Psych Levels, Pivots, and Trendlines - Resurrected | Page 378 | 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

  • #7,541
  • Aug 2, 2011 11:55am Aug 2, 2011 11:55am
And some rudimentary longer TF trend lines, not worth the paper its printed on really, every time i've made a prediction like this it has been a dud

http://i288.photobucket.com/albums/l...f?t=1312304176
  • #7,542
  • Edited 2:13am Aug 3, 2011 1:40am | Edited 2:13am
bounce off asian highs and TL break:

entry: 10879
exit1: 10850
s/l : b/e

edit:
exit2 : 1.0803 (near rn)
Attached Image (click to enlarge)
Click to Enlarge Name: 20110803-01-ech.gif Size: 36 KB
  • #7,543
  • Aug 3, 2011 1:44am Aug 3, 2011 1:44am
Quoting pgd
bounce off asian highs and TL break:

entry: 10879
exit1: 10850
s/l : b/e
Nice one pg, evening star pattern also. I'm in a little lower.
  • #7,544
  • Aug 3, 2011 2:15am Aug 3, 2011 2:15am
http://www.snb.ch/en/mmr/reference/p...0110803.en.pdf
Follow, don't anticipate.
  • #7,545
  • Aug 3, 2011 2:20am Aug 3, 2011 2:20am
Quoting Ian
http://www.snb.ch/en/mmr/reference/p...0110803.en.pdf
Thanks Ian that jump had to be intervention.
  • #7,546
  • Aug 3, 2011 2:44am Aug 3, 2011 2:44am
Quoting Vantage
Thanks Ian that jump had to be intervention.
thanks ian.

I was wondering if this was a leak of the eur and gbp services pmi numbers due after a little while?

vantage,

hope u exited your ech short.
my tp was hit just 10 mins before the surge.
  • #7,547
  • Aug 3, 2011 2:47am Aug 3, 2011 2:47am
Quoting pgd
thanks ian.

I was wondering if this was a leak of the eur and gbp services pmi numbers due after a little while?

vantage,

hope u exited your ech short.
my tp was hit just 10 mins before the surge.
No got nailed.
  • #7,548
  • Aug 3, 2011 2:52am Aug 3, 2011 2:52am
Quoting Vantage
No got nailed.
sorry about that.
  • #7,549
  • Aug 3, 2011 3:21am Aug 3, 2011 3:21am
No problem did get a buy in 0968, this was the last one after a 50 pip retrace to psych level and high vol area. Out +32. Despite the intervention the weird thing is both trades were of the wait 20 mins and try again variety, ie normal retrace hl.

I think I might be done now.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 15 KB
  • #7,550
  • Aug 3, 2011 3:25am Aug 3, 2011 3:25am
Quoting Vantage
No problem did get a buy in 0968, this was the last one after a 50 pip retrace to psych level and high vol area. Out +32. Despite the intervention the weird thing is both trades were of the wait 20 mins and try again variaty.

I think I might be done now.
Whilst I suspect this am's trades were a case of 'if you can hold your nerve whilst all around you are panicking, then you don't grasp the magnitude of the problem', they at least worked out nicely in the end.
  • #7,551
  • Aug 3, 2011 3:55am Aug 3, 2011 3:55am
Quoting Vantage
No problem did get a buy in 0968, this was the last one after a 50 pip retrace to psych level and high vol area. Out +32. Despite the intervention the weird thing is both trades were of the wait 20 mins and try again variety, ie normal retrace hl.

I think I might be done now.
Yes, it was a nice system hl trade, after 1 hr hammer, I didn't have the nerve to take it.
Follow, don't anticipate.
  • #7,552
  • Aug 3, 2011 6:40am Aug 3, 2011 6:40am
missed this easy to pick short below 11100.
moved a quick 50+ pips.
same with gbpchf.

hope someone else here got it.
Attached Image
  • #7,553
  • Aug 3, 2011 6:58am Aug 3, 2011 6:58am
pgd

Do you trade the break, or wait for a retrace?
  • #7,554
  • Aug 3, 2011 7:03am Aug 3, 2011 7:03am
Quoting Delite
pgd

Do you trade the break, or wait for a retrace?
Im interested to know this to. Whenever i trade a break price always seems to reverse where i entered.

Dan
  • #7,555
  • Aug 3, 2011 7:09am Aug 3, 2011 7:09am
Im interested in how some of you guys wait for trades. Do you sit in front of the screen and just wait for potential trades or do you set price alerts at confluences of pivots and pysch levels ? Or some other way ?

Dan
  • #7,556
  • Aug 3, 2011 7:22am Aug 3, 2011 7:22am
Quoting dan89
Im interested in how some of you guys wait for trades. Do you sit in front of the screen and just wait for potential trades or do you set price alerts at confluences of pivots and pysch levels ? Or some other way ?

Dan
Hi Dan I'm sitting in front of computer waiting.
  • #7,557
  • Edited 7:59am Aug 3, 2011 7:28am | Edited 7:59am
Quoting Delite
pgd

Do you trade the break, or wait for a retrace?
Delite, Dan,

It can vary.

if the direction is well established and one is looking for a continuation at a time when market activity is relatively good, i would most likely take the break of the bar that closes beyond the TL. if it's a big bar, i'd wait for a retrace or if no retrace, i'd let it go and wait for the next HL_LH.

in the instant case, it's a reversal after an extended move. so, it's a more cautious classic 123 entry like the one marked at 11096.

hope that helps.
  • #7,558
  • Aug 3, 2011 7:28am Aug 3, 2011 7:28am
Quoting dan89
Im interested in how some of you guys wait for trades. Do you sit in front of the screen and just wait for potential trades or do you set price alerts at confluences of pivots and pysch levels ? Or some other way ?

Dan
Speaking for myself, it's simply a case of sitting in front of the screen and watching and waiting. There's times I can, and times that I can't, and usually, the times I can't is when I'm really busy with something else, and have no time for trading anyway. Therefore, an alert would be a waste of time.
  • #7,559
  • Aug 3, 2011 7:58am Aug 3, 2011 7:58am
Quoting dan89
Im interested in how some of you guys wait for trades. Do you sit in front of the screen and just wait for potential trades or do you set price alerts at confluences of pivots and pysch levels ? Or some other way ?

Dan
Dan,

i have found alerts and waiting-n-watching to complement each other.

alerts are handy when one wants to wait for a relatively remote price before considering a trade at all e.g.

price has made a strong move, say 200 pips. you think the direction will hold but you are more comfortable entering after a good retrace, say 50%. that level would be about 100 pips away from current price. an alert may be set.

you discover a channel on a higher TF chart. price is 40-50 pips away from the channel top/bottom from where you expect the market to turn. an alert may be set.

you get the idea...

in conjunction with the alert, one would do well to mark that level on the chart with a horizontal line.

when the alert goes off and you are down to a small TF chart like m5/m1 looking for entry, the waiting-n-watching takes over. the horizontal line marked earlier is now visible and available for reference on the small TF chart.

hope that helps.
  • #7,560
  • Aug 3, 2011 8:35am Aug 3, 2011 8:35am
I wonder if anyone got this one? I certainly didn't, having to be involved with something totally divorced from trading. Sod's law!!!

Price pierced R1 and then a bearish engulfing candle formed, followed by a strong momentum plunge southwards. I've put where my entry and exit would have been, but look how much further it dropped after my "exit"!!
Attached Image
1 trader viewing now