Psych Levels, Pivots, and Trendlines - Resurrected | Page 57 | 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

  • #1,121
  • Oct 28, 2008 2:54am Oct 28, 2008 2:54am
Hi Guys - I'm just passing by as work is keeping me away from my 'puter for a few days.

I've kept the levels to a minimum on this chart and only added the fibs since posting yesterday morning in the EJ thread - as usual, the 5 min chart with all of the levels and the 34 ema provided several good signals yesterday.

Happy trading....http://www.forexfactory.com/images/icons/icon7.gif
Attached Image (click to enlarge)
Click to Enlarge Name: oct 28 ej 15m 0730.gif Size: 14 KB
Trading Levels with WRBs
  • #1,122
  • Oct 28, 2008 2:57am Oct 28, 2008 2:57am
Quoting fx1dr3r
After the initial break price pulled back and continued with those marabozu candles.(.. got that from EV)
Nice trade, mate, and I'm glad you're sitting up and taking notice!
  • #1,123
  • Oct 28, 2008 3:06am Oct 28, 2008 3:06am
Quoting Islander
Hi Guys - I'm just passing by as work is keeping me away from my 'puter for a few days.

I've kept the levels to a minimum on this chart and only added the fibs since posting yesterday morning in the EJ thread - as usual, the 5 min chart with all of the levels and the 34 ema provided several good signals yesterday.

Happy trading....http://www.forexfactory.com/images/icons/icon7.gif
Goodluck with you're work Islander! I hope to see more of your charts and analysis soon.
Life is a journey... So is trading.
  • #1,124
  • Edited 3:36am Oct 28, 2008 3:16am | Edited 3:36am
Currently long from 1.5531.

Edit: Moved Stop to BE.

Edit: Exit @ 1.5587.

Edit: I was looking at a possible continuation of the previous uptrend after a 76.4% retracement. I might have pulled the plug a bit earlier after seeing a strong move down at M5, crossing below the low of the previous candle. Let's see what happens.
Attached Image
Life is a journey... So is trading.
  • #1,125
  • Oct 28, 2008 4:42am Oct 28, 2008 4:42am
Hello FX, EV and others,

Would you say that the circled area on an attached chart is a "continuation triangle", a sign of continued up movement in near future?

I have read a lot about them, but always afraid to pull the trigger, and sometimes I get them totally confused.

Thanks for your expert guidance, and good trading to you friends.

Ed
Attached Image
Up or down, gimme a ticket
  • #1,126
  • Oct 28, 2008 4:57am Oct 28, 2008 4:57am
Quoting SpecialEd
Hello FX, EV and others,

Would you say that the circled area on an attached chart is a \"continuation triangle\", a sign of continued up movement in near future?

I have read a lot about them, but always afraid to pull the trigger, and sometimes I get them totally confused.

Thanks for your expert guidance, and good trading to you friends.

Ed
Hi Ed! That looks a bit like a small ascending triangle formation. If price crossed the ceiling of that formation. There's a high probability of price going up. If I'm not mistaken that's a M30 EURUSD chart. I just pulled up a chart and its looking like a sideways channel right now. It can break either up or down.

Edit: It M30 chart not M15.
Attached Image
Life is a journey... So is trading.
  • #1,127
  • Oct 28, 2008 5:08am Oct 28, 2008 5:08am
Quoting SpecialEd
Hello FX, EV and others,

Would you say that the circled area on an attached chart is a \"continuation triangle\", a sign of continued up movement in near future?

I have read a lot about them, but always afraid to pull the trigger, and sometimes I get them totally confused.

Thanks for your expert guidance, and good trading to you friends.

Ed
Is the triangle on my chart the sort of thing you mean, Ed? If so, yes, it's a descending triangle, which is generally considered to be bearish, usually found in downtrends. This particular one has formed just after an uptrend has finished, so we're assuming that a new downtrend is beginning, but that's not certain yet. Normally, we'd expect a descending triangle to break to the downside, Ed, thereby continuing the trend, but as this trend is just beginning, it's hard to say at this time which way it would go.
Hope that helps.
Attached Image
  • #1,128
  • Oct 28, 2008 5:17am Oct 28, 2008 5:17am
You could be right EV. It does look like a descending triangle. Good eye! If so, it's good to look for a possible break downwards 1/3 from the apex of the triangle.
Life is a journey... So is trading.
  • #1,129
  • Oct 28, 2008 5:19am Oct 28, 2008 5:19am
Fx1, I think between us we might have just thoroughly confused our friend Ed!!
  • #1,130
  • Oct 28, 2008 5:22am Oct 28, 2008 5:22am
Thanks to Fx and EV for both responding to my triangle question. It's indeed trying to break down as I type this, EV. I'm at -24 and hanging on to -44, which is where next support is. Figure I'll give it that much room, because I have a TP target of 76 PIPs away (up).

My problem was that I should have realized that the down move occurred at beginning of London session, and I should have let the triangle "develop". Placing buy/sell stops above and below projected completion of triangle would have delayed my investment and enabled me to catch the ride in either direction.

Again thanks for your time and insight guys. Have a good day.

Chart update attached.

