Psych Levels, Pivots, and Trendlines - Resurrected | Page 24 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #461
  • Sep 18, 2008 3:07am Sep 18, 2008 3:07am
strong resistance up ahead EV @ psyche level 1.8250
Life is a journey... So is trading.
  • #462
  • Sep 18, 2008 3:08am Sep 18, 2008 3:08am
Quoting eyevoltage
I'm in at 1.8218......
.....and jumped ship at 1.8238.

Edit: A bit premature, I know, but I always figure that 20 pips is always a reasonable target.
  • #463
  • Sep 18, 2008 3:11am Sep 18, 2008 3:11am
Bought at 1.8218 as well. I'm out @ 1.8247. Good trade EV!
Life is a journey... So is trading.
  • #464
  • Sep 18, 2008 3:13am Sep 18, 2008 3:13am
Quoting eyevoltage
.....and jumped ship at 1.8238.

Edit: A bit premature, I know, but I always figure that 20 pips is always a reasonable target.
I'm with you on that. Wow! Look at it drop!
Life is a journey... So is trading.
  • #465
  • Sep 18, 2008 3:24am Sep 18, 2008 3:24am
Quoting fx1dr3r
I'm with you on that. Wow! Look at it drop!
Yep, a really impressive "dark cloud cover". Looks like we got in out of the rain!!!
  • #466
  • Sep 18, 2008 4:11am Sep 18, 2008 4:11am
Could this be a descending triangle with the floor being the confluence of MR1-1.8209 and and psyche level-1.8200? What do you think EV?
Attached Image
Life is a journey... So is trading.
  • #467
  • Sep 18, 2008 4:13am Sep 18, 2008 4:13am
Here's a reversal pattern know as a "dark cloud cover". It's made up of four candles. Candle 1 opens just above the previous candle's close. Candles 2, 3 and 4 complete the pattern, because all 3 candle bodies are still enclosed by the body of the previous candle to Candle 1. This is a strong reversal pattern, as can be seen by the resulting price drop.
Attached Image
  • #468
  • Sep 18, 2008 4:17am Sep 18, 2008 4:17am
Quoting fx1dr3r
Could this be a descending triangle with the floor being the confluence of MR1-1.8209 and and psyche level-1.8200? What do you think EV?
Yes, I agree, fx1, and as it has proved recently, that confluence has a lot of strength to it. Should be interesting to see how price handles it.
  • #469
  • Sep 18, 2008 4:18am Sep 18, 2008 4:18am
Excellent multiple candle blend visualization EV!
Life is a journey... So is trading.
  • #470
  • Sep 18, 2008 4:20am Sep 18, 2008 4:20am
Quoting eyevoltage
Yes, I agree, fx1, and as it has proved recently, that confluence has a lot of strength to it. Should be interesting to see how price handles it.
Alternatively, it could be one of these.......
Attached Image
  • #471
  • Sep 18, 2008 4:24am Sep 18, 2008 4:24am
Quoting fx1dr3r
Excellent multiple candle blend visualization EV!
Wow! You sure said a mouthful there, mate!! I'll have to remember that.

Thanks very much.
  • #472
  • Sep 18, 2008 4:32am Sep 18, 2008 4:32am
Price just broke up above the TL!
Life is a journey... So is trading.
  • #473
  • Sep 18, 2008 4:34am Sep 18, 2008 4:34am
Could this be a trade if it breaks the TL and the 38.2% fib? Let's see how it goes......
Attached Image
  • #474
  • Sep 18, 2008 4:36am Sep 18, 2008 4:36am
Quoting fx1dr3r
Price just broke up above the TL!

...........and just retraced to the 0.50 psych-line. Interesting.
  • #475
  • Sep 18, 2008 5:23am Sep 18, 2008 5:23am
Quoting eyevoltage
Could this be a trade if it breaks the TL and the 38.2% fib? Let's see how it goes......
Got in at 1.0929 and jumped ship at 1.0909.
Attached Image
  • #476
  • Sep 18, 2008 11:31pm Sep 18, 2008 11:31pm
Here's a good fib trade with a 76.4% retracement and an extension upto the confluence of psyche level-1.8050 and MS2-1.8041. Price reacted at the confluence then crossed back up which is another good entry.
Attached Image
Life is a journey... So is trading.
  • #477
  • Sep 18, 2008 11:53pm Sep 18, 2008 11:53pm
Quoting fx1dr3r
Here's a good fib trade with a 76.4% retracement and an extension upto the confluence of psyche level-1.8050 and MS2-1.8041. Price reacted at the confluence then crossed back up which is another good entry.
where would you have/did you enter on that retracement?
  • #478
  • Sep 19, 2008 12:08am Sep 19, 2008 12:08am
I entered @ 1.8017 (ask price), after price crossed the high of the second candle of the tweezer bottom. How about you chowclown? Where would you have entered?
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Life is a journey... So is trading.
  • #479
  • Sep 19, 2008 12:27am Sep 19, 2008 12:27am
Quoting fx1dr3r
I entered @ 1.8017 (ask price), after price crossed the high of the second candle of the tweezer bottom. How about you chowclown? Where would you have entered?
I tend to enter on a break of the internal fibs (so 61.8 in this example), need to build more confidence before taking the earlier entries, especially on deeper retracements. I watch this thread all day picking up gems here and there. Thanks to you and everyone else who take the time to post.
  • #480
  • Edited 12:54am Sep 19, 2008 12:41am | Edited 12:54am
Your welcome chowclown! I myself is only a student of forex. I come by this thread and others to share and learn. Feel free to do so too. I usually look at reversal candle patterns which indicates that the trend is going to continue already. But in instances where there are no patterns like on long body candles, I enter a trade at the break of the internal fib levels as well.

Sometimes, I look at triangle patterns like this trade below. Price formed a penant at the confluence of MS2 and psyche level 1.8050. It showed a couple of spinning tops and a doji near the apex of the penant showing indecistion. Entered a trade at the break. I placed my TP 3 points above the confluence of psyche level-1.8000 and S2-1.7995. I tend to place my TP on the nearest risk zone like a confluence or spot support or resistance.

Edit: I tend to place my TP on the nearest risk zone like a confluence; spot support or resistance; or 100% Fib expansion level.
Attached Image
Life is a journey... So is trading.
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