
Cheers EV we got (well Mrs V) entry at 6677 when candle closed. Out +22 when 50 level seemed to be holding.
  • #6,908
  • Apr 28, 2011 4:43am Apr 28, 2011 4:43am
Quoting Vantage
Cheers EV we got (well Mrs V) entry at 6677 when candle closed. Out +22 when 50 level seemed to be holding.
Well done, Mrs.V!!!
  • #6,909
  • Apr 28, 2011 4:49am Apr 28, 2011 4:49am
Quoting eyevoltage
Morning, folks....

A rising wedge as price pulled back to and entered the MA zone, culminating in two dojis followed by a break-out of the wedge. I was watching for some kind of support from xx75, but when price went through, I felt that xx50 was a reasonable expectation.
I'm curious to know - did you take the earlier flag? I passed on it due to the large volume earlier on the selling into 85. It seemed likely that a break of the flag would have a fairly strong bounce at the earlier 6668 S/R since buyers were already present.

My reasoning for passing on the flag was mostly VSA based, so I'd be interested to know why you may have passed since you keep that stuff off your charts.
Attached Image (click to enlarge)
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  • #6,910
  • Apr 28, 2011 5:20am Apr 28, 2011 5:20am
Quoting Auron112
I'm curious to know - did you take the earlier flag? I passed on it due to the large volume earlier on the selling into 85. It seemed likely that a break of the flag would have a fairly strong bounce at the earlier 6668 S/R since buyers were already present.

My reasoning for passing on the flag was mostly VSA based, so I'd be interested to know why you may have passed since you keep that stuff off your charts.
I didn't take the flag you're on about because, quite simply, it was sort of hanging in mid-air!! It wasn't around a pivot point and it was short of the MA zone. Whenever possible, I try to find some sort of confluence that will possibly make the trade more "high-probability". As Vantage will confirm, I do like K.I.S.S., and so I like to keep as close as possible to the original mantra established by acumen. The only things I've added to his method is the two MA's.
Hope that makes sense.
  • #6,911
  • Apr 28, 2011 5:30am Apr 28, 2011 5:30am
Quoting eyevoltage
I didn't take the flag you're on about because, quite simply, it was sort of hanging in mid-air!! It wasn't around a pivot point and it was short of the MA zone. Whenever possible, I try to find some sort of confluence that will possibly make the trade more "high-probability". As Vantage will confirm, I do like K.I.S.S., and so I like to keep as close as possible to the original mantra established by acumen. The only things I've added to his method is the two MA's.
Hope that makes sense.
Fair enough. I didn't see much difference in the level of confluence in the setups based on a volume-free chart, but I can see how your MAs may have shifted things. That plus the length of the pattern and the clearing of orders at 6668 made it a good short (I also got in this one near the same area).

Pretty slow day today. If it keeps up like this, I may just have to learn to trade Asia Just a couple BEs and some pips out of the GU sell and a LO AU long...
  • #6,912
  • Apr 28, 2011 7:07am Apr 28, 2011 7:07am
My second AU trade I just wrapped up. Because of the time of day it set up I decreased my size a bit. I took a while to make its move initially (no surprise at lunch time) and I finally got fed up waiting for it to hit Yest High and just took the pips.

Edit: I should note I was a bit more willing to get out with the divergence setting up and the volume info. Seems primed for a bounce off those levels but given how slow the move is and the time of day (with news released upcoming) I changed my exit strategy and preferred the early exit.
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  • #6,913
  • Apr 28, 2011 7:15am Apr 28, 2011 7:15am
Quoting Auron112
My second AU trade I just wrapped up. Because of the time of day it set up I decreased my size a bit. I took a while to make its move initially (no surprise at lunch time) and I finally got fed up waiting for it to hit Yest High and just took the pips.

Edit: I should note I was a bit more willing to get out with the divergence setting up and the volume info. Seems primed for a bounce off those levels but given how slow the move is and the time of day (with news released upcoming) I changed my exit strategy and preferred the early exit.
On a slow day all pips are good, nice one.
  • #6,914
  • Edited 7:41am May 2, 2011 4:34am | Edited 7:41am
Morning, folks.....

After price rose up out of the chop-zone, this falling wedge, plus the failure of price to test the mid-point support, was the heads-up for a possible further move northwards. Entry and exit as indicated.
Attached Image
  • #6,915
  • May 2, 2011 9:25am May 2, 2011 9:25am
Quoting eyevoltage
Morning, folks.....

After price rose up out of the chop-zone, this falling wedge, plus the failure of price to test the mid-point support, was the heads-up for a possible further move northwards. Entry and exit as indicated.
Neat!
  • #6,916
  • May 3, 2011 2:43am May 3, 2011 2:43am
GM all - now that the long - UKwise - holidays are over its back to the markets - and please send us the sun back, a week of rain here is sufficient thanks http://www.forexfactory.com/images/icons/icon11.gif

This morning we had a confluence of a fibo retrace, monthly M3 AND the POC levels of the last 3 days action - here using the TPO / activity setting for the AMP indy, so plenty of reasons for watching that area on the 5 min chart. There, tweezers then two LHs etc gave clear potential entries.....now will we break the last mini support at 4791 and head for the overnight 4770 area....TWT
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #6,917
  • May 3, 2011 2:47am May 3, 2011 2:47am
ah!
i see the stalwarts are here
  • #6,918
  • May 3, 2011 2:49am May 3, 2011 2:49am
A good break-out from a rather large bearish flag on this one. Very simple and straightforward. Entry and exit as indicated.
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  • #6,919
  • May 3, 2011 2:56am May 3, 2011 2:56am
FYI......
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #6,920
  • May 3, 2011 2:59am May 3, 2011 2:59am
Quoting Islander
GM all - now that the long - UKwise - holidays are over its back to the markets - and please send us the sun back, a week of rain here is sufficient thanks http://www.forexfactory.com/images/icons/icon11.gif

This morning we had a confluence of a fibo retrace, monthly M3 AND the POC levels of the last 3 days action - here using the TPO / activity setting for the AMP indy, so plenty of reasons for watching that area on the 5 min chart. There, tweezers then two LHs etc gave clear potential entries.....now will we break the last mini support...

now will we break the last mini support at 4791 and head for the overnight 4770 area....TWT

and it did
Trading Levels with WRBs
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