Psych Levels, Pivots, and Trendlines - Resurrected | Page 553 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #11,041
  • Dec 10, 2015 3:31am Dec 10, 2015 3:31am
Quoting Roose
Here is a missed trade on my part i didn't get in due to the size of the pin bar(highlighted area). Does anyone else think this was a viable trade? GBP/JPY {image}
That was a good entry.
Trend up, price bouncing off Pivots, Trend lines, Moving Averages and a nice big pin bar to top it off.
With Practice comes confidence.
Cheers
  • #11,042
  • Dec 10, 2015 4:47am Dec 10, 2015 4:47am
15m..... EU

Price dropped to the main pivot line, pushed through, then pulled back to test for resistance. That was followed by a bearish engulfing candle before price then dropped away. Entry and exit as indicated.
Attached Image (click to enlarge)
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  • #11,043
  • Dec 10, 2015 1:22pm Dec 10, 2015 1:22pm
EUR/USD broke support/ small triangle. It was at the 1.09500 level. The red dash above was my SL and the red dashes near the bottom were supposed to be my tp but i got nervous and got out. I gotta work on staying in the trade till the end.
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  • #11,044
  • Dec 14, 2015 6:41am Dec 14, 2015 6:41am
15m..... GJ

This would have been a nice trade had I'd seen it. Unfortunately, I've been busy elsewhere today. A nice bearish flag pattern formed between the 50sma and the 183.50 psych-line. Price broke out below and crossed the psych-line as well. Once it had made a very brief resistance test, priced dropped very dramatically. I estimate about 80 pips missed.
Attached Image (click to enlarge)
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  • #11,045
  • Dec 14, 2015 8:08am Dec 14, 2015 8:08am
Quoting eyevoltage
15m..... GJ This would have been a nice trade had I'd seen it. Unfortunately, I've been busy elsewhere today. A nice bearish flag pattern formed between the 50sma and the 183.50 psych-line. Price broke out below and crossed the psych-line as well. Once it had made a very brief resistance test, priced dropped very dramatically. I estimate about 80 pips missed. {image}
I'm not trading now until after Christmas but I still look in here.
Was struck by the price action around the 50 ma and the psych -lines. Before your trade there were a couple of nice short trades of at least 10 pips (imagine a trend line under each flag as it approached the ma). Your postings are pure gold EV.
every Saint has a past. Every Sinner has a Future
  • #11,046
  • Dec 14, 2015 10:29am Dec 14, 2015 10:29am
Thanks for your comments, turnip. You were right about the previous short trades. Well worth keeping an eye out for those sort of opportunities.

15m...... GJ (again)

This time it was a rising wedge between 183.00 and 182.50 psych-lines. Very neat. Entry and exit as shown.
Attached Image (click to enlarge)
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  • #11,047
  • Dec 14, 2015 12:45pm Dec 14, 2015 12:45pm
Quoting eyevoltage
{quote} Hello Gareth, and welcome to the thread. Crystal Ball? I wish! Looking at your charts, it seems that you're depending solely on chart patterns? They are trend-lines after all, I guess, but I do advise you to get some lines in there, be they pivot lines or psych-lines, or both, depending on your preference. After all, they do form the basis of acumen's method. Also, I've found that a 50sma comes in very handy for trend references. I hope you stick around, Gareth, and I look forward to seeing your contributions.
Thanks EV, yes i've added the psych-lines and it's remarkable how they can turn price around. I've always liked the 50sma so i'll add it back on.

