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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,301
  • Nov 10, 2008 5:20am Nov 10, 2008 5:20am
Here's a small ABCD trade. Bought after price bounced on the broken falling TL making a HSL and a 38.2% retracement. TP was placed and hit just below a falling TL at the confluence with the xx20 psyche level.
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Life is a journey... So is trading.
  • #1,302
  • Nov 10, 2008 5:52am Nov 10, 2008 5:52am
Here's another fib trade where cable made a 76.4% retracement, a hammer candle and a HSL. Bought after price crossed above the high of the 3rd candle in the higher swing low. TP was placed and hit just below the confluence of R1 and 123.6% level.
Attached Image
Life is a journey... So is trading.
  • #1,303
  • Nov 10, 2008 5:53am Nov 10, 2008 5:53am
Quoting fx1dr3r
Here's a small ABCD trade. Bought after price bounced on the broken falling TL making a HSL and a 38.2% retracement. TP was placed and hit just below a falling TL at the confluence with the xx20 psyche level.
Your eye's in nicely this morning, fx1! Nicely spotted.
This trade is a follow on from the last one. Price took its time retracing to the confluence formed by the 38.2% fib and the xx.80 psych-line, but then it took off. Once again, my target was the -23.6% fib, but price pushed through to touch the xx.20 psych-line, and that's where I got out.
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  • #1,304
  • Nov 10, 2008 6:01am Nov 10, 2008 6:01am
I dont think I need to explain this to you guys....http://www.forexfactory.com/images/icons/icon6.gif

BTW, T1 was also at a 61.8% support......and that is a kind of APF that I'm experimenting with.....the crimson DT lines...
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Trading Levels with WRBs
  • #1,305
  • Nov 10, 2008 6:06am Nov 10, 2008 6:06am
Quoting Islander
I dont think I need to explain this to you guys....http://www.forexfactory.com/images/icons/icon6.gif

BTW, T1 was also at a 61.8% support......and that is a kind of APF that I'm experimenting with.....the crimson DT lines...
Nice trades Islander!
Life is a journey... So is trading.
  • #1,306
  • Nov 10, 2008 6:27am Nov 10, 2008 6:27am
Quoting Islander
I dont think I need to explain this to you guys....http://www.forexfactory.com/images/icons/icon6.gif

BTW, T1 was also at a 61.8% support......and that is a kind of APF that I'm experimenting with.....the crimson DT lines...
Good day to you, mate. You've got some nice moves there, Islander, but in particular, I like the nice little harami candle under the 2nd red arrow, which led to a very nice move downwards. Plus, above your green arrow at T2, I also like the hammer which just reached down and touched the confluence formed by xx.50 and the TL, again leading to a nice move, this time northwards. Superb!
  • #1,307
  • Nov 11, 2008 1:26am Nov 11, 2008 1:26am
Here are a couple of fib trades. After a rally, cable made a LSH and a 50% retracement. Sold after price crossed below the low of the inverted shooting star. Cable then formed a symmetrical triangle at M5 followed by a break downwards. TP was placed and hit just above a visual support level at the middle of the 138.2%-161.8 zone. After that cable rallied again. Took the second trade on M15. Cable made a 61.8% retracement and a LSH. Sold after price crossed below the 3rd candle in the LSH. TP was missed by a couple of points. Pulled the plug when price hesitated at the xx20 psyche level.
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Life is a journey... So is trading.
  • #1,308
  • Nov 11, 2008 1:26am Nov 11, 2008 1:26am
GM - playing catch up - thanks for your comments guys.

After price rolled over and put in a lower high I had several short trades as GJ sold off, generally being held by the fast yellow - 8 ema.

I was taking partial profits on the sweet spots, waiting for the bounce and shorting again, finally exiting at 10pm my time as the fall off in momentum was evident by the weak final push down.....quite an afternoon & evening...http://www.forexfactory.com/images/icons/icon12.gif
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Trading Levels with WRBs
  • #1,309
  • Nov 11, 2008 2:07am Nov 11, 2008 2:07am
Quoting Islander
GM - playing catch up - thanks for your comments guys.

After price rolled over and put in a lower high I had several short trades as GJ sold off, generally being held by the fast yellow - 8 ema.

I was taking partial profits on the sweet spots, waiting for the bounce and shorting again, finally exiting at 10pm my time as the fall off in momentum was evident by the weak final push down.....quite an afternoon & evening...http://www.forexfactory.com/images/icons/icon12.gif
Great trades Islander!

