Psych Levels, Pivots, and Trendlines - Resurrected | Page 46 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD

Similar Threads

Adr, psych levels, demand & supply trading 15 replies

Standard Pivots and Fibonnaci Pivots? 9 replies

EUR/USD 5min - Trendlines and Pivots 379 replies

Important psych levels 1 reply

Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies

Attachments: Psych Levels, Pivots, and Trendlines - Resurrected
Exit Attachments

Psych Levels, Pivots, and Trendlines - Resurrected

  • #901
  • Oct 7, 2008 10:59pm Oct 7, 2008 10:59pm
Quoting fx1dr3r
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?
By trend continuation trades - the same, but I dont like to have RR < 2 or 3.
  • #902
  • Oct 7, 2008 11:00pm Oct 7, 2008 11:00pm
Looks like cable is meeting a bit of a support just above the psyche level-1.7420.
Attached Image
Life is a journey... So is trading.
  • #903
  • Oct 7, 2008 11:17pm Oct 7, 2008 11:17pm
Quoting Happy68
By trend continuation trades - the same, but I dont like to have RR < 2 or 3.
Happy, you can also refer to EV's post on post#263. He explains in length the possible SL levels to be used with the strategy discussed on this thread. He has also fine tuned his SL choice by using an ATR indicator.


Looks like a descending triangle has formed in cable with the visual support as the floor.
Attached Image
Life is a journey... So is trading.
  • #904
  • Oct 7, 2008 11:19pm Oct 7, 2008 11:19pm
Thanks, I will
  • #905
  • Oct 7, 2008 11:23pm Oct 7, 2008 11:23pm
Good Morning All - be careful trading GBPUSD for the next hour - chancellor Darling is scheduled to make an announcement about a bank rescue package.....I'll update as soon as the news is out....
Trading Levels with WRBs
  • #906
  • Oct 7, 2008 11:26pm Oct 7, 2008 11:26pm
Quoting Islander
Good Morning All - be careful trading GBPUSD for the next hour - chancellor Darling is scheduled to make an announcement about a bank rescue package.....I'll update as soon as the news is out....
Thanks a lot for the info Islander. Gonna look forward to your update.
Life is a journey... So is trading.
  • #907
  • Oct 7, 2008 11:30pm Oct 7, 2008 11:30pm
Quoting Islander
Good Morning All - be careful trading GBPUSD for the next hour - chancellor Darling is scheduled to make an announcement about a bank rescue package.....I'll update as soon as the news is out....
Thank you, Islander!
  • #908
  • Oct 7, 2008 11:37pm Oct 7, 2008 11:37pm
Looks like price has broke the descending TL and is moving up.
Life is a journey... So is trading.
  • #909
  • Oct 7, 2008 11:39pm Oct 7, 2008 11:39pm
2008.10.08 06:37:41 *UK Govt To Make GBP200B Liquidity Available

0636 GMT [Dow Jones] GBP/USD jumps some 40 ticks to around 1.7520 as initial headline on the UK bank support plan seemed to have suggested a GBP250B support plan instead of the GBP50B expected. However once the dust settled the plan is GBP50B as expected and GBP/USD drops back to 1.7470. (GST)
Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires
October 08, 2008 02:36 ET (06:36 GMT)

Edit: Darling now scheduled to speak on BBC at 7:20 GMT
Trading Levels with WRBs
  • #910
  • Oct 7, 2008 11:51pm Oct 7, 2008 11:51pm
Quoting Islander
.... However once the dust settled the plan is GBP50B as expected and GBP/USD drops back to 1.7470. ....
Looks like price reacted initially with the 40 point shadow on M5, but look how far cable went up after that.
Life is a journey... So is trading.
  • #911
  • Oct 7, 2008 11:51pm Oct 7, 2008 11:51pm
Wow - + 100 in 4 mins - hope some of you guys got part of the move - I got out too early - but banked pips are always good.....http://www.forexfactory.com/images/icons/icon14.gif

