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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,361
  • Nov 17, 2008 7:13am Nov 17, 2008 7:13am
Looks like a symmetrical triangle is forming in cable.
Attached Image
Life is a journey... So is trading.
  • #1,362
  • Nov 17, 2008 8:48am Nov 17, 2008 8:48am
Last trades for the day. First trade is a buy after the break upwards of the symmetrical triangle, after crossing the previous swing high. TP hit just below the confluence of MR2 and 1.5000 psyche level. Afterwards price pulled back and met support at confluence of 61.8% retracement, psyche level-1.4950 and the broken visual resistance area. Bought after the the broke upwards of the pennant at the HSL. TP hit just below 100% extension.
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Life is a journey... So is trading.
  • #1,363
  • Nov 17, 2008 9:04am Nov 17, 2008 9:04am
Quoting fx1dr3r
Last trades for the day. First trade is a buy after the break upwards of the symmetrical triangle, after crossing the previous swing high. TP hit just below the confluence of MR2 and 1.5000 psyche level. Afterwards price pulled back and met support at confluence of 61.8% retracement, psyche level-1.4950 and the broken visual resistance area. Bought after the the broke upwards of the pennant at the HSL. TP hit just below 100% extension.
Nice trades as always, fx1. See you tomorrow, mate.
Cheers
  • #1,364
  • Nov 17, 2008 9:07am Nov 17, 2008 9:07am
I second that EV - you guys continue to make it look so easy. Thanks.
  • #1,365
  • Nov 17, 2008 11:29pm Nov 17, 2008 11:29pm
Good day guys! Looks like yesterdays resistance area has become support today.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart-008 18-Nov-08.gif Size: 30 KB
Life is a journey... So is trading.
  • #1,366
  • Nov 18, 2008 12:39am Nov 18, 2008 12:39am
Here's a trade after the break upwards of an ascending triangle. The buy stop was hit above the ceiling. TP was below MR1. Bailed out when price hesitated at the xx20 psyche level near the previous swing high.
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Life is a journey... So is trading.
  • #1,367
  • Nov 18, 2008 1:32am Nov 18, 2008 1:32am
Quoting fx1dr3r
Here's a trade after the break upwards of an ascending triangle. The buy stop was hit above the ceiling. TP was below MR1. Bailed out when price hesitated at the xx20 psyche level near the previous swing high.

That break helped me into a buy on GJ and I have a similar position in EJ - I'll try and post charts later, both trades were taken after the breaks of the 34 emas which were starting to turn up.....UJ and EJ have DPs to get past.....
Trading Levels with WRBs
  • #1,368
  • Nov 18, 2008 1:58am Nov 18, 2008 1:58am
Quoting Islander
That break helped me into a buy on GJ and I have a similar position in EJ - I'll try and post charts later, both trades were taken after the breaks of the 34 emas which were starting to turn up.....UJ and EJ have DPs to get past.....
Gonna look forward to it. Goodluck!

I had this trade in cable. After the initial breakout, cable retraced then met support at the broken ceiling of the ascending triangle. TP was hit just below the confluence of the visual resistance area and xx50 psyche level. Although it seems that it still broke above it.
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Life is a journey... So is trading.
  • #1,369
  • Nov 18, 2008 4:14am Nov 18, 2008 4:14am
Some nice charts as usual from fx1, who's busily trading whilst us folks in the UK are snoring!! Nice ones, mate!
This is a fib trade just completed on cable. Pretty straightforward. A retracement to the 50% fib, and an entry just under the close of that particular candle. Target was the xx.50 psych-line, but I jumped ship as price started retreating.
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  • #1,370
  • Nov 20, 2008 4:10am Nov 20, 2008 4:10am
Been dead on here for a couple of days, so I thought I'd offer this one to see if anyone else is interested.
The doji/shooting star formed on the xx.80 psych-line, just under the 34ema. The next candle failed to confirm the move, but the one after that came off the 34ema and moved nicely through the xx.80 line. Entry just under said line. Once price moved through the xx.50 psych-line, I hung on for a little while until price started retreating, which is when I bailed out. Nice and simple.
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  • #1,371
  • Nov 20, 2008 4:47am Nov 20, 2008 4:47am
This is another one on cable, following on from a retracement after the previous post. Another Shooting Star candle formed, with an entry just under its low on the confirming candle. Again, I bailed out with 30 pips after price started retreating. Yet another nice and simple one. K.I.S.S. The best way to trade.
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  • #1,372
  • Edited 5:24am Nov 20, 2008 5:21am | Edited 5:24am
Another very simple trade on cable, stemming from yet another Shooting Star. An entry just under the low of the SS, and an exit right on the xx.20 psych-line, because this is also the S1 line, and has proved a strong support line earlier on.
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  • #1,373
  • Nov 20, 2008 5:23am Nov 20, 2008 5:23am
Quoting eyevoltage
This is another one on cable, following on from a retracement after the previous post. Another Shooting Star candle formed, with an entry just under its low on the confirming candle. Again, I bailed out with 30 pips after price started retreating. Yet another nice and simple one. K.I.S.S. The best way to trade.
Nice trades EV, many thanks for your continued posting. I find the 34 useful, although i lack patience sometimes and often convince myself to take setups within the 'chop' - i really must wait for the 34 slope to shout....TRENDING
  • #1,374
  • Nov 20, 2008 5:36am Nov 20, 2008 5:36am
Quoting ChowClown
Nice trades EV, many thanks for your continued posting. I find the 34 useful, although i lack patience sometimes and often convince myself to take setups within the 'chop' - i really must wait for the 34 slope to shout....TRENDING
I know what you mean, mate. Sometimes, when things are a bit slow, it can test anyone's patience to the point where common-sense flies out of the window. I guess most of us are guilty of that from time to time, so don't feel too bad about it. As you say, wait for a nice angle on the 34ema and be ready for a possible trade after the first pull-back. Until then, keep your trigger-finger behind your back!
  • #1,375
  • Nov 20, 2008 5:42am Nov 20, 2008 5:42am
Quoting eyevoltage
Another very simple trade on cable, stemming from yet another Shooting Star. An entry just under the low of the SS, and an exit right on the xx.20 psych-line, because this is also the S1 line, and has proved a strong support line earlier on.
Nice ones, EV! It's always pleasing to milk the same pair again and again, with identical setups, in less then 2 hrs.

