Sod it! Let's make it a symmetrical triangle!! 
It's all fun and games on this thread! 
It's all fun and games on this thread! 
Psych Levels, Pivots, and Trendlines - Resurrected
- #721
- Oct 2, 2008 3:03am Oct 2, 2008 3:03am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #722
- Oct 2, 2008 3:12am Oct 2, 2008 3:12am
Sod it! Let's make it a symmetrical triangle!!
Life is a journey... So is trading.
- #723
- Oct 2, 2008 3:40am Oct 2, 2008 3:40am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Nice trade Happy68! I'm curious on the exit strategies used by other traders. Why did you exit at 1.3880?
Actually, my big problem is to stick to my system's rules. I'm new in the intraday trading and need to bring under control myself. I hope, I will
The next trade - E/J - the entry was too early. I had to wait the price to work the hammer and then to entry. But ... again - control
- #729
- Edited 5:19am Oct 2, 2008 4:41am | Edited 5:19am
Nice trade Happy68! I'm curious on the exit strategies used by other traders. Why did you exit at 1.3880?
I hope, you will understand me 
- #731
- Edited 7:58am Oct 2, 2008 5:02am | Edited 7:58am
My exit rules are - 100% or 62% extension depend of the position of the setup. During the trade I trail the stops depending diffrent setups. Is so clear? English language is not my matter-landuage and it is difficult for me to explain, sorry
.. Thanks for the explanation. Another setup. What do you think?
..I'm sorry but I only trade GBPUSD. I seldom stray to other pairs like EURJPY.Here's a nice fib trade. Price retraced by 61.8%. Then made a tweezer bottom. Entered a long after the higher swing high. Exit at 100% extension below MS1 and the trendline.
Life is a journey... So is trading.
- #732
- Oct 2, 2008 5:12am Oct 2, 2008 5:12am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #734
- Edited 6:50am Oct 2, 2008 5:46am | Edited 6:50am
I would have replied sooner to this, but I was called away. I see by your chart that you don't seem to include the .20 and .80 psych lines. I've got into the habit of including them, mate, as price seems to react very strongly to them. In this case, the "bit of support" you mentioned, is actually the 1.7620 psych-line, which is tested half-a-dozen times before price finally gave it up and moved northwards. As I type this (13.10pm), price has moved above the 34ema AND the downward TL.
.. In my opinion the .50 increments are usually a bit stronger.Here's another fib trade. I'm using M15 coz M5 is a bit noisy today. Although it's a trade-off between clarity and early entry. But on current wide ranging market, it's ok. Sold after the bear candle that confirmed the lower swing high. TP was place and was hit at the previous spot support (plus spread), which is also near 61.8% extension.
Life is a journey... So is trading.
- #735
- Oct 2, 2008 5:54am Oct 2, 2008 5:54am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #736
- Oct 2, 2008 5:57am Oct 2, 2008 5:57am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Took a long trade when the price broke up the second time through 1.7635, exited at .0050 level and .0071 level.
Gave me some confidence after reading the 'will it break or hold the 1.7600' level post.
Thanks guys
Did you enter this trade? I've just looked at it, and it's looking like it's about a 100 pip profit as I type this. A very nice fib opportunity.
actually, my trade was by the 1. blue rectangle (by the first high). When we made the 2. (HH) high, I was confused (as always in such situations), if I have a valid setup and I passed it
. May be in such cases I have to go to 15 min-chart. I don't know. What is your expereance and advice?
- #739
- Oct 2, 2008 6:23am Oct 2, 2008 6:23am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Hi Eyevoltage,
actually, my trade was by the 1. blue rectangle (by the first high). When we made the 2. (HH) high, I was confused (as always in such situations), if I have a valid setup and I passed it
I don't blame you if you entered where I have marked number 1 on my chart. Initially, that showed that price was too weak to retrace fully before continuing with the trend. However, as soon as the next candle opened and started rising, it probably would have been prudent to leave the trade, and see what else price was going to do. It might have just kept on rising (which it did, to some extent) and you would have staring at a large drawdown. However, if you look at how price then peaked between the 76.4% and the 61.8% lines with a dragonfly doji, that should have been a "heads-up" that there was a strong possibility of price reversing and continuing with the trend. In actual fact, that's what happened with price not only dropping through the 61.8% fib but the 34 ema also giving the move extra strength, in my opinion. My entry would have been where I marked the number 2, just under the 38.2% line. From then on, it would have been a case of counting your pips!!
Hope this helps, mate.
- #740
- Oct 2, 2008 6:33am Oct 2, 2008 6:33am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
