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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,221
  • Nov 4, 2008 6:26am Nov 4, 2008 6:26am
Quoting fx1dr3r
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.
Yes, the TL is giving strong support. I was tempted to trade this, but my ema's are starting to flatten out, so I won't bother. I just KNOW I'll live to regret it!

Edit: Just seen your post, Rialto. Nice chart, mate. Thanks for your contribution.
  • #1,222
  • Nov 4, 2008 6:31am Nov 4, 2008 6:31am
Quoting eyevoltage
Yes, the TL is giving strong support. I was tempted to trade this, but my ema's are starting to flatten out, so I won't bother. I just KNOW I'll live to regret it!

Edit: Just seen your post, Rialto. Nice chart, mate. Thanks for your contribution.
.. I'm long from 1.5861. Let's see where this goes.
Life is a journey... So is trading.
  • #1,223
  • Nov 4, 2008 6:38am Nov 4, 2008 6:38am
Quoting fx1dr3r
.. I'm long from 1.5861. Let's see where this goes.
Well done, mate. I TOLD you I'd live to regret it!

Edit: It's forming a triple-top now, or is that a quadruple-top?
  • #1,224
  • Nov 4, 2008 7:13am Nov 4, 2008 7:13am
My TP was hit @ 1.5948, just below the psyche level.
Life is a journey... So is trading.
  • #1,225
  • Nov 4, 2008 7:20am Nov 4, 2008 7:20am
Quoting fx1dr3r
My TP was hit @ 1.5948, just below the psyche level.
Good trade, fx1, and it serves me right for being....... !!!!!!
  • #1,226
  • Nov 4, 2008 7:31am Nov 4, 2008 7:31am
Quoting eyevoltage
Good trade, fx1, and it serves me right for being....... !!!!!!
.. We can't get them all EV! Anyway you had a reason to keep out. Your EMAs were flatting out which shows a potential for a consolidation.
Life is a journey... So is trading.
  • #1,227
  • Nov 4, 2008 7:37am Nov 4, 2008 7:37am
Quoting fx1dr3r
.. We can't get them all EV! Anyway you had a reason to keep out. Your EMAs were flatting out which shows a potential for a consolidation.
Yeah, you're right, I suppose. Anyway, I've just made amends over on the eur/usd. A bullish engulfing candle on the 13ema, prompted me to enter just above the .20 psych line. Looking at it, I'm so glad I jumped ship when I did!
Attached Image
  • #1,228
  • Nov 4, 2008 7:43am Nov 4, 2008 7:43am
Nice trade EV!
Life is a journey... So is trading.
  • #1,229
  • Nov 4, 2008 8:09am Nov 4, 2008 8:09am
Did you see this one, fx1? A nice symmetrical triangle break upwards would have netted around 40 pips or more. I wasn't at the computer though, so I missed it.
Attached Image
  • #1,230
  • Nov 4, 2008 8:21am Nov 4, 2008 8:21am
Quoting eyevoltage
Did you see this one, fx1? A nice symmetrical triangle break upwards would have netted around 40 pips or more. I wasn't at the computer though, so I missed it.
.. Good eye on the triangle EV! I didn't see that. Although I was on this trade. Bought after price crossed above the tweezer top and higher swing high. It's also a bounce off the rising TL. TP was below CP-1.5998. Pulled the plug at 1.5910.
Attached Image
Life is a journey... So is trading.
  • #1,231
  • Nov 4, 2008 8:28am Nov 4, 2008 8:28am
That's it for me today. Goodluck to your trades EV, Happy and others! See you all tomorrow.
Life is a journey... So is trading.
  • #1,232
  • Nov 4, 2008 9:03am Nov 4, 2008 9:03am
Quoting fx1dr3r
That's it for me today. Goodluck to your trades EV, Happy and others! See you all tomorrow.
All the best, mate. SYT.
  • #1,233
  • Nov 4, 2008 10:48pm Nov 4, 2008 10:48pm
After cable moved below CP-1.5888. It pulled back and met resistance at CP. Short after price crossed below the low of the shooting star. TP was hit just above the psyche level-1.5800 and a visual support area.
Attached Image
Life is a journey... So is trading.
  • #1,234
  • Nov 5, 2008 12:18am Nov 5, 2008 12:18am
cable seems to be forming a pennant at M5 and a shooting star at M15 after meeting resistance at CP which is also a 61.8% retracement. Let's see what happens.
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Life is a journey... So is trading.
  • #1,235
  • Edited 1:30am Nov 5, 2008 1:18am | Edited 1:30am
Looking at M15 cable made a lower swing high and a 76.4% retracement at the psyche level-1.5900. Looking at M5 it was a break of the rising TL. Short after price crossed below the 3rd candle in the lower swing high at M15. TP was placed and hit above the confluence of psyche level-1.5800 and a visual support area.

A nice entry at M5 would be after price crossed below the tweezer bottom at the TL break.
Attached Images
Life is a journey... So is trading.
  • #1,236
  • Nov 5, 2008 1:32am Nov 5, 2008 1:32am
A symmetrical triangle is developing in cable.
Attached Image
Life is a journey... So is trading.
  • #1,237
  • Edited 2:09am Nov 5, 2008 1:57am | Edited 2:09am
Made a quick trade from M5 seeing a potential for a momentum break of the triangle's lower TL. I was conservative of the TP coz of the MS1 below. TP was placed and hit just above MS1.

Edit: The pullback was resisted by the psyche level-1.5850 and the bodies of the candles were held below the level.
Attached Image
Life is a journey... So is trading.
  • #1,238
  • Nov 5, 2008 4:44am Nov 5, 2008 4:44am
Just got back on my screen in time for this trade. Bought after the bounce off the rising TL making a higher swing low. TP was place and hit just below CP.
Attached Image
Life is a journey... So is trading.
  • #1,239
  • Nov 5, 2008 5:04am Nov 5, 2008 5:04am
Looks like cable might be forming a big symmetrical triangle. Would price bounce on the falling TL? Or continue up? Looks like a shooting star was formed after the falling TL resisted the upward move.
Attached Image
Life is a journey... So is trading.
  • #1,240
  • Nov 5, 2008 5:38am Nov 5, 2008 5:38am
LOL FX1 - I was using the same triangle / wedge on GU - one was also present on UJ and thus GJ too - I traded GJ.

There was also a super move in GJ off the 55.50 level right up to the 57.50 level.....
Attached Image (click to enlarge)
Click to Enlarge Name: nov 5 gj 5m 1100.gif Size: 20 KB
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