Psych Levels, Pivots, and Trendlines - Resurrected | Page 561 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #11,201
  • Feb 24, 2016 1:41am Feb 24, 2016 1:41am
Welcome back guys, good to see other charts!

Islander. That looks like my kind of chart....simple

EV, nice trades. I missed that nice EU trade the other day. After watching it for hours in the consolidation and waiting for my entry, I walked away from charts for 15 min and missed the entry....bugger

Cheers
  • #11,202
  • Feb 24, 2016 3:48am Feb 24, 2016 3:48am
15m..... EJ

Price came down to MS1 and then pulled back. A bearish harami formed just above the 55ema, and price then dropped towards S1.
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  • #11,203
  • Feb 24, 2016 4:19am Feb 24, 2016 4:19am
15m..... AJ

Price retreated across the 55ema, dropped to MS1 and then pushed up again and then stopped, forming a nice shooting star, followed by a strong bearish candle, dropping through MS1 and then dropping further down to S1. Entry and exit as shown.
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  • #11,204
  • Feb 24, 2016 4:36am Feb 24, 2016 4:36am
The Dax Cash market - the Xetra - opens at 8am GMT / 9am CET making it an excellent contract for us Europeans to trade. The first two hours often give this kind of action...I does like Pivots and Sweet Spots / Psych levels too

@EV - Vantage thanks you and sends his best wishes
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #11,205
  • Feb 24, 2016 4:43am Feb 24, 2016 4:43am
Quoting eyevoltage
{quote} Good to see you again, fuzz, and I hope you and yours are keeping well. You're not the only one who gets all tangled up in various complications and getting nowhere. Good to know that you've admitted this to yourself. Come back to the simple approaches, mate, where the waters are calm and the blood doesn't boil !!!
Its good to be back friend, lets see if I can get this right this time
Did you went thru the same back in the developing days?
  • #11,206
  • Feb 24, 2016 4:58am Feb 24, 2016 4:58am
Quoting fuzz
{quote} Its good to be back friend, lets see if I can get this right this time Did you went thru the same back in the developing days?
Yes, I went through it as well, my friend. I'm sure that you've seen charts here on FF that absolutely blows ones mind!! It takes quite a while before a novice trader realizes that "less is more", and once that's understood, then, and only then, can he approach trading with confidence. Well, that's the way I look at it.
Looking forward to your contributions, mate.
  • #11,207
  • Feb 24, 2016 5:01am Feb 24, 2016 5:01am
Quoting Islander
The Dax Cash market - the Xetra - opens at 8am GMT / 9am CET making it an excellent contract for us Europeans to trade. The first two hours often give this kind of action...I does like Pivots and Sweet Spots / Psych levels too @EV - Vantage thanks you and sends his best wishes {image}
Lovely chart, Islander. Nice and clear. Thanks for passing on my good wishes to Vantage. I do miss those days when the old crowd was on here.
Thanks again, mate.
  • #11,208
  • Feb 24, 2016 5:06am Feb 24, 2016 5:06am
Quoting coastie
EV, nice trades. I missed that nice EU trade the other day. After watching it for hours in the consolidation and waiting for my entry, I walked away from charts for 15 min and missed the entry....bugger Cheers
Not to worry, matey. We've all been in that situation at one time or another. It's creepy sometimes.....as though it's just waiting for you to disappear for a little while, and as soon as you've gone, WHAM!!!!!...it springs into action. Just can't figure it.
  • #11,209
  • Feb 24, 2016 5:59am Feb 24, 2016 5:59am
UC, triangle break from across midlevel, entered as soon as strong bullish marubozu printed and exited on next Pivot.

