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Psych Levels, Pivots, and Trendlines - Resurrected

  • #241
  • Sep 2, 2008 5:42am Sep 2, 2008 5:42am
Quoting eyevoltage
As it stands now, Ed, it looks like it's going to take a bounce off the .00 psych line, and if it does that, then it's got to breach the S2 line. In other words, it's got some work to do before your trade is triggered! That's how it stands at the moment. Good luck!
Yep, I see all that, EV. Hesitant to trade against the trend, and I see this stair-step down-trend (I don't know its trader name). Figure I can be patient until S2 and then see what it does.

I'm mad that I missed the bounce off S2 all the way to 4500 psych by about a minute, but as they say, "there's always another trade around the corner."

How's your weather today? I'm on east coast of US so when the south gets hurricanes, we get abundant sunshine. Early mornings are beginning to feel cooler though. Have a good one,
Ed
Up or down, gimme a ticket
  • #242
  • Edited 6:13am Sep 2, 2008 6:05am | Edited 6:13am
Here on the far NW coast of England, the weather is fine right now, Ed, but there's black clouds on the horizon.

Looks like price is retreating from the .00 line, mate, which incidentally, forms a confluence with a fib line taken from yesterday's high and low!

EDIT: Oh, and the S2 line also forms a confluence with another fib line. Good luck, mate! (By the way, it's just started raining!)
  • #243
  • Sep 2, 2008 6:08am Sep 2, 2008 6:08am
Quoting eyevoltage
Here on the far NW coast of England, the weather is fine right now, Ed, but there's black clouds on the horizon.

Looks like price is retreating from the .00 line, mate, which incidentally, forms a confluence with a fib line taken from yesterday's high and low!
Are you using Fib extensions, and therefore seeing a negative fib #? Yesterday's low was 4556. I can't find fib extensions for MT4. Checking again.
Up or down, gimme a ticket
  • #244
  • Sep 2, 2008 6:27am Sep 2, 2008 6:27am
Quoting SpecialEd
Are you using Fib extensions, and therefore seeing a negative fib #? Yesterday's low was 4556. I can't find fib extensions for MT4. Checking again.
Still using retracements, mate, but I added negative fibs on, as I find that price reacts to them just the same as the positive ones. Works for me, anyway!
  • #245
  • Sep 2, 2008 7:44am Sep 2, 2008 7:44am
Hey, Ed.
This is the state of play on eur/usd at the moment. Are you still looking for that break of S2, or have you abandoned it? As I type, price is still having difficulty breaking back down through the -50% fib line.
Attached Image
  • #246
  • Sep 2, 2008 8:00am Sep 2, 2008 8:00am
Here's an example of how a confluence comes into its own on cable.

1) A morning star right on the confluence of S1 and a major psych line. (Note the lower shadow touching the -23.6% fib line.)
2) Trend line break, which could signal an entry into a long trade.
3) However, another confluence, this time the 0.0 fib line and a .50 psych line, turns price around, forming a bearish engulfing pattern.

Result? Price drops all the way back down to where we started at S1.
Attached Image
  • #247
  • Edited 9:09am Sep 2, 2008 8:51am | Edited 9:09am
Nice chart eyevoltage! Sold cable on 1.7841 on that chart. Exited at 1.7800
Life is a journey... So is trading.
  • #248
  • Sep 2, 2008 9:34am Sep 2, 2008 9:34am
Quoting eyevoltage
Hey, Ed.
This is the state of play on eur/usd at the moment. Are you still looking for that break of S2, or have you abandoned it? As I type, price is still having difficulty breaking back down through the -50% fib line.
EV, sorry to take so long to get back to you. Was hanging on EUR/USD. I did abandon that break of S2 trade. Picked up 28 pips scalping around 4500 psych.

The news pushed EUR/USD up a bit, so I'm now on hold. I do have a Sell Stop for 4553 point of entry. Looking to bounce off confluence of 4550 psych and 4557/38.2% fib (yesterday's high - today's low). I'm not sure it's going to get there either, so I may cancel and pursue alternatives. Not in a hurry though. What do you think?
Up or down, gimme a ticket
  • #249
  • Sep 2, 2008 9:41am Sep 2, 2008 9:41am
Quoting eyevoltage
Here's an example of how a confluence comes into its own on cable.

1) A morning star right on the confluence of S1 and a major psych line. (Note the lower shadow touching the -23.6% fib line.)
2) Trend line break, which could signal an entry into a long trade.
3) However, another confluence, this time the 0.0 fib line and a .50 psych line, turns price around, forming a bearish engulfing pattern.

Result? Price drops all the way back down to where we started at S1.
Another fine example for my Candlesticks Notebook. I study it every day EV. My goal is to be quicker than you on the ID, so that I can give YOU a hot tip.

Best,
Ed
Up or down, gimme a ticket
  • #250
  • Sep 2, 2008 10:45am Sep 2, 2008 10:45am
Quoting SpecialEd
EV, sorry to take so long to get back to you. Was hanging on EUR/USD. I did abandon that break of S2 trade. Picked up 28 pips scalping around 4500 psych.

