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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,181
  • Oct 31, 2008 5:08am Oct 31, 2008 5:08am
Pivotpoint is the best tool to know the target for the day.
  • #1,182
  • Oct 31, 2008 5:15am Oct 31, 2008 5:15am
Quoting eyevoltage
Well done, mate. See my chart below.....two trading opportunities as a result of two dark cloud covers! I totally missed them, but there again, I've been a bit distracted this morning, unfortunately.
Good eye on the DCCs EV! I only saw the hammer on the 2nd one.
Life is a journey... So is trading.
  • #1,183
  • Oct 31, 2008 5:21am Oct 31, 2008 5:21am
Quoting fx1dr3r
Edit: Looks like it still went down after all. Oh well, we can't get them all.
Fx1, this is the 15m chart as I saw it. Take a note of the bearish engulfing candle, and the two ema's. Obviously I didn't see this at the time, but looking back, if you'd seen the direction of the 2 ema's, and how the engulfing candle closed below the psych-line, do you think it would have given you the confidence to let the trade run? I'm asking your opinion only, mate, as I can learn from this as well.
Attached Image
  • #1,184
  • Oct 31, 2008 5:38am Oct 31, 2008 5:38am
Quoting eyevoltage
Fx1, this is the 15m chart as I saw it. Take a note of the bearish engulfing candle, and the two ema's. Obviously I didn't see this at the time, but looking back, if you'd seen the direction of the 2 ema's, and how the engulfing candle closed below the psych-line, do you think it would have given you the confidence to let the trade run? I'm asking your opinion only, mate, as I can learn from this as well.
EV, seeing the bearish engulfing candle (now), the downward slope of the ema's, a bounce off of the lower ema, it could have given me the confidence to let the trade run even just to the next .xx50 level.

I have to admit I might have closed the trade early. Normally, on smooth flowing move like on that M15 chart, you would see consecutive lower highs and lower lows in a downtrend. Looking at it now, even if there was a hammer, the high of the succeeding candle didn't cross the high of the hammer candle. It could be a basis to stay in the trade.
Life is a journey... So is trading.
  • #1,185
  • Oct 31, 2008 5:50am Oct 31, 2008 5:50am
Saw this bullish piercing candle. Got in after price crossed the high of the piercing candle. TP was hit 2 bid points below the psyche level-1.6200.
Attached Image
Life is a journey... So is trading.
  • #1,186
  • Oct 31, 2008 6:03am Oct 31, 2008 6:03am
Quoting fx1dr3r
EV, seeing the bearish engulfing candle (now), the downward slope of the ema's, a bounce off of the lower ema, it could have given me the confidence to let the trade run even just to the next .xx50 level.

