Psych Levels, Pivots, and Trendlines - Resurrected | Page 51 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,001
  • Oct 10, 2008 5:50am Oct 10, 2008 5:50am
After the stopped long (red rectangle) one good trade (blue rectangle) - LL and 38% correction + SStar. Exit - 133,80 (the previous low).
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  • #1,002
  • Oct 10, 2008 5:52am Oct 10, 2008 5:52am
Once again, a busy morning, but not trading, unfortunately. I've been watching the screen on and off, and for a change, eur/jpy, seeing as Islander seems to have some success with that pair. I didn't take advantage of this fib trade, but I've marked potential entry and exit points just as an example. The candle marked with the entry point is a very strong one, known as a bearish closing marabozu (closing at its low). That's just for interest sake, seeing as one doesn't know that until the candle actually closes. The point is that if you see one of these candles, then there's a very good chance that another strong candle will follow it. Of course, there's no certainties in this game, but it's worth knowing, IMHO.
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  • #1,003
  • Oct 10, 2008 7:06am Oct 10, 2008 7:06am
Quoting eyevoltage
Once again, a busy morning, but not trading, unfortunately. I've been watching the screen on and off, and for a change, eur/jpy, seeing as Islander seems to have some success with that pair. I didn't take advantage of this fib trade, but I've marked potential entry and exit points just as an example. The candle marked with the entry point is a very strong one, known as a bearish closing marabozu (closing at its low). That's just for interest sake, seeing as one doesn't know that until the candle actually closes. The point is that if you see one of these candles, then there's a very good chance that another strong candle will follow it. Of course, there's no certainties in this game, but it's worth knowing, IMHO.
I viewed this slightly differently and sold at 134.20. The set up for me was the lower high rejection of the half number 134.50, see the arrow down. Got out at +37 when it started coming back strongly.
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  • #1,004
  • Oct 13, 2008 12:48am Oct 13, 2008 12:48am
First trades of the day. Cable formed an ascending triangle. 1st buy is after price bounced off the rising TL and made a 76.4% retracement just below hte confluence of CP-1.6998 and psyche level-1.7000. TP was placed and hit at 100% extension. 2nd buy is after the break upwards of the triangle. TP was placed and hit at confluence of a visual resistance, 161.8% level and psyche level-1.7080.
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Life is a journey... So is trading.
  • #1,005
  • Oct 13, 2008 1:01am Oct 13, 2008 1:01am
Good morning

Good trades, Fx1 . I was short in EUR, but waited of 3460 and the market closed me on BE. E/Y I have overlooked .
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  • #1,006
  • Oct 13, 2008 1:01am Oct 13, 2008 1:01am
Quoting fx1dr3r
First trades of the day. Cable formed an ascending triangle. 1st buy is after price bounced off the rising TL and made a 76.4% retracement just below hte confluence of CP-1.6998 and psyche level-1.7000. TP was placed and hit at 100% extension. 2nd buy is after the break upwards of the triangle. TP was placed and hit at confluence of a visual resistance, 161.8% level and psyche level-1.7080.
Very nice trade fx1dr3r, as usual. I'd like to know, what was your SL for the 2nd enter? The 1st one is clear for me.
  • #1,007
  • Oct 13, 2008 1:13am Oct 13, 2008 1:13am
Quoting Happy68
Good morning

Good trades, Fx1 . I was short in EUR, but waited of 3460 and the market closed me on BE. E/Y I have overlooked .
Sometimes we overlook things. The important thing is to remember it for the next time. Anyway, that was a good entry.

Here's another trade in cable. After the breakout, price made a 23.6% retracement. Entry is after price crossed the previous swing high. TP was placed and hit at confluence of visual resistance and 138.2% level.
Attached Image
Life is a journey... So is trading.
  • #1,008
  • Edited 1:49am Oct 13, 2008 1:17am | Edited 1:49am
Quoting Tomik1701
Very nice trade fx1dr3r, as usual. I'd like to know, what was your SL for the 2nd enter? The 1st one is clear for me.
My entry was at 1.7045 ask price. My SL was 20 points below the entry price (which is below the ceiling of the triangle) coz sometimes after a breakout price will test the broken level.
Life is a journey... So is trading.
  • #1,009
  • Oct 13, 2008 2:01am Oct 13, 2008 2:01am
There are no setups for me now and I want to share any thoughts - how important is to trade and look for your own setups. In any moment on the chart are different trade-possibilities and if we want to trade all them, we will trade nothing or there will be chaos. I had (may be still have) this problem.

Here the example from today - what looks Fx1 for and what look I for in the same moment by GBP. There is no time to trade all that, therefore we have to stick to our own setups.

1. Fx1 sees the HH, Fibo-correction after that, TL-support and then move.

2. I see the failed breakout of the previous high, some figure like flag and TL below. I waited for break of this TL, little correction and then move down. The break was here, but there was no correction with follow down move. There was no time for me to take into consideration the version of Fx1.

