Psych Levels, Pivots, and Trendlines - Resurrected | Page 54 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,061
  • Oct 20, 2008 1:37am Oct 20, 2008 1:37am
Quoting Islander
Great bounces up off the 5m 34ema in Cable in early European trading + 81 and EurJpy + 71 - I've taken nice profits in both......http://www.forexfactory.com/images/icons/icon6.gif
Morning Islander, very nice I missed those .

Your specifics for an entry from 5 min 34 ema bounce, is it close of a 5 min candle or a certain number of pips move?

Cheers.
  • #1,062
  • Oct 20, 2008 2:01am Oct 20, 2008 2:01am
Quoting Vantage
Morning Islander, very nice I missed those .

Your specifics for an entry from 5 min 34 ema bounce, is it close of a 5 min candle or a certain number of pips move?

Cheers.
I was late getting into this trade after a heavy BBQ sission yesterday - bought at 37.48.

As this was also a pull back close to the 50% retrace at 37.13 you can either take an early entry off the 34 with a stop outside the 61.8 retrace Or wait for a confirmation - say a break of the upturning yellow ema - here an 8 of the median price. It all depends on how you like to trade......http://www.forexfactory.com/images/icons/icon12.gif

Sometimes I'll drill down to the 1m chart for clarification.....
Trading Levels with WRBs
  • #1,063
  • Oct 20, 2008 2:11am Oct 20, 2008 2:11am
For me its really clear on my 1 min chart.....


We see this type of action time and again around Frankies Hour......http://www.forexfactory.com/images/icons/icon12.gif
Attached Image (click to enlarge)
Click to Enlarge Name: oct 18 eurjpy 1m 0705.gif Size: 20 KB
Trading Levels with WRBs
  • #1,064
  • Oct 20, 2008 2:21am Oct 20, 2008 2:21am
Again a clear signal in cable, followed by the ultra wide range green candle pushing up through the 7400 level, then a little consolidation before another UWR candle, again with follow through green candles on up almost to the 7500 level for a 138 pip rally in an hour.

Now that's a great start to anyone's week!

Time for a coffee whilst we wait to see what the Brits decide to do.....http://www.forexfactory.com/images/icons/icon12.gif
Attached Image (click to enlarge)
Click to Enlarge Name: oct 20 gbpusd 5m 0700.gif Size: 17 KB
Trading Levels with WRBs
  • #1,065
  • Oct 20, 2008 3:30am Oct 20, 2008 3:30am
Interesting situation developing on eur/usd?
Attached Image
  • #1,066
  • Oct 20, 2008 3:52am Oct 20, 2008 3:52am
I took the short when the rally off the pull back at #1 failed to get up out of the yellow fib DZ, selling the break under the 500 level, exiting after the long red candle failed to carry on down by the first green tick at #3.

The second bounce at #4 was a possible buy, but I dont like the current strength of USDCHF - so I'll stay flat for now.....
Attached Image (click to enlarge)
Click to Enlarge Name: oct 20 eurusd 1m 0840.gif Size: 19 KB
Trading Levels with WRBs
  • #1,067
  • Oct 20, 2008 4:02am Oct 20, 2008 4:02am
If price can close then open above R1, then it should be all systems go northwards, IMO for what it's worth. R1 is proving to be a pretty tough cookie at present.
Attached Image
  • #1,068
  • Oct 20, 2008 4:18am Oct 20, 2008 4:18am
It's finally creeping up. Watch for some sort of reaction at the 1.3508 line.....(if it gets there!).
  • #1,069
  • Oct 20, 2008 4:25am Oct 20, 2008 4:25am
I had my alarms set around this fib zone and together with the confluence of the 7450 level and the 34 ema it provided a great buy for the bounce back up the the highs - I've taken partials and will wait to see what happens next....

Edit: remainder closed on stop
Attached Image (click to enlarge)
Click to Enlarge Name: oct 20 gbpusd 5m 0820.gif Size: 17 KB
Trading Levels with WRBs
  • #1,070
  • Oct 20, 2008 4:33am Oct 20, 2008 4:33am
Well, it certainly reacted to the 1.3508 line, but I really didn't expect price to form such a strong marabozu candle. Predictably, 1.3475 has again halted price in its tracks, proving to be quite a strong support as price again retraces up.
Attached Image
  • #1,071
  • Oct 21, 2008 4:15am Oct 21, 2008 4:15am
Cable 5m.
A nice bullish piercing pattern right on the S1 line led to an upward movement, which has, at present, stalled and is hovering around the lower mid-point line. Entry indicated by arrow.
Not sure if this will end up being a pull-back into the 13/34ema zone before trend continuance, but the way price has been moving down lately, I wouldn't be surprised.
Attached Image
  • #1,072
  • Oct 21, 2008 4:30am Oct 21, 2008 4:30am
This was happening at the same time, and is very similar to the last example. The difference is that this time, the piercing pattern was centred around the upper mid-point, with the same result as far as PA is concerned.
Attached Image
  • #1,073
  • Edited 7:28am Oct 21, 2008 6:53am | Edited 7:28am
Cable 15m.
This candlestick is a Harami which developed right on the 13ema which demonstrated a strong resistance. Price subsequently dropped until a hammer formed which reached down to touch the upper mid-point line giving an indication of a possible reversal (if it manages to get back above the S1 line/1.7000 confluence).
Attached Image
  • #1,074
  • Oct 21, 2008 7:52am Oct 21, 2008 7:52am
For anybody who's interested, this is an example of the way I'm developing my trading method, and the tools I'm using. I took acumen's method and added one or two bits and pieces along the way.
Attached Image
  • #1,075
  • Oct 21, 2008 8:13am Oct 21, 2008 8:13am
Quoting eyevoltage
For anybody who's interested, this is an example of the way I'm developing my trading method, and the tools I'm using. I took acumen's method and added one or two bits and pieces along the way.
Thanks EV, what time do you set your pivots against?

Cheers
  • #1,076
  • Oct 21, 2008 8:26am Oct 21, 2008 8:26am
Quoting ChowClown
Thanks EV, what time do you set your pivots against?

Cheers
I use FXI Pivots, mate, and from what I can gather, there's no way you can customise them. However, they reset for the new day at midnight GMT here in the UK, if that's any help?

Cheers.
  • #1,077
  • Oct 21, 2008 8:30am Oct 21, 2008 8:30am
Quoting eyevoltage
I use FXI Pivots, mate, and from what I can gather, there's no way you can customise them. However, they reset for the new day at midnight GMT here in the UK, if that's any help?

Cheers.

Thanks for that - i'm using something different and want to sing from the same sheet
  • #1,078
  • Oct 21, 2008 8:45am Oct 21, 2008 8:45am
Quoting ChowClown
Thanks for that - i'm using something different and want to sing from the same sheet
Hallelujah, brother........
  • #1,079
  • Oct 21, 2008 8:50am Oct 21, 2008 8:50am
Quoting ChowClown
Thanks for that - i'm using something different and want to sing from the same sheet
Hi Chowclown
You can adjust these pivots for start times.
Attached File(s)
File Type: ex4 Pivots.ex4   22 KB | 331 downloads
  • #1,080
  • Oct 21, 2008 9:01am Oct 21, 2008 9:01am
Quoting Vantage
Hi Chowclown
You can adjust these pivots for start times.
Thanks Vantage
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