Psych Levels, Pivots, and Trendlines - Resurrected | Page 58 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,141
  • Oct 28, 2008 10:37am Oct 28, 2008 10:37am
I got back in time to catch a good portion of the 280 pips rally off the upper DZ level - the 38.2% - I exited in the last run up to the green doji which stalled at the 121 level - for clarity in another thread, I've omitted all the levels, but you guys know where they are!!
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #1,142
  • Edited 11:05pm Oct 28, 2008 10:46pm | Edited 11:05pm
Excellent trades guys! I wasn't able to get back to trading last night. Here are a couple of trades. First one is a sell stop 2 bid points below the 1.6000 psyche level. A descending triangle formation was formed. Price then pulled back and made a 61.8% retracement. Entered another short after the shooting star. TP was placed and hit above the psyche level-1.5950 just above a visual support level. As I type this price has moved up.
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Life is a journey... So is trading.
  • #1,143
  • Oct 28, 2008 10:49pm Oct 28, 2008 10:49pm
Wow! Look at it move up!

Edit: It looks like it's meeting resistance at the previous swing high.
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Life is a journey... So is trading.
  • #1,144
  • Oct 28, 2008 11:55pm Oct 28, 2008 11:55pm
Here's a fib trade. Cable made a 76.4% retracement. Bought after price crossed above the spinning top and psyche level-1.6050. TP was placed and hit at psyche level-1.6150 just below 100% extension. Looks like price rose to R1-1.6196.
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Life is a journey... So is trading.
  • #1,145
  • Oct 29, 2008 12:58am Oct 29, 2008 12:58am
Here's an update - I took early profits after the second buy arrow and so missed the pull back to the 5m 34 ema at the 120 level........http://www.forexfactory.com/images/icons/icon9.gif

With the 1300 pip range there are too many levels, so I've only placed those that were active....

The pull back to the 121.50 level is in the middle of the fib retracement zone.....

I'm waiting to see what the Brits do......
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Trading Levels with WRBs
  • #1,146
  • Oct 29, 2008 1:18am Oct 29, 2008 1:18am
Quoting fx1dr3r
Here's a fib trade. Cable made a 76.4% retracement. Bought after price crossed above the spinning top and psyche level-1.6050. TP was placed and hit at psyche level-1.6150 just below 100% extension. Looks like price rose to R1-1.6196.
Nice one FX.

I missed the pull back entry - easier to see on the 1 min chart after price held under the yellow (8 ema) at the 6150 level. Also, the dashed slate blue line is the 5m 34 ema + 200 level - so when price made its high it was very extended and likely to have a pull back - often to the 34 ema - here around the 6050 level.

So there was an easy 100 pips available - for the more ambitious, a sell at the mid point of that 50 pip blow off green candle into the high was a low risk entry at 6190....
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Trading Levels with WRBs
  • #1,147
  • Oct 29, 2008 1:24am Oct 29, 2008 1:24am
Quoting Islander
Nice one FX.

I missed the pull back entry - easier to see on the 1 min chart after price held under the yellow (8 ema) at the 6150 level. Also, the dashed slate blue line is the 5m 34 ema + 200 level - so when price made its high it was very extended and likely to have a pull back - often to the 34 ema - here around the 6050 level.

