Psych Levels, Pivots, and Trendlines - Resurrected | Page 33 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD

Similar Threads

Adr, psych levels, demand & supply trading 15 replies

Standard Pivots and Fibonnaci Pivots? 9 replies

EUR/USD 5min - Trendlines and Pivots 379 replies

Important psych levels 1 reply

Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies

Attachments: Psych Levels, Pivots, and Trendlines - Resurrected
Exit Attachments

Psych Levels, Pivots, and Trendlines - Resurrected

  • #641
  • Sep 29, 2008 5:36am Sep 29, 2008 5:36am
Quoting matsf
!!!! HELP

WHY ?

Look at this chart.
WHO NEEDS INDICATORS ???
S2, S3, SP and 20īs and 80īs...
LOL - I class the 34 ema a "perpetually self adjusting trend line" - hence it fits in with the spirit of the thread......http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #642
  • Sep 29, 2008 5:42am Sep 29, 2008 5:42am
Quoting eyevoltage
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.

I've also tried using the high and low and also making the actual MA black and then using + / - bands. I now just view it mentally as band, especially useful when changing between several charts.....
Trading Levels with WRBs
  • #643
  • Sep 29, 2008 5:46am Sep 29, 2008 5:46am
Quoting eyevoltage
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.
Nice charts EV! Good eye on those rising and falling wedge formations! Just got back to my screen.
Life is a journey... So is trading.
  • #644
  • Sep 29, 2008 5:50am Sep 29, 2008 5:50am
Quoting Islander
I've also tried using the high and low and also making the actual MA black and then using + / - bands. I now just view it mentally as band, especially useful when changing between several charts.....
Great minds think alike! I've also tried MA bands, mate, but prefer this High/Low method. Thanks for posting your charts, Islander. They are proving to be a big help for me.

Cheers
  • #645
  • Sep 29, 2008 9:33am Sep 29, 2008 9:33am
A nice ascending triangle in cable which met a resistance at a visual resistance level.
Attached Image
Life is a journey... So is trading.
  • #646
  • Sep 30, 2008 2:44am Sep 30, 2008 2:44am
Nice start to my day - a typical shake out move as the early Frankfurters pushed price down from a 50 SS to the 8000 level SS where it bounced, finally running up more than 100 pips just after LO. I drilled down to the 1 min to follow this move.

I'm taking profits early and expecting more US driven whipsaws until their next announcement - whenever that may be!
Attached Image (click to enlarge)
Click to Enlarge Name: sep 30 cable 5m 0930.gif Size: 13 KB
Trading Levels with WRBs
  • #647
  • Sep 30, 2008 3:03am Sep 30, 2008 3:03am
Hi Islander
Just wanted to thankyou for the 34 ema idea. It compliments very nicely the 5 ema (3 shift) I've been using on lower highs and higher lows.
Many thanks.
  • #648
  • Sep 30, 2008 3:59am Sep 30, 2008 3:59am
Quoting Vantage
Hi Islander
Just wanted to thankyou for the 34 ema idea. It compliments very nicely the 5 ema (3 shift) I've been using on lower highs and higher lows.
Many thanks.
I'm glad that you find it helpful. For me, the important concept is to view price in relation to the 34 and to also use the slope (angle) of the 34 to act as a filter.

I have also used the 8 ema to follow trades more closely, but now find that using pivots, sweet spots and fibos I already have a good idea of where price is likely to have a reaction and can trade accordingly.

If I need further clarification, I can always drop down to the 1 min.
Trading Levels with WRBs
  • #649
  • Edited 5:40am Sep 30, 2008 5:08am | Edited 5:40am
Hi guys.
There's a symmetrical triangle forming on the 15m cable..........

Edit: Broke to the low at 1.8040. In at 1.8036. Out at 1.8012.

Edit: A descending triangle formed at the same time on eur/usd.
Attached Image
  • #650
  • Sep 30, 2008 6:09am Sep 30, 2008 6:09am
Quoting eyevoltage
Hi guys.
There's a symmetrical triangle forming on the 15m cable..........

