Psych Levels, Pivots, and Trendlines - Resurrected | Page 525 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #10,481
  • Jul 31, 2015 2:44am Jul 31, 2015 2:44am
Quoting Ruffer77
Ok all, I could really use some advice on the psychological aspect of trading. I'm a relative newbie, and I'm finding that watching my trades play out is excruciating. Do most of you more experienced traders put on a trade and then walk away? Even on the 15 min charts the trade can go on for hours and then 2 hours after your entry there you are right at were you originally entered the trade. Now I'm looking for reasons to get out- OMG - a doji- after 6 same colored candles! Ok I'm out for a small loss or gain. Of course literally seconds later my...
Inserted Video
  • #10,482
  • Jul 31, 2015 2:46am Jul 31, 2015 2:46am
Quoting fxnikolaev
{quote} Good one
Thank you!

Nice entry on UC!
  • #10,483
  • Edited 3:42am Jul 31, 2015 2:59am | Edited 3:42am
Quoting Cold_W
{quote} I only look for patterns around pivots and MAs so it's not so hard to have 10 pairs. Have you got your 20 pips trade today?
Hey Cold sorry for late reply. I've been busy lately and haven't had a chance to post.
I did get my 20 pips in Asia but unfortunately handed them back in London!!!
I have been way too busy to post and to top things off my charts and entry's have been messy and not exactly to the threads description and to my rules.
I have been entering slightly early due to other commitments and I don't like to add these charts to the thread because they are trades that may influence other traders into bad habits. I'm above breakeven for the week but it maybe a case of more ass than class!!!!
My trade in Asia today is just about to hit TP as I type but once gain a very messy and long winded trade, which does my noodle every time. I like to get in, get 20 and get out.

Ruffer.
Firstly I'm not a professional but hope I can help.
You have just discovered why so many traders fail. Psychology!!!!
You are not alone my friend I am sitting next to you.
I find it the hardest part when trading and that is the reason why I set my stop loss and take profit when I enter the trade and then go and do something else.
Walking my dog has been a godsend!! Playing with kids, going to the shops even meditation and exercise, anything helps just get away from the charts.
I personally think the likes of some of the other traders on this thread that can sit and watch trades have a truly unique gift and talent and when I see their charts with entry's and exits I am in total awe!!
I think that back testing and demo testing your strategy helps, and also make sure that your MM is correct do not over leverage or over trade.
And also remember patience is important!!! You cant move the market, the market only moves when its ready to do so! If its in your favour or not, stressing, begging and pleading will not change it, trust me I have tried that strategy and it didn't work.
Sorry for the long winded reply.
Hope this helps.
Cheers
Coastie
  • #10,484
  • Jul 31, 2015 4:23am Jul 31, 2015 4:23am
15m..... EJ

A symmetrical triangle which almost takes in 3 pivot lines!! Pretty straightforward quickie.
Attached Image
  • #10,485
  • Jul 31, 2015 4:32am Jul 31, 2015 4:32am
Quoting eyevoltage
15m..... EJ A symmetrical triangle which almost takes in 3 pivot lines!! Pretty straightforward quickie. {image}
EV-is your entry on the 15 minute, or do you drop down a time frame to await a price move above the pivot (setting a buy stop) -rather like waiting for price to come to you rather than running after the bus jumping aboard as it passes you. (In other words " Let price come to you)?
every Saint has a past. Every Sinner has a Future
  • #10,486
  • Jul 31, 2015 4:35am Jul 31, 2015 4:35am
Quoting eyevoltage
15m..... EJ A symmetrical triangle which almost takes in 3 pivot lines!! Pretty straightforward quickie. {image}
Nice one!

I'm watching this on GU, but S1 is on the way
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  • #10,487
  • Jul 31, 2015 5:02am Jul 31, 2015 5:02am
AU M15

Pennant breakout
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  • #10,488
  • Jul 31, 2015 5:21am Jul 31, 2015 5:21am
Quoting turnip15
{quote} EV-is your entry on the 15 minute, or do you drop down a time frame to await a price move above the pivot (setting a buy stop) -rather like waiting for price to come to you rather than running after the bus jumping aboard as it passes you. (In other words " Let price come to you)?
Entry on the 15m chart this time, mate. Sometimes I do drop a TF, but "running after the bus" can be quite exhilarating sometimes!
  • #10,489
  • Jul 31, 2015 5:24am Jul 31, 2015 5:24am
Quoting Cold_W
AU M15 Pennant breakout {image}
Symmetrical triangle, mate. But the result was the just the same!
  • #10,490
  • Jul 31, 2015 5:34am Jul 31, 2015 5:34am
Nice trading guys!!!.

Here is my Asian session 20 pipper!
Rejection off daily pivot, then a strong bearish engulfing candle and I was in. But!!!
Price wasn't ready to drop.
This trade took so long that I had to leave it all day.
I mowed the lawn, walked the dog and several other house hold duties to keep me occupied until price was ready.
Finally after dinner I checked to find it hit my TP 20 pips.
Attached Image (click to enlarge)
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Cheers
Have a good weekend all.
Coastie.

P.S. I also took the EUR/USD trade in London, off the pivot for a long, a nice simple trade and straight to 20 pips profit.
  • #10,491
  • Jul 31, 2015 5:39am Jul 31, 2015 5:39am
"This trade took so long that I had to leave it all day.
I mowed the lawn, walked the dog and several other house hold duties to keep me occupied until price was ready.
Finally after dinner I checked to find it hit my TP 20 pips."

