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Psych Levels, Pivots, and Trendlines - Resurrected

  • #9,121
  • Jul 18, 2014 4:59am Jul 18, 2014 4:59am
EA: Break and test of DP and 1,4450 , pennant. Exit on the previous day low, as shown on the chart
Attached Image (click to enlarge)
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Even though I walk through the darkest valley, I will fear no evil
  • #9,122
  • Jul 18, 2014 5:08am Jul 18, 2014 5:08am
This two have the same story. Break of TL, Break of DP, triangle and pennant. Exit on the previous day high !
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Even though I walk through the darkest valley, I will fear no evil
  • #9,123
  • Jul 22, 2014 4:06am Jul 22, 2014 4:06am
Couple of trades from today.
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Even though I walk through the darkest valley, I will fear no evil
  • #9,124
  • Jul 22, 2014 4:06am Jul 22, 2014 4:06am
And looking at this two
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Even though I walk through the darkest valley, I will fear no evil
  • #9,125
  • Jul 22, 2014 7:57am Jul 22, 2014 7:57am
Nice trades, monocor. You've been busy!

This is the 15m AU. A nice break-out from a falling (bullish) wedge. No mid-points today....pivots too close together.
Attached Image
  • #9,126
  • Jul 23, 2014 7:10am Jul 23, 2014 7:10am
Quoting monocor
And looking at this two {image} {image}
Non of this set ups gave a trade, set ups was canceled due to the news release
Even though I walk through the darkest valley, I will fear no evil
  • #9,127
  • Jul 23, 2014 7:13am Jul 23, 2014 7:13am
Quoting eyevoltage
Nice trades, monocor. You've been busy! This is the 15m AU. A nice break-out from a falling (bullish) wedge. No mid-points today....pivots too close together. {image}
Nice trade !

I have a free time so I want to concentrate more on candles and pivots, as you do.

I will place charts, and would be appropriate for your comments and teammates of this thread !'

Patterns are great tool, but I feel I need a little bit more then that.
Even though I walk through the darkest valley, I will fear no evil
  • #9,128
  • Jul 23, 2014 7:25am Jul 23, 2014 7:25am
There is always room to improve. I want to be on top of trades like this. Down trend, S become R, round number, engulfing, divergence. And nice move down. Of course it was during the news release, but there is many other trades like this.
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Click to Enlarge Name: euraudm15.png Size: 56 KB
Even though I walk through the darkest valley, I will fear no evil
  • #9,129
  • Jul 23, 2014 7:28am Jul 23, 2014 7:28am
This is my trade from today, down trend, move down, pennant, pivot as resistance, break down.
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Even though I walk through the darkest valley, I will fear no evil
  • #9,130
  • Jul 23, 2014 9:03am Jul 23, 2014 9:03am
Quoting monocor
{quote} Nice trade ! I have a free time so I want to concentrate more on candles and pivots, as you do. I will place charts, and would be appropriate for your comments and teammates of this thread !' Patterns are great tool, but I feel I need a little bit more then that.
You've been doing well by trading from patterns such as flags, pennants, triangles etc. Additionally, if these patterns also occur in the vicinity of a pivot line, then everything's set up potentially for a successful trade. Not always, though......hence the word "potentially". You mentioned pivots and patterns, but you don't seem to mention the candlesticks themselves, which, when taken into account, can reveal potential trades that you may not have noticed before. Forgive me for asking, but are you familiar with candlestick reversal patterns, monocor? When price approaches a pivot line, it's well worth watching out for a reversal pattern, or alternatively, a continuation pattern. Go back through your charts and see what you can find. It's what I did at first, and it turned out to be a very rewarding exercise.
  • #9,131
  • Jul 23, 2014 10:52am Jul 23, 2014 10:52am
Quoting eyevoltage
{quote} You've been doing well by trading from patterns such as flags, pennants, triangles etc. Additionally, if these patterns also occur in the vicinity of a pivot line, then everything's set up potentially for a successful trade. Not always, though......hence the word "potentially". You mentioned pivots and patterns, but you don't seem to mention the candlesticks themselves, which, when taken into account, can reveal potential trades that you may not have noticed before. Forgive me for asking, but are you familiar with candlestick reversal patterns,...
I am familiar with candles, but i didnt use them properly, i dont know even why. I used to be a big fan of Nison, i have all his books and dvds with seminars. Probably I didn't see power of candles, now After going through your posts i can see where was mistake with candles, and how to use them properly.
Even though I walk through the darkest valley, I will fear no evil
  • #9,132
  • Jul 23, 2014 11:31am Jul 23, 2014 11:31am
Quoting monocor
{quote} I am familiar with candles, but i didnt use them properly, i dont know even why. I used to be a big fan of Nison, i have all his books and dvds with seminars. Probably I didn't see power of candles, now After going through your posts i can see where was mistake with candles, and how to use them properly.
Well, if you were a big fan of Steve Nison, and you have lot of his books and DVDs, my friend, then you should be off to a flying start if you settle down and get some serious studying in. From what I've seen of books and videos regarding candlesticks, monocor, if you can familiarise yourself with what's generally accepted as the 12 basic patterns (dojis, engulfing patterns, haramis, shooting stars, hammers etc.), then once you start looking out for them on your charts at various recognizable levels, then you should improve by leaps and bounds. Hope that helps, brother?
  • #9,133
  • Jul 23, 2014 12:10pm Jul 23, 2014 12:10pm
Quoting monocor
There is always room to improve. I want to be on top of trades like this. Down trend, S become R, round number, engulfing, divergence. And nice move down. Of course it was during the news release, but there is many other trades like this. {image}
Hi monocor for what it's worth I'm trying to do the same thing as you so I'd appreciate you posting charts, really nice template too. This is a good thread guys.

