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Psych Levels, Pivots, and Trendlines - Resurrected

  • #621
  • Sep 26, 2008 6:01am Sep 26, 2008 6:01am
Could this be an ascending triangle formed by the TL and the 1.8400 psych-line? Time will tell...............

Edit: Nope. Price has broken to the upside.
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  • #622
  • Sep 26, 2008 6:02am Sep 26, 2008 6:02am
Just broke above
Life is a journey... So is trading.
  • #623
  • Sep 26, 2008 7:20am Sep 26, 2008 7:20am
Now that the Euro's got the same volatility as Cable, I'm prefering to trade it as its having "cleaner" charts....

The push down to just break yesterdays low was a classic take out the stops before turning north for a nice run up to the confluence of the 4650 level and daily pivot.
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #624
  • Sep 26, 2008 8:48am Sep 26, 2008 8:48am
Would you keep posting your charts showing us more examples of how you incorporate the 34ema into your trading?

I, for one, would find them very helpful.

Cheers for now.

(Probably won't be on again today, as I'm pretty busy elsewhere, so hope everybody has a good weekend, and I'll see you on Monday, hopefully.)

Cheers
  • #625
  • Sep 26, 2008 9:52am Sep 26, 2008 9:52am
Quoting eyevoltage
Would you keep posting your charts showing us more examples of how you incorporate the 34ema into your trading?

I, for one, would find them very helpful.

Cheers for now.

(Probably won't be on again today, as I'm pretty busy elsewhere, so hope everybody has a good weekend, and I'll see you on Monday, hopefully.)

Cheers
NP - I'll post as I can - busy trading the Dow etc now, but I'm nicely up, so will call it a day soon and go the pub.

Have a good one too - forecast loads of rain here, so wat outside as well as in!
Trading Levels with WRBs
  • #626
  • Sep 28, 2008 7:27pm Sep 28, 2008 7:27pm
Just thought I'd check things out before I head for bed, and spotted this reversal. Note the doji and spinning-top, indicating indecision right on the triple-confluence of S1, psych-line and 34ema. I wish I'd been on this one!!
See you in the morning.
Attached Image
  • #627
  • Sep 28, 2008 7:37pm Sep 28, 2008 7:37pm
Excellent chart EV! You were quickly able to apply islander's use of the 34EMA. Have a nice one EV! See you later.
Life is a journey... So is trading.
  • #628
  • Sep 29, 2008 12:46am Sep 29, 2008 12:46am
Good day guys! Here's a descending triangle breakout on cable. It broke through the confluence of MS3-1.8254 and psyche level-1.8250. It's currently a few pips above S3-1.8228. Let's see where this goes.
Attached Image
Life is a journey... So is trading.
  • #629
  • Sep 29, 2008 1:35am Sep 29, 2008 1:35am
Quoting fx1dr3r
Good day guys! Here's a descending triangle breakout on cable. It broke through the confluence of MS3-1.8254 and psyche level-1.8250. It's currently a few pips above S3-1.8228. Let's see where this goes.
Nice entry, now its a waiting game until the Brits start at LO.

I'm also watching the Euro - holding just above its S3 and the Swissy which looks as if it will break above its earlier high of 1.0988. IF it does, then cable and euro should continue their falls
Trading Levels with WRBs
  • #630
  • Sep 29, 2008 1:48am Sep 29, 2008 1:48am
Here's what happened next. First entry after 76.4% retracement. 2nd after recross of confluence of MS3 and psyche level - 1.8250. 3rd at break of descending triangle.
Attached Image
Life is a journey... So is trading.
  • #631
  • Sep 29, 2008 1:53am Sep 29, 2008 1:53am
First price was supported by the 34 ema and MR1 line and rallied 75 pips before pulling back to the 950 level for a mini double bottom and then moving north again.

The small pull back to the 34 at FO was a nice confirmation long for the 55 pip run up to the R3 level. Now to see what the Brits do....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #632
  • Sep 29, 2008 2:10am Sep 29, 2008 2:10am
Quoting Islander
First price was supported by the 34 ema and MR1 line and rallied 75 pips before pulling back to the 950 level for a mini double bottom and then moving north again.

