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Attachments: Psych Levels, Pivots, and Trendlines - Resurrected
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Psych Levels, Pivots, and Trendlines - Resurrected

  • #7,701
  • Aug 18, 2011 9:44am Aug 18, 2011 9:44am
Quoting eyevoltage
Thanks, mate. Wish there was one of these EVERY day!!
ev,

i second that!

took the exact same entry as yours.
tp1 at 1325.
tp2 at 1260.
  • #7,702
  • Aug 19, 2011 8:24am Aug 19, 2011 8:24am
Today is another killer day.

First went long at 80.50 expecting 80.75 level break out, got stopped and got signal in reverse shorted at 80.23 with stop of 50 pips originally, then was second signal added more at 80.10 and brought both stops down to 80.41. closed both trades at 79.70. then waited. noticed trend lines forming and went long at 80.10 with stop at 79.70. closed half position for 50 pips at 80.60 and moved stop to BE. Closed quarter at 82.25 for 215 pips and moved stop to 81.36. then got stopped for 125 pips.

First trade loss was 40 pips.

PP is at 81.38. left last quarter to run hoping it will get to R1 at 83.50 but no such luck.

arrows are when I enter or close trade for profit. marks are for stop losses.

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  • #7,703
  • Aug 19, 2011 8:29am Aug 19, 2011 8:29am
Quoting mysterio
Still stubbornly sitting on that TL on Eur/Chf, PGD!



Yes I tend to agree. Usually there's enough action around Frankfurt/London to get your stop in at breakeven after a move and hope for the best. On that trade I got stopped out breakeven after the first jerk down to 200 EMA, then re-entered when I saw, as you said, the pin bar on the TL.

I get stopped at BE regularly. On Wednesday got stopped at BE 5 times after being +30+35 pips in profit on each. Was crazily choppy day.
  • #7,704
  • Aug 19, 2011 8:32am Aug 19, 2011 8:32am
Quoting shiko
I get stopped at BE regularly. On Wednesday got stopped at BE 5 times after being +30+35 pips in profit on each. Was crazily choppy day.
My wife would remove parts of my anatomy with a blunt spoon if I did that.
  • #7,705
  • Aug 19, 2011 8:35am Aug 19, 2011 8:35am
Quoting Vantage
My wife would remove parts of my anatomy with a blunt spoon if I did that.
My wife seeing me terribly upset after all those BE trades actually told me that there would be another day and advised to stop trading , LOL.
  • #7,706
  • Aug 19, 2011 8:37am Aug 19, 2011 8:37am
I did not post yesterday trade. i had only one... But I shorted oil from 86.92 2 positions. I got really ashamed as I picked around 60 pips and left. It was as we know 700 pips run. I saw this coming but so many BE trades in a row pretty much messed me up.
  • #7,707
  • Aug 19, 2011 8:43am Aug 19, 2011 8:43am
Quoting shiko
I did not post yesterday trade. i had only one... But I shorted oil from 86.92 2 positions. I got really ashamed as I picked around 60 pips and left. It was as we know 700 pips run. I saw this coming but so many BE trades in a row pretty much messed me up.
60 pips is big shouldn't let that worry you about missing on a massive move. Balance between banking/getting something from every trade and holding out for more is always going to be an issue.
  • #7,708
  • Aug 19, 2011 8:51am Aug 19, 2011 8:51am
Quoting Vantage
60 pips is big shouldn't let that worry you about missing on a massive move. Balance between banking/getting something from every trade and holding out for more is always going to be an issue.
That's true. someone who is watching my account curve told me that the curve is smooth and up so I should not worry, but still, I knew that in the past 3 days ATR was around 250 pips which is small but before was 500-600 and level hold and on 1H chart it was looking like gearing for big fall. When I entered price was just 50-60 pips under daily candle high...so, there obviously was a great probability to bank some more pips.
at least 100 pips would make me happy. and had not I had such messy day on Wednesday I would have closed half for 50 and let the rest run. But... no such luck.
  • #7,709
  • Aug 19, 2011 8:53am Aug 19, 2011 8:53am
I guess after trader knows what he is doing psychology becomes the most decisive issue.
  • #7,710
  • Edited Aug 20, 2011 1:04am Aug 19, 2011 10:21am | Edited Aug 20, 2011 1:04am
just finished this one:

price dropped to yest's low and took support there showing a nice divergence at the same time.
it rose past 4300 and dropped back taking support there, making a HL and forming a bullish engulfing pattern.

