Psych Levels, Pivots, and Trendlines - Resurrected | Page 365 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #7,281
  • Jun 15, 2011 6:40am Jun 15, 2011 6:40am
Quoting eyevoltage
Just these two earlier, dan. Too busy otherwise to trade or post. Waiting to see if anything else crops up during the afternoon.
Sorry about that.....
Attached Image (click to enlarge)
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  • #7,282
  • Jun 15, 2011 7:01am Jun 15, 2011 7:01am
Quoting Andy B
I'm very impressed by this method of trading, EV's chart examples in particular are an inspiration!

But I struggle with it, I think due to the required judgement calls. I lack the discipline to get out of a bad trade quickly as I feel that I've made the wrong call (which of course I have)

I need to rely on a purely mechanical trading system, with a specific TP and SL, and then I can keep my emotions in check

So even though I can't use this system, I always check the posts here to see the great work you guys are doing

Andy
Andy,it is true, that some discretion is a must with this style of trading,but you can eliminate probably much more of it than you think.

This is how I did it...

First ofcourse I went through much of the thread, posts of Eyevoltage,Medici, Islander,Vantage, jag1966...

When I understood the method and style, I had to think about my expectations from the usual trade with this style and I had to align my expectations with the method. This is super important from psychology point of view. (can't expect to have majority of your trades run 50-100 pips)

Then I started to write down the rules, which gave me ''the method'' instead of style which is much broader term. I don't use the term system because some discretion still applys. For me system is 100% rules.

Rules like (but in my case it is actualy more like a check list)
I go like:
-Trend up -check
-price retraces back to pivot,psych 00,50 & ma's - check
-favourable PA,candlestick formation - check
-divergence(no need for that always,for me)
-PULL THE TRIGGER!
-hard stop -10 pip
-TP = +20 pip
(this is for 5m trading)

Then just watch the market and trade by these guide lines...very simple

It took years for me to figure out it is that easy!

hope this helps,
regards

PS: should also writte that I am not trading for a living,and consider a trader to have atleast a profitable year before calling himself profitable. In that sense I still have to achieve that so take my advice with that in mind
  • #7,283
  • Jun 15, 2011 7:58am Jun 15, 2011 7:58am
Quoting Tilt
Andy,it is true, that some discretion is a must with this style of trading,but you can eliminate probably much more of it than you think.

This is how I did it...

First ofcourse I went through much of the thread, posts of Eyevoltage,Medici, Islander,Vantage, jag1966...

When I understood the method and style, I had to think about my expectations from the usual trade with this style and I had to align my expectations with the method. This is super important from psychology point of view. (can't expect to have majority of your trades run 50-100...
Thanks for that Tilt, I need to look through the thread in a lot more detail I think
  • #7,284
  • Jun 16, 2011 12:14am Jun 16, 2011 12:14am
hi ALL,

sorry for being off-topic here but, needed to reach more people.

does anyone here know where i can get hold of .mq4 files for built-in MT4 indicators.

thanks.
  • #7,285
  • Jun 16, 2011 12:18am Jun 16, 2011 12:18am
Morning, folks.

This is a nice flag pattern rising across xx00, S1 and into the MA zone. Entry (conservative) and exit as shown.
Attached Image
  • #7,286
  • Jun 16, 2011 1:04am Jun 16, 2011 1:04am
Hi eyevoltage !

What EMA are these on your screenshot ?
Thank you

Quoting eyevoltage
Morning, folks.

This is a nice flag pattern rising across xx00, S1 and into the MA zone. Entry (conservative) and exit as shown.
  • #7,287
  • Jun 16, 2011 1:17am Jun 16, 2011 1:17am
Quoting vasi
Hi eyevoltage !

What EMA are these on your screenshot ?
Thank you
13 and 34
  • #7,288
  • Jun 16, 2011 1:19am Jun 16, 2011 1:19am
Quoting eyevoltage
Morning, folks.

