Psych Levels, Pivots, and Trendlines - Resurrected | Page 72 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,421
  • Nov 28, 2008 2:50am Nov 28, 2008 2:50am
Looks like after the break upwards of the range, cable is meeting resistance at a visual resistance area - 1.5444 and support at just below CP at the xx00 level which was a resistance level earlier. That shooting star is hard to miss.
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Life is a journey... So is trading.
  • #1,422
  • Nov 28, 2008 3:09am Nov 28, 2008 3:09am
Hallo FX1,

I have a question, again. Do you have activated stops? All your trades are winners. I ask, because I have problem - one day +, one day - . Total - 0.
  • #1,423
  • Nov 28, 2008 3:19am Nov 28, 2008 3:19am
Quoting Happy68
Hallo FX1,

I have a question, again. Do you have activated stops? All your trades are winners. I ask, because I have problem - one day +, one day - . Total - 0.
Hi Happy. .. First, not all my trades are winners. (although, I'd love it if they were.. LOL). I do use stops.
Life is a journey... So is trading.
  • #1,424
  • Nov 28, 2008 3:26am Nov 28, 2008 3:26am
Quoting fx1dr3r
Hi Happy. .. First, not all my trades are winners. (although, I'd love it if they were.. LOL). I do use stops.
Thank you Let's see what happens with our range by GBP Would you trade this BO?
  • #1,425
  • Nov 28, 2008 3:30am Nov 28, 2008 3:30am
Just broke below xx00 the the rising TL.
Life is a journey... So is trading.
  • #1,426
  • Nov 28, 2008 4:42am Nov 28, 2008 4:42am
Shooting star at CP showing resistance. Price fell down to MS1. Then price pulled back after hitting MS1. As I type this price has just touched the 1.5400 psyche level.
Attached Image
Life is a journey... So is trading.
  • #1,427
  • Dec 1, 2008 3:54am Dec 1, 2008 3:54am
A nice little ascending triangle on 5m cable produced this trade. Ascending triangles are usually considered to be bullish, and are most effective in a bullish trend, as can be expected. However, this one appeared in a BEARISH trend and proved just as effective. Entry just below the S2 and exit as price started retreating northwards again.
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  • #1,428
  • Dec 1, 2008 4:46am Dec 1, 2008 4:46am
Nice trade EV, i see that you have developed a certain feel for the markets. I hope to start contributing to this thread soon as i learn from your feet and those of Acumen. Happy trading
He that is from above is above all.
  • #1,429
  • Dec 1, 2008 4:56am Dec 1, 2008 4:56am
Quoting pipaholic67
Nice trade EV, i see that you have developed a certain feel for the markets. I hope to start contributing to this thread soon as i learn from your feet and those of Acumen. Happy trading
Look forward to seeing your postings, mate! Always nice to see new faces.
  • #1,430
  • Dec 1, 2008 8:07am Dec 1, 2008 8:07am
A rather impressive shooting star forming right on the 13ema line alerted me to this trade. I waited for price to drop below the xx.20 psych-line before entering and again, exited as price started retreating from the xx.80 psych-line.
Attached Image
  • #1,431
  • Dec 1, 2008 8:10am Dec 1, 2008 8:10am
Quoting eyevoltage
A rather impressive shooting star forming right on the 13ema line alerted me to this trade. I waited for price to drop below the xx.20 psych-line before entering and again, exited as price started retreating from the xx.80 psych-line.
Very nice as always, luv your stuff!!
  • #1,432
  • Dec 1, 2008 8:27am Dec 1, 2008 8:27am
I concur - sweet as a whistle.
  • #1,433
  • Dec 1, 2008 9:31am Dec 1, 2008 9:31am
Thanks very much, folks. Truly appreciated.
Cheers
  • #1,434
  • Dec 1, 2008 9:48am Dec 1, 2008 9:48am
Ev was just wondering for the people like me that pop in and see your great trades which are obviously based candles and psych levels. It might well be worthwhile putting down your specific entry requirements, I'm sure it would be of benefit. For example are there specific candles that you look for etc etc.
Cheers.
  • #1,435
  • Dec 1, 2008 10:07am Dec 1, 2008 10:07am
Quoting Vantage
Ev was just wondering for the people like me that pop in and see your great trades which are obviously based candles and psych levels. It might well be worthwhile putting down your specific entry requirements, I'm sure it would be of benefit. For example are there specific candles that you look for etc etc.
Cheers.
Hi Vantage.
My trades are based on various combinations of Pivot lines, Psych-lines, the two ema's that I use and, as you point out, candle reversal patterns.
The main patterns I look for are Shooting Stars, Morning Stars, Evening Stars, Piercing Patterns, Engulfing Patterns, Haramis and Tweezers. Some are more common than others, of course, but all of them occur quite regularly, and the beauty of them are that you can use them on any TF. I also watch for dojis, but it's best not to interpret them as reversal candles, but rather as an indication of a possible weakening trend, hopefully followed by the necessary reversal candle patterns. Obviously, all the above patterns should be taken note of as having special significance when occurring around the lines and ema's that I mentioned above, when they come into their own as valuable S/R lines.
Explaining each pattern isn't within the context of this thread, so I advise anyone who's remotely interested in candlesticks to Google them, and they'll find a veritable WEALTH of information!
Hope all that helps, V.
  • #1,436
  • Dec 1, 2008 12:12pm Dec 1, 2008 12:12pm
Quoting eyevoltage
Hi Vantage.
My trades are based on various combinations of Pivot lines, Psych-lines, the two ema's that I use and, as you point out, candle reversal patterns.
The main patterns I look for are Shooting Stars, Morning Stars, Evening Stars, Piercing Patterns, Engulfing Patterns, Haramis and Tweezers. Some are more common than others, of course, but all of them occur quite regularly, and the beauty of them are that you can use them on any TF. I also watch for dojis, but it's best not to interpret them as reversal candles, but rather as an indication...
Nice summary, EV!