Edit: I've just found a new version of the Chin Alert - its now an alarmed trend line and has sound files for all the major currencies and so its a "talking alarm" - useful if you watch multiple pairs. I'll post it if anyone's interested.
Trading Levels with WRBs
  • #912
  • Oct 7, 2008 11:57pm Oct 7, 2008 11:57pm
Quoting Islander
Wow - + 100 in 4 mins - hope some of you guys got part of the move - I got out too early - but banked pips are always good.....http://www.forexfactory.com/images/icons/icon14.gif
.. Got in after the break of the falling TL. Exit when price bounced off the psyche level-1.7500 and made that 40 point shadow in M5. Didn't reenter with no new setup. Oh well, a small piece of the big pie is better than none.
Life is a journey... So is trading.
  • #913
  • Oct 8, 2008 12:09am Oct 8, 2008 12:09am
BOE / Brit Gvmt to make available GBP 50Bn to individual banks - especially RBS, Barclays etc - those in deepest trouble. Then an additional GBP 200 Bn to be made available to provide additional liquidity....

Edit: Nice retrace to the 50% level - I'm long.....€ also rallying....

Edit: closed at 7650 for +100
Trading Levels with WRBs
  • #914
  • Oct 8, 2008 12:18am Oct 8, 2008 12:18am
Quoting Islander
BOE / Brit Gvmt to make available GBP 50Bn to individual banks - especially RBS, Barclays etc - those in deepest trouble. Then an additional GBP 200 Bn to be made available to provide additional liquidity....

Edit: Nice retrace to the 50% level - I'm long.....€ also rallying....

Edit: closed at 7650 for +100
Nice one Islander. Took the same trade too. First entry after the recross of the confluence of MR1-1.7556 and psyche level-1.7550. Second entry after priced crossed the high of the higher swing high formation of the 50% retracement. Both TPs was hit at confluence of visual resistance and psyche level-1.7650.
Life is a journey... So is trading.
  • #915
  • Oct 8, 2008 12:39am Oct 8, 2008 12:39am
Here's the action as I saw it.....around the Frankfurt Open, price was holding near the earlier lows before starting to rally, with a clear higher low at the green arrow - I bought the break of the 7450 level and got out in the spike to the 500 level - also the 5m 34 ema - here the thick blue line of a 170 ema.

The second break up of the 7500 level was another good buy for a quick + 100 as the UK news broke.

Then wait for the retrace - the red active horizontal trend line was my Chin Alarm - so take a buy from the expected bounce off the 50% - another beauty! - exit on a limit order at the 7650 confluence with yesterdays high.

The blue active falling TL is my Chin Resistance Alert to tell me when / if price turns back up.....back to trading....http://www.forexfactory.com/images/icons/icon6.gif
Attached Image (click to enlarge)
Click to Enlarge Name: oct 8 cable 1m 0730.gif Size: 20 KB
Trading Levels with WRBs
  • #916
  • Oct 8, 2008 12:50am Oct 8, 2008 12:50am
OK, I tried to trade a Fibo . Entry - above the two hammers. And ... stopped. Where was my mistake?
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 12 KB
  • #917
  • Oct 8, 2008 12:57am Oct 8, 2008 12:57am
Quoting Happy68
OK, I tried to trade a Fibo . Entry - above the two hammers. And ... stopped. Where was my mistake?
It doesn't look to me as if you made a mistake. Sometimes the reasons for a failed trade are obvious, but this looks like a perfectly legitimate fib entry to me. Sometimes, for reasons unknown, the trade just doesn't come off. Don't worry about it, Happy. Move on to the next one.
  • #918
  • Oct 8, 2008 1:15am Oct 8, 2008 1:15am
Quoting Happy68
OK, I tried to trade a Fibo . Entry - above the two hammers. And ... stopped. Where was my mistake?
Happy - as you know, EURJPY is a cross of EURUSD and USDJPY - so I would guess here the drop in EURUSD outweighed the flat USDJPY.

IMO your signal was fine.....although I have found that tight spinning tops / dojis sometimes turn up half way through a move....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #919
  • Edited 1:42am Oct 8, 2008 1:27am | Edited 1:42am
Darn it - didnt have my limit order in, so missed the spike down thru 7500 about half an hour ago - got out on my trailing stop, but that lost me 25 pips!

Short again from the 7550 level - confluence of 38% fibo and MR1 level - stop already to BE + 2

Edit: closed at 7510 as I have to go out.....pips better in my bank that waiting for another 10 for my limit at the 500 level.....happy pipping all.....
Trading Levels with WRBs
  • #920
  • Oct 8, 2008 1:32am Oct 8, 2008 1:32am
Thank you both - it is important, the setup was OK.
1 trader viewing now