Here the charts:
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  • #1,010
  • Oct 13, 2008 2:30am Oct 13, 2008 2:30am
Quoting Happy68
There are no setups for me now and I want to share any thoughts - how important is to trade and look for your own setups. In any moment on the chart are different trade-possibilities and if we want to trade all them, we will trade nothing or there will be chaos. I had (may be still have) this problem.

Here the example from today - what looks Fx1 for and what look I for in the same moment by GBP. There is no time to trade all that, therefore we have to stick to our own setups.

1. Fx1 sees the HH, Fibo-correction after that, TL-support and then move.

2. I see the failed breakout of the previous high, some figure like flag and TL below. I waited for break of this TL, little correction and then move down. The break was here, but there was no correction with follow down move. There was no time for me to take into consideration the version of Fx1.

Here the charts:
Thanks FX1 for your answer. Hello Happy68, I see that we are tuned for the same note. For me, it would be the same setup.
  • #1,011
  • Oct 13, 2008 2:34am Oct 13, 2008 2:34am
Quoting Tomik1701
Thanks FX1 for your answer. Hello Happy68, I see that we are tuned for the same note. For me, it would be the same setup.
Hallo Tomik . Do you trade only GBP? Because there was today TLB by EUR. I had posted the chart.
  • #1,012
  • Oct 13, 2008 2:37am Oct 13, 2008 2:37am
I wait for the next trade of FX1 . There was good retracement 50% + Hammer.
  • #1,013
  • Oct 13, 2008 2:43am Oct 13, 2008 2:43am
Quoting Happy68
Hallo Tomik . Do you trade only GBP? Because there was today TLB by EUR. I had posted the chart.
I trade mainly EU, GU I'm rather watching for education purpose and a lot of pics from FX1 on this thread . But today I have some poblems with my Alpari UK demo account, so no trades even on EU by then, just watching.
  • #1,014
  • Oct 13, 2008 2:46am Oct 13, 2008 2:46am
Quoting Tomik1701
I trade mainly EU, GU I'm rather watching for education purpose and a lot of pics from FX1 on this thread . But today I have some poblems with my Alpari UK demo account, so no trades even on EU by then, just watching.
Yes, we need time to find our own setups. I like FX1's trade too.
  • #1,015
  • Oct 13, 2008 2:47am Oct 13, 2008 2:47am
Good Morning All - nice trades FX1.

Its a holiday here and I was late getting to my screen, so I missed the clear buy set ups in GBPUSD, EURUSD and EURJPY, getting in late for a few pips.

I did buy the pull back in GBPUSD as it bounced up off a 38% retrace - closed out for 35 pips as it stalled just under its 7200 level.
Trading Levels with WRBs
  • #1,016
  • Oct 13, 2008 2:50am Oct 13, 2008 2:50am
Quoting Islander
Good Morning All - nice trades FX1.

Its a holiday here and I was late getting to my screen, so I missed the clear buy set ups in GBPUSD, EURUSD and EURJPY, getting in late for a few pips.

I did buy the pull back in GBPUSD as it bounced up off a 38% retrace - closed out for 35 pips as it stalled just under its 7200 level.
Hi Islander, do you currently have access to FDAX through your WHC feed?
  • #1,017
  • Oct 13, 2008 2:50am Oct 13, 2008 2:50am
Fx1, I have a question to you.
I like your Fibo-trades very, very much and tried to practise them. I have my own plan for entry and exits, but I have one big problem. If the new high/low is formed with reversal candle I beginn to see for contramove. I just ignore the possibility. There are so many examples - like today . I realy want to learn this setup. What do you think about that?
  • #1,018
  • Oct 13, 2008 3:01am Oct 13, 2008 3:01am
Here's my chart - loads of signals available - easy to see the first buy as price held just under the 700 level - also the daily pivot, followed by a nice run up to the R1 at 7220, supported by the aqua 34 ema

Then the pull back to the start of the DZ - the 38% level for another Buy.

This moove failed just under 7200, so we have a lower high, setting up for a sell......now what will happen in the DZ......
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Trading Levels with WRBs
  • #1,019
  • Oct 13, 2008 3:03am Oct 13, 2008 3:03am
Quoting Happy68
Fx1, I have a question to you.
I like your Fibo-trades very, very much and tried to practise them. I have my own plan for entry and exits, but I have one big problem. If the new high/low is formed with reversal candle I beginn to see for contramove. I just ignore the possibility. There are so many examples - like today . I realy want to learn this setup. What do you think about that?
Happy, even if my TP is still far or if I only have a small profit when an opposite swing point is created with a reversal candle pattern, I would exit my trade.
Life is a journey... So is trading.
  • #1,020
  • Oct 13, 2008 3:06am Oct 13, 2008 3:06am
Some more trades. The first one is after a penant formation formed. Sold after price crossed below the low of the penant formation. Closed after price hesitated at the confluence of a visual support and psyche level-1.7120 just above the confluence of MR1-1.7109 and psyche level-1.7100. Second trade is after a 76.4% retracement. Entry is after the shooting star. TP was placed and hit at confluence of a visual support and psyche level-1.7120.
Attached Image
Life is a journey... So is trading.
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