The small pull back to the 34 at FO was a nice confirmation long for the 55 pip run up to the R3 level. Now to see what the Brits do....
Nice trade Islander. If you don't mind me asking, what does FO and LO mean?
Life is a journey... So is trading.
  • #633
  • Sep 29, 2008 3:21am Sep 29, 2008 3:21am
Quoting fx1dr3r
Nice trade Islander. If you don't mind me asking, what does FO and LO mean?
FO = Frankfurt Opening

LO = London Opening

Nice charts earlier, mate. Been a big drop since I went to bed! I've always wondered what one does when we've run out of Pivot Supports or Resistances? I've tried working them out (S4, R4 etc), but they don't seem right, somehow. I guess we'll just have to rely on psych-lines from here on in?
  • #634
  • Sep 29, 2008 3:32am Sep 29, 2008 3:32am
Quoting eyevoltage
FO = Frankfurt Opening

LO = London Opening

Nice charts earlier, mate. Been a big drop since I went to bed! I've always wondered what one does when we've run out of Pivot Supports or Resistances? I've tried working them out (S4, R4 etc), but they don't seem right, somehow. I guess we'll just have to rely on psych-lines from here on in?
Thanks for clearing it up EV! Normally I would call it a day when I run out of pivot levels. (unless price goes back) .. Don't want to wander around the wilderness without a map.

But I'm trying something new. I changed my pivot settlement hour to midnight EST. Gonna check how PA will respond to the new pivot levels.
Life is a journey... So is trading.
  • #635
  • Sep 29, 2008 4:34am Sep 29, 2008 4:34am
Here's a nice fib trade. Sold after 61.8% retracement and the lower swing high. The doji followed by the shooting star pushed price down. TP at 100% extension just above confluence of S3-1.7999 and psyche level-1.8000.

.. If cable still falls below S3 (of midnight EST settlement hour), I'm gonna run out of pivot levels.

Edit: Looks like it still is.
Attached Image
Life is a journey... So is trading.
  • #636
  • Sep 29, 2008 4:43am Sep 29, 2008 4:43am
Spotted this rising wedge forming before, so it was just a matter of waiting to see if it would actually break downwards. Which it did.........

Also, I've put TWO 34ema's on now......High and Low, as it provides a small range that, when broken, adds weight to taking a trade. That's the theory, anyway, so we'll see how it goes....

Edit: In at 1.4343 Out at 1.4313 after price pulled back from the psych-line.
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  • #637
  • Sep 29, 2008 4:49am Sep 29, 2008 4:49am
!!!! HELP

WHY ?

Look at this chart.
WHO NEEDS INDICATORS ???
S2, S3, SP and 20īs and 80īs...
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Donīt live for working, but work for living.
  • #638
  • Sep 29, 2008 4:53am Sep 29, 2008 4:53am
Quoting fx1dr3r
Here's a nice fib trade. Sold after 61.8% retracement and the lower swing high. The doji followed by the shooting star pushed price down. TP at 100% extension just above confluence of S3-1.7999 and psyche level-1.8000.

.. If cable still falls below S3 (of midnight EST settlement hour), I'm gonna run out of pivot levels.

Edit: Looks like it still is.
Hi fx1.
I saw this one too, but far too late, I'm afraid. Just shows that one has to watch closely to spot the opportunities as they come along.

Good trade, mate.
  • #639
  • Sep 29, 2008 5:03am Sep 29, 2008 5:03am
Here's the continuation of the move....

As we never know how far a move will go, I prefer to scale out of positions - so here at 2 on the hit of the R3 level and again at 3 after the spinning top just under the 1100 level - the second failure at 4 could be another exit - or just trail a stop behind the 34ema
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Trading Levels with WRBs
  • #640
  • Sep 29, 2008 5:10am Sep 29, 2008 5:10am
Another example of a wedge, this time a falling one, which broke nicely upwards, giving a nice profit before reversing at the psych-line. I didn't see this one until it had finished, as I was concentrating on other things.
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