So there was an easy 100 pips available - for the more ambitious, a sell at the mid point of that 50 pip blow off green candle into the high was a low risk entry at 6190....
.. Excellent analysis Islander! Are you using 8 EMA coz of its relation to the fib sequence? I think EV is using it also, but at M5.
Life is a journey... So is trading.
  • #1,148
  • Oct 29, 2008 2:29am Oct 29, 2008 2:29am
Bought after price crossed above the high of the 2nd in the tweezer bottom. This also forms a double bottom. TP was at R1. Never really got there. Gave up some pips. Closed when it came back to the psyche level. Still, better than a loss I guess.
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Life is a journey... So is trading.
  • #1,149
  • Oct 29, 2008 3:12am Oct 29, 2008 3:12am
Cable has formed a small descending triangle formation. With a tweezer bottom at the floor and spinning top candles. Let's see what happens.
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Life is a journey... So is trading.
  • #1,150
  • Oct 29, 2008 3:41am Oct 29, 2008 3:41am
I didn't see it as a descending triangle. The two spinning tops and then a strong bullish candle made the decision for me. I just waited to see if it would go above the previous high, and then I entered. It's still rising as I type this, but it's still a good profit.
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  • #1,151
  • Oct 29, 2008 3:55am Oct 29, 2008 3:55am
Quoting eyevoltage
I didn't see it as a descending triangle. The two spinning tops and then a strong bullish candle made the decision for me. I just waited to see if it would go above the previous high, and then I entered. It's still rising as I type this, but it's still a good profit.
Nice one EV! We could also apply fib analysis to that move considering that it made a higher swing low.
Life is a journey... So is trading.
  • #1,152
  • Oct 29, 2008 4:06am Oct 29, 2008 4:06am
Quoting fx1dr3r
Cable has formed a small descending triangle formation. With a tweezer bottom at the floor and spinning top candles. Let's see what happens.
And it was also a nice higher low.
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  • #1,153
  • Edited 4:22am Oct 29, 2008 4:10am | Edited 4:22am
Quoting Vantage
And it was also a nice higher low.
You're right Vantage. It made a higher swing low and a bounce off of the rising TL making 76.4% retracement. Continued up to conflunce of R1-1.6103, psyche level-1.6100 and visual resistance level. It just hit 100% extension (123.6% level) before moving down.
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Life is a journey... So is trading.
  • #1,154
  • Oct 29, 2008 4:33am Oct 29, 2008 4:33am
Quoting fx1dr3r
.. Excellent analysis Islander! Are you using 8 EMA coz of its relation to the fib sequence? I think EV is using it also, but at M5.
I usually put a fast EMA in Yellow to help clarify the action around possible turns - I'll use the 8 of the median price on the 1 min and the 5 on the 5 min - and yes, I guess that I'm rather fixed on using fib numbers by habit - the 55 EMA was a great tool for me in the commodity markets.....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #1,155
  • Oct 29, 2008 4:46am Oct 29, 2008 4:46am
Here's my chart from the EJ thread.

Something that really stands out is the importance of the failure of a move to make new highs / lows by more than a few pips - usually just sufficient to trigger some stops!! - here, around Frankies Hour for the Sell, after LO for the Buy and again later for the Sell - each one being the FAILURE to break a prior H / L- and of course, they all just happen to be around one of our levels.....http://www.forexfactory.com/images/icons/icon12.gif

#2 was a straight forward Buy on the pull back to the 34 EMA & 123.50 level.

#3 for ,me is a small Sell position, higher risk entry, late in the European morning and with price above the still rising 34 EMA.....
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Trading Levels with WRBs
  • #1,156
  • Oct 29, 2008 5:19am Oct 29, 2008 5:19am
Quoting Islander
Here's my chart from the EJ thread.

Something that really stands out is the importance of the failure of a move to make new highs / lows by more than a few pips - usually just sufficient to trigger some stops!! - here, around Frankies Hour for the Sell, after LO for the Buy and again later for the Sell - each one being the FAILURE to break a prior H / L- and of course, they all just happen to be around one of our levels.....http://www.forexfactory.com/images/icons/icon12.gif

#2 was a straight forward Buy on the pull back to the 34 EMA & 123.50 level.

#3 for ,me is a small Sell position, higher risk entry, late in the European morning and with price above the still rising 34 EMA.....
Thanks lots of good info.
  • #1,157
  • Oct 29, 2008 10:53pm Oct 29, 2008 10:53pm
Here's a fib trade. Cable made a higher swing low and 76.4% retracement. Bought after price crossed the high of the 3rd candle in the higher swing low formation. TP was placed and hit at psyche level-1.6650. As I type this price has made a strong move downwards after hitting the 138.2% level.
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  • #1,158
  • Oct 30, 2008 12:29am Oct 30, 2008 12:29am
Some more trades. First one is after the double bottom. 2nd is after the break upwards of a descending triangle.
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  • #1,159
  • Oct 30, 2008 1:11am Oct 30, 2008 1:11am
Hallo FX1,

could you please, give a chart with your Open-point for the pivots. Thank you.
  • #1,160
  • Oct 30, 2008 1:20am Oct 30, 2008 1:20am
Hi Happy68! My settlement time is at 5PM EST.
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