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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,461
  • Dec 8, 2008 10:54am Dec 8, 2008 10:54am
Quoting mdowd
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.
I was called away from the computer, or I would have posted this sooner. Your trade is almost the same as mine, mate, only I didn't use fibs. Just another TL, and then a wait for price to clear the confluence of the 13ema and the xx.20 psych-line. I thought I was out too early also, but as you say, a profit is a profit!
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  • #1,462
  • Dec 9, 2008 2:37am Dec 9, 2008 2:37am
Here are a couple of trades. First one is a sell after the break of the sideways channel. TP was hit just above the confluence of MS1 and 1.4800. Price then pulled back and met resistance at the confluence of the broken support line and 61.8% retracement. It then formed a bearish harami doji cross. Sold after price crossed below the doji candle. TP was hit at the previous swing low. As I type this it still fell down near 1.4750.
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Life is a journey... So is trading.
  • #1,463
  • Dec 9, 2008 3:06am Dec 9, 2008 3:06am
Quoting fx1dr3r
Here are a couple of trades. First one is a sell after the break of the sideways channel. TP was hit just above the confluence of MS1 and 1.4800. Price then pulled back and met resistance at the confluence of the broken support line and 61.8% retracement. It then formed a bearish harami doji cross. Sold after price crossed below the doji candle. TP was hit at the previous swing low. As I type this it still fell down near 1.4750.

Nice one FX....of course my trusty 34 ema was right in with the action just before FO, just after LO and again 40 mins later....I was selling cable and GJ off those signals.....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #1,464
  • Dec 9, 2008 3:14am Dec 9, 2008 3:14am
Quoting Islander
Nice one FX....of course my trusty 34 ema was right in with the action just before FO, just after LO and again 40 mins later....I was selling cable and GJ off those signals.....http://www.forexfactory.com/images/icons/icon12.gif
Must have been sweet trades Islander! Here's my last trade for this afternoon (local time). After my last trade, price pulled back again and met resistance at the confluence of the falling TL, 61.8% (or 76.4%) retracement, MS1 and 1.4800. It then formed a doji showing indecision at a potential resistance level. Sold after price crossed below the the candle. TP was hit just above the 123.6% level for 100% extension. Might be back later this evenn for the UK-US overlap. Happy trading everyone.
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Life is a journey... So is trading.
  • #1,465
  • Dec 9, 2008 6:14am Dec 9, 2008 6:14am
Looks like cable is ranging between 1.4827 (the floor of the previous sideways channel that broke down during the start of the European session) and 1.4750. Let's see what happens during the UK-US overlap.
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Life is a journey... So is trading.
  • #1,466
  • Dec 9, 2008 6:25am Dec 9, 2008 6:25am
There's a temporary resistance at 1.4779 creating a narrow channel. Probably small to range scalp. It might be better to wait for a break up or down.
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Life is a journey... So is trading.
  • #1,467
  • Dec 9, 2008 6:36am Dec 9, 2008 6:36am
Quoting fx1dr3r
There's a temporary resistance at 1.4779 creating a narrow channel. Probably small to range scalp. It might be better to wait for a break up or down.
Hi fx1.......I've been watching cable all morning, and that 1.4750 line is proving to be a very strong support line. On my chart, the 13ema is closing in on it, and thereby squeezing price somewhat, so it'll be interesting to see what it does.
Hang on.....price has just broke the line as I type this, and just getting held up by the previous low.
  • #1,468
  • Dec 9, 2008 6:51am Dec 9, 2008 6:51am
Quoting eyevoltage
Hi fx1.......I've been watching cable all morning, and that 1.4750 line is proving to be a very strong support line. On my chart, the 13ema is closing in on it, and thereby squeezing price somewhat, so it'll be interesting to see what it does.
Hang on.....price has just broke the line as I type this, and just getting held up by the previous low.
Still moving sideways chopping around 1.4750.
Life is a journey... So is trading.
  • #1,469
  • Dec 9, 2008 7:03am Dec 9, 2008 7:03am
Quoting fx1dr3r
Still moving sideways chopping around 1.4750.
And my stop was triggered
  • #1,470
  • Dec 9, 2008 7:30am Dec 9, 2008 7:30am
Been watching this rising wedge developing on eur/usd. They're usually considered bearish, and as can be seen, price eventually broke southwards. I went in at 1.2846, below the confluence formed by xx.50 and the 50% fib formed from yesterday's high/low. As can be seen, it eventually dropped below the xx.20 line/61.8% fib confluence, and I was happy to jump ship as indicated on the chart.
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  • #1,471
  • Dec 9, 2008 7:32am Dec 9, 2008 7:32am
Quoting eyevoltage
Been watching this rising wedge developing on eur/usd. They're usually considered bearish, and as can be seen, price eventually broke southwards. I went in at 1.2846, below the confluence formed by xx.50 and the 50% fib formed from yesterday's high/low. As can be seen, it eventually dropped below the xx.20 line/61.8% fib confluence, and I was happy to jump ship as indicated on the chart.
Nice trade EV! Meanwhile, cable has already broken below the range.
Life is a journey... So is trading.
  • #1,472
  • Dec 9, 2008 7:51am Dec 9, 2008 7:51am
Good morning EyeVoltage and other thread friends. I have not posted here in a while, but thought of you after testing this concept over several days. On the EUR/USD thread, there is a guy named HardHead1. He has taught us the "inside bar" move. Basically, look for one bar's hi-lo range to stay inside the previous bar's (no higher, no lower). That is called an "inside bar". After the inside bar is established, usually the succeeding bar will break up or down for a pretty good number of PIPs.

