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Psych Levels, Pivots, and Trendlines - Resurrected

  • #581
  • Sep 25, 2008 5:30am Sep 25, 2008 5:30am
Decided against the cable, and plumped for the eurusd opportunity instead. I got out when I did due to the double-line confluence at 1.4700/1.4798.

Edit: True to form, it dropped like a stone just after I got out. Story of my life........
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  • #582
  • Sep 25, 2008 5:33am Sep 25, 2008 5:33am
...and this is how cable (which I decided against) is turning out as I type this.......

Edit: Multiple trades just aren't my thing, so it was either one or the other!
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  • #583
  • Edited 5:48am Sep 25, 2008 5:42am | Edited 5:48am
Nice one EV! Got in after cable made a lower swing high. TP at 1.8563 coz there's a confluence of R1-1.8560 and psyche level-1.8550.

Edit: It looks like cable really went for 100% extension on this one since it still went down below the confluence.
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Life is a journey... So is trading.
  • #584
  • Sep 25, 2008 5:59am Sep 25, 2008 5:59am
Quoting fx1dr3r
Nice one EV! Got in after cable made a lower swing high. TP at 1.8563 coz there's a confluence of R1-1.8560 and psyche level-1.8550.

Edit: It looks like cable really went for 100% extension on this one since it still went down below the confluence.
Good one, mate. Been some good price movement this morning! I just love it when fib opportunities come along one after the other.
  • #585
  • Sep 25, 2008 6:31am Sep 25, 2008 6:31am
Quoting fx1dr3r
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.
Thanks for your insight, FX. It is interesting to note that "at the end of the day", as you so eloquently put it, price action will show the outcome. As it turned out, I hung with it all day, got my PIPs as the pa did indeed set 3 or 4 new daily lows. After the close of New York session, it then retraced just more than 100%, and NOW it's turned around and ranging back down.

My confusion over bearish triangle or bullish flag was pretty much indicative of the EUR/USD market yesterday, which is one of the reasons I like Forex. It's unpredictable, can be analyzed for a profit, and yet it will reveal itself in fairly short order. I must say, it was nice to go to bed with all my positions closed and my pips safely on my side of the table.

Hope the market is good to you today, and again, thanks for your reply.
Ed
Up or down, gimme a ticket
  • #586
  • Sep 25, 2008 6:37am Sep 25, 2008 6:37am
Good morning EV,

Looks you and FX have been extremely active - and successful - today. I'm slow getting around today, after a 24-hour shift yesterday. Catching up on the reading and your great charts.

Have a good day EV.
Ed
Up or down, gimme a ticket
  • #587
  • Edited 6:50am Sep 25, 2008 6:49am | Edited 6:50am
This one wasn't a fib thing, but rather resulted from a very plain candlestick reversal pattern. Tweezer-Bottoms started it, and I entered just above the psych-line 1.4650, but then hastily jumped ship when I saw the Upside-Down Hammer forming at the Pivot Point. 13 pips in the bank, but it could so easily have been ignored.
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  • #588
  • Sep 25, 2008 6:51am Sep 25, 2008 6:51am
Your welcome Ed! Hope you have a good trading day too.

Looks like cable is ranging between 1.8551 and 1.8519. It might be a good time for a range breakout trade.
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Life is a journey... So is trading.
  • #589
  • Sep 25, 2008 6:55am Sep 25, 2008 6:55am
Quoting eyevoltage
This one wasn't a fib thing, but rather resulted from a very plain candlestick reversal pattern. Tweezer-Bottoms started it, and I entered just above the psych-line 1.4650, but then hastily jumped ship when I saw the Upside-Down Hammer forming at the Pivot Point. 13 pips in the bank, but it could so easily have been ignored.
Nice one EV! Good eye and quick reaction!
Life is a journey... So is trading.
  • #590
  • Sep 25, 2008 6:56am Sep 25, 2008 6:56am
Quoting SpecialEd
Good morning EV,

Looks you and FX have been extremely active - and successful - today. I'm slow getting around today, after a 24-hour shift yesterday. Catching up on the reading and your great charts.

Have a good day EV.
Ed
My God, Ed, they really want their pound of flesh out of you, mate!

Yes, been a good day so far.......it's nice when it gets a bit more volatile. I'm really liking this acumen thing, Ed. Lots of different types of opportunities to look for.....Fresh highs/lows forming for fib chances, candlestick reversals at main S/R lines etc., lots there to keep one busy all day if it wasn't for all the other duties that we have in our everyday lives!
Take care, mate. Nice to see you again.
Cheers
  • #591
  • Sep 25, 2008 6:58am Sep 25, 2008 6:58am
Quoting fx1dr3r
Nice one EV! Good eye and quick reaction!

That's why they call me EYE-voltage!! Geddit?
  • #592
  • Sep 25, 2008 6:59am Sep 25, 2008 6:59am
A possible ascending triangle on EURUSD?
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Life is a journey... So is trading.
  • #593
  • Sep 25, 2008 7:00am Sep 25, 2008 7:00am
Quoting eyevoltage
That's why they call me EYE-voltage!! Geddit?
Life is a journey... So is trading.
  • #594
  • Sep 25, 2008 7:03am Sep 25, 2008 7:03am
Fx1, I know eur/usd isn't your thing, but look at this triangle..........!!

Edit: Oh, you've already seen it! I thought you were always gazing at cable!
Edit: In at 1.4682, by the way.
Edit: ...and out at 1.4695. (Confluence too near)
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  • #595
  • Sep 25, 2008 7:15am Sep 25, 2008 7:15am
.. I sometimes stray to EURUSD but I concentrate and trade cable only.
Life is a journey... So is trading.
  • #596
  • Sep 25, 2008 7:21am Sep 25, 2008 7:21am
Quoting fx1dr3r
.. I sometimes stray to EURUSD but I concentrate and trade cable only.
Oh, right. Yeah, guess it's better to focus on one thing only, but I'm managing to watch both cable and e/u with good results.

What d'you reckon on this one, fx1? Flag pattern forming or what?

Edit: Just broken out to the the up-side.
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  • #597
  • Sep 25, 2008 7:25am Sep 25, 2008 7:25am
Here's nice range breakout trade. Placed a buy stop 3 (bid) points above the range. TP at 1.8600 psyche level coz of the confluence with MR2-1.8608.
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Life is a journey... So is trading.
  • #598
  • Sep 25, 2008 7:28am Sep 25, 2008 7:28am
Quoting eyevoltage
Oh, right. Yeah, guess it's better to focus on one thing only, but I'm managing to watch both cable and e/u with good results.

What d'you reckon on this one, fx1? Flag pattern forming or what?

Edit: Just broken out to the the up-side.
I was lookin at it as a range. And it just made a break up, but was resisted by the confluence of psyche level 1.8600 and MR2-1.8608.
Life is a journey... So is trading.
  • #599
  • Sep 25, 2008 7:38am Sep 25, 2008 7:38am
Quoting fx1dr3r
Here's nice range breakout trade. Placed a buy stop 3 (bid) points above the range. TP at 1.8600 psyche level coz of the confluence with MR2-1.8608.
Spot on, mate. Keep posting those breakout charts of yours, fx1, 'cos they're coming in really useful for me. I learn something everyday from your charts.
  • #600
  • Sep 25, 2008 7:50am Sep 25, 2008 7:50am
Quoting eyevoltage
Spot on, mate. Keep posting those breakout charts of yours, fx1, 'cos they're coming in really useful for me. I learn something everyday from your charts.
.. That's great EV! ... Will do. I'm learning a lot from your candlesticks analysis too.
Life is a journey... So is trading.
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