Psych Levels, Pivots, and Trendlines - Resurrected | Page 45 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #881
  • Oct 7, 2008 7:15am Oct 7, 2008 7:15am
Quoting eyevoltage
.....this happened on cable. A firm break northwards from the rising wedge.
Jes, beautiful . In the books is written, when the rising wedge is brocken on the upper side, it follows big move. I saw that the break will be so, but don't have proper setup for entry.

Did you enter ? If yes, where and how/why? Please
  • #882
  • Oct 7, 2008 7:16am Oct 7, 2008 7:16am
Quoting Happy68
By me the same as in the morning: breakout, correction 38% + 138,50, hammer
Nice fib trade, Happy. Maybe I should keep an eye on the EJ!
  • #883
  • Oct 7, 2008 7:19am Oct 7, 2008 7:19am
Quoting Happy68
Jes, beautiful . In the books is written, when the rising wedge is brocken on the upper side, it follows big move. I saw that the break will be so, but don't have proper setup for entry.

Did you enter ? If yes, where and how/why? Please
No, I didn't take it either, Happy. I was to preoccupied with what was happening with a fib trade on eur/usd.
  • #884
  • Oct 7, 2008 7:19am Oct 7, 2008 7:19am
Quoting eyevoltage
Nice fib trade, Happy. Maybe I should keep an eye on the EJ!
Yes, nice trades. I tahe the idea for E/J from Vantage (he writtes here sometimes and has his own thread)
  • #885
  • Oct 7, 2008 7:54am Oct 7, 2008 7:54am
On the chart below, price made a higher swing high and 76.4% retracement after a bounce on the rising TL. First trade is after price crossed the high of the 3rd candle in the higher swing high formation. Second trade is on the recross of the confluence of CP-1.7490 and psyche level-1.7500. TP at MR1-1.7567. Second trade was exited after price hesitated at a possible opposite 76.4% retracement level. First trade exit after the spinning top.
Attached Image
Life is a journey... So is trading.
  • #886
  • Oct 7, 2008 8:04am Oct 7, 2008 8:04am
Fx1, if you don't mind, I'd like to give you some "trick" about the "Fibo 76,4". Usually that is the "Fibo of the range". What do that meanes?
-If you are in trend, and the correction is 76,4 fibo, usually after that there is range before the new high/low (if it comes). That means, you can set TP on the 76% of the correction - it is sure.
- If you are in a range and the price fails to make the next 76,4 fibo, that usually leads to breakout.

These are just theoretical staff, but they may be usefull.
  • #887
  • Oct 7, 2008 8:10am Oct 7, 2008 8:10am
Price created a higher swing low at the confluence of CP-1.7490 and 61.8% retracement level. Entered after price crossed the high of the third candle in the higher swing high formation. TP was placed and was hit at the confluence of 123.6% level and psyche level-1.7550.
Attached Image
Life is a journey... So is trading.
  • #888
  • Oct 7, 2008 8:13am Oct 7, 2008 8:13am
Quoting Happy68
Fx1, if you don't mind, I'd like to give you some "trick" about the "Fibo 76,4". Usually that is the "Fibo of the range". What do that meanes?
-If you are in trend, and the correction is 76,4 fibo, usually after that there is range before the new high/low (if it comes). That means, you can set TP on the 76% of the correction - it is sure.
- If you are in a range and the price fails to make the next 76,4 fibo, that usually leads to breakout.

These are just theoretical staff, but they may be usefull.
.. Thanks for sharing that "trick" Happy!
Life is a journey... So is trading.
  • #889
  • Oct 7, 2008 8:13am Oct 7, 2008 8:13am
Quoting fx1dr3r
On the chart below, price made a higher swing high and 76.4% retracement after a bounce on the rising TL. First trade is after price crossed the high of the 3rd candle in the higher swing high formation. Second trade is on the recross of the confluence of CP-1.7490 and psyche level-1.7500. TP at MR1-1.7567. Second trade was exited after price hesitated at a possible opposite 76.4% retracement level. First trade exit after the spinning top.
Just completed the same trade, mate. And it's still heading up!
Attached Image
  • #890
  • Oct 7, 2008 8:19am Oct 7, 2008 8:19am
Good trades guys,

