Psych Levels, Pivots, and Trendlines - Resurrected | Page 61 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,201
  • Nov 3, 2008 12:11am Nov 3, 2008 12:11am
Good Morning All - nice start with the failure of the second attempt on the 6400 level.

I had my alarmed trend line set on the blue R1 level and then took a sell on its break and exited on the spike thru 6300.

FYI these alarmed TLs - the dark blue and the red - give me an audio message specific to each currency when they are hit - great when you are monitoring several currencies....
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Trading Levels with WRBs
  • #1,202
  • Nov 3, 2008 12:38am Nov 3, 2008 12:38am
Clear action in Euro too - this helped me to Sell EJ......
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Trading Levels with WRBs
  • #1,203
  • Nov 3, 2008 1:55am Nov 3, 2008 1:55am
Nice trades, Islander. A good start to the day!

Here's a trade on cable. The pull-back produced a confluence of the 13ema and the 1.6250 psych-line. A nice little spinning top formed, and I entered just below the ema as indicated. Again, I exited a little early, but that's just something I'm going to have to work on!
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  • #1,204
  • Nov 3, 2008 2:09am Nov 3, 2008 2:09am
This would have made an interesting trade. I didn't take it because of my involvement with cable at the same time.
Price formed a consolidation zone, and then broke southwards. After a good while it reversed and stopped EXACTLY on the lower line of the zone, forming a doji. A short entry just under the zone would have produced around 20 pips or so. Another method of trading to look out for!
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  • #1,205
  • Nov 3, 2008 4:49am Nov 3, 2008 4:49am
A cable trade from a symmetrical triangle, which is usually considered to indicate a trend continuation signal. And it didn't disappoint. My target was the 1.6150 line, but price kept on dropping as I was attempting to exit, so I ended up with a few more pips than I intended, which can't be bad!
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  • #1,206
  • Nov 3, 2008 5:54am Nov 3, 2008 5:54am
I've traded GJ for a change as I saw these super signals.....closed my last short as GU hit its 1.600 level with UJ stalled at 98.50.

Now I'll wait for the NYSE to open..
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Trading Levels with WRBs
  • #1,207
  • Nov 4, 2008 12:39am Nov 4, 2008 12:39am
A couple of trades. First one is after price bounced off the rising TL of the ascending triangle. The second one is after price broke above the triangle.
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Life is a journey... So is trading.
  • #1,208
  • Nov 4, 2008 12:47am Nov 4, 2008 12:47am
Quoting fx1dr3r
A couple of trades. First one is after price bounced off the rising TL of the ascending triangle. The second one is after price broke above the triangle.
I was working on some other things so I didn't take this one, but also a perfect higher low for an entry around the same price. Nice one.

Someone here previously asked about trading triangles, this is a perfect example of what I meant. Getting in off a higher low before the break out from the triangle.
  • #1,209
  • Nov 4, 2008 12:56am Nov 4, 2008 12:56am
Quoting Vantage
I was working on some other things so I didn't take this one, but also a perfect higher low for an entry around the same price. Nice one.

Someone here previously asked about trading triangles, this is a perfect example of what I meant. Getting in off a higher low before the break out from the triangle.

.. Thanks Vantage. Here's another higher swing low based trade. Bought after price crossed above the high of the tweezer bottom in the HSL. TP was placed and hit at a potential resistance level which is the confluence of MS1-1.5798, psyche level-1.5800 and a visual resistance area.
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Life is a journey... So is trading.
  • #1,210
  • Nov 4, 2008 1:51am Nov 4, 2008 1:51am
FX1, a question

You trade the break of the triangle. But your entry is by the second break. Is it the rule?
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  • #1,211
  • Nov 4, 2008 1:56am Nov 4, 2008 1:56am
Here's a trade after a 76.4% retracement. After the bearish engulfing candle came a bullish piercing and a higher swing low. Bought after price crossed above the high of the bullish piercing candle. TP was hit at 1.5792.
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Life is a journey... So is trading.
  • #1,212
  • Nov 4, 2008 2:10am Nov 4, 2008 2:10am
Quoting Happy68
FX1, a question

You trade the break of the triangle. But your entry is by the second break. Is it the rule?
Hi Happy! It depends. I have several rules on triangle breakouts. On this this one, since the highs are not the same or very close, I don't place a buy stop since there is no clear ceiling price of the triangle. I prefer to wait for a one candle break of the highest high, then buy after the next candle crosses above the high (shadow). As you can see on this formation, there's a small momentum swing which leads to the break. So I just waited till the swing crosses the high of the 1st break.