entry: 4324 (on break of pattern)
exit1: 4400 (moved s/l to 4348 below pivot)
exit2: 4448 (near yest's high and 50)

edit:

I notice now that the entry area was also off the right shoulder of an inverted hns pattern!
how things fall into place! a lesson for myself: if they don't, it's probably not a trade!
Attached Image (click to enlarge)
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  • #7,711
  • Aug 22, 2011 4:05am Aug 22, 2011 4:05am
missed this easy one.
hope some of you got it:

price didn't quite make it to asian low and 11000.
formed a hammer there, reversed and smoothly moved up.

entry: 11120

potential exits:
11135 (near today's open) __+15
11150 __+30
11160 (near R1) __+40
Attached Image
  • #7,712
  • Aug 22, 2011 4:18am Aug 22, 2011 4:18am
Quoting pgd
missed this easy one.
hope some of you got it:

price didn't quite make it to asian low and 11000.
formed a hammer there, reversed and smoothly moved up.

entry: 11120

potential exits:
11135 (near today's open) __+15
11150 __+30
11160 (near R1) __+40
No, missed that one and also this nice EU double bottom at the same time (LO). 15 min lower wick then a doji at 4350/POC/50% of Friday's range combo, 5 min hl no upper wick.

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Follow, don't anticipate.
  • #7,713
  • Aug 22, 2011 4:19am Aug 22, 2011 4:19am
Quoting pgd
missed this easy one.
hope some of you got it:

price didn't quite make it to asian low and 11000.
formed a hammer there, reversed and smoothly moved up.

entry: 11120

potential exits:
11135 (near today's open) __+15
11150 __+30
11160 (near R1) __+40
No, missed that one, pg. Looking at my chart, price had the weekly pivot, daily mid-point level and Friday's high to get through before heading north. All inside 10 pips. Once it got through that lot, it hit R1 with no problem at all. I'm a bit back and forth to the computer this morning, so that's why I missed it.
  • #7,714
  • Aug 22, 2011 4:50am Aug 22, 2011 4:50am
Quoting Ian
No, missed that one and also this nice EU double bottom at the same time (LO). 15 min lower wick then a doji at 4350/POC/50% of Friday's range combo, 5 min hl no upper wick.

Attachment

Attachment
yes, ian and, the "15 min lower wick then a doji" together formed a nice harami pattern!
  • #7,715
  • Aug 22, 2011 5:01am Aug 22, 2011 5:01am
Quoting pgd
yes, ian and, the "15 min lower wick then a doji" together formed a nice harami pattern!
Follow, don't anticipate.
  • #7,716
  • Aug 22, 2011 5:26am Aug 22, 2011 5:26am
Took this trade. EU, 50% Fib, 1.4400 RN, took the break of the pinbar, stop below the low. Once it moved to 1:1 I moved stop to BE then got stoped out a while later. Oh well

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Dan
  • #7,717
  • Aug 22, 2011 5:37am Aug 22, 2011 5:37am
Quoting dan89
Took this trade. EU, 50% Fib, 1.4400 RN, took the break of the pinbar, stop below the low. Once it moved to 1:1 I moved stop to BE then got stoped out a while later. Oh well

Attachment


Dan
Not quite sure how you determine your Fib levels here.

Fib retracements are used after a price has moved some direction A-B

Once the pull back from B begins you then place your Fib Retracement tool starting at A and ending at B.

You then look for price action at or around the Fib levels.

From that chart it seems you are a little confused as to how best to use the Fib Retracement tool.
  • #7,718
  • Aug 22, 2011 7:49am Aug 22, 2011 7:49am
A trendline break, and a very positive one at that! No retracement, just a blast through and all systems go to the R1/xx80 confluence.
Attached Image
  • #7,719
  • Aug 22, 2011 9:00am Aug 22, 2011 9:00am
Quoting eyevoltage
A trendline break, and a very positive one at that! No retracement, just a blast through and all systems go to the R1/xx80 confluence.
ev,

after your move, ec dropped back to that TL and mR1, formed a couple of hammers triggering another long:

entry 11360
exit 11375 (also near R1)
Attached Image (click to enlarge)
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  • #7,720
  • Aug 22, 2011 9:20am Aug 22, 2011 9:20am
Quoting pgd
ev,

after your move, ec dropped back to that TL and mR1, formed a couple of hammers triggering another long:

entry 11360
exit 11375 (also near R1)
Yes, I know, pg, but unfortunately, I was away from the computer just then. C'est la vie.
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