Good Morning PipDoctor, You got it! We sell old PVSLs and buy OLD PVSHs, so we would be seeking to buy the EUR at that level, had it not been for the daily Old PVSL.
Long GBP/JPY on retest of 130.70 Daily PVSH reverse trade level.
That GBP/JPY is one that I have my eye on too - nice weekly / monthly low and the long would be helped by the fact that there’s apparently some very sizeable bids in USD/JPY around the 80 level. Let’s hope it gets down near there soon.
Thanks PipBandit! Plan to add to my long should we get closer to that low.
Bank, I have a question about your charts. Are the dots VT Traders marking for a fractal?
Also, is every fractal high/low also a PVSL or PVSH?
For example, in your GBP/USD pic above why did you highlight that particular PVSH and not the one prior to it?
I know this is probably going back to basics but I feel like I’m missing one piece of the foundation in being able to correctly track these.
Hi PipDoctor, yes the dots are VTs representation of fractals, and yes you are correct, a PVSL/PVSH will pretty much be wherever a fractal forms. In the chart I posted on the GBP/USD, I highlighted those two levels because the lows were pretty much at the same price which indicates that that could be a strong support level to pay attention to. All the others would be just as valid, I just zeroed in on the strongest looking ones.
GBP/USD H4 PVSL support hit and triggered. Lets see how she holds.
Ok that helps a ton! I thought I was missing something but think I’m on the right track. Thanks for clarifying Bank!
Cool, no prob PipDoctor.
Hey guys,
So for weeks in a row I have missed my target for the simple reason- I havent been trading. I am finishing my job in the city in about a months time, and so things are a bit hectic getting things done, so after work I am so tired.
I get home today and think, “I’ll have a look at the charts”. What can I say. It’s like I have never looked at one in my life. I can barely remember what I am supposed to be doing. Does anyone else feel that way after a break?
I am hoping that when I finish work, I will be able to get back into it and trade much more regularly and see if it would be viable as a long term thing, or maybe even a career.
Setups:
Not eyeing many set ups at the momeny, but Im still trying to get back into recognising them. Have a PVSH buy set up on EUR/USD at 1.465 ish, which seems to have been rejected as resistance today.
A very tired and disorientated TWHM.
WB TWHM,
Good to hear from you.
I am all too familiar with exactly how you are feeling about reading the charts. I decided this weekend that even though I work full time unless I make myself look at charts and participate in this thread with you guys, then I’ll never truly learn how to trade this way.
For the last few weeks I was lucky to look at charts once a week and it felt like I was starting from scratch all over again.
One thing I do when I don’t have time now or get frustrated looking at live charts is to just go back and study other posts (especially winning trades) so I can try to see what whoever posted it saw…I think the more setups we can look at whether live or not…repetition is the key.
Have a great day!
-Doc
Hey tired and disoriented TWHM, :), Just kidding, good to hear from you. I know what you mean. I usually use periods like these to rest and review my strategy so I can refocus for the next week. I agree also with the Doc, the more you look at and trade the setups, the more engraved they become in your mind so it is almost automatic in picking them when you turn on the charts.
Which time frame are you viewing the EUR/USD setup on?
I was looking at the Daily last night. I think it was going back to April though. Is that too far back to be considered a PVSH?
Edit:
Also, what I am going to do is print out examples of the trade setups you have given Bank, and I will put them on my wall (not the one that hit me) so I can look at them even when I am not trading. make a little FX shrine in my room haha :51:
Edit 2:
Well it would seem that I forgot the difference between 0.1 volume and 0.01 volume. I entered into that EU trade (triggered this morning). Made my target in about 10 mins. Woops! Sold most of the position off now, down to my regular lot size, and stop to BE. You should have seen my face when I looked at my account this morning. really happy face when I saw the profit- Turned reall worried face when I saw that ~15% of my account was at risk rather than 1.5%.
I will not do that again
I will not do that again
I will not… haha
Good Morning TWHM, I see you got some rest. It is very good to be relaxed and have fun while trading. Good trade. I also just closed my longs on EUR/CHF, EUR/JPY, GBP/USD & GBP/JPY for +382pips. Will see where we go from here. Oh, noooo please dont do that again!!! 
Seriously.
I saw an Old PVSH from April 21 on the EUR/USD at 1.4566 not sure if thats the one you were referring to.
Hello and yes I am glad to be back!
Bank; That is strange. Are you including the tops and tails of the candle? I can see that the High is 1.465, but the open is 1.456?
Hi TWHM, when I trade an Old PVSH, I use the low of the pivot candle, which was previously resistance, as support for buying once there is a close above it, and vice versa for Old PVSLs.
Principle is…
[B]PAST SUPPORT (Old PVSL High)= FUTURE RESISTANCE
PAST RESISTANCE (Old PVSH Low) = FUTURE SUPPORT
[/B]
Good Example on GBP/USD this morning. We usually buy the high of PVSLs, which is really buying support, but once price begins falling below these levels they become resistance for selling later.