I have to admit I might have closed the trade early. Normally, on smooth flowing move like on that M15 chart, you would see consecutive lower highs and lower lows in a downtrend. Looking at it now, even if there was a hammer, the high of the succeeding candle didn't cross the high of the hammer candle. It could be a basis to stay in the trade.
Thanks for your insight, fx1. It's always good to know what others are thinking, as it can only benefit one in the end.
I see there's been another pull-back from the 1.6120 psych-line, with a bullish piercing pattern, resulting in a 150 pip rise so far, and it could be more yet. A counter-trend trade, to be sure, but nevertheless, if the signs are right, and they are with this one, then it should be taken.
What do you reckon?
  • #1,187
  • Oct 31, 2008 6:05am Oct 31, 2008 6:05am
Quoting fx1dr3r
Saw this bullish piercing candle. Got in after price crossed the high of the piercing candle. TP was hit 2 bid points below the psyche level-1.6200.
Lol!!! I didn't see your post until after I posted my last one. Great minds think alike, mate!! Well done!
  • #1,188
  • Oct 31, 2008 6:06am Oct 31, 2008 6:06am
Quoting eyevoltage
Thanks for your insight, fx1. It's always good to know what others are thinking, as it can only benefit one in the end.
I see there's been another pull-back from the 1.6120 psych-line, with a bullish piercing pattern, resulting in a 150 pip rise so far, and it could be more yet. A counter-trend trade, to be sure, but nevertheless, if the signs are right, and they are with this one, then it should be taken.
What do you reckon?
I agree with you EV. But we need to be cautious for a possible bounce of a TL or the emas. That's why I placed my TP below the falling TL. Price did react initially as seen in that 30+ lower shadow, but it was persistent.
Life is a journey... So is trading.
  • #1,189
  • Oct 31, 2008 6:08am Oct 31, 2008 6:08am
Quoting fx1dr3r
I agree with you EV. But we need to be cautious for a possible bounce of a TL or the emas. That's why I placed my TP below the falling TL. Price did react initially as seen in that 30+ lower shadow, but it was persistent.
Couldn't agree more. Wow! Look at it rise!
  • #1,190
  • Oct 31, 2008 6:14am Oct 31, 2008 6:14am
We both considered it to be a counter trend because of previous strong move down. But we have to take note that it made a higher swing low and a deep retracement. Since it didn't take out the previous swing low, we could reach at a conclusion that there could be a short term uptrend, and it could have given us an additional reason to take the trade after the bullish piercing. What do you think EV?
Attached Image
Life is a journey... So is trading.
  • #1,191
  • Oct 31, 2008 6:21am Oct 31, 2008 6:21am
Quoting fx1dr3r
We both considered it to be a counter trend because of previous strong move down. But we have to take note that it made a higher swing low and a deep retracement. Since it didn't take out the previous swing low, we could reach at a conclusion that there could be a short term uptrend, and it could have given us an additional reason to take the trade after the bullish piercing. What do you think EV?
Absolutely. I know exactly what you mean. These indications have to be taken into account, but I know from experience that they're easily missed, or even worse, ignored.
  • #1,192
  • Oct 31, 2008 6:26am Oct 31, 2008 6:26am
Quoting eyevoltage
Absolutely. I know exactly what you mean. These indications have to be taken into account, but I know from experience that they're easily missed, or even worse, ignored.
.. I agree with you EV. Lots of factors to be considered in a fast moving market.
Life is a journey... So is trading.
  • #1,193
  • Oct 31, 2008 6:34am Oct 31, 2008 6:34am
Quoting fx1dr3r
.. I agree with you EV. Lots of factors to be considered in a fast moving market.
You're right, and I'm learning all the time about those particular factors, from your posts, as well as those from Islander and Vantage. Always lots of good solid information, no doubt about it.
  • #1,194
  • Oct 31, 2008 6:43am Oct 31, 2008 6:43am
Quoting eyevoltage
You're right, and I'm learning all the time about those particular factors, from your posts, as well as those from Islander and Vantage. Always lots of good solid information, no doubt about it.
.. You're too kind my friend. I'm trying to be more attentive of your top notch candlestick analysis as well (among others). I guess we are all learning something from each other here. (ironically the purpose of forums)
Life is a journey... So is trading.
  • #1,195
  • Edited Nov 1, 2008 2:32am Oct 31, 2008 6:46am | Edited Nov 1, 2008 2:32am
Quoting eyevoltage
You're right, and I'm learning all the time about those particular factors, from your posts, as well as those from Islander and Vantage. Always lots of good solid information, no doubt about it.

Couldn't agree more, I loved fx1's comments in the post "We both considered it to be a counter trend because of previous strong move down. But we have to take note that it made a higher swing low and a deep retracement. Since it didn't take out the previous swing low, we could reach at a conclusion that there could be a short term uptrend, and it could have given us an additional reason to take the trade after the bullish piercing."

I wouldn't have had the intestinal fortitude to buy there at the bottom but this gives me lots of food for thought about trading subsequent hl's/lh's off 1 min chart. Indeed shortly after there were 2 good hl opportunities on 1 min.

EV thanks for your numerous posts also.

Cheers
PS I think I'll be happy when I get close-ish to Islanders league!!!!

I've had a great morning so I'm off, have a good 'un.
  • #1,196
  • Oct 31, 2008 7:07am Oct 31, 2008 7:07am
Have a good weekend, Vantage.
  • #1,197
  • Oct 31, 2008 7:41am Oct 31, 2008 7:41am
A nice little trade after the bearish engulfing candle, which straddled both ema's. Entry just under the psych-line, and exit as the following candle started to retrace. Nice and simple and straightforward.
Attached Image
  • #1,198
  • Oct 31, 2008 8:14am Oct 31, 2008 8:14am
Quoting eyevoltage
A nice little trade after the bearish engulfing candle, which straddled both ema's. Entry just under the psych-line, and exit as the following candle started to retrace. Nice and simple and straightforward.
Nice trade EV!
Life is a journey... So is trading.
  • #1,199
  • Oct 31, 2008 8:30am Oct 31, 2008 8:30am
Quoting fx1dr3r
Nice trade EV!
Thanks, mate. Probably my last of the day. Got to go out, so I'll wish you and everybody else on here a very nice weekend, my friend.

See you Monday, hopefully.
  • #1,200
  • Oct 31, 2008 8:35am Oct 31, 2008 8:35am
Quoting eyevoltage
Thanks, mate. Probably my last of the day. Got to go out, so I'll wish you and everybody else on here a very nice weekend, my friend.

See you Monday, hopefully.
.. Have a great weekend EV! See you on Monday!
Life is a journey... So is trading.
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