Psych Levels, Pivots, and Trendlines - Resurrected | Page 361 | 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

  • #7,201
  • May 23, 2011 7:24am May 23, 2011 7:24am
Quoting pgd
Hi all,

I just noticed that we are at the neck line of a big sloping HnS pattern on the D1 that has a technical target of about 800 pips from here!

Any comments?
When one is trading off a 5m chart, my feeling is that what's happening on a Daily chart is probably irrelevant. Of course, there's no harm in checking what's happening up there, but I've always felt that there doesn't seem much point in checking any higher than the 1h charts. Just my opinion, of course, and I'm sure others will disagree, but hey, that's trading!
It does look like a valid shampoo set-up, mate, so why not have a go?
  • #7,202
  • May 23, 2011 9:09am May 23, 2011 9:09am
Another bullish flag coming off S2 followed by a robust move northwards, with a slight pause at the xx25 psych-line (not shown).
Attached Image
  • #7,203
  • May 23, 2011 9:14am May 23, 2011 9:14am
Quoting Vantage
Yeah, doesn't help me I have a tough time sticking in past +30!!
True, and so it is with most of us.
It's just that we may be getting some easy shorts in the coming days.

cheers.
  • #7,204
  • May 23, 2011 9:45am May 23, 2011 9:45am
Quoting eyevoltage
When one is trading off a 5m chart, my feeling is that what's happening on a Daily chart is probably irrelevant. Of course, there's no harm in checking what's happening up there, but I've always felt that there doesn't seem much point in checking any higher than the 1h charts. Just my opinion, of course, and I'm sure others will disagree, but hey, that's trading!
It does look like a valid shampoo set-up, mate, so why not have a go?
No, thanks, brother.

I am neither attempting an 800 pip trade nor am i suggesting it. I mentioned the larger context that I noticed in the hope of eliciting and adding some useful ideas to what I was already doing. In the past I've taken trades with routine intraday triggers but if that was at the same time a resumption after test of the HnS neckline, for example, knowing that gave me the reason and confidence to hold it for +150 pips (also intraday) instead of bailing out at the next SR area for 20-30 pips.

cheers.
  • #7,205
  • May 23, 2011 9:58am May 23, 2011 9:58am
Quoting pgd
No, thanks, brother.

I am neither attempting an 800 pip trade nor am i suggesting it. I mentioned the larger context that I noticed in the hope of eliciting and adding some useful ideas to what I was already doing. In the past I've taken trades with routine intraday triggers but if that was at the same time a resumption after test of the HnS neckline, for example, knowing that gave me the reason and confidence to hold it for +150 pips (also intraday) instead of bailing out at the next SR area for 20-30 pips.

cheers.
I was just kidding, mate. However, I'm not sure about holding a position that long on intraday charts for that sort of target. A bit out of my league, pg, to be honest, which is why I stick to shorter TFs.
  • #7,206
  • May 23, 2011 3:46pm May 23, 2011 3:46pm
Quoting eyevoltage
One needs a lot of time to really get into it and time is at something of a premium here, me old mucker.
I agree - Brooks' book is not an easy read at all...

Quoting eyevoltage
So, is this the return of the prodigal or not?
Well, almost... Need to get a few more things sorted out to get my hands sufficiently untied to visit FF. As you elegantly put it, "time is at something of a premium here"
One Chart is Worth Ten Thousand Words.
  • #7,207
  • May 24, 2011 12:22am May 24, 2011 12:22am
Price finding support at DP/4050/Daily Open
Attached Image (click to enlarge)
Click to Enlarge Name: EU 5m buy 24May.jpg Size: 150 KB
  • #7,208
  • May 25, 2011 12:21am May 25, 2011 12:21am
Retrace to14067 which is 50% of drop from 14100 to 14033 coincided with retrace channel (bear flag) top.

