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Psych Levels, Pivots, and Trendlines - Resurrected

  • #801
  • Oct 6, 2008 4:00am Oct 6, 2008 4:00am
Quoting Happy68
Thanks, fx1
.. Anytime Happy.
Life is a journey... So is trading.
  • #802
  • Oct 6, 2008 4:12am Oct 6, 2008 4:12am
Quoting Islander
Swiss spiked down to its R1 at 1.1380 and bounced back up, so the Pound spiked down to new lows, but the Euro didnt, holding at its 50% retrace. On the 15m chart, the Pound's spike down was with a long tailed green spinning top on high volume - so there was some good buying keeping the price up.

With no news due out I'm thinking that we'll probably chop in the 7500 to 7600 range, waiting to see what the NY traders do.....so far the Dollar has rallied 200 pips since confirmation of the bailout on Friday afternoon and is back at its highs - the 1.1420 level - if this dollar rally continues it will weaken the Pound and Euro....
Do you look at swiss to assess dollar strength?
Life is a journey... So is trading.
  • #803
  • Oct 6, 2008 4:39am Oct 6, 2008 4:39am
Quoting Happy68
I wanted to enter by the break of the blue TL and below the little correction, but because of the 7550 I didn't . May be I have to enter, if that is the second try to break (this morning was the first). Any advice?
Happy - trying to trade off the 1 min chart is VERY difficult and does need plenty of practice as you have to make your decisions fast.

Here we'd already seen the quick - 13 candles - 50 pip drop from just above the 600 level, followed by the slow grind back up - 59 candles - to the long green candle into the spinng top that failed at the 600 level.

I'm also having input from the dollars action via the Swissy continuing to rally after bouncing off its R1 level, thus indicating downwards pressure on the Pound.

So after the next candle - a red one, confirming no follow through after the long green - there was the opportunity to take a Sell with a tight stop of 20 pips risk....better IMO than waiting for a break of the green TL 12 pips lower...

For me, it was the combination of all of the above that gave a low risk signal....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #804
  • Oct 6, 2008 4:45am Oct 6, 2008 4:45am
Quoting fx1dr3r
Do you look at swiss to assess dollar strength?
Yes - I like to see it confirming the move in GBPUSD
Trading Levels with WRBs
  • #805
  • Oct 6, 2008 5:41am Oct 6, 2008 5:41am
Hi guys.

I'm late in this morning due to other commitments, but I see there's been quite a bit of activity. I managed to grab this fib opportunity after seeing two sets of tweezer bottoms. I guess I should have stayed in, but not to worry.......it's still a nice trade.
Attached Image
  • #806
  • Oct 6, 2008 5:56am Oct 6, 2008 5:56am
I wasn't on this one obviously, but it's another good example of tweezers at work......and look at the hammer just reaching down to touch the FE 161.8% level, before price starts retreating. Lovely.
Attached Image
  • #807
  • Oct 6, 2008 6:00am Oct 6, 2008 6:00am
Quoting eyevoltage
Hi guys.

I'm late in this morning due to other commitments, but I see there's been quite a bit of activity. I managed to grab this fib opportunity after seeing two sets of tweezer bottoms. I guess I should have stayed in, but not to worry.......it's still a nice trade.
Nice one EV! How are you doing? I hope you had a nice weekend. Just got back to my screen. This could have been a nice fib trade. Another tweezer bottom at work. Price made a deep retracement. Then price moved up after the tweezer bottom up to psyche level-1.7600.
Attached Image
Life is a journey... So is trading.
  • #808
  • Oct 6, 2008 6:15am Oct 6, 2008 6:15am
Quoting fx1dr3r
Nice one EV! How are you doing? I hope you had a nice weekend. Just got back to my screen. This could have been a nice fib trade. Another tweezer bottom at work. Price made a deep retracement. Then price moved up after the tweezer bottom up to psyche level-1.7600.
Yep, a good one, mate. Fib opportunities are plentiful if one takes the trouble to look for them. Plus, if you combine the construction of fibs with candlestick patterns at crucial points, it can make all the difference between low and high-probability trades.
  • #809
  • Oct 6, 2008 6:32am Oct 6, 2008 6:32am
Quoting Islander
Happy - trying to trade off the 1 min chart is VERY difficult and does need plenty of practice as you have to make your decisions fast.

Here we'd already seen the quick - 13 candles - 50 pip drop from just above the 600 level, followed by the slow grind back up - 59 candles - to the long green candle into the spinng top that failed at the 600 level.