Ed
Attached Image
Up or down, gimme a ticket
  • #1,131
  • Oct 28, 2008 5:23am Oct 28, 2008 5:23am
Quoting eyevoltage
Fx1, I think between us we might have just thoroughly confused our friend Ed!!
Yes, I was a bit amused by your responses. Just goes to show that you can see what you want to see. In fact, you both mentioned sideways and "developing".

If you guys traded EUR/USD all the time, I'd be over here full-time, but then again, if you did, you might be broke!
Up or down, gimme a ticket
  • #1,132
  • Oct 28, 2008 5:31am Oct 28, 2008 5:31am
Quoting SpecialEd
Yes, I was a bit amused by your responses. Just goes to show that you can see what you want to see. In fact, you both mentioned sideways and \"developing\".

If you guys traded EUR/USD all the time, I'd be over here full-time, but then again, if you did, you might be broke!
Didn't you mention that you're leaning towards LT trading, Ed? If that's the case, then the EUR/USD thread would surely be the place to be, seeing as us folks over here seem to be more or less concentrating on 5m and 15m charts. However, it's always nice to be visited by an old friend, mate! And we're happy to help anytime, Ed! Don't be a stranger!
  • #1,133
  • Oct 28, 2008 5:36am Oct 28, 2008 5:36am
Quoting SpecialEd
Yes, I was a bit amused by your responses. Just goes to show that you can see what you want to see. In fact, you both mentioned sideways and \"developing\".

If you guys traded EUR/USD all the time, I'd be over here full-time, but then again, if you did, you might be broke!
.. Chart formations which are a bit unclear as that one is prone to varying subjective interpretation. Best of luck to you Ed! Visit us anytime.
Life is a journey... So is trading.
  • #1,134
  • Oct 28, 2008 6:06am Oct 28, 2008 6:06am
Yes gents, I am trading mostly the M30 and H1, but I look a lot at M5 for minimal scalping. You guys are fun to work with though.

As an update on EUR/USD, the best way to get price moving in the direction of your long is to place a short, right? Well, that's precisely what I did. Now I've got a Sell sitting at -24 and that old Buy at -5! The good news, however, is these will probably be my only trades for the day. The buy is at 1.2504 (T/P=2580), and the sell is at 1.2476 (T/P=2400). Hopeful that they will both clear to my advantage in this single day.

Now to the honey-do's. Best, guys.
Ed
Up or down, gimme a ticket
  • #1,135
  • Oct 28, 2008 6:34am Oct 28, 2008 6:34am
Quoting SpecialEd
Hello FX, EV and others,

Would you say that the circled area on an attached chart is a \"continuation triangle\", a sign of continued up movement in near future?

I have read a lot about them, but always afraid to pull the trigger, and sometimes I get them totally confused.

Thanks for your expert guidance, and good trading to you friends.

Ed
Not an expert on triangles so I'll let others comment on that, attached is an indicator that will auto draw trend lines for you if that helps.

I would suggest having a good look at Islanders use of 34 ema on 1 min chart as that might tie in nicely as a method to trade triangles on higher time frames.
Attached File(s)
File Type: mq4 DeMark lines.mq4   17 KB | 497 downloads
  • #1,136
  • Oct 28, 2008 6:55am Oct 28, 2008 6:55am
Quoting Vantage
Not an expert on triangles so I'll let others comment on that, attached is an indicator that will auto draw trend lines for you if that helps.

I would suggest having a good look at Islanders use of 34 ema on 1 min chart as that might tie in nicely as a method to trade triangles on higher time frames.
Many thanks for that, Vantage. Never really looked at TD TL's before, but as you say, Islander seems to do very well with them.
Thanks again.
  • #1,137
  • Oct 28, 2008 8:04am Oct 28, 2008 8:04am
Quoting Vantage
Not an expert on triangles so I'll let others comment on that, attached is an indicator that will auto draw trend lines for you if that helps.

I would suggest having a good look at Islanders use of 34 ema on 1 min chart as that might tie in nicely as a method to trade triangles on higher time frames.
Thanks Vantage.
Up or down, gimme a ticket
  • #1,138
  • Oct 28, 2008 9:31am Oct 28, 2008 9:31am
Here's a nice breakout from a symmetrical triangle on Cable. I needed to wait until price dropped below the 0.80 psych-line before entering the trade. My TP target was the 0.50 psych-line, but price just kept dropping, bringing into play the next psych-line, which was the 0.20 one. I hopped out just after the psych-line was breached but had I held on, price would have took me right down to the 1.5600 psych-line. Still, a really nice trade.
Attached Image
  • #1,139
  • Oct 28, 2008 10:06am Oct 28, 2008 10:06am
This trade was taken after price had dawdled along the confluence formed by a psych-line and the main Pivot line. It was a question of waiting for price to drop below the small green support line before entering the trade. TP target was the next confluence of the 0.50 psych-line and the sub-midpoint line. I jumped out a little early, but price was starting to retreat from the confluence area.
Attached Image
  • #1,140
  • Oct 28, 2008 11:43am Oct 28, 2008 11:43am
Quoting eyevoltage
This trade was taken after price had dawdled along the confluence formed by a psych-line and the main Pivot line. It was a question of waiting for price to drop below the small green support line before entering the trade. TP target was the next confluence of the 0.50 psych-line and the sub-midpoint line. I jumped out a little early, but price was starting to retreat from the confluence area.
Sweet trade.
Up or down, gimme a ticket
28 traders viewing now