Recommend you look for inside bars on M30 or H1 timeframes. May work on others but I usually trade H1 and lower. Watch price action to see whether it's breaking up or down. You can usually catch the pips by entering 4-5 PIPs higher or lower than the inside bar. Chart attached. The inside bar (candle) is the green one between the two reds, last candles on chart.

I hope you are doing well EV. Cheers!
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Up or down, gimme a ticket
  • #1,473
  • Dec 9, 2008 11:05pm Dec 9, 2008 11:05pm
There's a rising wedge forming in cable. Let's see if there will be a breakout.
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Life is a journey... So is trading.
  • #1,474
  • Dec 10, 2008 1:42am Dec 10, 2008 1:42am
Traded the break upwards of the rising wedge. My buy stop was hit just above the xx00 level. TP was placed and hit 2 bid points below 1.4850 which was a visual resistance area yesterday.
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Life is a journey... So is trading.
  • #1,475
  • Dec 10, 2008 2:26am Dec 10, 2008 2:26am
Quoting fx1dr3r
Traded the break upwards of the rising wedge. My buy stop was hit just above the xx00 level. TP was placed and hit 2 bid points below 1.4850 which was a visual resistance area yesterday.
Nice pips FX.....GU seems to be instep with the swissy - they made similar mirrored moves and turned at the same time - 2:26 am est....so unless swissy can break its low at 1.2000, I'm doubting that cable will break out upwards....TWT
Trading Levels with WRBs
  • #1,476
  • Dec 10, 2008 4:13am Dec 10, 2008 4:13am
Nice trade earlier, fx1. I've just completed this one on cable which was prompted by a Dark Cloud Cover right on the confluence of the 1.4800 psych-line and the 13ema. The lower shadows provided a nice upwards sloping TL, and entry was just below the low of the last candle before the break downwards. I really should have got out as the yellow doji formed, but this time being a bit late actually turned out to be slightly advantageous for a change!
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  • #1,477
  • Dec 10, 2008 4:37am Dec 10, 2008 4:37am
A follow-on trade again on cable, after two spinning-tops formed just under the 13ema and right on the confluence of the xx.80 psych-line and the 50% fib retracement from yesterday's high/low. I was ready to jump out if the main Pivot line had been too strong a support, but price sailed through it. However, as price touched the 38.2% fib retracement, I decided not to push my luck and got out.
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  • #1,478
  • Dec 12, 2008 3:19am Dec 12, 2008 3:19am
Just offering this example in case there's anybody still interested.
Cable's been dropping since the early hours here, offering some lovely pull-back trades. This is the first one I've managed, having been busy in other areas. I'm trying a combination of 8ema and 21ema, and price formed a doji and a spinning-top between these two ema's, and right on the confluence of a main psych-line 1.4900 and the 61.8% fib retracement (from yesterday's high/low). Entry was on the next candle, just under the low of the spinning-top, and exit just after price touched the xx.50 psych-line and started retreating.
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  • #1,479
  • Dec 12, 2008 4:24am Dec 12, 2008 4:24am
When I saw this spinning-top/harami, with its lower shadow touching the 21ema, and the candle actually closing on the 50% fib retracement, I felt it was a promising situation. I entered as price touched the 8ema, ready to jump out at the first sign of any retreat from the Main pivot line. Once price reached just short of the xx.80 psych-line, which had provided resistance previously, I bailed out.
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  • #1,480
  • Dec 12, 2008 6:05am Dec 12, 2008 6:05am
Guys, I have here a question:

http://www.forexfactory.com/showthread.php?t=136745
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