This is a nice flag pattern rising across xx00, S1 and into the MA zone. Entry (conservative) and exit as shown.
Nice and simple as usual EV, public hol here and I had a late snooze.
  • #7,289
  • Jun 16, 2011 3:23am Jun 16, 2011 3:23am
Quoting eyevoltage
Morning, folks.

This is a nice flag pattern rising across xx00, S1 and into the MA zone. Entry (conservative) and exit as shown.
Hey EV, Nice trade. Where would you have placed your stop on this trade ?

Dan
  • #7,290
  • Jun 16, 2011 3:50am Jun 16, 2011 3:50am
Quoting dan89
Hey EV, Nice trade. Where would you have placed your stop on this trade ?

Dan
I placed it just above the high of the candle that broke down, in order to give a R:R of approx 1:1, seeing as the TP target was the mid-point level.
  • #7,291
  • Jun 16, 2011 10:25pm Jun 16, 2011 10:25pm
bear flag b/o below 4150 following 2 shooting stars.

entry: 14145
s/l : at b/e

edit:

it's stalling above 14125
exit: 14130
Attached Image
  • #7,292
  • Jun 20, 2011 1:08am Jun 20, 2011 1:08am
counter trend scalp based on divergence and
the following pa at previous supp. area (green band):

h1 doji indecision; a bunch of hammers; ends with a piercing line upthrust on increased volume.

entry: 1.6120
exit : 1.6133
Attached Image
  • #7,293
  • Jun 20, 2011 1:58am Jun 20, 2011 1:58am
Quoting pgd
counter trend scalp based on divergence and
the following pa at previous supp. area (green band):

h1 doji indecision; a bunch of hammers; ends with a piercing line upthrust on increased volume.

entry: 1.6120
exit : 1.6133
Nice trade. I didn't see it the same way as you. To me, it was a break-out from a consolidation zone between the MA's and the mid-point level. Still a nice grab, though!
  • #7,294
  • Jun 20, 2011 2:54am Jun 20, 2011 2:54am
Quoting eyevoltage
Nice trade. I didn't see it the same way as you. To me, it was a break-out from a consolidation zone between the MA's and the mid-point level. Still a nice grab, though!
Thanks, ev.
  • #7,295
  • Jun 20, 2011 5:13am Jun 20, 2011 5:13am
A falling wedge across the MA zone instigated this trade. Price looked to be going down to test the MPP for support, but didn't make it. Hence, a highly probable chance of price heading north again. Target was the next mid-point level, and price met that and pierced it before retreating. Entry and exit as shown.
Attached Image
  • #7,296
  • Jun 21, 2011 4:42am Jun 21, 2011 4:42am
all the confluence you'd want:

50% fib retrace into today's open, 6200, and ma zone.
bearish harami followed by shooting star.

entry 6195
exit 6183 (near pivot)
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  • #7,297
  • Jun 21, 2011 4:52am Jun 21, 2011 4:52am
Quoting pgd
all the confluence you'd want:

50% fib retrace into today's open, 6200, and ma zone.
bearish harami followed by shooting star.

entry 6195
exit 6183 (near pivot)
Good one, pg. You're really getting your feet under the table with this method. I think I'll have to take a leaf out your book and take more notice of fibs!
  • #7,298
  • Jun 21, 2011 7:20am Jun 21, 2011 7:20am
Quoting eyevoltage
Good one, pg. You're really getting your feet under the table with this method. I think I'll have to take a leaf out your book and take more notice of fibs!
from among all the scribbly pages, a leaf out of my book?
you're welcome, mate, for whatever it's worth.

with fibs as with some other tools, once you get used to them you can start picking off levels visually without actually drawing them.

cheers.
  • #7,299
  • Jun 22, 2011 12:05am Jun 22, 2011 12:05am
EY Long
Entry and exit as per chart
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  • #7,300
  • Jun 22, 2011 12:22am Jun 22, 2011 12:22am
Quoting david4u
EY Long
Entry and exit as per chart
Nice trade, David. A bit early for me, unfortunately.
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