Psych Levels, Pivots, and Trendlines - Resurrected | Page 440 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #8,781
  • Oct 29, 2013 5:37am Oct 29, 2013 5:37am
After yesterday market is somehow slow.

EU 5 min - Price went below DO line and MAs started to open. After price stalled around S2 exit. Good for about 17 pips.
Attached Image (click to enlarge)
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  • #8,782
  • Oct 29, 2013 6:06am Oct 29, 2013 6:06am
Quoting snail69
After yesterday market is somehow slow. EU 5 min - Price went below DO line and MAs started to open. After price stalled around S2 exit. Good for about 17 pips. {image}

Good one, snail. Being a little more conservative, I'd have got in just below S1. But that's just me.
  • #8,783
  • Oct 29, 2013 6:40am Oct 29, 2013 6:40am
This one is a bit better.

UJ 5 min - Entry after a small consolidation above FPV. Exit around yesterday high. Orinal TP is yellow line around MR4 - SD level, but I am simply tired.
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  • #8,784
  • Oct 29, 2013 6:49am Oct 29, 2013 6:49am
AU M5

Consolidation .... Mother Candle and Inside Candles Formation( in 15 Min)... Solid Support around .9500
Trade taken Once Price broke down
SL Moved to BE and now its a freetrade..
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_5_Min_29_OCT_1.png Size: 21 KB
  • #8,785
  • Oct 29, 2013 7:06am Oct 29, 2013 7:06am
Anyone in USD/JPY Trade..

Took the Trade at Break of Trend Line and closed it prematurely with little profit... Might have been better to wait for Price to cross FPV and then take trade..

Experts, how to overcome this habit of prematurely closing the trades.. Is it something that is normal..? Perhaps its due to lack of confidence..
Normally how much time do we normally allow trade to flow in 5/15 Min?
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_15_Min_29_OCT_1.png Size: 36 KB
  • #8,786
  • Oct 29, 2013 7:18am Oct 29, 2013 7:18am
Quoting JPraveen
Anyone in USD/JPY Trade.. Took the Trade at Break of Trend Line and closed it prematurely with little profit... Might have been better to wait for Price to cross FPV and then take trade.. Experts, how to overcome this habit of prematurely closing the trades.. Is it something that is normal..? Perhaps its due to lack of confidence.. Normally how much time do we normally allow trade to flow in 5/15 Min? {image}
JP, I was too late to get in on this trade, due to other commitments. However, a little bit of advice if you don't mind. If you're looking to go short and there's a support line in close proximity, wait for the break before considering entry. The same goes for long trades and resistance lines in close proximity. I try to follow this rule all the time. I hope you'll consider this as well.
  • #8,787
  • Oct 29, 2013 7:32am Oct 29, 2013 7:32am
Quoting JPraveen
Anyone in USD/JPY Trade.. Took the Trade at Break of Trend Line and closed it prematurely with little profit... Might have been better to wait for Price to cross FPV and then take trade.. Experts, how to overcome this habit of prematurely closing the trades.. Is it something that is normal..? Perhaps its due to lack of confidence.. Normally how much time do we normally allow trade to flow in 5/15 Min? {image}
Well JP, again we have here FPV as S and R line. So As EV said try not to go against that kind of hurdle.

When to take money off table. Welcome to the most difficult puzzle to solve....
  • #8,788
  • Oct 29, 2013 7:51am Oct 29, 2013 7:51am
Quoting eyevoltage
{quote} JP, I was too late to get in on this trade, due to other commitments. However, a little bit of advice if you don't mind. If you're looking to go short and there's a support line in close proximity, wait for the break before considering entry. The same goes for long trades and resistance lines in close proximity. I try to follow this rule all the time. I hope you'll consider this as well.
Sure EV... Point Well Taken..
  • #8,789
  • Oct 29, 2013 7:54am Oct 29, 2013 7:54am
Quoting snail69
{quote} Well JP, again we have here FPV as S and R line. So As EV said try not to go against that kind of hurdle. When to take money off table. Welcome to the most difficult puzzle to solve....
Yes Snail.. Realized that FPV is there and Came Out of Trade due to that hurdle only.. Should have waited for Price to cross FPV and then taken a long trade ...
Patience is the Key!!
  • #8,790
  • Oct 29, 2013 8:01am Oct 29, 2013 8:01am
Quoting eyevoltage
{quote} JP, I was too late to get in on this trade, due to other commitments. However, a little bit of advice if you don't mind. If you're looking to go short and there's a support line in close proximity, wait for the break before considering entry. The same goes for long trades and resistance lines in close proximity. I try to follow this rule all the time. I hope you'll consider this as well.

EV .. I have a Q..

In case FPV is quite high and Price is below FPV..

There comes a good opportunity to take a Long Position .( MA Cross Over)

In that Situation , do you take a long position at all using other lines like S1/S2/MS1/MS2 or simply wait for FPV line to be crossed ..?
  • #8,791
  • Edited 10:22am Oct 29, 2013 8:16am | Edited 10:22am
Quoting JPraveen
{quote} EV .. I have a Q.. In case FPV is quite high and Price is below FPV.. There comes a good opportunity to take a Long Position .( MA Cross Over) In that Situation , do you take a long position at all using other lines like S1/S2/MS1/MS2 or simply wait for FPV line to be crossed ..?

