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Psych Levels, Pivots, and Trendlines - Resurrected

  • #7,001
  • May 10, 2011 4:11am May 10, 2011 4:11am
I was too busy to post earlier, but this is how I viewed this morning.....

First, half an hour before FO an ultra high volume semi marubozo was a good alert, then an hour around the old support level allowed plently of time for the buyers to get on board with the mid FH HL a clear buy.

At LO price held around the earlier support level for a 3 candle pull back to the 20 EMA / MS 1 area before the bullish engulfing candle signalled a resumption of the rally back up to resistance at the earlier high.

Finally a fast drop back to support for another buy off that level / still rising 20 EMA.......now to see if those highs get revisited.....
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Trading Levels with WRBs
  • #7,002
  • May 10, 2011 4:16am May 10, 2011 4:16am
Another +20 on EU, disregarded the pivot and 50 this time,because I was quite comfortable for this long. 1H chart divergance and double bottom, is making me think long.
Was this OK? I am not realy sure if it was ok to disregard pivot and 50 in this case and make it secondary to the divergence and the patern that mkt made?
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  • #7,003
  • May 10, 2011 4:17am May 10, 2011 4:17am
Price pushed up through the main pivot point, formed a doji, and then dropped back with a retracement. There followed a bullish piercing pattern and my entry is as shown. Exit just above the xx00 psych-line (not shown).
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  • #7,004
  • May 10, 2011 4:24am May 10, 2011 4:24am
Quoting Tilt
Another +20 on EU, disregarded the pivot and 50 this time,because I was quite comfortable for this long. 1H chart divergance and double bottom, is making me think long.
Was this OK? I am not realy sure if it was ok to disregard pivot and 50 in this case and make it secondary to the divergence and the patern that mkt made?
Being that close to the main pivot point, I would have waited for the break above, and any retracement before considering an entry, regardless of what anything else was telling me.
Just my opinion, of course.
  • #7,005
  • May 10, 2011 4:56am May 10, 2011 4:56am
Quoting Islander
I was too busy to post earlier, but this is how I viewed this morning.....

First, half an hour before FO an ultra high volume semi marubozo was a good alert, then an hour around the old support level allowed plently of time for the buyers to get on board with the mid FH HL a clear buy.

At LO price held around the earlier support level for a 3 candle pull back to the 20 EMA / MS 1 area before the bullish engulfing candle signalled a resumption of the rally back up to resistance at the earlier high.

Finally a fast drop back to support...
Very nice trading. We were near mirror images today with the exception of the mid-FH trade where I went with EJ. Oddly, my PA around the 9:00 setup looked quite a bit different but I still got tweezers and an engulfing bar to go along with the volume that set up the long.

Just wanted to encourage you to post more about your NY session trading on days when you have time, if you're so inclined. I've been watching NY Open a bit lately but I have only rarely traded it in the past so your approach and insights are quite useful. Any major ways that you modify your approach when it comes to NY Open and beyond?
  • #7,006
  • May 10, 2011 5:22am May 10, 2011 5:22am
I see your point Eyevoltage, I have to admit I think it was a bit of lucky trade.

I have new scenarios for today. Offcourse right candle formation needs to take place. The middle square is highly unlikely, perhaps only in case of big spike to the buy or sell area.
Looks like UJ is setting up for a good buy also. We'll see...
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  • #7,007
  • May 10, 2011 7:27am May 10, 2011 7:27am
A no brainer
probably going up further but 20 pips is my target.
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  • #7,008
  • May 10, 2011 7:45am May 10, 2011 7:45am
Quoting Auron112
Very nice trading. We were near mirror images today with the exception of the mid-FH trade where I went with EJ. Oddly, my PA around the 9:00 setup looked quite a bit different but I still got tweezers and an engulfing bar to go along with the volume that set up the long.

Just wanted to encourage you to post more about your NY session trading on days when you have time, if you're so inclined. I've been watching NY Open a bit lately but I have only rarely traded it in the past so your approach and insights are quite useful. Any major ways that...

Thanks and glad you made pips too http://www.forexfactory.com/images/icons/icon14.gif

Concerning trading in the NY (US) Session, firstly, we need to remember what times are important.....8am we call NY Open 1 - its when the Bond Pit in Chicago starts trading - well actually that's 8:10 - there are frequent moves around this time.

Then there's often data at 8:30am NY / EST / EDT.

I've called the open of the NYSE at 9:30am NY Open 2 and again its a time to note and later, 6pm in Europe - 12am NY is another one to watch as its the end of the Europen trading day, and the start of lunch for the US East Coast traders - look how cable was flat for nearly 2 hours before the martini fueled guys hit their screens after lunch......