Entry1 14060 (took an early entry after bounce of channel top.)
Entry2 14050 (added short on channel breakout.)
Exit 14035 near earlier swing low.
Attached Image (click to enlarge)
Click to Enlarge Name: 20110525-01-eu.gif Size: 58 KB
  • #7,209
  • Edited 3:48am May 25, 2011 3:10am | Edited 3:48am
Missed this easy bounce of S1, 11475, yest's low (magenta dash)
possible entry and exit as shown.

perhaps this will continue to the pivot at 11547...
Attached Image (click to enlarge)
Click to Enlarge Name: 20110525-02-eu.gif Size: 67 KB
  • #7,210
  • Edited 3:49am May 25, 2011 3:37am | Edited 3:49am
and...
it does continue to the pivot after forming a sym |> across mS1.

entry: 11526

edit
exit: 11545
Attached Image (click to enlarge)
Click to Enlarge Name: 20110525-03-eu.gif Size: 49 KB
  • #7,211
  • May 25, 2011 3:53am May 25, 2011 3:53am
Quoting pgd
and...
it does continue to the pivot after forming a sym |> across mS1.

entry: 11526

edit
exit: 11545
I notice you have the Volume on your chart, do you actually pay attention to what it's telling you?
  • #7,212
  • May 25, 2011 4:24am May 25, 2011 4:24am
Quoting Musashi
I notice you have the Volume on your chart, do you actually pay attention to what it's telling you?
Musashi,

It's a new habit I'm forming.
I do look at volume when I am looking for a reversal.
when it's an M5 continuation trade, I'm more preoccupied with the levels and trigger. then I don't usually look at volume.

did I miss something that volume was telling me in that trade?
  • #7,213
  • May 25, 2011 4:26am May 25, 2011 4:26am
Quoting pgd
Musashi,

did I miss something that volume was telling me in that trade?
Not that I'm aware of, just curious as to your interpretation of the volume indicator.
  • #7,214
  • May 25, 2011 7:03am May 25, 2011 7:03am
Quoting Musashi
Not that I'm aware of, just curious as to your interpretation of the volume indicator.
Musashi,

I've been reading up a little on vsa.
kindly refer to my post #7136 on page 476 where volume forms part of the M1 trade analysis there.
  • #7,215
  • Edited 7:53am May 25, 2011 7:32am | Edited 7:53am
Earlier on while my internet connection went down, this beauty came along:

Large bull flag into the daily pivot, the final push coming with a HL high volume hammer and breakout.
Attached Image (click to enlarge)
Click to Enlarge Name: 20110525-04-gu.gif Size: 40 KB
  • #7,216
  • May 25, 2011 9:45am May 25, 2011 9:45am
Railtracks formed on R1 in the MA zone. A conservative entry just above the xx50 psych-line and exit just under R2. I was aware of the imminent news, but the steady price rise was only slightly affected and wasn't enough IMO to warrant me bailing out before I finally did.
Attached Image
  • #7,217
  • May 25, 2011 12:47pm May 25, 2011 12:47pm
Quoting eyevoltage
Railtracks formed on R1 in the MA zone. A conservative entry just above the xx50 psych-line and exit just under R2. I was aware of the imminent news, but the steady price rise was only slightly affected and wasn't enough IMO to warrant me bailing out before I finally did.
ev,

nice one!
I noticed that one but hesitated and lost it.
  • #7,218
  • May 25, 2011 2:39pm May 25, 2011 2:39pm
Quoting pgd
ev,

nice one!
I noticed that one but hesitated and lost it.
Thanks, mate. You've had some good trades today as well, and you're getting well into this method. Like most traders that come on here, you've tweaked it a bit here and there and come up with a method that suits YOU.
Well done, pg....
  • #7,219
  • May 25, 2011 3:07pm May 25, 2011 3:07pm
Quoting eyevoltage
Thanks, mate. You've had some good trades today as well, and you're getting well into this method. Like most traders that come on here, you've tweaked it a bit here and there and come up with a method that suits YOU.
Well done, pg....
Thanks, ev.
There are still some issues to iron out, though.
  • #7,220
  • May 26, 2011 1:13am May 26, 2011 1:13am
bull flag b/o above 4150 and mR2
LH with piercing line

entry 4162
exit 4177 (R2)

could have entered earlier above previous minitop ~ 4155 just above mR2.
Attached Image (click to enlarge)
Click to Enlarge Name: 20110526-01-eu.gif Size: 65 KB
4 traders viewing now