Mono, do you use pending orders or hit it at market?

I trade pretty much only Eurusd, and today it's just been winding itself around WS1, 20pip ping-pong and now everyones heading for the bar.....

.... anyway I'm enjoying reading and hopefully improving.
  • #9,134
  • Jul 24, 2014 3:02am Jul 24, 2014 3:02am
Quoting Quidsey
{quote} Hi monocor for what it's worth I'm trying to do the same thing as you so I'd appreciate you posting charts, really nice template too. This is a good thread guys. Mono, do you use pending orders or hit it at market? I trade pretty much only Eurusd, and today it's just been winding itself around WS1, 20pip ping-pong and now everyones heading for the bar..... .... anyway I'm enjoying reading and hopefully improving.
Yesterday EU was a ping pong game, but today there was a nice trade for 20 pips.

I don't use pending orders, I want to see close of the candle in order to avoid fake outs.

If you will take a look on the chart, my entry was on the candle close, and that close was lower then previous candles close, where before was shadows we have a nice solid candle close, price is starting to move down.
Attached Image (click to enlarge)
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Even though I walk through the darkest valley, I will fear no evil
  • #9,135
  • Jul 24, 2014 3:21am Jul 24, 2014 3:21am
Quoting eyevoltage
{quote} Well, if you were a big fan of Steve Nison, and you have lot of his books and DVDs, my friend, then you should be off to a flying start if you settle down and get some serious studying in. From what I've seen of books and videos regarding candlesticks, monocor, if you can familiarise yourself with what's generally accepted as the 12 basic patterns (dojis, engulfing patterns, haramis, shooting stars, hammers etc.), then once you start looking out for them on your charts at various recognizable levels, then you should improve by leaps and...
Thank you EV, I am really appreciate your help. I understand that my problem is that I can't use candles properly on M15 chart, I see candle formations , but I didn't pay attention to the place where that formations occurred.
I have been trying, but it wasn't so much reliable as candles at higher time frame.

I have refreshed my memory yesterday, by watching Nisons seminar candles sticks at forex market, multiple times he was saying one thing, look at the place where candlestick pattern occurred, do you have resistance lvl or support, and risk reward, do you have proper risk reward.

I have been using candles on higher time frames, like H4 and daily. I will post chart Daily, blended engulfing right at support and 1,37 lvl, that was good enough for me to sell . I hope it will work the same at M15 chart
Attached Image (click to enlarge)
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Even though I walk through the darkest valley, I will fear no evil
  • #9,136
  • Edited 4:45am Jul 24, 2014 3:43am | Edited 4:45am
Thanks for the reply Mono.

I faded that move this morning, I was looking for a retest of DP to get in again but it's gone without me to R2 already.

Attached Image (click to enlarge)
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  • #9,137
  • Jul 24, 2014 4:33am Jul 24, 2014 4:33am
Quoting monocor
{quote} Thank you EV, I am really appreciate your help. I understand that my problem is that I can't use candles properly on M15 chart, I see candle formations , but I didn't pay attention to the place where that formations occurred. I have been trying, but it wasn't so much reliable as candles at higher time frame. I have refreshed my memory yesterday, by watching Nisons seminar candles sticks at forex market, multiple times he was saying one thing, look at the place where candlestick pattern occurred, do you have resistance lvl or support, and...

Just persevere, mono. Both Steve Nison and Stephen Bigalow say that candlesticks can be used on all time frames. It's the same theory on a monthly chart as it is on a M1 chart. Keep concentrating, my friend, and it won't be long before you're spotting these candlestick patterns all over the place! I see your chart is a daily chart, but I can guarantee that you'll see the same patterns on the M15 charts. Keep at it, and if you've got any queries, then don't hesitate to get in touch. I'm always happy to help if I can, brother.



.
  • #9,138
  • Jul 24, 2014 4:41am Jul 24, 2014 4:41am
Quoting eyevoltage
{quote} Just persevere, mono. Both Steve Nison and Stephen Bigalow say that candlesticks can be used on all time frames. It's the same theory on a monthly chart as it is on a M1 chart. Keep concentrating, my friend, and it won't be long before you're spotting these candlestick patterns all over the place! I see your chart is a daily chart, but I can guarantee that you'll see the same patterns on the M15 charts. Keep at it, and if you've got any queries, then don't hesitate to get in touch. I'm always happy to help if I can, brother. .
Thanks mate ! I will work on it as hard as I can, until I will get to the point where I can clearly see and trade
Even though I walk through the darkest valley, I will fear no evil
  • #9,139
  • Jul 24, 2014 4:46am Jul 24, 2014 4:46am
Quoting monocor
{quote} Thanks mate ! I will work on it as hard as I can, until I will get to the point where I can clearly see and trade

  • #9,140
  • Jul 24, 2014 4:50am Jul 24, 2014 4:50am
Mono, you seem to do fairly well with what you have been doing till now. Chart formations. Why fix something ain't broken ?
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