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Trading Price Pivots

  • #321
  • Jun 27, 2011 2:52pm Jun 27, 2011 2:52pm
Quoting Chantalb
Hey Dean I hope you are doing this on demo! Don’t go jumping the gun on a system you haven't tried, tested and are accustomed with... Please otherwise I’d feel very bad…
nope i learnt bad with demo, it made my emotions opposite so i overtraded on real account, i only ever trade real account now, because otherwise i cant attach emotions to a system
  • #322
  • Jun 27, 2011 3:12pm Jun 27, 2011 3:12pm
Quoting deankenny21
nope i learnt bad with demo, it made my emotions opposite so i overtraded on real account, i only ever trade real account now, because otherwise i cant attach emotions to a system
I sure hope you know what you're doing... Please at least study this thread well if your trades are based on it. Be careful, Please
  • #323
  • Jun 27, 2011 3:13pm Jun 27, 2011 3:13pm
Quoting Chantalb
I sure hope you know what you're doing... Please at least study this thread well if your trades are based on it. Be careful, Please
apart from being too eager on that eur usd, i followed everything correctly, on a couple of others i have open
  • #324
  • Jun 27, 2011 3:16pm Jun 27, 2011 3:16pm
Quoting deankenny21
apart from being too eager on that eur usd, i followed everything correctly, on a couple of others i have open
Then I hope they'll cover for this one should it go sour...
  • #325
  • Jun 27, 2011 3:17pm Jun 27, 2011 3:17pm
Quoting Chantalb
Then I hope they'll cover for this one should it go sour...
one of them is a short eur gbp, so im guessing with eur usd going up my eurgbp is not going to have much luck lol
  • #326
  • Jun 27, 2011 3:43pm Jun 27, 2011 3:43pm
Quoting deankenny21
one of them is a short eur gbp, so im guessing with eur usd going up my eurgbp is not going to have much luck lol
One pattern I have seen occurring over and over is when price doesn’t bounce off an important line like this firebrick midpoint of last week… it almost always breaks through it especially when it hangs around it for so long… So EU going higher is more likely now… I sure hope not... we'll see
  • #327
  • Jun 27, 2011 3:48pm Jun 27, 2011 3:48pm
Quoting Chantalb
One pattern I have seen occurring over and over is when price doesn’t bounce off an important line like this firebrick midpoint of last week… it almost always breaks through it especially when it hangs around it for so long… So EU going higher is more likely now… I sure hope not... we'll see
yea, im fearing this too, as i see small up pressure, and buyers pulling out on smaller timeframes

Oh well, we shall move on too the next one if be the case
  • #328
  • Jun 27, 2011 4:37pm Jun 27, 2011 4:37pm
This is my answer to that little comment:

Of the trades I took in the last couple of trading days (mostly yesterday):

gbpnzd stopped out: made 111 pips
eurnzd: +168 pips floating
gbpaud: +85 pips floating
gbpjpy: +41 pips floating.

and I am moving on.

Cheers and All The Best
Il Brigante
  • #329
  • Jun 27, 2011 6:32pm Jun 27, 2011 6:32pm
eur-jpy.... usd-jpy... d1-h1.... waiting retracment for buy
  • #330
  • Jun 27, 2011 6:42pm Jun 27, 2011 6:42pm
Quoting porfirio
eur-jpy.... usd-jpy... d1-h1.... waiting retracment for buy
i see it, what levels you looking at, maybe 50 fib retrace level??
  • #331
  • Jun 27, 2011 7:16pm Jun 27, 2011 7:16pm
ok i have a huge question this is confusing me

see chart below, as u can see in the red bit i highlighted we can see a buy signal, so i took this according to rules from the retrace on 1 hour, BUT now marked in green we have a sell signal?

what do i do now? keep my long, or look for a short now?

