Psych Levels, Pivots, and Trendlines - Resurrected

Hey EyeVoltage,

You're always showing me cool stuff with the candlesticks. Take a look at the one in the rectangle. Opened, did not fall back one bit, and stopped advancing when time ran out on the 15m candle. Chart will be in the next post (sorry).

Here's the chart.

Since I had already reached my goal for today, I was out mowing the lawn, but upon my return, I saw this neat little bounce off R2. Could have reaped 64 PIPs.

Happy Trading,
Ed

And then turn around and BOUNCE BACK off a powerful 4300 psych level for at least a smooth 50 PIPs.

Hope it helps,
Ed

Some nice charts yesterday, mate, and it was good to see someone actually posting stuff. I was monitoring, but didn't really have a lot of time to get involved, unfortunately.

That long candle you pin-pointed is called a "Marubozu" candle, Ed. You can read about it here:
http://www.traderslog.com/marubozu-candlestick.htm

and here:
http://www.streetauthority.com/terms...bozucandle.asp

See you soon.
Cheers

Hi EV! Thanks for the link for the "Marubozu" candle. How are you doing? Here's a trade. Price retraced by 50%. Price is moving so fast, was only able to enter at 100%. TP was placed and hit at 150% level. Could have placed it at confluence (blue rectangle) of MR1-1.8209 and psyche level-1.8200, but it's where 100% extension is.

Might be worth keeping an eye on this one. If it comes back up and crosses the psych-line 1.8200, then it'll be a trade.

Could be, but it tried to cross it earlier (blue rectangle), and failed. Just to be safe. I'm staying out on this one.

At M15. It looks like, it might be creating a higher swing low with a hammer/spinning top at the center of it.

On my chart, there's a 10 pip confluence of mid-point/fib-line/psych-line, and it's proving to be a very stubborn resistance. If it bursts through that, then there could be no stopping it! However, don't hold your breath........

I've got a dragon-fly doji on my chart, mate, and so far, the psych-line at 1.8200 has been tested 5 times!

This all goes to prove that it's sensible to have a clear entry point, and if price doesn't oblige, then one just doesn't trade. In this case, the entry point would be just above the pink Resistance line signifying the recent high. What do you think, fx1?

You could be right EV. That would be the safest entry, after the recent high is crossed.

It's testing that resistance now, as we speak!

So far, it's still holding.

Pushing through................

Recent high is already crossed but that confluence is really stubborn.

Good morning EV and Others,

I'm late signing on today, and will only be around for about an hour. Then I'm flying to Georgia (USA) for my first babysitting gig with my little 14 month old granddaughter. Yep, I'm a bit nervous but Forex has prepared me for this kind of challenge. It's liable to be messy!

Lots of good action on the EUR/USD thread yesterday. Lot of money changing hands. There were several newbies also; trying to learn patterns and candlesticks. I referred a bunch of them to this thread, EV. I think you guys do the best job of actually teaching readers something, with all your great chart illustrations and clear narrative descriptions. Acumen and I even put in a plug for you, EyeVoltage, as the "King of the Candlesticks".

Take a look at the M15 for EUR/USD today. You'll see two "almost" Morningstars. They did not satisfy the specific definitions because maybe they didn't gap down or up at the open, and the third might have been been been engulfing rather than closing above the half of the 1st, but they went on to act exactly like morningstars, usually for 50-60 PIPs. There are also a lot of great dojis on the M15. I tried to post a chart, but couldn't get everything that I wanted to show in the picture without some effort, and as I said, I'm trying to get out of town. Sorry about that.

Successful trading to you all today my friends.
Ed in the Swing State

Opened above the psych-line and testing resistance again.

I'm in at 1.8218......

Crossed previous candle's high.