Good question. Personally, I have never given much credence to the rule regarding "under the PL, only short trades - above PL, only long trades". If, as you point out, price is well below the PL, and the trend is heading down, then yes, it makes sense to follow the trend down. However, if price has hit what seems to be support and starts climbing again, it makes sense to wait and see if this really is a trend reversal. If so, then why not enter into a long trade if the conditions are right and the potential reward looks promising? Obviously, the same goes for when price is ABOVE the PL. Bear in mind that this is my opinion only, and other traders, no doubt, would disagree with the way I see it.
Hope that helps, brother.
  • #8,792
  • Oct 29, 2013 11:12am Oct 29, 2013 11:12am
Pure EV Style Trade
EU M5

Waited for Price to Close Below FPV and Retrace to FPV
Doji Formation
Trade taken at Break of Low of Doji in the Direction of Flow
TP at Today's Low
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_5_Min_29_OCT_1.png Size: 30 KB
  • #8,793
  • Oct 29, 2013 11:21am Oct 29, 2013 11:21am
Quoting JPraveen
Pure EV Style Trade EU M5 Waited for Price to Close Below FPV and Retrace to FPV Doji Formation Trade taken at Break of Low of Doji in the Direction of Flow TP at Today's Low {image}

Spot on, JP, very nice. Just one point. Your entry point was very close to MS1. I would have waited for the break through MS1 before entering. Not saying it's everybody's way of doing things. Just saying what I would have done. Nevertheless, a good trade, brother!
  • #8,794
  • Oct 29, 2013 11:49am Oct 29, 2013 11:49am
Quoting eyevoltage
{quote} Spot on, JP, very nice. Just one point. Your entry point was very close to MS1. I would have waited for the break through MS1 before entering. Not saying it's everybody's way of doing things. Just saying what I would have done. Nevertheless, a good trade, brother!
Thanks Big Bro..

Going through wealth of ~1100 charts that you have posted .. and building the knowledge repository.. Amazing learnings ..
  • #8,795
  • Oct 29, 2013 11:50am Oct 29, 2013 11:50am
Quoting JPraveen
Pure EV Style Trade EU M5 Waited for Price to Close Below FPV and Retrace to FPV Doji Formation Trade taken at Break of Low of Doji in the Direction of Flow TP at Today's Low {image}
Very nice trade!

May i ask where you placed your SL on this particular trade ?
consistency wins
  • #8,796
  • Oct 29, 2013 11:51am Oct 29, 2013 11:51am
15m UJ.........

Another nice trade missed due to being busy in other areas. Them's the breaks, as they say.

A nice bullish flag pattern, followed by a little wait until price broke through R2. MAs nice wide and steep. Everything looking good for this one. Sod it!
Attached Image
  • #8,797
  • Oct 30, 2013 12:44am Oct 30, 2013 12:44am
Quoting iTrader
{quote} Very nice trade! May i ask where you placed your SL on this particular trade ?
iTrader, I normally use MA lines to set SL. But here as MA has no role, initial SL was set at next available S/R line .. MR1 was used here.
  • #8,798
  • Oct 30, 2013 5:45am Oct 30, 2013 5:45am
Quoting JPraveen
Pure EV Style Trade EU M5 Waited for Price to Close Below FPV and Retrace to FPV Doji Formation Trade taken at Break of Low of Doji in the Direction of Flow TP at Today's Low {image}
JP, that is what I was talking about !!! Well done pal !
  • #8,799
  • Oct 31, 2013 1:22am Oct 31, 2013 1:22am
Good Morning all,
EU 15min.
Opened chart to see a potential double top forming after strong bear move at Pivot line, and MA's.
A small doji formed on the second top, indicating some kind of indecision. - blue arrow
I was also undecided, and waited for a clear bearish sign to enter.
Market started to gain momentum from this point with several lower highs, i decided to jump in. - red arrow
Sell @ 1,3724 Stop @ 1,3741 (above double top/Pivot) Limit @ 1,3694 (S1)
Closed position at 1,3702 for 22 Pips (- green arrow), later limit was reached, but im fine with the result.
Attached Image
consistency wins
  • #8,800
  • Oct 31, 2013 2:50am Oct 31, 2013 2:50am
Quoting iTrader
Good Morning all, EU 15min. Opened chart to see a potential double top forming after strong bear move at Pivot line, and MA's. A small doji formed on the second top, indicating some kind of indecision. - blue arrow I was also undecided, and waited for a clear bearish sign to enter. Market started to gain momentum from this point with several lower highs, i decided to jump in. - red arrow Sell @ 1,3724 Stop @ 1,3741 (above double top/Pivot) Limit @ 1,3694 (S1) Closed position at 1,3702 for 22 Pips (- green arrow), later limit was reached, but...

Good one, iTrader. Nice clear chart as well. Just what my tired old eyes appreciate!
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