The news pushed EUR/USD up a bit, so I'm now on hold. I do have a Sell Stop for 4553 point of entry. Looking to bounce off confluence of 4550 psych and 4557/38.2% fib (yesterday's high - today's low). I'm not sure it's going to get there either, so I may cancel and pursue alternatives. Not in a hurry though. What do you think?
Well, price peaked at 1.4546, Ed, and now seems to be consolidating along the S1/-23.6% Fib confluence. Incidentally, we seem to have differing fib levels, which is probably not surprising. Where you've quoted a 38.2% Fib, mine is the 0.0% Fib! My readings for yesterday's Hi/Lo is 1.4702 High and 1.4555 Low. Are they different from yours, mate?
  • #251
  • Sep 2, 2008 10:48am Sep 2, 2008 10:48am
Quoting SpecialEd
My goal is to be quicker than you on the ID, so that I can give YOU a hot tip.
I await in eager anticipation!!
  • #252
  • Sep 2, 2008 10:51am Sep 2, 2008 10:51am
Quoting eyevoltage
I await in eager anticipation!!
waiting for the results
{Promotion Removed}
  • #253
  • Sep 2, 2008 10:53am Sep 2, 2008 10:53am
Quoting fx1dr3r
Nice chart eyevoltage! Sold cable on 1.7841 on that chart. Exited at 1.7800
Spot on, mate. Well done.
  • #254
  • Sep 2, 2008 12:43pm Sep 2, 2008 12:43pm
Quoting eyevoltage
Well, price peaked at 1.4546, Ed, and now seems to be consolidating along the S1/-23.6% Fib confluence. Incidentally, we seem to have differing fib levels, which is probably not surprising. Where you've quoted a 38.2% Fib, mine is the 0.0% Fib! My readings for yesterday's Hi/Lo is 1.4702 High and 1.4555 Low. Are they different from yours, mate?

EyeVoltage, we're in agreement on yesterday's high and low, and therefore the fibs for that range. I intentionally had run a new fib from yesterday's high to today's low. Review my previous post and you'll see that's what I was quoting.

Thanks for double-checking me, and again, sorry to take so long getting back to you. Had to run errands. Have a nice evening.

Ed
Up or down, gimme a ticket
  • #255
  • Sep 2, 2008 5:46pm Sep 2, 2008 5:46pm
Quoting SpecialEd
EyeVoltage, we're in agreement on yesterday's high and low, and therefore the fibs for that range. I intentionally had run a new fib from yesterday's high to today's low. Review my previous post and you'll see that's what I was quoting.

Thanks for double-checking me, and again, sorry to take so long getting back to you. Had to run errands. Have a nice evening.

Ed
My apologies, Ed. That'll teach me to read things properly!

See you tomorrow hopefully.
Cheers
  • #256
  • Edited Sep 3, 2008 3:39am Sep 2, 2008 11:30pm | Edited Sep 3, 2008 3:39am
Hi guys! Here's my first trade for the day. It's a breakout of a descending triangle. TL couldn't be broken. Placed a sell stop below the confluence of M2 Support-1.7797 and psyche level 1.7800. The confluence of M2 Support-1.7797 and 1.7800 psyche level served as the floor of the triangle until the breakout near the apex. TP placed and was hit at the confluence of S1-1.7749 and Psyche level 1.7750. As I type this, cable is still falling.
Attached Image
Life is a journey... So is trading.
  • #257
  • Sep 2, 2008 11:33pm Sep 2, 2008 11:33pm
I also had a trade on this move.
After the pullback to S1 my entry was 37, exit on the "20".
Nice one in the morning.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 15 KB
Donīt live for working, but work for living.
  • #258
  • Edited 3:40am Sep 3, 2008 3:35am | Edited 3:40am
Here's a trade wherein the confluence of S1-1.7749 and Psyche level-1.7750 served as a strong resistance after it was broken a couple of hours earlier. (blue square). Entered at 1.7741. TP hit at 1.7700 psyche level.
Attached Image
Life is a journey... So is trading.
  • #259
  • Sep 3, 2008 4:10am Sep 3, 2008 4:10am
Hello,
Your use of pivot points as entry and exit points is almost similar like mine. I do however trade economic news as the trigger of the trade. I wonder how you set your SL after your entry. I downloaded your video and I understand how you enter the trade and set your Target Profit. However, you didn't mention about how you set your stop loss. I'd appreciate if you can shed some light on that. Thanks.

Regards
  • #260
  • Sep 3, 2008 5:00am Sep 3, 2008 5:00am
Quoting y.caesar
Hello,
Your use of pivot points as entry and exit points is almost similar like mine. I do however trade economic news as the trigger of the trade. I wonder how you set your SL after your entry. I downloaded your video and I understand how you enter the trade and set your Target Profit. However, you didn't mention about how you set your stop loss. I'd appreciate if you can shed some light on that. Thanks.

Regards
Hi y.caesar. It seems that acumen (the thread starter, who was kind enough to share his strategy with us) is not yet here. I'm sory but I haven't seen his video's yet. Although I'm planning to do so soon. From his posts, it seems that he's stop loss is usually 15-20 pips. (Please correct me guys if im mistaken). It could be that he measures up he's risk-reward ratio before entering a trade to know if it is acceptable. It would be better if we get acumen's answer.

Another trader whose had a lengthy use of the same strategy is eyevoltage. What do you think eyevoltage?
Life is a journey... So is trading.
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