Psych Levels, Pivots, and Trendlines - Resurrected | Page 28 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #541
  • Sep 22, 2008 7:30am Sep 22, 2008 7:30am
Quoting eyevoltage
Out at +2, mate. It didn't half do some jumping around. It's going down again, but sod it.
Look at it go! .. we'll we can't win them all.
Life is a journey... So is trading.
  • #542
  • Sep 22, 2008 7:54am Sep 22, 2008 7:54am
If this comes below the psych-line and forms a dark cloud cover, it'll be well worth some consideration.....

Edit: Oh well, just an idea. I got DCC but it decided to reverse again and it's heading north at a rate of knots as I type this.
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  • #543
  • Sep 22, 2008 8:18am Sep 22, 2008 8:18am
Quoting eyevoltage
Good question, mate, and once again, we enter the realms of "trader discretion". My PivotPoint is at 1.4371, the 38.2% fib is at 1.4364, and, of course, the psych-line is at 1.4350, all forming a confluence 21 pips wide. Folks wiser than me would probably disagree, but IMO, you could place your BL at any one of those lines, then sit back and keep your fingers crossed. What can I say, Ed? It all depends on how you gauge the strength of each line, and every trader will have a different opinion. If the lines were just a few pips apart, forming a really tight confluence, then there wouldn't be a problem, but in this case, 21 pips is just too wide a zone to make a logical choice. The best you can do in a case like this is to make an "educated guess", and that's just not a good method to base one's trades on, as far as I'm concerned.
My opinion only, mate.
Good morning traders,

Looks like you were coming on as I was going to bed (about 03:30amEDT). EV, thanks for the answer. I would have said the same thing, but just wondered if you had some other perspective based on your perspective. Thanks for taking the time.

I never got to make that trade, but did manage +100 PIPs last night on the way up. You guys seem to follow GBP more, but in case you were not watching EUR/USD, it got to 1.4625 sometime early morning. Looks like it might be headed there again.

Have a good one guys. My last day on babysitting duty.
Ed
Up or down, gimme a ticket
  • #544
  • Sep 22, 2008 8:43am Sep 22, 2008 8:43am
Quoting SpecialEd
My last day on babysitting duty.
Ed
Does that mean we'll see more of you in future, mate?
  • #545
  • Sep 22, 2008 8:47am Sep 22, 2008 8:47am
If anyone out there wants to learn more regarding Chart Patterns, have a look here:

http://www.chartpatterns.com/

It concentrates more on Stocks and Commodities, but the principles are just the same.

Happy trading!
  • #546
  • Sep 23, 2008 3:26am Sep 23, 2008 3:26am
Quoting eyevoltage
If anyone out there wants to learn more regarding Chart Patterns, have a look here:

http://www.chartpatterns.com/

It concentrates more on Stocks and Commodities, but the principles are just the same.

