Psych Levels, Pivots, and Trendlines - Resurrected | Page 68 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,341
  • Nov 12, 2008 8:03am Nov 12, 2008 8:03am
Quoting Islander
I guess that you guys will have seen the DP level - LOL - what a gift!!

Took some profits again as GJ got over extended at its first lower band (11ema = 5m 34 ema -150)

Waited for the 50% level and then sold the 49.50 sweet spot....I'm now flat, waiting for the NY open - unless it tanks before then....http://www.forexfactory.com/images/icons/icon6.gif
Hello my old buddy. Just came back and saw this lovely setup i have missed. Nice trading as always Islander Could you post the template you are using if thats no biggie? Cheers
  • #1,342
  • Nov 12, 2008 8:42am Nov 12, 2008 8:42am
Had a busy morning, one way or another, but not at the computer unfortunately. So I'm posting my one trade of the day so far, and even this one is after being called away from the computer again!
I liked this one because of how price retraced to a 3-way confluence and then continued with the trend. The confluence, as you can see, is made up of S1, 13ema and the xx.50 psych-line, so a trend continuation was a high-probability. All in all, a satisfying outcome for 15-20 minutes "work"!
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  • #1,343
  • Nov 13, 2008 12:02pm Nov 13, 2008 12:02pm
Quoting belekas
Hello my old buddy. Just came back and saw this lovely setup i have missed. Nice trading as always Islander Could you post the template you are using if thats no biggie? Cheers

Sorry for the delay - had a major power cut..... now I've lost that chart - http://www.forexfactory.com/images/icons/icon11.gif - it only had a 34 ema with some levels and the sweet spots indy...nothing special...
Trading Levels with WRBs
  • #1,344
  • Nov 16, 2008 10:01pm Nov 16, 2008 10:01pm
Hope everybody had a great weekend. Here are a couple of early trades. First one is after cable meet support at Fridays low. It then made a higher swing low and a 76.4% retracement at the xx80 psyche level. Bought after price crossed above the spinning top candle. 2nd trade is after the retest of the previous swing low. Bought after the dragonfly candle. TPs were both at the 1.4750 psyche level. Gonna take my lunch. Be back later before the EURO session.
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Life is a journey... So is trading.
  • #1,345
  • Nov 17, 2008 12:57am Nov 17, 2008 12:57am
Cable just hit a visual support area. Let's see what happens next.
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Life is a journey... So is trading.
  • #1,346
  • Nov 17, 2008 1:31am Nov 17, 2008 1:31am
After cable met support at the visual support area. Bought after the bullish engulfing. TP was placed and hit just below the confluence of CP and the xx80 psyche level.
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Life is a journey... So is trading.
  • #1,347
  • Nov 17, 2008 2:48am Nov 17, 2008 2:48am
Here's another trade. Cable made a HSL at the confluence of MS1 and psyche level-1.4700. Bought after the hammer candle. TP was placed and hit just below the confluence of CP and xx80 psyche level. Looks like a shooting star has been formed.
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Life is a journey... So is trading.
  • #1,348
  • Nov 17, 2008 3:22am Nov 17, 2008 3:22am
Nice to see some life back after a quiet end of week on this thread.
Nice trades, fx1, and good to see you, mate.
I'm posting what would have been a great trade had I been in a position to take it. It's a classic pattern that occurs a lot of the time after a congestion period. As you can see, it's the 5m eur/usd chart, and there was a congestion period of around a couple of hours. Price broke above at Figure 1, retraced from the 1.2600 psych-line at Figure 2, and bounced off the support line at Figure 3, resulting in a massive move northwards of around a 100 pips. Wish I'd been around for it! However, it's worth posting so that you can keep your eye out for it in future.
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  • #1,349
  • Nov 17, 2008 3:28am Nov 17, 2008 3:28am
Quoting eyevoltage
Nice to see some life back after a quiet end of week on this thread.
Nice trades, fx1, and good to see you, mate.
I'm posting what would have been a great trade had I been in a position to take it....
Hi EV! Hope you had a nice weekend. Good eye on the 123 pattern. It looks like EURUSD decided a bottom on that retracement when it formed a tweezer bottom.
Life is a journey... So is trading.
  • #1,350
  • Nov 17, 2008 3:55am Nov 17, 2008 3:55am
Looking at cable. It is currently on a confluence of a visual resistance area and the 1.4950 psyche level which also happens to be at Friday's high. Let's see if it will respect that area or break it.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart-009 17-Nov-08.gif Size: 32 KB
Life is a journey... So is trading.
  • #1,351
  • Nov 17, 2008 4:25am Nov 17, 2008 4:25am
Quoting fx1dr3r
Looking at cable. It is currently on a confluence of a visual resistance area and the 1.4950 psyche level which also happens to be at Friday's high. Let's see if it will respect that area or break it.
It's trying hard to breach the xx.50 level, fx1. It pulled-back a little and as I type this, it's moving above the xx.50.