http://i51.tinypic.com/2yv76g2.jpg
  • #332
  • Jun 27, 2011 7:26pm Jun 27, 2011 7:26pm
Quoting deankenny21
ok i have a huge question this is confusing me

see chart below, as u can see in the red bit i highlighted we can see a buy signal, so i took this according to rules from the retrace on 1 hour, BUT now marked in green we have a sell signal?

what do i do now? keep my long, or look for a short now?

http://i51.tinypic.com/2yv76g2.jpg
Can you please post your hourly chart and show entry as I can't see clearly on my charts where there would have been an entry yesterday to go long.
Great questions by the way
I would be looking for a short but what do i know!
Loss of opportunity is preferable to loss of capital
  • #333
  • Jun 27, 2011 7:42pm Jun 27, 2011 7:42pm
Quoting Minka
Can you please post your hourly chart and show entry as I can't see clearly on my charts where there would have been an entry yesterday to go long.
Great questions by the way
I would be looking for a short but what do i know!
yes, i marked 2 possible entries for long in the 2 red circled areas, first was a rejection off a fib level, second was a bullish overpowering on the 50 fib level which is where i bought

http://i54.tinypic.com/2d7hctc.jpg
  • #334
  • Jun 27, 2011 8:37pm Jun 27, 2011 8:37pm
Quoting deankenny21
yes, i marked 2 possible entries for long in the 2 red circled areas, first was a rejection off a fib level, second was a bullish overpowering on the 50 fib level which is where i bought
Thanks
Bear in mind this is analysed in hindsight which is always easier!
Well I would not have considered entering on the first possible entry as that bar did not finish bullish enough.
The second bar though strongly bullish in itself does not give a clear indication of direction (too many bars with longish upper tails indicating a reluctance to go up and the close of the bullish bar did not close above the open of previous down bar thus, to me, indicating lack of strength).
Lets see what Chantal has to say.
Loss of opportunity is preferable to loss of capital
  • #335
  • Jun 28, 2011 2:30am Jun 28, 2011 2:30am
good morning deankenny.... yes 61 or 50 fib

I'll put the chart
  • #336
  • Jun 28, 2011 2:41am Jun 28, 2011 2:41am
deankenny

aus-cad ... there are divergence in d1

entry is not without risk because I see it starts to fall .... so better learn how to select
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  • #337
  • Jun 28, 2011 3:13am Jun 28, 2011 3:13am
Well it is not only a matter of following PPs blindly. In post 141 & 250 I have explained the importance of higher tfs. It is not something to take lightly. Looking at AUDCAD, this pair just got to a high it hasn’t seen since 2004 (orange highlighted zone). That is very significant… However its bullishness above parity is also very obvious. So what I would have done if I wanted to be bullish on this pair, I would have waited for the MN pivot low (green triangle) to have its retrace on D1 and become active (somewhere in the purple zone) as in giving another PL and take it from there to H1 for instance.
Looking at W1 the bold bearish engulfing candle made three weeks ago is showing its intentions very clearly off 1.05. So would I take that on for a sell (Pink Triangle) if I could, yes why not if it fits and until/if I get the buy off MN/D1…
The daily TF is dictated by the higher ones. For the best part of this 2nd QTR the pair has been stuck in a range, so what do I do? I leave it alone until I get clear signals or a good opportunity.
Chantal
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  • #338
  • Jun 28, 2011 3:15am Jun 28, 2011 3:15am
Rest of it
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  • #339
  • Jun 28, 2011 3:26am Jun 28, 2011 3:26am
Quoting il brigante
Of the trades I took in the last couple of trading days (mostly yesterday):

gbpnzd stopped out: made 111 pips
eurnzd: +168 pips floating
gbpaud: +85 pips floating
gbpjpy: +41 pips floating.

Cheers and All The Best
Il Brigante
Excellent IB, I am so glad!
  • #340
  • Jun 28, 2011 3:29am Jun 28, 2011 3:29am
hi Chantalb

that sort of thing I look at them too ... support and resistance in MN or W1

but my platform only has data from the aus-cad 2005, for example?

I can not see the resistance of 2004

old data can be loaded?
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