Happy trading!
Thanks for the link EV!
Life is a journey... So is trading.
  • #547
  • Sep 23, 2008 4:37am Sep 23, 2008 4:37am
Good day guys! A couple of fib trades today. But so far this is the only one which hit the target. Price retraced by 50% creating a higher swing high. As soon as price crossed the third candle in the higher swing high formation, entered a long trade. TP at 138.2% level since there's a confluence with the psyche level-1.8550.
Attached Image
Life is a journey... So is trading.
  • #548
  • Sep 23, 2008 4:49am Sep 23, 2008 4:49am
A nice entry on eur/usd just above the dotted blue resistance line, and exit at the target psych-line 1.4750.
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  • #549
  • Sep 23, 2008 4:54am Sep 23, 2008 4:54am
Quoting eyevoltage
A nice entry on eur/usd just above the dotted blue resistance line, and exit at the target psych-line 1.4750.
Nice one EV! What is that blue line below the dotted blue line?
Life is a journey... So is trading.
  • #550
  • Sep 23, 2008 5:10am Sep 23, 2008 5:10am
Quoting fx1dr3r
Nice one EV! What is that blue line below the dotted blue line?
The main Pivot Point, my man!!
  • #551
  • Sep 23, 2008 5:31am Sep 23, 2008 5:31am
A possible 61.8% retracement of a short term down trend continuation? Let's see what PA shows.
Attached Image
Life is a journey... So is trading.
  • #552
  • Sep 23, 2008 5:31am Sep 23, 2008 5:31am
Just nabbed 10 pips on eur/usd just under a main psych-line. I was in a little later than I would have liked.....I was a bit slow reacting to the morning star.
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  • #553
  • Sep 23, 2008 5:39am Sep 23, 2008 5:39am
Quoting fx1dr3r
A possible 61.8% retracement of a short term down trend continuation? Let's see what PA shows.
Seems to be bouncing along the midpoint line at the moment, mate. Price has just risen by around 130 pips. Are you looking for it to start coming down soon? What sort of target would you be aiming for, mate? Hope you don't mind me asking.
  • #554
  • Sep 23, 2008 5:45am Sep 23, 2008 5:45am
Doesn't look like a 61.8% retracement anymore. Price has crossed the previous lower swing high already. It it were a 61.8% retracement, my target would have been 100% expansion.
Life is a journey... So is trading.
  • #555
  • Edited 6:12am Sep 23, 2008 5:50am | Edited 6:12am
Quoting fx1dr3r
Doesn't look like a 61.8% retracement anymore. Price has crossed the previous lower swing high already. It it were a 61.8% retracement, my target would have been 100% expansion.
Thanks for that, pal. I was just wondering. Looks like it's doing a little consolidating now. I've a feeling it'll start heading north again before long....especially if it manages an open/close above the .20 line.

Edit:.........but there again, I could be wrong! It's heading SOUTH!
  • #556
  • Sep 23, 2008 6:20am Sep 23, 2008 6:20am
I really must get a grip! I should have expected a move south after those tweezer tops, which I completely failed to notice.
Must be getting old.
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  • #557
  • Sep 23, 2008 6:40am Sep 23, 2008 6:40am
.. Missed the move too EV. Looking at it now, we could say that there was a 76.4% retracement at the lower swing high. A good entry would have been after price crossed the first tweezer bottom. Then it seemed that the bulls were losing interest showed when price respects the descending trend line. Which seems to form a descending triangle. A good entry would be at the break of the 2nd tweezer bottom. Then we could say that this could be a recross of the confluence of MR1-1.8590 and psyche level-1.8600. A good entry would be after price crossed below MR1.

.. Hindsight is trully 20/20.
Attached Image
Life is a journey... So is trading.
  • #558
  • Sep 23, 2008 6:47am Sep 23, 2008 6:47am
Quoting fx1dr3r
.. Missed the move too EV. Looking at it now, we could say that there was a 76.4% retracement at the lower swing high. A good entry would have been after price crossed the first tweezer bottom. Then it seemed that the bulls were losing interest showed when price respects the descending trend line. Which seems to form a descending triangle. A good entry would be at the break of the 2nd tweezer bottom. Then we could say that this could be a recross of the confluence of MR1-1.8590 and psyche level-1.8600. A good entry would be after price crossed below MR1.

.. Hindsight is trully 20/20.
Isn't it just? However, the important thing is that you can go back and RECOGNISE the significant areas of potential, wouldn't you agree? It SHOULD give you a sharper eye for the next opportunity that comes along.

We seem to have a trade forming now on eur/usd. A fib retracement possibly heading for a Trade Continuance. Watch and wait.....
  • #559
  • Sep 23, 2008 6:51am Sep 23, 2008 6:51am
Quoting eyevoltage
Isn't it just? However, the important thing is that you can go back and RECOGNISE the significant areas of potential, wouldn't you agree? It SHOULD give you a sharper eye for the next opportunity that comes along.
I surely do.
Life is a journey... So is trading.
  • #560
  • Sep 23, 2008 7:12am Sep 23, 2008 7:12am
Sold cable after it created a lower swing high and almost a 50% retracement. TP at 150% level. It didn't quite got there. Exit at 138.2% level.
Attached Image
Life is a journey... So is trading.
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