Whilst Medici and I found expected patterns around FO / LO, we havent found the US session as easy pattern-wise. However, watching the PA around the above times in conjunction with your normal methodology should prove profitable http://www.forexfactory.com/images/icons/icon12.gif

I'm showing cable's chart from yesterday and as you can see, there were moves starting ~ NYO 1, into the "European" Close and after the East Coast Lunch http://www.forexfactory.com/images/icons/icon6.gif
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Trading Levels with WRBs
  • #7,009
  • May 10, 2011 7:58am May 10, 2011 7:58am
Three potential entries around NYO 1

As I'm typing, price is pulling back on lower volumes......

PS Red resistance line on my earlier chart has been updated as I found it as a older S&R level on a higher TF chart
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Trading Levels with WRBs
  • #7,010
  • May 10, 2011 9:26am May 10, 2011 9:26am
Price dropped back to the main pivot point, formed tweezer bottoms, and then set off north again. Entry as shown and TP around the mid-point level. Again, nice and simple. Just a matter of waiting for the most promising set-ups.
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  • #7,011
  • May 10, 2011 9:34am May 10, 2011 9:34am
Quoting eyevoltage
Price dropped back to the main pivot point, formed tweezer bottoms, and then set off north again. Entry as shown and TP around the mid-point level. Again, nice and simple. Just a matter of waiting for the most promising set-ups.
Yep and well done to all those posting some great trades here over the last few days.
  • #7,012
  • May 11, 2011 3:44am May 11, 2011 3:44am
Price dropped down towards the main pivot point, but stopped short of actually testing the support. There followed a HL doji, indicating that price was possibly going to head north again, which it did. Entry and exit as shown.
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  • #7,013
  • May 12, 2011 2:33am May 12, 2011 2:33am
Quoting eyevoltage
Price dropped down towards the main pivot point, but stopped short of actually testing the support. There followed a HL doji, indicating that price was possibly going to head north again, which it did. Entry and exit as shown.
Beautiful!
  • #7,014
  • May 12, 2011 3:50am May 12, 2011 3:50am
An absolute beauty that I missed due to other duties.

A lovely rising wedge formed across the mid-point level, with price then literally plunging down to S1 and beyond. Suggested entry and exits as indicated.
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  • #7,015
  • May 12, 2011 4:07am May 12, 2011 4:07am
Quoting eyevoltage
An absolute beauty that I missed due to other duties.

A lovely rising wedge formed across the mid-point level, with price then literally plunging down to S1 and beyond. Suggested entry and exits as indicated.

Yes, it was rather a nice opportunity, I posted this elsewhere - doubtless Medici will correct me if I interpreted it incorrectly.....

"Whilst € was bought around the Frankfurt Open, it was the UK traders who bought cable after the London Open and ran it up to the NY close of 6345 which it hit around 9am, whilst those in the know loaded up with shorts for the poor UK Mfg Output data at 9:30 UK time.

Now, the early April support above the 6250 level has held - is this "good value" for the big dogs to become buyers???? TWT....."
Trading Levels with WRBs
  • #7,016
  • May 12, 2011 7:32am May 12, 2011 7:32am
A bearish flag forming across S1 initiated this trade, with the target being, quite naturally, the next mid-point level down.
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  • #7,017
  • Edited May 13, 2011 1:20am May 12, 2011 7:47pm | Edited May 13, 2011 1:20am
a bearish flag b/o below day's open (magenta line):

entry: 1.4236
exit : 1.4216 (near daily pivot)
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  • #7,018
  • May 13, 2011 1:26am May 13, 2011 1:26am
GM - mid pivots nicely in play so far this morning.....will we visit R1......TWT
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Trading Levels with WRBs
  • #7,019
  • May 13, 2011 1:38am May 13, 2011 1:38am
Quoting Islander
GM - mid pivots nicely in play so far this morning.....will we visit R1......TWT
GM - the H&S pattern speaks for higher prices, around 1.4350-00, but this is a resistance area from earlier in the week, also around Y's high.
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  • #7,020
  • May 13, 2011 1:57am May 13, 2011 1:57am
Quoting medici
GM - the H&S pattern speaks for higher prices, around 1.4350-00, but this is a resistance area from earlier in the week, also around Y's high.
Ah - thanks for mentioning the shampoo - I was zoomed out on this chart and missed it http://www.forexfactory.com/images/icons/icon11.gif

As I need to change some €s I'd like to see a good bounce and a breakout above the monthly S1 up to its MS 1 - i.e. crossing the weekly Value Area would be nice - although rather ambitious......
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Trading Levels with WRBs
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