Coastie, that's what I call patience.
  • #10,492
  • Jul 31, 2015 6:46am Jul 31, 2015 6:46am
AC M15

Price dropped to DP to test it. Doji right on DP and bearish engulfing candle.
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  • #10,493
  • Jul 31, 2015 6:47am Jul 31, 2015 6:47am
Quoting coastie
Nice trading guys!!!. Here is my Asian session 20 pipper! Rejection off daily pivot, then a strong bearish engulfing candle and I was in. But!!! Price wasn't ready to drop. This trade took so long that I had to leave it all day. I mowed the lawn, walked the dog and several other house hold duties to keep me occupied until price was ready. Finally after dinner I checked to find it hit my TP 20 pips. {image} Cheers Have a good weekend all. Coastie. P.S. I also took the EUR/USD trade in London, off the pivot for a long, a nice simple...
Hi coastie, mate I'm not a pro, but seeing your chart something came to my mind and I also hope to get the input from the more experienced traders here, don't you think you entered short at the bottom of a trading range? I mean look left the amount of tails, to me that's an indication of a lot of buying orders taking place at that level and the long bearish candle can possible be a selling vacuum to support. Imho a better entry would be to wait for that TR breakout a couple of hours later.

best regards
  • #10,494
  • Jul 31, 2015 6:50am Jul 31, 2015 6:50am
Quoting Cold_W
{quote} Hey, Fuzz Here is what EV posted in the thread: {quote} Just look where that triangle had formed.
Hummm...thanks man, living and learning
  • #10,495
  • Jul 31, 2015 7:05am Jul 31, 2015 7:05am
Quoting fxnikolaev
{quote} https://www.youtube.com/watch?v=Z0GMYcYHoSg
Sounds like Steve Bigalow. Interesting videos on candles etc.
every Saint has a past. Every Sinner has a Future
  • #10,496
  • Edited 8:56pm Jul 31, 2015 8:39pm | Edited 8:56pm
Quoting fuzz
{quote} Hi coastie, mate I'm not a pro, but seeing your chart something came to my mind and I also hope to get the input from the more experienced traders here, don't you think you entered short at the bottom of a trading range? I mean look left the amount of tails, to me that's an indication of a lot of buying orders taking place at that level and the long bearish candle can possible be a selling vacuum to support. Imho a better entry would be to wait for that TR breakout a couple of hours later. best regards
Fuzz.
You are correct there was a lot of tails to the left. But that was yesterday. I find that when I start looking at yesterday's moves and price action is the same as looking at larger time frames. And for every buy signal you may get on one time frame you will get a sell on a different time frame, too confusing for me. and if I added all the support and resistance lines from higher time frames the my chart would be 1 line after the other and I would never get an entry. Then I start over anylising everything and I go from profit to loss very quick. I like to keep it simple. Take a look a few days back and you will see that this area has been messy for days and yet I still have been getting 20 pips from it daily.And as the chart shows those tails did not stop me from getting my 20 pips again today even though it took for ever. What price does after my 20 pips doesn't matter to me. I start a fresh the next day.
When I did my back testing and demo trading I stood aside many times only to find that I was missing more good/ profitable trades than I was getting into losing/ bad trades by taking the risk. If that makes sense.

Cheers
Coastie
  • #10,497
  • Aug 3, 2015 7:12am Aug 3, 2015 7:12am
Quoting coastie
{quote} Fuzz. You are correct there was a lot of tails to the left. But that was yesterday. I find that when I start looking at yesterday's moves and price action is the same as looking at larger time frames. And for every buy signal you may get on one time frame you will get a sell on a different time frame, too confusing for me. and if I added all the support and resistance lines from higher time frames the my chart would be 1 line after the other and I would never get an entry. Then I start over anylising everything and I go from profit to loss...
Yes it makes sense mate, I find very interesting how we use the same methodology however each trader have his own ways of doing business . Thanks for the very clarifying reply friend.

regards fuzz
  • #10,498
  • Aug 3, 2015 8:08am Aug 3, 2015 8:08am
It took me 1 month but I finally finished reading the entire thread, the info I got from it its priceless, thank you Acumen and EV for the time effort to bring such valuable resource of methodology available to the public.

cheers fuzz
  • #10,499
  • Aug 3, 2015 8:43am Aug 3, 2015 8:43am
Quoting fuzz
It took me 1 month but I finally finished reading the entire thread, the info I got from it its priceless, thank you Acumen and EV for the time effort to bring such valuable resource of methodology available to the public. cheers fuzz
It's acumen who deserves all the thanks, fuzz. He started this great thread, and there's been a lot of terrific contributions from some great traders along the way. I often wonder just how many contributors there's been down the years. They've all brought something to the thread, from which we can all profit, and I take my hat off to each and every one of them!!
  • #10,500
  • Aug 3, 2015 9:11am Aug 3, 2015 9:11am
Quoting eyevoltage
{quote} It's acumen who deserves all the thanks, fuzz. He started this great thread, and there's been a lot of terrific contributions from some great traders along the way. I often wonder just how many contributors there's been down the years. They've all brought something to the thread, from which we can all profit, and I take my hat off to each and every one of them!!
You rock mate!
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