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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,581
  • Jan 12, 2009 5:24am Jan 12, 2009 5:24am
Nice trades EV! Took this trade earlier before I left. Sold after the dark cloud cover pattern. Pulled the plug as price hesitated at the xx20 psyche level.
Attached Image
Life is a journey... So is trading.
  • #1,582
  • Jan 12, 2009 5:40am Jan 12, 2009 5:40am
Looks like your able to apply your strategy to any pair without any problem EV! Are you consistently trading the Aussie now along with EURUSD, GBPUSD and USDCHF?

Here's a symmetrical triangle in M5 cable.
Attached Image
Life is a journey... So is trading.
  • #1,583
  • Jan 12, 2009 5:49am Jan 12, 2009 5:49am
Good to see your charts again, mate, and that was a nice fib trade. Hope we see a bit more of you in future!!
  • #1,584
  • Jan 12, 2009 6:00am Jan 12, 2009 6:00am
Quoting fx1dr3r
Looks like your able to apply your strategy to any pair without any problem EV! Are you consistently trading the Aussie now along with EURUSD, GBPUSD and USDCHF?

Here's a symmetrical triangle in M5 cable.
Yeah, I'm watching that triangle too!
My strategy is pretty loose, mate, mainly centred around the various candle patterns. If they occur at any of the main SR points or around the 13ema and the set-up looks right, taking into account the trend, then it's usually a go. Obviously, not all of them work out, but as long as more do than don't, then I'm happy. I have my entry points pretty much nailed, but my exits can sometimes be far too early, but I'm working on them!!
I've only looked at the Aussie this morning. I was getting a bit bored, to be honest, which prompted me to have a look at unfamiliar territory! I'm glad I did.
  • #1,585
  • Jan 12, 2009 6:17am Jan 12, 2009 6:17am
Did you get the breakout from triangle on cable, fx1? Worth around 50 pips!
  • #1,586
  • Jan 12, 2009 6:21am Jan 12, 2009 6:21am
Bought at the break upwards of the symmetrical triangle at M5. Immediatelly after the breakout, price met resistance at S2. It pulled back and met support at psyche level-1.4950. TP was placed and hit at the psyche level-1.5000. Looking at M15 it looks like an ABCD pattern with a 76.4% retracement.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart-005.gif Size: 29 KB
Life is a journey... So is trading.
  • #1,587
  • Jan 12, 2009 6:23am Jan 12, 2009 6:23am
Quoting eyevoltage
Did you get the breakout from triangle on cable, fx1? Worth around 50 pips!
.. I was able to trade it. But I only got 33 pips. My TP was hit at psyche level-1.5000.
Life is a journey... So is trading.
  • #1,588
  • Jan 12, 2009 6:27am Jan 12, 2009 6:27am
Quoting fx1dr3r
.. I was able to trade it. But I only got 33 pips. My TP was hit at psyche level-1.5000.
Well done, mate!
  • #1,589
  • Jan 12, 2009 6:30am Jan 12, 2009 6:30am
Quoting eyevoltage
Yeah, I'm watching that triangle too!
My strategy is pretty loose, mate, mainly centred around the various candle patterns. If they occur at any of the main SR points or around the 13ema and the set-up looks right, taking into account the trend, then it's usually a go. Obviously, not all of them work out, but as long as more do than don't, then I'm happy. I have my entry points pretty much nailed, but my exits can sometimes be far too early, but I'm working on them!!
I've only looked at the Aussie this morning. I was getting a bit bored,...
LOL EV, I had that problem too, it took several months and a couple of bottles of Karmo's Pills to get me to stay in trades longer.

I'm still not certain - in the long term - if its better to get taken out by a limit order around a level OR by some sort of trailing stop. I currently take partials around a level when I have more than 50 pips of profit and let the remainder run, looking for even more pips - with a trailing stop.....

Edit: I see that the 5000 level and 50% retrace have finally been reached....I did take a second buy about 90 minutes ago and I closed it manually on the ultra long 1 min candle back up to the S2 level - a 40 pip 1 min candle deserves respect...
Trading Levels with WRBs
  • #1,590
  • Jan 12, 2009 6:48am Jan 12, 2009 6:48am
Quoting Islander

I currently take partials around a level when I have more than 50 pips of profit and let the remainder run, looking for even more pips - with a trailing stop.....
As far as I'm concerned, this seems the most sensible and logical course of action. However, I guess we all have our own ways of doing things!
  • #1,591
  • Jan 12, 2009 9:53am Jan 12, 2009 9:53am
I had to leave my computer for quite a while due to other responsibilities, and look what happened whilst I was away!

