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Psych Levels, Pivots, and Trendlines - Resurrected

  • #821
  • Oct 6, 2008 9:08am Oct 6, 2008 9:08am
Quoting Happy68
I couldn't take the GBP up because I haven't setup, but I took this one, and I like it
And I'm not surprised! A very nice trade with the shooting star right on the confluence. Well spotted!
What I'd call unorthodox, but very effective.
Nice one, Happy.
  • #822
  • Oct 6, 2008 9:15am Oct 6, 2008 9:15am
Quoting eyevoltage
And I'm not surprised! A very nice trade with the shooting star right on the confluence. Well spotted!
What I'd call unorthodox, but very effective.
Nice one, Happy.
For you is UNorthodox, but for me was "my setup" . Actually, that is :

1. Lower Low
2. TLB

After these I need retrace/correction and came

3. SStar on 34 ema - I know 34 ema very good and that helps me.

I have found I can not react good to the different levels, I'm getting confused. But that here is good for me.
  • #823
  • Oct 6, 2008 9:16am Oct 6, 2008 9:16am
On this one, I like how price slams into the brick wall that is the confluence of the 34ema and the 76.4% fib line, and immediately starts heading south. A nice trade, but I think I got out a little early. Got nervous at the rapid approach of the FE 100% line.
Attached Image
  • #824
  • Oct 6, 2008 9:16am Oct 6, 2008 9:16am
Wow! Look at cable fall! Just crossed and closed below another long term support-1.7450.
Life is a journey... So is trading.
  • #825
  • Oct 6, 2008 9:20am Oct 6, 2008 9:20am
Quoting Happy68
For you is UNorthodox, but for me was "my setup" . Actually, that is :

1. Lower Low
2. TLB

After these I need retrace/correction and came

3. SStar on 34 ema - I know 34 ema very good and that helps me.

I have found I can not react good to the different levels, I'm getting confused. But that here is good for me.
Absolutely right, Happy. You've found a way of compensating for your slow reaction, and in a very effective way, too! Keep it up!
  • #826
  • Oct 6, 2008 9:22am Oct 6, 2008 9:22am
Quoting fx1dr3r
Wow! Look at cable fall! Just crossed and closed below another long term support-1.7450.
7350. What is happened? besides DJIA?
  • #827
  • Oct 6, 2008 9:23am Oct 6, 2008 9:23am
Quoting fx1dr3r
Wow! Look at cable fall! Just crossed and closed below another long term support-1.7450.
You're right, mate. Just now, though, it seems to be forming some sort of base after a shadow touched the 1.7350 line.
  • #828
  • Oct 6, 2008 9:26am Oct 6, 2008 9:26am
Quoting eyevoltage
You're right, mate. Just now, though, it seems to be forming some sort of base after a shadow touched the 1.7350 line.
Yes, it bounced on the confluence of MS3-1.7354 and psyche level-1.7350.
Life is a journey... So is trading.
  • #829
  • Oct 6, 2008 9:34am Oct 6, 2008 9:34am
Did someone from you taken this drop?
  • #830
  • Oct 6, 2008 9:37am Oct 6, 2008 9:37am
Quoting fx1dr3r
Yes, it bounced on the confluence of MS3-1.7354 and psyche level-1.7350.
I didn't realise, but price came to a halt at the 0.80 psych-line, fx1! Remember what I told you about those lines?
Price had fallen so rapidly, I hadn't got those lines drawn!
Attached Image
  • #831
  • Oct 6, 2008 9:42am Oct 6, 2008 9:42am
Quoting Happy68
7350. What is happened? besides DJIA?
.. US bailout paying off? Market pricing in early for a UK rate cut on Thursday? Plus speculation of a Euro rate cut?
Life is a journey... So is trading.
  • #832
  • Oct 6, 2008 9:43am Oct 6, 2008 9:43am
Quoting eyevoltage
I didn't realise, but price came to a halt at the 0.80 psych-line, fx1! Remember what I told you about those lines?
Price had fallen so rapidly, I hadn't got those lines drawn!
You're exactly right EV! I didn't notice that too amidst the big fall.
Life is a journey... So is trading.
  • #833
  • Oct 6, 2008 9:44am Oct 6, 2008 9:44am
Fx1, a symmetrical triangle setting up........ Worth watching?
Attached Image
  • #834
  • Oct 6, 2008 9:48am Oct 6, 2008 9:48am
Quoting Happy68
Did someone from you taken this drop?
I wasn't able to get all of it. Got some of it on my last trade after the initial 23.6% retracement. Cable made a 50% retracement. Entered a short trade after the lower swing high was created and confirmed. TP at confluence of psyche level-1.7500 and MS2-1.7495.
Attached Image
Life is a journey... So is trading.
  • #835
  • Oct 6, 2008 9:51am Oct 6, 2008 9:51am
Quoting eyevoltage
Fx1, a symmetrical triangle setting up........ Worth watching?
Looks like it has already broken down from the triangle EV. It's currently just above the confluence of MS3-1.7354 and psyche level-1.7350. And it looks like its moving up.
Life is a journey... So is trading.
  • #836
  • Oct 6, 2008 10:00am Oct 6, 2008 10:00am
Quoting fx1dr3r
Looks like it has already broken down from the triangle EV. It's currently just above the confluence of MS3-1.7354 and psyche level-1.7350. And it looks like its moving up.

Yeah, at present it's nudging the S2/1.7420 psych-line confluence.......

Hold the phone!! It's just plunged through 1.7350!
  • #837
  • Oct 6, 2008 10:05am Oct 6, 2008 10:05am
Quoting eyevoltage
Yeah, at present it's nudging the S2/1.7420 psych-line confluence.......

Hold the phone!! It's just plunged through 1.7350!
... Then created a tweezer bottom on both M15 and M5.
Life is a journey... So is trading.
  • #838
  • Oct 6, 2008 10:10am Oct 6, 2008 10:10am
Quoting fx1dr3r
I wasn't able to get all of it. Got some of it on my last trade after the initial 23.6% retracement. Cable made a 50% retracement. Entered a short trade after the lower swing high was created and confirmed. TP at confluence of psyche level-1.7500 and MS2-1.7495.
A good one - a little piece from the big pie
  • #839
  • Oct 6, 2008 10:11am Oct 6, 2008 10:11am
Hi EV,
Can I refer to your chart in post 805, why did you not fib down from 3613 to 3543, then short off the 50% retracement at 3578, I thought the candle pattern looked good for a short and also price was below the 34 ema ? Thats the trade I would have taken, it was a non-starter, you took the long, correct trade, need I say more ......
  • #840
  • Oct 6, 2008 10:25am Oct 6, 2008 10:25am
Quoting Happy68
A good one - a little piece from the big pie
.. Thanks.
Life is a journey... So is trading.
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