Psych Levels, Pivots, and Trendlines - Resurrected | Page 36 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #701
  • Oct 2, 2008 2:27am Oct 2, 2008 2:27am
Nice trading for those who took the short in GBPUSD...here's a look at the Swissy - I took the buy from MR1 to R1 where I took a partial profit, leaving some to run with a trailing stop....
Attached Image (click to enlarge)
Click to Enlarge Name: oct 2 swiss 5m 0715.gif Size: 12 KB
Trading Levels with WRBs
  • #702
  • Oct 2, 2008 2:29am Oct 2, 2008 2:29am
Quoting fx1dr3r
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.
Thank you very much! Yes, I forgott to drow the TL.
  • #703
  • Oct 2, 2008 2:38am Oct 2, 2008 2:38am
Quoting Happy68
Thank you very much! Yes, I forgott to drow the TL.
Sometimes we forget the simpler things like plotting TLs. But the important thing is to remember it for the next time around.
Life is a journey... So is trading.
  • #704
  • Oct 2, 2008 2:38am Oct 2, 2008 2:38am
Hello everyone. I'm new to this great forum. I've been watching it for more than a month and people here are doing a great work. I've learned a lot during that month. I'm trading on the demo account for a few months but only on this forum I found the system, that sits me.
So I would like to post my today's EU trade:
ENT: 1.3949
SL: 1.3965
TP: 1.3920
Enter after a nice tweezer top on the upper TL. TP at the psycho 20 which was quite above bottom TL.
Attached Image (click to enlarge)
Click to Enlarge Name: EU081002-1.JPG Size: 105 KB
  • #705
  • Oct 2, 2008 2:41am Oct 2, 2008 2:41am
Quoting Islander
Nice trading for those who took the short in GBPUSD...here's a look at the Swissy - I took the buy from MR1 to R1 where I took a partial profit, leaving some to run with a trailing stop....
Excellent trade as usual!
Life is a journey... So is trading.
  • #706
  • Oct 2, 2008 2:44am Oct 2, 2008 2:44am
Quoting Happy68
Was that a good idea? I paased it because of my breakfast .
LOL - change your breakfast time!

From half an hour before the Frankfurt Open - 2am EDT / 6am GMT is when the action happens!

I see lower highs under the falling red (alarmed) trend line AND a DOUBLE failure at the 7700 level, so SELL and look to see what happens around the next levels......price hesitated at the 650 level, so take some profits or trail a stop.....price then broke yesterdays low - the gold line. With a long tailed spike down a good place to take more profits or exit depending on how you trade.....http://www.forexfactory.com/images/icons/icon6.gif
Attached Image (click to enlarge)
Click to Enlarge Name: oct 2 gbpusd 5m 0730.gif Size: 15 KB
Trading Levels with WRBs
  • #707
  • Oct 2, 2008 2:48am Oct 2, 2008 2:48am
Quoting Tomik1701
Hello everyone. I'm new to this great forum. I've been watching it for more than a month and people here are doing a great work. I've learned a lot during that month. I'm trading on the demo account for a few months but only on this forum I found the system, that sits me.
So I would like to post my today's EU trade:
ENT: 1.3949
SL: 1.3965
TP: 1.3920
Enter after a nice tweezer top on the upper TL. TP at the psycho 20 which was quite above bottom TL.

Welcome Tomik - a nice trade - I took that one too http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #708
  • Oct 2, 2008 3:05am Oct 2, 2008 3:05am
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.
Hi fx1dr3r, I'd like to ask, how do you determine the momentum you wrote about? I didn't see any oscilator indicator on your pics .
  • #709
  • Oct 2, 2008 3:06am Oct 2, 2008 3:06am
Quoting Islander
LOL - change your breakfast time!

From half an hour before the Frankfurt Open - 2am EDT / 6am GMT is when the action happens!

I see lower highs under the falling red (alarmed) trend line AND a DOUBLE failure at the 7700 level, so SELL and look to see what happens around the next levels......price hesitated at the 650 level, so take some profits or trail a stop.....price then broke yesterdays low - the gold line. With a long tailed spike down a good place to take more profits or exit depending on how you trade.....http://www.forexfactory.com/images/icons/icon6.gif
Thank you, Islander, for your comment!

Ref. the breakfats - I didn't expected to have so fats new trade after the first (sell at 1,7704) and have decided to take a little break - that is arong, I'm agree - I have to stay concentrated.

Ref. the trade - It is difficult for me to trade the TL whitout figure, therefore I forget them. BUT, I like the 34ema and I should see the 2 closes below it. They elliminate the possibility for buy until the prise makes pullback above the ema.
  • #710
  • Oct 2, 2008 3:14am Oct 2, 2008 3:14am
As usual, the Euro had a "cleaner" chart.....falling red TL.....check the action in the middle of Frankies Hour around the 3950 level and get short, then follow the action down, taking some profits off along the way....