BTW for a long time I was not fully convinced about the benefits of Candlestick patterns hinting how the odds may play out in the near future, and after
some research I found this research, very interesting. http://thepatternsite.com/CandleVisual.html
Attached Image (click to enlarge)
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  • #11,210
  • Feb 24, 2016 6:26am Feb 24, 2016 6:26am
Quoting fuzz
UC, triangle break from across midlevel, entered as soon as strong bullish marubozu printed and exited on next Pivot. BTW for a long time I was not fully convinced about the benefits of Candlestick patterns hinting how the odds may play out in the near future, and after some research I found this research, very interesting. http://thepatternsite.com/CandleVisual.html {image}
Good trade, mate. Nice and simple. Yes, Bulkowski did a good job with the Pattern Site. Well worth all Candlestick users having a look.
  • #11,211
  • Feb 24, 2016 6:36am Feb 24, 2016 6:36am
Quoting eyevoltage
{quote} Good trade, mate. Nice and simple. Yes, Bulkowski did a good job with the Pattern Site. Well worth all Candlestick users having a look.
Ty EV. Yes he sure did, he converted me into a believer
  • #11,212
  • Feb 24, 2016 7:23am Feb 24, 2016 7:23am
AU: Break of triangle, it failed and reversed, decided not to wait and kill it before stop is hit.

EV, when you play a breakout trade and it doesn't go your way how do you decide if its worth waiting or simple kill it and move on? Because it seems foolish to marry a position if you're playing a trade based on momentum like a breakout and it doesn't move your way quickly, how do you deal with such scenarios mate?
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  • #11,213
  • Feb 24, 2016 8:27am Feb 24, 2016 8:27am
15m..... GU

Switched to main psych-lines. Price consolidation below 1.3900 before price started rising. Entry and exit as shown (bit sloppy at the exit......I was distracted).
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  • #11,214
  • Feb 24, 2016 8:31am Feb 24, 2016 8:31am
Quoting fuzz
AU: Break of triangle, it failed and reversed, decided not to wait and kill it before stop is hit. EV, when you play a breakout trade and it doesn't go your way how do you decide if its worth waiting or simple kill it and move on? Because it seems foolish to marry a position if you're playing a trade based on momentum like a breakout and it doesn't move your way quickly, how do you deal with such scenarios mate? {image}
Simply put, kill it and move on. Now that would be heresy to a lot of traders, but each to their own IMHO. I do suffer from impatience from time to time!
  • #11,215
  • Feb 24, 2016 9:24am Feb 24, 2016 9:24am
Quoting eyevoltage
{quote} Simply put, kill it and move on. Now that would be heresy to a lot of traders, but each to their own IMHO. I do suffer from impatience from time to time!
thanx a lot man.
  • #11,216
  • Feb 24, 2016 11:17am Feb 24, 2016 11:17am
Dow this afternoon - the Crude Oil Inventories at 15:30 decided the direction....
Attached Image
Trading Levels with WRBs
  • #11,217
  • Feb 24, 2016 11:32am Feb 24, 2016 11:32am
Quoting Islander
Dow this afternoon - the Crude Oil Inventories at 15:30 decided the direction.... {image}
I like your charts, Islander. You're a trader after my own heart!! Come to that, they were always nice and clear back in the beyond when you were a regular on here. 5m charts as well. Do you trade on any other time frames?
  • #11,218
  • Feb 25, 2016 3:15am Feb 25, 2016 3:15am
Quoting eyevoltage
{quote} I like your charts, Islander. You're a trader after my own heart!! Come to that, they were always nice and clear back in the beyond when you were a regular on here. 5m charts as well. Do you trade on any other time frames?
Around the Xetra Open I am down in the weeds satisfying my need for action - 1m or even less - but trying to get away from that and concentrate again on "levels" and T/Ls.....5m's fine for that for me - candles and volumes are clearer too....

Dax and Dow are great for getting regular action from 8am to 11am - your time its Dax and then after lunch, the Dow becomes the leader until it closes at 5pm NY - 10pm UK....
Trading Levels with WRBs
  • #11,219
  • Feb 25, 2016 6:07am Feb 25, 2016 6:07am
Morning guys,
UC break of TL from 1h, entry and exit as marked.
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  • #11,220
  • Feb 25, 2016 9:39am Feb 25, 2016 9:39am
2nd opportunity on USDCAD 15min.

After the breakout price was balancing for the past 2 hours, failed breakout to the upside testing the broken higher timeframe support now turned resistance formed a shooting star, my entry was with a sell stop just bellow the S1 Pivot and took profit on next Middle level. Quick 20pips and daily target reached. Done for the day.
Attached Image (click to enlarge)
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