Psych Levels, Pivots, and Trendlines - Resurrected
Here's a trade which I just finished with. Looking at the candlestick chart it's a bit hard to see the Higher Swing Low. So I added a line chart for clarity. Cable made a higher swing low and a 76.4% retracement, tweezer bottom and hammer candle at the psyche level-1.5850. Bought after price crossed above the upper-shadow of the hammer candle. TP was placed and hit just below the confluence of CP and psyche level-1.5950.
A fib trade on cable just completed. Price retraced to the 38.2%/Pivot Point/xx.20 confluence, and I entered just above it. A lot of indecision in the early stages (2 dojis), but then price rose steadily until it poked above the xx.80 psych-line. I got out as it started dropping back again.
Excellent timing on your exit.
Man, EV, you post some beautifully simple charts - clear, concise, obviously well-thought out - you make it look so easy. And by your earlier post, you have what many traders lack: PATIENCE. You seem to have a grasp on the Candlestick patterns that are so important to learn. Congratulations and I'm learning much from your posts. Thanks.
To All the contributiors to this thread, much thanks. Ive read through many others and this thread has grabbed my attention the past few days, som eof you I have pm'd as Im learning.
- I am just into my first month as a trader
- Required to use FXCM
- Anyone lese trade this platform out there?
Why does it seem like everyone trades on MT4?