Edit: Broke to the low at 1.8040. In at 1.8036. Out at 1.8012.

Edit: A descending triangle formed at the same time on eur/usd.
From a 5 min chart it becomes a sell from the lower high, the 2 emas are 34, thanks Islander, and a 5 ema 3 shift.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp 5.gif Size: 11 KB
  • #651
  • Sep 30, 2008 6:16am Sep 30, 2008 6:16am
My 5m updated - note that in these whippy markets the 34 ema is of little value - we need to watch the action around the levels that we use.

The pull back from 1 to 3 was a classic retrace, allowing another buy off the 61.8% level.....which failed at the 8100 level for a sell at 3 or further confirmation at 4.

Best to bank pips quickly as the market chops whilst waiting for news out of the US....
Attached Image (click to enlarge)
Click to Enlarge Name: sep 30 cable 5m 1300.gif Size: 21 KB
Trading Levels with WRBs
  • #652
  • Sep 30, 2008 7:06am Sep 30, 2008 7:06am
Nice 'n' easy straightforward 20 minute in and out.......
I love these..............
Attached Image
  • #653
  • Sep 30, 2008 7:20am Sep 30, 2008 7:20am
Straight after my last fib trade, eur/usd went into another one. Another simple little trade...............
Attached Image
  • #654
  • Sep 30, 2008 8:36am Sep 30, 2008 8:36am
Quoting eyevoltage
Straight after my last fib trade, eur/usd went into another one. Another simple little trade...............
Nice trading EV - just collecting the pips.....http://www.forexfactory.com/images/icons/icon14.gif

I trade the Dow and Dax in the US session - I'll post a chart when I get a moment....
Trading Levels with WRBs
  • #655
  • Sep 30, 2008 8:47am Sep 30, 2008 8:47am
This time on cable. After the retracement, I wanted price to drop below the 34ema at Figure 1., but obviously, it didn't. So I waited to see what transpired. Another retracement was followed by a strong drop through the 34ema where I entered at 1.8061. A strong closing marabozu candle showed the way down, and I exited the trade on the FE 100 line as a hammer was forming.
As I mentioned before, I'm getting to be a big fan of the whole fibonacci thing. I read somewhere that with fib retracements, they pay off about 70-75 per cent of the time. Those odds are good enough for me!
Attached Image
  • #656
  • Sep 30, 2008 8:48am Sep 30, 2008 8:48am
Quoting Islander
Nice trading EV - just collecting the pips.....http://www.forexfactory.com/images/icons/icon14.gif

I trade the Dow and Dax in the US session - I'll post a chart when I get a moment....
I've been finding DAX quite tough going....people around me have lost a fair bit these last two weeks or so. I'm up, but nothing to write home about. Trust you're continuing to do well.
  • #657
  • Sep 30, 2008 8:48am Sep 30, 2008 8:48am
Quoting Islander
Nice trading EV - just collecting the pips.....http://www.forexfactory.com/images/icons/icon14.gif

I trade the Dow and Dax in the US session - I'll post a chart when I get a moment....
I'll look forward to it, mate.
  • #658
  • Sep 30, 2008 9:11am Sep 30, 2008 9:11am
I just thought I'd show anyone out there interested in learning more about fibonacci methods, that it's perfectly possible to see fib chances even on 1 minute charts. I didn't take this one as I was busy with something else, but it would have been a really nice trade.
Attached Image
  • #659
  • Sep 30, 2008 9:45am Sep 30, 2008 9:45am
EV, iīm really impressed !!

Great trades !!
Thank you for your work here, i appreciate it very much.
I can just learn from your posts here !
Donīt live for working, but work for living.
  • #660
  • Edited 10:03am Sep 30, 2008 9:47am | Edited 10:03am
What a trade this would have been. A rather steep rising wedge saw price break out through to the downside, and as I type this, it's approaching a 100 pip profit!! Or, rather, it would have been, if I'd been more alert!!

Edit: What I forgot to mention, of course, is how price bounced off the 34ema, initiating the start of a phenomenal drop!
Attached Image
6 traders viewing now