The Dark Cloud Cover/Hanging Man was a prelude to quite a drop, and I've marked where I would have entered (just below the low of the Hanging Man), and also two possible exit points.
SOD IT!!
  • #1,592
  • Jan 12, 2009 9:55am Jan 12, 2009 9:55am
.....here's the chart!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd634.gif Size: 22 KB
  • #1,593
  • Jan 12, 2009 11:18pm Jan 12, 2009 11:18pm
Excellent illustration EV!

Cable is currently moving in a sideways channel. Let's see what will happen near or during the European session.
Attached Image
Life is a journey... So is trading.
  • #1,594
  • Jan 13, 2009 12:04am Jan 13, 2009 12:04am
Traded the breakdown of the channel. My sell stop was hit at 1.4747 just below the psyche level-1.4750. TP was hit just above S1-1.4714.
Attached Image
Life is a journey... So is trading.
  • #1,595
  • Jan 13, 2009 1:13am Jan 13, 2009 1:13am
After the initial breakout from the sideways channel. Cable then pulled back and met resistance at the confluence of the previous broken support of the channel, 76.4% retracement and the falling TL. It then formed a shooting star. Short after price crossed below the shooting star. TP was placed and hit just above the psyche level-1.4700. 100% extension was around the 123.6% level.
Attached Image
Life is a journey... So is trading.
  • #1,596
  • Jan 13, 2009 1:31am Jan 13, 2009 1:31am
Quoting fx1dr3r
After the initial breakout from the sideways channel. Cable then pulled back and met resistance at the confluence of the previous broken support of the channel, 76.4% retracement and the falling TL. It then formed a shooting star. Short after price crossed below the shooting star. TP was placed and hit just above the psyche level-1.4700. 100% extension was around the 123.6% level.

GM - nice one fx.....my trusty 5m 34 ema was heading down to the 4750 level just before FO and cable obligingly pulled back towards it to give me a nice sell - I've taken partials at the 700 level and have a limit order at 650 for the remainder - I have MS2 at 643...

Edit: 650 hit and I'm out. The Euro and Swissy are not right now confirming a continuation south, so lets see what LO brings...
Trading Levels with WRBs
  • #1,597
  • Jan 13, 2009 1:41am Jan 13, 2009 1:41am
Quoting Islander
GM - nice one fx.....my trusty 5m 34 ema was heading down to the 4750 level just before FO and cable obligingly pulled back towards it to give me a nice sell - I've taken partials at the 700 level and have a limit order at 650 for the remainder - I have MS2 at 643...
Looks like your limit order has just been hit. Excellent trade Islander!
And it looks like cable is pulling back after hitting the xx50 level. Talk about accuracy right down to the pip! Didn't have another entry after my last trade since the 5min one candle pullback didn't hit the 38.2% retracement.
Life is a journey... So is trading.
  • #1,598
  • Jan 13, 2009 2:39am Jan 13, 2009 2:39am
Here's another fib trade. After hitting the psyche level-1.4650 cable pulled back and met resistance at the confluence of S1-1.4714 and 61.8% retracement. It then formed a LSH with a couple of spinning tops which shows indecision and a tweezer bottom at psyche level-1.4700. Short after price crossed below the tweezer bottom. TP was placed just above 1.4650. Closed the trade when price hesitated at MS2.
Attached Image
Life is a journey... So is trading.
  • #1,599
  • Jan 13, 2009 3:12am Jan 13, 2009 3:12am
Looks like a descending triangle is developing in cable with MS2-1.4661 at the floor. Let's see what will happen.
Attached Image
Life is a journey... So is trading.
  • #1,600
  • Jan 13, 2009 3:39am Jan 13, 2009 3:39am
Traded the breakdown of the descending triangle. My sell stop was hit 5 points below the floor. TP was placed and hit just above S2.
Attached Image
Life is a journey... So is trading.
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