All the best
  • #11,048
  • Dec 14, 2015 1:24pm Dec 14, 2015 1:24pm
Quoting Gareth22
{quote} Thanks EV, yes i've added the psych-lines and it's remarkable how they can turn price around. I've always liked the 50sma so i'll add it back on. All the best
Good on yer, mate. Looking forward to your contributions!
  • #11,049
  • Dec 14, 2015 1:57pm Dec 14, 2015 1:57pm
nice trading EV👍
  • #11,050
  • Dec 15, 2015 8:25am Dec 15, 2015 8:25am
15m...... GJ

A bullish flag pattern across the 183.50 psych-line, then price breaking up and now in the process of breaking the 184.00 psych-line. Entry and exit as shown.
Attached Image
  • #11,051
  • Dec 15, 2015 11:25am Dec 15, 2015 11:25am
15m...... UJ

I'm posting this one although I missed it due to concentrating on the GJ one. It's another bullish flag pattern across the 121.00 psych-line, and after the breakout, it not only reached 121.50 but added another 20 pips or so as well!! Oh well, these things happen........
Attached Image (click to enlarge)
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  • #11,052
  • Dec 15, 2015 1:53pm Dec 15, 2015 1:53pm
How many currency pairs do you guys typically focus on?
  • #11,053
  • Dec 15, 2015 2:13pm Dec 15, 2015 2:13pm
Quoting Roose
How many currency pairs do you guys typically focus on?

In the past, I tried to watch as many pairs as I could. I realized after a while that "less is more", in other words, fewer pairs to watch resulted in more trades. And a calmer existence! I now watch just 6 pairs. Each to their own, of course, but for me 6 pairs are ideal.
  • #11,054
  • Dec 15, 2015 3:18pm Dec 15, 2015 3:18pm
Hey EV,
Nice trading!!
I took this trade last night.
5min EU trade.
Bounce off 50ma and trend line break.
Attached Image (click to enlarge)
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Cheers
  • #11,055
  • Dec 15, 2015 3:22pm Dec 15, 2015 3:22pm
Quoting coastie
Hey EV, Nice trading!! I took this trade last night. 5min EU trade. Bounce off 50ma and trend line break. {image} Cheers
Nice going, coastie. Combining the MA with the TL is quite intriguing. Well done!
  • #11,056
  • Dec 15, 2015 4:25pm Dec 15, 2015 4:25pm
Quoting eyevoltage
{quote} In the past, I tried to watch as many pairs as I could. I realized after a while that "less is more", in other words, fewer pairs to watch resulted in more trades. And a calmer existence! I now watch just 6 pairs. Each to their own, of course, but for me 6 pairs are ideal.
Thanks, personally 3 is all i can handle for the most part
  • #11,057
  • Dec 16, 2015 10:28am Dec 16, 2015 10:28am
Eur/Usd it didn't work out the magenta line at the bottom is the one that i should have drawn and been following. Comments welcome.
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  • #11,058
  • Dec 16, 2015 3:21pm Dec 16, 2015 3:21pm
Quoting Roose
Eur/Usd it didn't work out the magenta line at the bottom is the one that i should have drawn and been following. Comments welcome. {image}
Hi Roose,
Nothing worked on EUR/USD during London/US session last night as the price consolidated prior to the FOMC release.
I tried a couple of scalps 1 winner and 1 loser, then gave up and went to bed.
Even now after news price isn't going anywhere fast.
I think price had already reacted to the news yesterday giving us the 150 pip drop in anticipation!
I also notice on your chart 3 candles earlier there was 2 candles that where spinning tops. and prior to that there where a bunch more. which is the consolidation I was talking about. This is a sign that price has stalled. You are correct with the magenta line being a good support area.
Remember you cant win them all, I know I certainly don't.
I wish I would have seen your chart earlier as I would not have taken that scalp short which was the loser I had...LOL
It could be setting up for a short now as I am typing. But seeing its the end of the US session, be careful!
Cheers
Coastie
  • #11,059
  • Dec 16, 2015 8:25pm Dec 16, 2015 8:25pm
Roose, I hope you got in that move.
I will post a chart when I get home.
Cheers
  • #11,060
  • Dec 17, 2015 10:35am Dec 17, 2015 10:35am
15m..... AJ

Price rejected the confluence of the 50sma and the 88.00 psych-line and pushed down through the TL that started last night. Price then pushed down further through the 87.50 psych-line and then tested it for resistance with one long-legged doji. After that, it continued downwards until price seemed undecided for around an hour or so. Lost interest eventually, so I closed as indicated.
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