Psych Levels, Pivots, and Trendlines - Resurrected | Page 375 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #7,481
  • Edited 12:55am Aug 1, 2011 12:37am | Edited 12:55am
good morning all!
hope everyone had a pleasant weekend.

in early asian session price met resistance at 111.50 and later broke it.
a strong up move followed which took the asian range to over 150 pips!
then, we see a good retrace (between 50% and 62%) back to 111.50 area. that ended with a hammer at 06:50 (fxpro time). a bounce followed as expected.

took break of TL and 111.50:

entry: 11154
exit1: 11164 (mR2). taken early to ensure +ve start for week.
s/l : at b/e
TP 2 : 11200 area

edit:

move seems to be weakening.
exit2: 11175
Attached Image (click to enlarge)
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  • #7,482
  • Aug 1, 2011 1:51am Aug 1, 2011 1:51am
after exit at 11175, price retraced to mR1 and ma zone and formed a hammer on m15.

re-entered as hammer was taken out.

entry: 11176
exit : 11200 (original TP2 from previous trade)
Attached Image
  • #7,483
  • Aug 1, 2011 2:51am Aug 1, 2011 2:51am
Quoting pgd
good morning all!
hope everyone had a pleasant weekend.
Good morning pg, nice start to the week.

I waited until LO then went the other way.

1 hr large upper wick reject of R2/50% ret of move down from Jul 22nd highs.
5 min lh below RN 112.00 entered at 111.80. 50% out at 111.60 for +20 stop holding at BE on other 50% waiting to see if we can make another LH.

Full charts posted in V's thread.

Attached Image (click to enlarge)
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Follow, don't anticipate.
  • #7,484
  • Edited 3:20am Aug 1, 2011 3:03am | Edited 3:20am
Quoting Ian
Good morning pg, nice start to the week.

I waited until LO then went the other way.

1 hr large upper wick reject of R2/50% ret of move down from Jul 22nd highs.
5 min lh below RN 112.00 entered at 111.80. 50% out at 111.60 for +20 stop holding at BE on other 50% waiting to see if we can make another LH.

Full charts posted in V's thread.

Attachment
cool!
i was reading your post at vantage's while you were writing this one!
  • #7,485
  • Edited 3:38am Aug 1, 2011 3:24am | Edited 3:38am
61.8% retrace of day's move ended with a bunch of long lower wicks/hammers at day's open (magenta line), 16425.
entered long as shown on bounce.

entry: 1.64365
exit1: 1.6450
s/l for bal. at 1.6440

edit:
sharp news move down took me out.
greater alertness would have revealed the 11:10 hanging man as a signal to bail out around 6460.
Attached Image (click to enlarge)
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  • #7,486
  • Edited 5:23am Aug 1, 2011 5:01am | Edited 5:23am
price stayed above 7900 and pivot since open.
took the break of both.

entry : 7899
exit : 7877 (near 7875)
Attached Image (click to enlarge)
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  • #7,487
  • Aug 1, 2011 5:05am Aug 1, 2011 5:05am
Some good trades this morning from pg and Ian. Well done!

This one is an example of the way I'm experimenting with right now. The small blue oval shows a hammer type candle, with the lower shadow stopping right to the pip on the mid-point level. A rather positive move followed, which prompted a long entry with the target being R1. There was a similar move a little earlier, prompted by a doji, four candles back, but I missed that one.
Attached Image
  • #7,488
  • Aug 1, 2011 5:07am Aug 1, 2011 5:07am
eyevoltage and all,

C o n g r a t u l a t i o n s ! !

We just hit page 500!
  • #7,489
  • Aug 1, 2011 5:07am Aug 1, 2011 5:07am
Hello all.

Firstly, a big thank you for all of the advice when I was in a bit of a trough a few weeks ago. EV totally hit the nail on the head when he said that I was trying to incorporate about 10 systems into one super-duper foolproof system. Well, that was never going to work was it?!

Have taken some time out to sort out my thinking, and happily more clarity has ensued. So, guys, thanks again.