until tomorrow, I will not trade more today, it is enough
  • #891
  • Oct 7, 2008 8:21am Oct 7, 2008 8:21am
Quoting Happy68
Good trades guys,

until tomorrow, I will not trade more today, it is enough
See you tomorrow, Happy. Take care.
  • #892
  • Oct 7, 2008 8:25am Oct 7, 2008 8:25am
Quoting Happy68
Good trades guys,

until tomorrow, I will not trade more today, it is enough
.. Till tomorrow then. Take care!
Life is a journey... So is trading.
  • #893
  • Oct 7, 2008 8:34am Oct 7, 2008 8:34am
Quoting eyevoltage
Just completed the same trade, mate. And it's still heading up!
Price is currently at a confluence of a strong visual resistance, psyche level-1.7650 and R1-1.7644.

Edit: I attached a chart below.
Attached Image
Life is a journey... So is trading.
  • #894
  • Edited 10:53am Oct 7, 2008 10:29am | Edited 10:53am
Gonna call it a day guys! Thought I would post some of my last trades for the day.

On the first chart, cable made a 50% retracement at the confluence of the rising TL and MR1-1.7567. Bought 2 points above the psyche level-1.7600 after cable made a higher swing high. TP above the previous high. Price hesitated after creating a tweezer top. Decided to close as potential risk to the position has increased.

On the 2nd chart, cable made a 76.4% retracement. Sold after the lower swing high and price crossed below the low of the 3rd candle of the lower swing high formation. TP at confluence of psyche level-1.7550 and 100% extension. Exit after the tweezer bottom and price crossed back above the 100% level.

On the 3rd chart, after the 76.4% retracement, price crossed and closed below the rising TL. Sold 2 points below psyche level-1.7600 and after price crossed below the low of the previous candle. TP was placed and hit at 100% level or 61.8% extension.

On the last chart, cable made a lower swing high on a confluence of 76.4% retracement and the falling TL. Sold 2 points below the low of the third candle in the lower swing high formation. TP was placed and was hit at the confluence of psyche level-1.7550, 100% extension and rising TL.

Happy trading EV and others! See you all tomorrow!
Attached Images
Life is a journey... So is trading.
  • #895
  • Oct 8, 2008 12:21am Oct 8, 2008 12:21am
First trade of the day. Cable made a 50% retracement and a tweezer top at the confluence of MR1-1.7556 and psyche level-1.7550. Sold after price crossed below the 2nd candle of the tweezer top. TP at CP-1.7476. TP was missed. Exit when price came back to the psyche level-1.7500.

Edit: Looks like cable is resuming its move down.
Attached Image
Life is a journey... So is trading.
  • #896
  • Oct 8, 2008 12:44am Oct 8, 2008 12:44am
Good morning

I have to weak up earlier

Fx1, nice trade
  • #897
  • Oct 8, 2008 12:47am Oct 8, 2008 12:47am
This one is a 61.8% retracement and a bounce on the falling TL. Short after price crossed below the low of the shooting star. TP was placed and hit 2 bid points above the visual support-1.7428.
Attached Image
Life is a journey... So is trading.
  • #898
  • Oct 8, 2008 12:51am Oct 8, 2008 12:51am
Quoting Happy68
Good morning

I have to weak up earlier

Fx1, nice trade
Good morning Happy! Frankfurt opens at 2AM EST and that's were the action usually starts. But sometimes, volatility breaks 1 hour earlier. So it's worth watching the market earlier.
Life is a journey... So is trading.
  • #899
  • Oct 8, 2008 12:51am Oct 8, 2008 12:51am
Fx1, a question - where do you place the stops?
  • #900
  • Oct 8, 2008 12:55am Oct 8, 2008 12:55am
Quoting Happy68
Fx1, a question - where do you place the stops?
On trend continuation trades like the ones above, my stops are usually initially placed at the previous swing high/low and I just move them forward when necessary. How about you Happy?
Life is a journey... So is trading.
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