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Psych Levels, Pivots, and Trendlines - Resurrected

  • #681
  • Edited 6:53am Oct 1, 2008 6:36am | Edited 6:53am
Quoting ChowClown
...you in yet? I am, for better for worse.

Edit: 50 level still holding.
Out b/e.

Edit:...back in at 41, half off at 15. Remainder free riding now.
  • #682
  • Oct 1, 2008 6:49am Oct 1, 2008 6:49am
Quoting ChowClown
Out b/e.
ChowClown, glad to see you didn't lose out. I read somewhere else in FF that in a 5m chart, if you're not seeing any movement (or very little) within 6 candles of placing the trade, then it's probably best to jump ship. Seems to work pretty well, although everybody would have their own opinions about that, I would think.
  • #683
  • Oct 1, 2008 6:56am Oct 1, 2008 6:56am
Quoting eyevoltage
ChowClown, glad to see you didn't lose out. I read somewhere else in FF that in a 5m chart, if you're not seeing any movement (or very little) within 6 candles of placing the trade, then it's probably best to jump ship. Seems to work pretty well, although everybody would have their own opinions about that, I would think.
Hi EV, yes, when i look over my better trades, they tend to be the ones that move with 'early' initial momentum from entry, i don't like to hold on to 'em too long once they're -5 to -10 and will try and snatch a b/e. Keeps the curve quite tidy
  • #684
  • Oct 1, 2008 7:06am Oct 1, 2008 7:06am
Quoting ChowClown
Hi EV, yes, when i look over my better trades, they tend to be the ones that move with 'early' initial momentum from entry, i don't like to hold on to 'em too long once they're -5 to -10 and will try and snatch a b/e. Keeps the curve quite tidy
Very sensible.
  • #685
  • Oct 1, 2008 7:33am Oct 1, 2008 7:33am
This was a nice trade on cable just now.....although the spike up gave me a bad few minutes before it dropped again! Seems like I got out at the right time, as some "railroad tracks" have formed, indicating a reversal.
Attached Image
  • #686
  • Oct 1, 2008 8:09am Oct 1, 2008 8:09am
This is a follow-on from the cable chart above. Another fib trade right after the first one.

There are those who say that fibs, pivots etc. don't work, which means that it's all a random sort of thing and any profit attained is a result of dumb luck.

Well, they're entitled to their opinion...............
Attached Image
  • #687
  • Oct 1, 2008 8:22am Oct 1, 2008 8:22am
Quoting eyevoltage
This is a follow-on from the cable chart above. Another fib trade right after the first one.

There are those who say that fibs, pivots etc. don't work, which means that it's all a random sort of thing and any profit attained is a result of dumb luck.

Well, they're entitled to their opinion...............
I don't mind being dumb all day long
  • #688
  • Oct 1, 2008 8:29am Oct 1, 2008 8:29am
Quoting ChowClown
I don't mind being dumb all day long
  • #689
  • Edited Oct 2, 2008 12:30am Oct 1, 2008 11:53pm | Edited Oct 2, 2008 12:30am
Hi guys! Let's see if this could be an ascending triangle in the making if the ascending TL holds.

Edit: Looks like the TL didn't hold.
Attached Image
Life is a journey... So is trading.
  • #690
  • Oct 2, 2008 12:46am Oct 2, 2008 12:46am
Quoting fx1dr3r
Hi guys! Let's see if this could be an ascending triangle in the making if the ascending TL holds.

Edit: Looks like the TL didn't hold.
I have seen somethink else.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 17 KB
  • #691
  • Oct 2, 2008 1:03am Oct 2, 2008 1:03am
Quoting Happy68
I have seen somethink else.
Looks like your TL didn't hold too. I was looking at this before the break of the TL. Cable created a lower swing high with a 76.4% retracement. Short after price crossed the tweezer bottom at the lower swing high. Exit at 100% extension.
Attached Image
Life is a journey... So is trading.
  • #692
  • Oct 2, 2008 1:05am Oct 2, 2008 1:05am
Unfortunatly I have break my stop-rules and now I am out
  • #693
  • Oct 2, 2008 1:13am Oct 2, 2008 1:13am
Quoting fx1dr3r
Looks like your TL didn't hold too. I was looking at this before the break of the TL. Cable created a lower swing high with a 76.4% retracement. Short after price crossed the tweezer bottom at the lower swing high. Exit at 100% extension.
Yes, that I meaned by the entry. The TL is only for orientation.

Now we have a dobble bottom. Let's see what happens
  • #694
  • Oct 2, 2008 1:23am Oct 2, 2008 1:23am
Quoting Happy68
Yes, that I meaned by the entry. The TL is only for orientation.

Now we have a dobble bottom. Let's see what happens
Price has crossed below the double bottom and tweezer bottom. Holding a short from 1.7683.

Edit: Out at 1.7670. The momentum was week on that last wave down. Price pushed up after that hammer.
Life is a journey... So is trading.
  • #695
  • Oct 2, 2008 1:45am Oct 2, 2008 1:45am
Quoting fx1dr3r
Price has crossed below the double bottom and tweezer bottom. Holding a short from 1.7683.

Edit: Out at 1.7670. The momentum was week on that last wave down. Price pushed up after that hammer.
Yes, after this hammer - out . And the hammer was of the 62% extention.
  • #696
  • Oct 2, 2008 1:51am Oct 2, 2008 1:51am
Was that a good idea? I paased it because of my breakfast .
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  • #697
  • Oct 2, 2008 1:58am Oct 2, 2008 1:58am
Quoting Happy68
Was that a good idea? I paased it because of my breakfast .
It was not, but why?
  • #698
  • Oct 2, 2008 1:58am Oct 2, 2008 1:58am
Quoting Happy68
Was that a good idea? I paased it because of my breakfast .
Good thing you stayed out when you did. Price reversed and crossed the previous low.
Life is a journey... So is trading.
  • #699
  • Oct 2, 2008 2:03am Oct 2, 2008 2:03am
Quoting fx1dr3r
Good thing you stayed out when you did. Price reversed and crossed the previous low.
Could you please give your opinion, if it was a good trade setup? Just theory.
  • #700
  • Oct 2, 2008 2:17am Oct 2, 2008 2:17am
Quoting Happy68
Could you please give your opinion, if it was a good trade setup? Just theory.
In my opinion that was a good trade setup. Good entry would be after the higher swing low. But you should also be mindful of the descending TL from the previous move down. The new swing high respected the TL. So if it were me, after entering a trade i would see if price would break the TL. Since it did not, and instead it created that shooting star with a very long body and it then created a lower swing low. That would be my exit.
Attached Image
Life is a journey... So is trading.
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