I'm also having input from the dollars action via the Swissy continuing to rally after bouncing off its R1 level, thus indicating downwards pressure on the Pound.

So after the next candle - a red one, confirming no follow through after the long green - there was the opportunity to take a Sell with a tight stop of 20 pips risk....better IMO than waiting for a break of the green TL 12 pips lower...

For me, it was the combination of all of the above that gave a low risk signal....
Hallo Islander ,

only to explane - I use 1 min only for entry. The decision avtually I take from 1h and 5 min charts. On 1min I have lesser stop. So, from 1h and 5min I have the time and the direction and then I go to 1min for entry. Therefore I couldn't see that what you explanes here by GBP.

So, for this trade. When you and others explane it looks very easy . But when I have to made the analyses ... May be you know this feeling I hope, I will find my "trading style", like all you here, with your help, of course.
  • #810
  • Oct 6, 2008 6:51am Oct 6, 2008 6:51am
Looks like cable is contracting before NY open. Setting up for a strong move? Let's see what NY session brings. What do you think guys?
Attached Image
Life is a journey... So is trading.
  • #811
  • Oct 6, 2008 7:05am Oct 6, 2008 7:05am
Quoting fx1dr3r
Looks like cable is contracting before NY open. Setting up for a strong move? Let's see what NY session brings. What do you think guys?
Price is breaking above the 34ema now, mate.
  • #812
  • Oct 6, 2008 7:12am Oct 6, 2008 7:12am
Quoting eyevoltage
Price is breaking above the 34ema now, mate.
Price has also crossed and closed above the psyche level-1.7600. And still rising.
Life is a journey... So is trading.
  • #813
  • Oct 6, 2008 7:33am Oct 6, 2008 7:33am
Took the trade.... plus there is a gap from the opening after the weekend earlier today.
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  • #814
  • Edited 8:59am Oct 6, 2008 7:50am | Edited 8:59am
Quoting fx1dr3r
Price has also crossed and closed above the psyche level-1.7600. And still rising.

I took that long and closed in the spike up to the MS1 level at 7644.

Now I'm long again on the 50% retrace to the S1 level at 7580.....just need Swissy to close under 1.1400 and then make new lows.....

Edit: Swissy didnt, out for -10 on trailed stop
Trading Levels with WRBs
  • #815
  • Oct 6, 2008 7:55am Oct 6, 2008 7:55am
Quoting Islander
I took that long and closed in the spike up to the MS1 level at 7644.
Took a long after the break of the ascending triangle on my previous chart. Closed at my MS1-1.7637. Still looking for a setup before I enter another trade.
Life is a journey... So is trading.
  • #816
  • Oct 6, 2008 8:16am Oct 6, 2008 8:16am
Quoting emacro
Took the trade.... plus there is a gap from the opening after the weekend earlier today.
Nice one emacro!
Life is a journey... So is trading.
  • #817
  • Oct 6, 2008 8:28am Oct 6, 2008 8:28am
I couldn't take the GBP up because I haven't setup, but I took this one, and I like it
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  • #818
  • Oct 6, 2008 8:36am Oct 6, 2008 8:36am
Quoting Happy68
I couldn't take the GBP up because I haven't setup, but I took this one, and I like it
.. Excellent and quick analysis Happy! That 23.6% retracement supported by the TL break was a good entry.

Edit: If I'm not mistaken, you have a confluence of the 23.6% retracement and psyche level-1.7600.
Edit: You might also notice that your exit is near 100% extension which is at 176.4% level if you add it to your fib tool.
Life is a journey... So is trading.
  • #819
  • Oct 6, 2008 8:43am Oct 6, 2008 8:43am
Quoting fx1dr3r
.. Excellent and quick analysis Happy! That 23.6% retracement supported by the TL break was a good entry.

Edit: If I'm not mistaken, you have a confluence of the 23.6% retracement and psyche level-1.7600.
Thank you . The entry was acc. 1 min chart with lesser stop. I think, this kind of trades are my "trading style" - I just like them.

I saw the possibility for breakout up by GBP, but there was no entry point for me and I passed it.
  • #820
  • Oct 6, 2008 8:55am Oct 6, 2008 8:55am
Quoting Happy68
Thank you . The entry was acc. 1 min chart with lesser stop. I think, this kind of trades are my "trading style" - I just like them.
..Goodluck Happy! I'll look forward to your posts on your trade analysis.
Life is a journey... So is trading.
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