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Psych Levels, Pivots, and Trendlines - Resurrected

  • #9,141
  • Edited 5:22am Jul 24, 2014 5:07am | Edited 5:22am
Quoting Quidsey
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. {image}
Quidsey, please also include reasoning behind the trade to provide some knowledge for others as this is the main goal here. Albeit your way is not covered in title of this thread...

Enlosed is another way how to fade news on 15 mins chart. After news candle, if inside bar/candle is formed one trades it's break out.

Edit: For brave, trade the next one - the red smaller inside candle/bar.
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  • #9,142
  • Jul 24, 2014 6:02am Jul 24, 2014 6:02am
15m audjpy.....

Price dropped and pierced the main Pivot line, and the candlesticks formed a tweezer-bottom/sash pattern. I waited for price to get above the 8ema and entered in right away. What followed was a nice steady climb to MR1, where I jumped ship.
Attached Image
  • #9,143
  • Jul 24, 2014 7:28am Jul 24, 2014 7:28am
Quoting snail69
{quote} Quidsey, please also include reasoning behind the trade to provide some knowledge for others as this is the main goal here. Albeit your way is not covered in title of this thread... Enlosed is another way how to fade news on 15 mins chart. After news candle, if inside bar/candle is formed one trades it's break out. Edit: For brave, trade the next one - the red smaller inside candle/bar. {image}
Yeah sure, looks like I'm a lot less candlestick than you guys though and probably more discretionary

Today I thought you've got two clear choices here, either play the break (as per Monocor) or bet on a fade of that range breakout.

I went for the fade option because it all looks a bit long in the tooth on the Daily, if I'd been short from 3570 I'd be wanting to bank some of that too. Another reason is the market loves a good false break and the classic time to do it is during the Franky session.

S2 looked a good distance from the range. Target was opposite side of the range which often happens as shorts start folding their hands DR1.

As I said before the second part of the trade was to re-enter long off the DP/WS1 and target R2. In this instance a trailing stop would have worked but generally I'm not a fan.

4hr candle now showing a massive bullish outside bar.
  • #9,144
  • Jul 24, 2014 8:41am Jul 24, 2014 8:41am
Still riding this trade
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM15.png Size: 56 KB
Even though I walk through the darkest valley, I will fear no evil
  • #9,145
  • Jul 24, 2014 8:42am Jul 24, 2014 8:42am
Quoting snail69
Mono, you seem to do fairly well with what you have been doing till now. Chart formations. Why fix something ain't broken ?
Nothing is broken, I want to upgrade to the new lvl
Even though I walk through the darkest valley, I will fear no evil
  • #9,146
  • Jul 24, 2014 9:43am Jul 24, 2014 9:43am
What a bummer! I was watching this rising wedge forming and ready to get in if and when a break-out occured, when I was called away to deal with a household emergency (they always occur at the wrong bloody time!!). Once I managed to get back to the computer (about 15 minutes ago), the impending move I was watching for was all done and dusted!
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  • #9,147
  • Jul 24, 2014 10:43am Jul 24, 2014 10:43am
Quoting eyevoltage
What a bummer! I was watching this rising wedge forming and ready to get in if and when a break-out occured, when I was called away to deal with a household emergency (they always occur at the wrong bloody time!!). Once I managed to get back to the computer (about 15 minutes ago), the impending move I was watching for was all done and dusted! {image}

EV on my chart it looked a bit different.

Entry after close below faster EMA after bump off DP. Close at congestion area after following alongside faster EMA.
Attached Image (click to enlarge)
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  • #9,148
  • Jul 24, 2014 11:14am Jul 24, 2014 11:14am
Quoting snail69
{quote} EV on my chart it looked a bit different. Entry after close below faster EMA after bump off DP. Close at congestion area after following alongside faster EMA. {image}
Yes, the two charts do differ somewhat, snail, but that's not unusual. The fact is that you got a good trade, and I missed out. C'est la vie.
  • #9,149
  • Jul 25, 2014 3:11am Jul 25, 2014 3:11am
UJ long. Trend is up. TL break. Bullish flag on H1.
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  • #9,150
  • Jul 25, 2014 3:32am Jul 25, 2014 3:32am
Quoting Cold_W
UJ long. Trend is up. TL break. Bullish flag on H1. {image}

Nice one, Cold_W. Everything fell into place! Neat.
  • #9,151
  • Jul 25, 2014 3:42am Jul 25, 2014 3:42am
Quoting eyevoltage
{quote} Nice one, Cold_W. Everything fell into place! Neat.
Thank you! It's nice to see when PA behaves
  • #9,152
  • Jul 25, 2014 3:51am Jul 25, 2014 3:51am
NU short. Still open.

Trend is down. Divergence. Triangle break. Entry after PA smashed MS1 level.
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  • #9,153
  • Jul 25, 2014 4:13am Jul 25, 2014 4:13am
Closed this one a minute ago, have to go, would hold it for little more

Previous resistance become support, we are in up move, PP and Support pretty much in the same place, divergence, Engulfing, 100 SMA is holding a price
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Even though I walk through the darkest valley, I will fear no evil
  • #9,154
  • Jul 25, 2014 5:20am Jul 25, 2014 5:20am
Quoting snail69
{quote} EV on my chart it looked a bit different. Entry after close below faster EMA after bump off DP. Close at congestion area after following alongside faster EMA. {image}
I had the same trade as EV, but my chart looks different from yours, I have pennant on my chart
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Even though I walk through the darkest valley, I will fear no evil
  • #9,155
  • Edited 6:36am Jul 28, 2014 5:40am | Edited 6:36am
Still in this trade, PP, Flag, divergence, 1,015 which support as well.
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Even though I walk through the darkest valley, I will fear no evil
  • #9,156
  • Jul 28, 2014 5:44am Jul 28, 2014 5:44am
Looking in to this one
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Even though I walk through the darkest valley, I will fear no evil
  • #9,157
  • Jul 28, 2014 6:02am Jul 28, 2014 6:02am
I have mist this one
Attached Image(s) (click to enlarge)
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Even though I walk through the darkest valley, I will fear no evil
  • #9,158
  • Edited 7:16am Jul 28, 2014 6:17am | Edited 7:16am
Might be interesting
Attached Image(s) (click to enlarge)
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Even though I walk through the darkest valley, I will fear no evil
  • #9,159
  • Jul 28, 2014 6:36am Jul 28, 2014 6:36am
Quoting monocor
Still in this trade, PP, Flag, divergence, 1,015 which support as well. {image}
Closed, +18 pips. Target Friday High
Even though I walk through the darkest valley, I will fear no evil
  • #9,160
  • Jul 28, 2014 7:16am Jul 28, 2014 7:16am
Quoting monocor
Looking in to this one {image} {image}
I am in
Attached Image (click to enlarge)
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Even though I walk through the darkest valley, I will fear no evil
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