Here's another fib trade. Cable met resistance and made a LSH at the confluence of the 61.8% retracement and psyche level-1.5650 just below the falling TL. Sold after price crossed below the lower shadow of the doji candle. TP was placed and hit just above the confluence of MS1 and 138.2% level. Notice that after I sold there was a bullish marabozu candle. I stayed with the trade because there was a probability that the up move might be resisted by the rising TL which was just broken. The marabozu candle didn't go above the upper shadow of the previous candle and made a tweezer bottom. As I type this price is still falling.
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Life is a journey... So is trading.
  • #1,310
  • Nov 11, 2008 3:15am Nov 11, 2008 3:15am
Here's another fib trade that didn't quite got to my target. After cable met a resistance at the falling TL and made a gravestone doji candle and LSH. Sold after price crossed below the candle. Pulled the plug when support was met at the xx80 psyche level just below MS1 where there was a potential for a HSL. That's it for me this afternoon (local time). Might be back later this evening.
Attached Image
Life is a journey... So is trading.
  • #1,311
  • Nov 11, 2008 6:00am Nov 11, 2008 6:00am
Looks like cable might meet resistance at the confluence of MS1 and the falling TL. Let's see what happens.
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Life is a journey... So is trading.
  • #1,312
  • Nov 11, 2008 6:34am Nov 11, 2008 6:34am
Looks like great minds think alike, mate. Below is my completed trade. It took its own sweet time until trade continuance, but it was worth waiting for. As you can see, my target was the previous swing low.
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  • #1,313
  • Nov 11, 2008 6:39am Nov 11, 2008 6:39am
Quoting eyevoltage
Looks like great minds think alike, mate. Below is my completed trade. It took its own sweet time until trade continuance, but it was worth waiting for. As you can see, my target was the previous swing low.
Nice trade EV! Excellent timing on your exit. Took the same trade from 1.5573 down to 1.5543.
Life is a journey... So is trading.
  • #1,314
  • Nov 11, 2008 6:43am Nov 11, 2008 6:43am
Looks like the rising TL has been broken. Might be a good idea to see how price reacts at the rectangle's area, IF IT GETS THERE, since it's a confluence of the rising TL, falling TL and the xx80 psyche level.

Edit: Wow! It cut through it like a hot knife through butter.
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Life is a journey... So is trading.
  • #1,315
  • Nov 11, 2008 6:56am Nov 11, 2008 6:56am
Quoting fx1dr3r
Nice trade EV! Excellent timing on your exit. Took the same trade from 1.5573 down to 1.5543.

Nice trade, mate, and here's what happened straight after! I wish I'd been a bit more alert..........
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  • #1,316
  • Nov 11, 2008 7:04am Nov 11, 2008 7:04am
Quoting eyevoltage
Nice trade, mate, and here's what happened straight after! I wish I'd been a bit more alert..........
Could have been a nice trade. I was looking at it but saw the potential resistance area above it formed by the falling TL and xx80 psycle level. I decided not to take it and just wait. If it breaks above the falling TL (as it has), I thought that I'll just wait for another setup. .. There's always a next one.
Life is a journey... So is trading.
  • #1,317
  • Nov 11, 2008 7:30am Nov 11, 2008 7:30am
I'm a bit late posting this, as I was called away from the computer. However, it's worth looking at as I think it encompasses the "acumen principle". A harami (or very near) formed right on the 1.2700 psych-line. I waited for a candle to confirm, and also a logical place to enter. The high of the previous candle to the harami seemed pretty logical to me, so in I went, and exited as indicated. A nice clean trade and very simple.
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  • #1,318
  • Nov 11, 2008 7:36am Nov 11, 2008 7:36am
Quoting eyevoltage
I'm a bit late posting this, as I was called away from the computer. However, it's worth looking at as I think it encompasses the "acumen principle". A harami (or very near) formed right on the 1.2700 psych-line. I waited for a candle to confirm, and also a logical place to enter. The high of the previous candle to the harami seemed pretty logical to me, so in I went, and exited as indicated. A nice clean trade and very simple.
Nice trade EV! Excellent candlesticks analysis as always. Got call it a day earlier today. Gonna go out. Good luck with your trades EV! See you tomorrow.
Life is a journey... So is trading.
  • #1,319
  • Nov 11, 2008 7:37am Nov 11, 2008 7:37am
I got back to my screen just over half an hour ago - I've got no hot water, so my trouble and strife's giving me a hard time - I noticed that cable was failing at its 650 level so I took a short - and also UJ was holding uner its 98 level - so I sold GJ too and followed them both down the MAs on my 1 min chart - both dropped 100 pips in 15 mins......out after cable held around its 550 level......http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #1,320
  • Nov 11, 2008 7:50am Nov 11, 2008 7:50am
Quoting fx1dr3r
Nice trade EV! Excellent candlesticks analysis as always. Got call it a day earlier today. Gonna go out. Good luck with your trades EV! See you tomorrow.
All the best, mate. SYT.
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