Psych Levels, Pivots, and Trendlines - Resurrected

The fib opportunity on eur/usd got me 20 pips, which, for me, is always a good target to achieve.

Hey EV! Gonna call it a day. See you tomorrow! Happy trading everyone!

Take care, mate.

Good morning guys! Here's my first trade of the day. Cable ranged between 1.8582 and 1.8559. Placed a sell stop below and a buy stop above the range. TP @ 1.8510. .. I know it's a quite far target for Asian session. Exit after the swing high was formed.

What are good Fibonacci Level for scalping?


And Fibonacci Profit Objective bty Joe DiNapoli are good?

Thx

If you go to this website: http://www.forexfibonacci.com/ you'll find a lot of good information on how to use fibonacci numbers.

I take it that your second question is about a book? If so, I can't comment, because I haven't read it. Maybe one of the other contributors to the thread can comment.

Cheers

This is a good example of how strong confluences really are. A combination of a psych-line, trendline and pivot line, combined to send price back up again after a decent drop. Also worth noting is the initial bullish piercing candle opening right on the pivot line.

Entry and exit points as indicated.

Watching this fib retracement right now to see if price heads north and breaches the 1.8580 psych-line/38.2% fib line confluence.

Edit: Apparently, cable makes a habit of retracing to the 76.4% fib level, and this time it's also spot on the trendline as well.

Edit: Gave it up as a bad job at -10 pips.

Nice trade earlier EV. I've also noticed that 76.4% (or near it) is one of the common retracement levels along with 61.8%.

Hello my friends,

EUR/USD has been range-bound all night. EV and FX, take a look at the H4 chart and tell me if you think that is a descending triangle.

Thanks,
Ed

If you switch to the H1 chart, and zoom out a bit, it looks like a flag pattern in an uptrend. Meaning, of course, that it could break upwards at any time!!

My opinion only, mate!

Yep, EV, I saw the H1 flag, but just can't believe that it could range like that for about 41 straight hours. I think I let personal hope and bias enter into my equation since I'm sitting with 2 short trades. Shouldn't even be trading that stuff; making up lost time, which only makes losses usually in 4X.

Thanks EV. Have a good day friend.

Hi Ed! I see why you would have looked at the H4 chart and see a descending triangle. It seems that the bulls are continually losing interest and the bears are holding ground forming a floor near the psyche level-1.4650. But looking at the H1 chart it does look like a bullish flag pattern.

Looking at the H4 chart now, on descending triangle formations, price sometimes pierces the floor then retraces up to test the descending trendline's resistance and after finding that the resistance is strong, the bulls would lose interest again and price would continue down and break the previous low. If the the descending trendline continues to hold and price range continues to contract, then it would start to look more like a descending triangle.

Looking at the H1 chart, if price continues to bounce around the flag formation, finding resistance and support on both descending trendlines, then it could prove to be a bullish flag formation.

. At the end, price action will show the outcome. Goodluck Ed! Hope it goes your way.

A possible 50% retracement? What do you think guys?

Edit: Got in @ 1.8607. Got out at 1.8575. Still has one sell from the recross of the confluence of 1.8608 and psyche level-1.8600. TP at MR1-1.8535.

Edit: Gonna watch this one closely coz there's a confluence of R1-1.8560 and psyche level-1.8550 below.

Edit: Got out of my other trade at 1.8584 from 1.8599.

Coincidence, or what? I was watching this one, and jumped in and out as indicated. As you can see, price nearly reached the FE 61.8%, but the nearby confluence proved too strong, and as it started retreating, I jumped ship. Not a bad start for the day, seeing as I've been too busy since first thing this morning to think about trading.

Edit: Oooooops!! Wrong chart!

Here's the right one..... (hopefully!)

Great minds think alike, mate!!

.. looks like we were sailing at the same ship. The confluence is truly strong. Price didn't even touch it. Although, looking at previous hours, it did stop at a visual support level.

Watching how this one develops now, fx1. A confluence of FOUR lines between 1.8595 and 1.8602 on my chart..........