Here's one of the free sources one patterns - www.candlesticker.com
One Chart is Worth Ten Thousand Words.
  • #1,437
  • Dec 1, 2008 5:55pm Dec 1, 2008 5:55pm
Here's another Candlestick tutor entitled: "17 Money-Making Candlestick Patterns." Very easy to comprehend:
Attached File(s)
File Type: pdf 17Candlestick-sftp.pdf   66 KB | 1,160 downloads
  • #1,438
  • Dec 2, 2008 7:27am Dec 2, 2008 7:27am
Hi Guys.
Thanks to Forex007 and Rialto for those links. I've seen both before, and I can highly recommend them for any beginners out there.
This trade came from the doji on the major psych-line 1.4900. I always take the line that a doji should be followed by a confirming candle, and that's what happened. My entry was on the opening of the next candle which turned out to be another doji, which led to a brief 20 pip drawdown before price headed northwards again. I exited at the small red candle above 1.4980 because I felt it was possibly the start of another pull-back, but in actual fact, it became a small consolidation area and then continued upwards towards the main pivot line.
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  • #1,439
  • Dec 2, 2008 8:59am Dec 2, 2008 8:59am
Once again, a trade prompted by a conspicuous candle indicator. This time, it was a hammer, situated right in amongst the confluence formed by the 34ema, the xx.80 psych-line and R1. Entry was at the high of the confirming candle and exit was as price started pulling back after breaching the green mid-point line.
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  • #1,440
  • Dec 3, 2008 9:56pm Dec 3, 2008 9:56pm
Here's a symmetrical triangle forming in cable showing contraction for most of the Asian session. Might be worth to be on the lookout for a potential breakout. (hopefully at the start of the UK session session since i'm gonna be out for lunch) .. Happy trading everyone.
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Life is a journey... So is trading.
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