Psych Levels, Pivots, and Trendlines - Resurrected | Page 73 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,441
  • Dec 3, 2008 9:55pm Dec 3, 2008 9:55pm
Hi FX1, did you catch the breakout?
  • #1,442
  • Dec 3, 2008 10:00pm Dec 3, 2008 10:00pm
Hi Happy! Yes, I was able to trade the BO. Although my entry was a bit far from the TL break coz i didn't have any entry until the break of the previous swing low. How about you?
Life is a journey... So is trading.
  • #1,443
  • Dec 3, 2008 10:36pm Dec 3, 2008 10:36pm
No, I had no setup for entry. Now will try with any correction.
  • #1,444
  • Dec 3, 2008 11:57pm Dec 3, 2008 11:57pm
After the break of the symmetrical triangle an AB=CD pattern was formed. The continuation was at the bounce off the broken rising TL in confluence with 76.4% retracement. Cable met support near s1.
Attached Image (click to enlarge)
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Life is a journey... So is trading.
  • #1,445
  • Dec 4, 2008 2:01am Dec 4, 2008 2:01am
Nice trade, fx1. Where've you been, man?
  • #1,446
  • Dec 4, 2008 8:12pm Dec 4, 2008 8:12pm
Quoting eyevoltage
Nice trade, fx1. Where've you been, man?
.. Hi EV! I hope your trading is going well. Lately, I've been busy with stuff other than trading. My trading time is pretty much limited to the start of the European session. So by 5/6PM (9/10 AM in your time), I'm already finished trading. I hope to trade the EURO-US sessions overlap again soon, hopefully starting next week.
Life is a journey... So is trading.
  • #1,447
  • Dec 4, 2008 10:49pm Dec 4, 2008 10:49pm
I was looking at this as a symmetrical triangle as the patterns seemed obvious after connecting 2 swing lows and swing highs. Bought after the break of the previous swing high where a tweezer top was also formed. Exit after price hesitated at the xx00 level. Although, this could also have been traded as an AB=CD pattern. (.. I actually did buy after the hammer candle but closed the trade when the dark cloud pattern was formed)
Attached Images
Life is a journey... So is trading.
  • #1,448
  • Dec 5, 2008 12:25am Dec 5, 2008 12:25am
Quoting fx1dr3r
I was looking at this as a symmetrical triangle as the patterns seemed obvious after connecting 2 swing lows and swing highs. Bought after the break of the previous swing high where a tweezer top was also formed. Exit after price hesitated at the xx00 level. Although, this could also have been traded as an AB=CD pattern. (.. I actually did buy after the hammer candle but closed the trade when the dark cloud pattern was formed)
Well spotted re the AB=CD pattern, mate. Plus, I see three different candle patterns described.....tweezers, hammer and dark cloud cover.......! The tweezers in particular could have been easily missed, so well done, mate!
Glad to see you back, and I'll look forward to seeing more of your posts next week.
Take care.
  • #1,449
  • Dec 5, 2008 1:09am Dec 5, 2008 1:09am
Here's a very quick trade on cable, and you really couldn't get any simpler than this. A little harami forms right on a major psych-line at 1.4700. Entry is at the high of the harami and exit is just above the target, which is the next psych-line at 1.4720. Quick and easy.
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  • #1,450
  • Dec 5, 2008 1:31am Dec 5, 2008 1:31am
Here's another quick one. Price rose above the 1.4720 psych-line then pulled back slightly. Entry just above the high of the pull-back candle and exit as price started retreating from the target of 1.4750.
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  • #1,451
  • Dec 5, 2008 3:55am Dec 5, 2008 3:55am
Another quick-ish one. I saw the harami forming just under the main psych-line 1.4700, and decided to try for a quick 10 pips or so down to the xx.80 psych-line. However, it just kept dropping, and I finally exited after price stopped just above the xx.50 line and started moving northwards again. Honestly, these trades are so easy when there's a bit of volatility about.
  • #1,452
  • Dec 5, 2008 3:57am Dec 5, 2008 3:57am
Oooooops!!!!
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  • #1,453
  • Dec 8, 2008 3:48am Dec 8, 2008 3:48am
Looks like cable is contracting into a small descending triangle. Let's see what happens.
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Life is a journey... So is trading.
  • #1,454
  • Dec 8, 2008 3:53am Dec 8, 2008 3:53am
Meanwhile there's a potential ABCD pattern at M15.
Attached Image
Life is a journey... So is trading.
  • #1,455
  • Dec 8, 2008 6:21am Dec 8, 2008 6:21am
Good day, folks, and nice to see you back, fx1.
I've been a bit busy this morning, but I've sort of kept an eye on what's been going on. This trade came about after I saw the spinning top/bullish piercing candle forming right on the xx.50 psych-line, and I decided to wait to see if price would go past the spinning top high, which it finally did, and that's where I entered. I nearly exited at the R2 line, but price seemed to be actually moving away from the ema, so I let it ride. Predictably, the main psych-line 1.2900 proved too strong a resistance, so I jumped ship as price started retreating.
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  • #1,456
  • Dec 8, 2008 6:39am Dec 8, 2008 6:39am
This bearish flag formed on the 15m cable, and would have been a nice opportunity, had I been in a position to trade it, which I wasn't, unfortunately. However, I've indicated potential entry and exit points just for interest sake. There were a couple of earlier breaches of the lower line, but they would have too close to the xx.20 psych-line to risk a trade.
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  • #1,457
  • Dec 8, 2008 7:25am Dec 8, 2008 7:25am
I caught that bear flag on the 5 minute and treated it as wedge for 24 pips. I am really enjoying this site and your instruction eyevoltage
  • #1,458
  • Dec 8, 2008 7:39am Dec 8, 2008 7:39am
Quoting mdowd
I caught that bear flag on the 5 minute and treated it as wedge for 24 pips. I am really enjoying this site and your instruction eyevoltage
Hello mate, and it's good to know you grabbed that pattern for a nice profit! Glad you're enjoying the thread and good luck with your trading.
  • #1,459
  • Dec 8, 2008 7:50am Dec 8, 2008 7:50am
This one was a result of all the congestion between the 13ema and the main 1.2900 psych-line, just after the TL break. Once price broke the 1.2900 line, it was pretty straightforward, but it has to be said that I got out a bit too soon. Still, not a bad little trade.
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  • #1,460
  • Dec 8, 2008 8:35am Dec 8, 2008 8:35am
I took the follow up dip at move off the fib line, the old high and the trend line. Departed too quickly for 10 pips, but profits are profits.
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