Edit: The xx.50 proving to be very stubborn.
  • #1,352
  • Nov 17, 2008 4:48am Nov 17, 2008 4:48am
Cable is presently in a small range of around 30 pips. As fx1 hinted, it's now a question of "wait and see".
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  • #1,353
  • Nov 17, 2008 5:34am Nov 17, 2008 5:34am
EV, it looks like cable has broken below the range with a series of LSHs.
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Life is a journey... So is trading.
  • #1,354
  • Nov 17, 2008 5:41am Nov 17, 2008 5:41am
Looks like a falling wedge has been developing in cable.
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Life is a journey... So is trading.
  • #1,355
  • Nov 17, 2008 6:12am Nov 17, 2008 6:12am
Quoting fx1dr3r
Looks like a falling wedge has been developing in cable.
Looking like a bullish flag now, mate.
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  • #1,356
  • Nov 17, 2008 6:21am Nov 17, 2008 6:21am
Quoting eyevoltage
Looking like a bullish flag now, mate.
Looks like it might be breaking up now EV.
Life is a journey... So is trading.
  • #1,357
  • Nov 17, 2008 6:24am Nov 17, 2008 6:24am
Quoting fx1dr3r
Looks like it might be breaking up now EV.
I'm in at 1.4921.......and out at 1.437
  • #1,358
  • Nov 17, 2008 6:28am Nov 17, 2008 6:28am
Quoting eyevoltage
I'm in at 1.4921.......and out at 1.437
.. excellent timing on the exit EV. There was a strong move down on the succeeding candle after your entry. And it seems to be moving up again.
Life is a journey... So is trading.
  • #1,359
  • Nov 17, 2008 6:33am Nov 17, 2008 6:33am
Quoting fx1dr3r
.. excellent timing on the exit EV. There was a strong move down on the succeeding candle after your entry. And it seems to be moving up again.
If price is moving well, I'll stick with it. However, if it looks like stalling, for whatever reason, and it's between 15-20 pips, I'll jump ship. As far as I'm concerned, that's a nice hit, and I then wait for the next opportunity. I guess I'm a scalper at heart........tend to get nervous when price starts jumping up and down. Plus, long shadows are enough to give me a heart attack sometimes!
  • #1,360
  • Edited 7:06am Nov 17, 2008 6:48am | Edited 7:06am
Quoting eyevoltage
If price is moving well, I'll stick with it. However, if it looks like stalling, for whatever reason, and it's between 15-20 pips, I'll jump ship. As far as I'm concerned, that's a nice hit, and I then wait for the next opportunity. I guess I'm a scalper at heart........tend to get nervous when price starts jumping up and down. Plus, long shadows are enough to give me a heart attack sometimes!
.. I understand what you mean EV. That's why I use M15 to show me the larger picture since it sometimes shows clearer moves than M5. And it's good to know the potential SR levels to assess where a move may go.

I'm currently looking at a possible failure to break the resistance and a shooting star both at M5 and M15 which might signal that there's an impending move downwards.

Edit: Short from 1.4932
Edit: Exit at +10. Looks like R1 is giving support.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart-004 17-Nov-08.gif Size: 24 KB
Life is a journey... So is trading.
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