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Psych Levels, Pivots, and Trendlines - Resurrected

  • #941
  • Oct 8, 2008 7:43am Oct 8, 2008 7:43am
I'm just not taking notice of opportunities as they come along. I was so obsessed by the possible fib trade, I failed to notice how price was coming down after a Harami candle with a tweezer-top at a psych-line. The result would have been a damn good trade. Must do better!
Attached Image
  • #942
  • Oct 8, 2008 7:48am Oct 8, 2008 7:48am
OK, I'm back and see that there's been just a little excitement! How this will finally work vs the relationship between the various pairs I have no idea. Until some trends develop I'll just keep to my short term hit and run trading.

For the benefit of any newbies - or doubters on the use of fibs combined with the levels and 34 ema - here's this mornings action on my 5min chart.

I've reverted to calling the 38% to 61% retracements the Decision Zone - where price decides if its going to turn and continue its prior move or not.

#1 back to the 50% and 34 ema with a doji. #2 down to the bottom of the DZ & 7500 level. #3 up into the bottom of the DZ , 550 level & MR1 level

#4 up into DZ daily pivot and 34 ema #5 mini pull back to bottom of DZ

#6 great signal in DZ off 34 ema - I was back for this onehttp://www.forexfactory.com/images/icons/icon12.gif

#7 50% level & 7500 level - waiting to see the outcome...
Attached Image (click to enlarge)
Click to Enlarge Name: oct 8 cable 5m 1225.gif Size: 21 KB
Trading Levels with WRBs
  • #943
  • Oct 8, 2008 7:49am Oct 8, 2008 7:49am
This could also be considered as a break of the rising TL.

Happy, did you get this move? I know you're keen at observing TL breaks.
Attached Image
Life is a journey... So is trading.
  • #944
  • Oct 8, 2008 7:53am Oct 8, 2008 7:53am
Quoting fx1dr3r
This could also be considered as a break of the rising TL.

Happy, did you get this move? I know you're keen at observing TL breaks.
Another one?
Attached Image
Life is a journey... So is trading.
  • #945
  • Oct 8, 2008 8:01am Oct 8, 2008 8:01am
Quoting Islander
OK, I'm back and see that there's been just a little excitement! How this will finally work vs the relationship between the various pairs I have no idea. Until some trends develop I'll just keep to my short term hit and run trading.

For the benefit of any newbies - or doubters on the use of fibs combined with the levels and 34 ema - here's this mornings action on my 5min chart.

I've reverted to calling the 38% to 61% retracements the Decision Zone - where price decides if its going to turn and continue its prior move or not.

#1 back to the 50% and 34 ema with a doji. #2 down to the bottom of the DZ & 7500 level. #3 up into the bottom of the DZ , 550 level & MR1 level

#4 up into DZ daily pivot and 34 ema #5 mini pull back to bottom of DZ

#6 great signal in DZ off 34 ema - I was back for this onehttp://www.forexfactory.com/images/icons/icon12.gif

#7 50% level & 7500 level - waiting to see the outcome...
.. Excellent analysis as usual Islander! What are those blue dashed MA's above the 34EMA?
Life is a journey... So is trading.
  • #946
  • Oct 8, 2008 8:05am Oct 8, 2008 8:05am
Cable is at a confluence of a strong visual support and the psyche level-1.7420. Let's see what happens this time. What do you think guys?
Attached Image
Life is a journey... So is trading.
  • #947
  • Oct 8, 2008 8:08am Oct 8, 2008 8:08am
Zooming in on my last trade and the subsequent action....the buy at #6 was the bounce off the 34 ema in the DZ - I exited at the failure to reach the 600 level, after the red X. Note the mini pull back that then failed to make it up out of the mini DZ - a heads up to think of a short.

Then the action in the latest DZ - a bounce off the 500 level that FAILED to make it up out of the DZ - holding under the 5m 34ema just confirmed the sell at the Red Arrow - I'm still short.....

Edit: just closed short at 7411 -the Euro's bouncing up off its Daily Pivot & 3600 level and the Swissy's falling....so it looks as if the earlier low is holding - for now!
Attached Image (click to enlarge)
Click to Enlarge Name: oct 8 cable 1m 1300.gif Size: 17 KB
Trading Levels with WRBs
  • #948
  • Edited 8:32am Oct 8, 2008 8:20am | Edited 8:32am
Quoting fx1dr3r
Cable is at a confluence of a strong visual support and the psyche level-1.7420. Let's see what happens this time. What do you think guys?
I was hoping for a bounce to the 450 area, but the down trend line held so I'm short again from 7430 - just trading off my 1 min - mini up trend line also broken...will it break 404 - TWT

Edit: NY open in 9 mins - hold onto your hats - you might need to!