As most of you know, all of the levels on my charts are either the Sweet Spots / Psych Levels OR pivot levels.....where did the move stop - the confluence of the red S2 pivot and the 3850 level......http://www.forexfactory.com/images/icons/icon6.gif
Attached Image (click to enlarge)
Click to Enlarge Name: oct 2 eur 5m 0800.gif Size: 13 KB
Trading Levels with WRBs
  • #711
  • Oct 2, 2008 3:17am Oct 2, 2008 3:17am
Quoting Tomik1701
Hi fx1dr3r, I'd like to ask, how do you determine the momentum you wrote about? I didn't see any oscilator indicator on your pics .
Hi Tomik1701. I usually look at PA. I judge momentum on the size of continuation waves. For example if the seed wave is 35 pips, then the first continuation wave is 55 pips and the 2nd continuation wave is only 30 pips. That tells me that the momentum is weakening. But it doesn't mean that price will create an opposite trend. Sometimes I also use the MACD indicator. I look for divergences to indicate momentum changes. You may notice that indicator on some of my posts.
Life is a journey... So is trading.
  • #712
  • Oct 2, 2008 3:24am Oct 2, 2008 3:24am
Quoting fx1dr3r
Hi Tomik1701. I usually look at PA. I judge momentum on the size of continuation waves. For example if the seed wave is 35 pips, then the first continuation wave is 55 pips and the 2nd continuation wave is only 30 pips. That tells me that the momentum is weakening. But it doesn't mean that price will create an opposite trend. Sometimes I also use the MACD indicator. I look for divergences to indicate momentum changes. You may notice that indicator on some of my posts.
Thanks for the explanation. I'm looking for divergences too, but I'm trying to use Stochastic. I have to do some deeper backtesting to tune the parameters.
  • #713
  • Edited 4:33am Oct 2, 2008 3:34am | Edited 4:33am
Where've you been, fx1? And welcome to everbody else just joining the thread. Hey, lots of activity this morning! Just thought I'd submit this pattern, and see where it goes. It's a bearish flag pattern, but let's where it goes......

Edit: 10.30am.....broke sideways and moving along a confluence of S1 and the 34ema.
Attached Image
  • #714
  • Oct 2, 2008 3:38am Oct 2, 2008 3:38am
Quoting Tomik1701
Thanks for the explanation. I'm looking for divergences too, but I'm trying to use Stochastic. I have to do some deeper backtesting to tune the parameters.
A little advice - let the divergences away. They are a very difficult trade-setup. It is better to concentrate on the idea of this thread - it is much easier. That is from personal expireance.
  • #715
  • Oct 2, 2008 3:42am Oct 2, 2008 3:42am
OK - my last one - just to show how this methodology works on all markets - just do your own backtesting......

The Dax opened gap down and so I watched to see if it would get down to area of yesterdays low and the 5800 level at #1....it didnt!

So I took a buy and price ran up to the next confluence area - the 5850, MS1 and 34 ema, where I took some profits.....

Price stalled in this area - also the time of the London Open - before taking off again to hit todays pivot at #3....another pull back to the 34 ema and the uptrend line before making it to the 5900 level......nice http://www.forexfactory.com/images/icons/euro.gif http://www.forexfactory.com/images/icons/icon12.gif
Attached Image (click to enlarge)
Click to Enlarge Name: oct 2 dax 5m 0930.gif Size: 14 KB
Trading Levels with WRBs
  • #716
  • Oct 2, 2008 3:49am Oct 2, 2008 3:49am
Quoting eyevoltage
Where've you been, fx1? And welcome to everbody else just joining the thread. Hey, lots of activity this morning! Just thought I'd submit this pattern, and see where it goes. It's a bearish flag pattern, but let's where it goes......
Hi EV! .. I took a couple of days off to take care of some stuff. How you doin?

Here's a nice range breakout in cable followed by an ascending triangle.
Attached Image
Life is a journey... So is trading.
  • #717
  • Oct 2, 2008 4:06am Oct 2, 2008 4:06am
Quoting eyevoltage
Where've you been, fx1? And welcome to everbody else just joining the thread. Hey, lots of activity this morning! Just thought I'd submit this pattern, and see where it goes. It's a bearish flag pattern, but let's where it goes......
Morning EV....yep, its the early birds that are catching the worms, so IMO its worth being up at sparrows fart!

I guess that you've noticed that the yellow line on your chart is ~ equal to the 50% fibo that I have at 933 AND also my S1 level....http://www.forexfactory.com/images/icons/icon6.gif

Remember the important ECB announcement due later this morning.....

Oct. 2 (Bloomberg) -- The euro fell to its weakest in more than a year against the dollar on speculation European Central Bank President Jean-Claude Trichet will today highlight the risks that the region's economy is sliding into a recession.
The single currency also dropped to a two-year low versus the yen before today ECB's rate decision. The U.S. currency rose against 15 of its 16 most-actively traded peers as demand for dollar funding increased amid the seizure in the money markets. The dollar also advanced after the Senate approved a $700 billion bank-rescue bill, bolstering expectations the U.S. will act faster than Europe to address the credit squeeze.
Trading Levels with WRBs
  • #718
  • Edited 4:49am Oct 2, 2008 4:38am | Edited 4:49am
...............forming on cable. My feeling is it'll break out to the south very soon. But that's just me. The base line is, or course, part of a strong confluence, so if price DOES drop through it, then it should drop quite a way. My opinion only.

Edit: 10.45am.....down it goes, but let's see how far....
Attached Image
  • #719
  • Oct 2, 2008 4:44am Oct 2, 2008 4:44am
Quoting eyevoltage
...............forming on cable. My feeling is it'll break out to the south very soon. But that's just me.
Good eye EV! I'm looking at this one too. But my MS1 is 15 points above the psyche level 1.7650. Let's see what will happen.

Edit: Price just crossed the floor of the triangle.
Attached Image
Life is a journey... So is trading.
  • #720
  • Oct 2, 2008 4:57am Oct 2, 2008 4:57am
Quoting fx1dr3r
Good eye EV! I'm looking at this one too. But my MS1 is 15 points above the psyche level 1.7650. Let's see what will happen.

Edit: Price just crossed the floor of the triangle.
It's bounced right back up again! See what I mean about "confirmations"? Now it's headed back down, as I type this.
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