I took the same trades, but I also watched the first one on M1 (it followed UK retail sales news - news were good, but cable was still in "down" mood), as well kept an eye on Bollinger Bands. Note how each shooting star flirted with MA50.

P.S. Don't want to overcomplicate things here - you are doing a great job with simple charts - but notice the "correct" order of MAs 5/12/21, and RSI below 50. All that gave me extra confidence in those trades.
Attached Image (click to enlarge)
Click to Enlarge Name: GU m5.gif Size: 37 KB
One Chart is Worth Ten Thousand Words.
  • #1,376
  • Nov 20, 2008 5:54am Nov 20, 2008 5:54am
Quoting Forex007
Nice ones, EV! It's always pleasing to milk the same pair again and again, with identical setups, in less then 2 hrs.

I took the same trades, but I also watched the first one on M1 (it followed UK retail sales news - news were good, but cable was still in "down" mood), as well kept an eye on Bollinger Bands. Note how each shooting star flirted with MA50.

P.S. Don't want to overcomplicate things here - you are doing a great job with simple charts - but notice the "correct" order of MAs 5/12/21, and RSI below 50. All that gave...
Yes, I took notice of the MA's and the RSI, mate, and I believe the appropriate expression here is: "Whatever floats your boat!" As you've correctly gathered, I'm not one for putting too much on the chart, but I would never criticize anyone for using whatever it takes to get a successful trade. Keep on keepin' on, mate!
  • #1,377
  • Nov 20, 2008 5:59am Nov 20, 2008 5:59am
Quoting eyevoltage
Been dead on here for a couple of days, so I thought I'd offer this one to see if anyone else is interested.
The doji/shooting star formed on the xx.80 psych-line, just under the 34ema. The next candle failed to confirm the move, but the one after that came off the 34ema and moved nicely through the xx.80 line. Entry just under said line. Once price moved through the xx.50 psych-line, I hung on for a little while until price started retreating, which is when I bailed out. Nice and simple.
Very nice as always EV.

I got in on the first shooting star lower high to the left of your trade in your 1st post today. Went out to the doctor and missed those nice shooting star lower highs that followed.
  • #1,378
  • Nov 20, 2008 6:19am Nov 20, 2008 6:19am
Quoting Vantage
Very nice as always EV.

I got in on the first shooting star lower high to the left of your trade in your 1st post today. Went out to the doctor and missed those nice shooting star lower highs that followed.
Shame about the missed trades, mate. Hope all's well health-wise?
  • #1,379
  • Edited 6:59am Nov 20, 2008 6:40am | Edited 6:59am
GU bounced nicely off 1.4820 area - it was a Support level earlier this morning.

Pity I missed it...

The one to watch now is 1.4900 - EDIT: Looks like the "psyche" 1.4920 was a better target
Attached Image (click to enlarge)
Click to Enlarge Name: GU m5.gif Size: 36 KB
One Chart is Worth Ten Thousand Words.
  • #1,380
  • Nov 20, 2008 6:43am Nov 20, 2008 6:43am
Quoting eyevoltage
Yes, I took notice of the MA's and the RSI, mate, and I believe the appropriate expression here is: "Whatever floats your boat!" As you've correctly gathered, I'm not one for putting too much on the chart, but I would never criticize anyone for using whatever it takes to get a successful trade. Keep on keepin' on, mate!
Thanks, EV! I do trade "naked" (just TLs and SR levels), but on higher TFs (H1, H4).

When it comes to M1-5-15, I prefer to see as much as I can to select the setups which make me max comfortable.
One Chart is Worth Ten Thousand Words.
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