The disadvantage of this approach is when the first break continues up above the triangle. On this case I don't enter a trade and just wait for a possible pullback (retracement) which sometimes occurs after a breakout. Like on the 2nd chart.

Edit: Added another chart.
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Life is a journey... So is trading.
  • #1,213
  • Nov 4, 2008 2:18am Nov 4, 2008 2:18am
Quoting fx1dr3r
Hi Happy! It depends. I have several rules on triangle breakouts. On this this one, since the highs are not the same or very close, I don't place a buy stop since there is no clear ceiling price of the triangle. I prefer to wait for a one candle break of the highest high, then buy after the next candle crosses above the high (shadow). As you can see on this formation, there's a small momentum swing which leads to the break. So I just waited till the swing crosses the high of the 1st break.

The disadvantage of this approach is when the first break continues up above the triangle. On this case I don't enter a trade and just wait for a possible pullback (retracement) which sometimes occurs after...
Thank's Now it is clear.
  • #1,214
  • Nov 4, 2008 2:53am Nov 4, 2008 2:53am
While we were discussing triangle breakouts, I was able to slip into this trade. After the 2nd break of the confluence of MS1-1.5798 and psyche level-1.6000 cable made a 61.8% retracement, formed a pennant and a tweezer bottom. Bought after price crossed above the high of the tweezer bottom. TP was placed and hit at 100% extension (161.8% level) just below psyche level-1.5900.
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Life is a journey... So is trading.
  • #1,215
  • Nov 4, 2008 3:01am Nov 4, 2008 3:01am
Looking at M15, this could have been a good trade. A buy after the 50% retracement and cable met support at the ceiling of the broken ascending triangle. TP at the 138.2%-161.8% zone.
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Life is a journey... So is trading.
  • #1,216
  • Nov 4, 2008 3:51am Nov 4, 2008 3:51am
Morning, folks.....
Hey, fx1, nice trades, mate. Your charts are always full of very useful info!

Here's a recently completed trade on cable. After price started retracing from the 1.5900 line, I thought it might bounce back when the doji formed on the 13ema. However, when it continued down, I had an idea it would bounce off the 34ema, which coincided with the small consolidation zone an hour and a half back. This proved to be the case, and my entry and exit points are clearly marked, showing a 38 pip profit. As I type this, however, price has literally bull-dozed back up the 1.5900 psych-line it originally reversed from.
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  • #1,217
  • Nov 4, 2008 4:01am Nov 4, 2008 4:01am
Re the above chart.....it's now formed a double-top at the 1.5900 psych-line. Worth watching?
  • #1,218
  • Nov 4, 2008 4:02am Nov 4, 2008 4:02am
Quoting eyevoltage
Morning, folks.....
Hey, fx1, nice trades, mate. Your charts are always full of very useful info!

Here's a recently completed trade on cable. After price started retracing from the 1.5900 line, I thought it might bounce back when the doji formed on the 13ema. However, when it continued down, I had an idea it would bounce off the 34ema, which coincided with the small consolidation zone an hour and a half back. This proved to be the case, and my entry and exit points are clearly marked, showing a 38 pip profit. As I type this, however, price has literally bull-dozed back up the 1.5900 psych-line it originally reversed from.
Nice trade EV! .. Looks like we were on the same boat on that trade. Although your entry was earlier than mine. I was in at 1.5835 after price crossed the high of the 3rd candle in that higher swing low.
Life is a journey... So is trading.
  • #1,219
  • Nov 4, 2008 4:11am Nov 4, 2008 4:11am
Quoting eyevoltage
Re the above chart.....it's now formed a double-top at the 1.5900 psych-line. Worth watching?
You're right EV. A double top and a tweezer top on my chart then in went down from there. But it met support at the rising TL. Let's see what happens.
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Life is a journey... So is trading.
  • #1,220
  • Nov 4, 2008 4:14am Nov 4, 2008 4:14am
Yes, EV, the double-top was worth watching as you said. Retraced back to the 34ema:
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