Edit: out for +10 on tight stop - pips is pips.....
Trading Levels with WRBs
  • #949
  • Oct 8, 2008 8:24am Oct 8, 2008 8:24am
I see that the Dow has fallen 500 points in the last hour - but its still above yestardays low....
Trading Levels with WRBs
  • #950
  • Oct 8, 2008 9:03am Oct 8, 2008 9:03am
Quoting fx1dr3r
This could also be considered as a break of the rising TL.

Happy, did you get this move? I know you're keen at observing TL breaks.
Hy Fx1, no, didn't because the first TL is to steep and by the second - I miss the last low (this by the first TL).
  • #951
  • Oct 8, 2008 9:09am Oct 8, 2008 9:09am
I guess that you guys have noticed how, since NY open, the Euro and Pound have un-coupled......Euro + 80, Pound -40,


IMO IF the Euro starts to fall, this will allow the Pound to drop hard....
Trading Levels with WRBs
  • #952
  • Oct 8, 2008 9:20am Oct 8, 2008 9:20am
Could this be a falling wedge formation? What do you guys think?
Attached Image
Life is a journey... So is trading.
  • #953
  • Oct 8, 2008 9:24am Oct 8, 2008 9:24am
Quoting Islander
I guess that you guys have noticed how, since NY open, the Euro and Pound have un-coupled......Euro + 80, Pound -40,


IMO IF the Euro starts to fall, this will allow the Pound to drop hard....
The rectangle usualy is continuetion pattern. Let's see.
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Click to Enlarge Name: 2.gif Size: 15 KB
  • #954
  • Oct 8, 2008 9:31am Oct 8, 2008 9:31am
Quoting fx1dr3r
Could this be a falling wedge formation? What do you guys think?
of course. May be test of the TL?
  • #955
  • Oct 8, 2008 9:35am Oct 8, 2008 9:35am
Quoting Happy68
The rectangle usualy is continuetion pattern. Let's see.
It is not rectangle - it is somethink like wedge - difficult break of the high
  • #956
  • Oct 8, 2008 9:56am Oct 8, 2008 9:56am
Quoting Happy68
of course. May be test of the TL?
Last trades of the day. Bought after price crossed above the high of the candle that broke the falling wedge. Exit at a possible 76.4% retracement level. Sold after price crossed below the low of the shooting star at the lower swing high. TP was placed and hit at 100% extension (123.6% level)

Gonna call it a day guys! Goodluck to your trades Happy, Islander and others! See you all tomorrow.
Attached Image
Life is a journey... So is trading.
  • #957
  • Oct 8, 2008 9:59am Oct 8, 2008 9:59am
I'm having problems with my ODL MT4 freezing up, so I'm watching prices from another broker and using MT4 for "delayed" analysis http://www.forexfactory.com/images/icons/icon11.gif


The bounce 20 mins ago that went up to 7423 was into yet another DZ and a little under the 5m 34ema.....I just closed that short in the push down to new lows......now I have a new fib to work off, so I'll set my alarms an wait again....http://www.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #958
  • Oct 8, 2008 10:02am Oct 8, 2008 10:02am
Quoting fx1dr3r
Last trades of the day. Bought after price crossed above the high of the candle that broke the falling wedge. Exit at a possible 76.4% retracement level. Sold after price crossed below the low of the shooting star at the lower swing high. TP was placed and hit at 100% extension (123.6% level)

Gonna call it a day guys! Goodluck to your trades Happy, Islander and others! See you all tomorrow.
Nice one, its always good to finish with a winner...http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #959
  • Oct 8, 2008 10:09am Oct 8, 2008 10:09am
Thanks Fx1, see you tomorrow
  • #960
  • Oct 8, 2008 10:22am Oct 8, 2008 10:22am
Quoting Islander
Nice one, its always good to finish with a winner...http://www.forexfactory.com/images/icons/icon14.gif
It is closed (the winner ). It was a short cable, but it was very difficult trade. Today the GBP was not my friend .

OK, nice evenning!
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