Pleased to see everyone is doing well, and really like Mysterio's journal. One of his posts really got me thinking. Do you have set criteria about what consitutes a trendline? I know his rules demands three taps, but I was reading Tom DeMark's trendline work and he seems to think two qualified taps are okay.

I know there are no hard and fast rules, but would like to know your thoughts on this.

Have a great day!
  • #7,490
  • Aug 1, 2011 5:17am Aug 1, 2011 5:17am
Quoting Delite
Hello all.

Firstly, a big thank you for all of the advice when I was in a bit of a trough a few weeks ago. EV totally hit the nail on the head when he said that I was trying to incorporate about 10 systems into one super-duper foolproof system. Well, that was never going to work was it?!

Have taken some time out to sort out my thinking, and happily more clarity has ensued. So, guys, thanks again.

Pleased to see everyone is doing well, and really like Mysterio's journal. One of his posts really got me thinking. Do you have set criteria about...
Glad to be of help, Delite.

Re the TL thingy........my opinion is simply "Two's good, but three's better".
  • #7,491
  • Aug 1, 2011 5:18am Aug 1, 2011 5:18am
Quoting pgd
eyevoltage and all,

C o n g r a t u l a t i o n s ! !

We just hit page 500!

We should have a piss-up!! Let's party!!

  • #7,492
  • Aug 1, 2011 5:23am Aug 1, 2011 5:23am
Quoting eyevoltage
Some good trades this morning from pg and Ian. Well done!
Thanks EV and my congrats on reaching page 500 as well. Thanks for all your continued valuable contributions and those of all other regular posters.
Follow, don't anticipate.
  • #7,493
  • Aug 1, 2011 5:35am Aug 1, 2011 5:35am
Quoting eyevoltage
We should have a piss-up!! Let's party!!

you said it, mate!

you know what? it's possible!

all guys together:

http://images.free-extras.com/pics/p...g_beer-902.jpg.

cheers!
  • #7,494
  • Aug 1, 2011 5:49am Aug 1, 2011 5:49am
Quoting pgd
you said it, mate!

you know what? it's possible!

all guys together:

http://images.free-extras.com/pics/p...g_beer-902.jpg.

cheers!
C'mon, pg. Don't forget Delite. She may not like beer!
  • #7,495
  • Aug 1, 2011 5:51am Aug 1, 2011 5:51am
Quoting eyevoltage
Some good trades this morning from pg and Ian. Well done!

This one is an example of the way I'm experimenting with right now. The small blue oval shows a hammer type candle, with the lower shadow stopping right to the pip on the mid-point level. A rather positive move followed, which prompted a long entry with the target being R1. There was a similar move a little earlier, prompted by a doji, four candles back, but I missed that one.
ev,

you'll need to elaborate a bit. apart from the missing ma's, isn't it the same approach that you've been following or am i missing something?
  • #7,496
  • Aug 1, 2011 5:51am Aug 1, 2011 5:51am
Quoting eyevoltage
C'mon, pg. Don't forget Delite. She may not like beer!

Oh you can count me in! Can't beat a chilled San Miguel..!

  • #7,497
  • Aug 1, 2011 5:54am Aug 1, 2011 5:54am
Quoting eyevoltage
C'mon, pg. Don't forget Delite. She may not like beer!
I'm sorry Delite
what would you like to have?
  • #7,498
  • Aug 1, 2011 5:56am Aug 1, 2011 5:56am
Quoting pgd
I'm sorry Delite
what would you like to have?
there she is !
she says beer is good !
  • #7,499
  • Aug 1, 2011 5:58am Aug 1, 2011 5:58am
ev,

look!
18 traders arrived!

edit:
now 20!
  • #7,500
  • Aug 1, 2011 5:59am Aug 1, 2011 5:59am
Quoting pgd
ev,

you'll need to elaborate a bit. apart from the missing ma's, isn't it the same approach that you've been following or am i missing something?
More or less, pg. However, I'm slowing things down by using 15m charts, and I'm kicking the MA's into touch. Still concentrating on PA on the pivot lines, and watching out for any patterns that crop up. Not a lot different from the way I was trading before, but simplifying the charts a little.
K.I.S.S. rules!!
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