Psych Levels, Pivots, and Trendlines - Resurrected | Page 81 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,601
  • Jan 13, 2009 7:51am Jan 13, 2009 7:51am
Quoting fx1dr3r
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.
Thanks - LOL - it always surprises me when price turns to the pip at one of the levels.... and that's why I look to book some profits on limit orders...

The good old 34 ema has been on fire in this morning's European session....working with my +/- 20 pips band - omitted for clarity - there were 10 entries during the 200 pip fall for a potential profit > 500 pips...

I didnt take every trade as I was teaching and then had to go out, but I got half of them....
Trading Levels with WRBs
  • #1,602
  • Jan 13, 2009 8:23am Jan 13, 2009 8:23am
It helps if I post the chart.....

Edit: 2 more signals for ~50 pips each......now with a slightly higher low after the latest one, I'll take a break and wait for the main NY markets to open....
Attached Image (click to enlarge)
Click to Enlarge Name: jan 13 cable 5m 1430.gif Size: 15 KB
Trading Levels with WRBs
  • #1,603
  • Jan 14, 2009 2:37am Jan 14, 2009 2:37am
Couldn't get on yesterday as I had severe connection problems, to the point where I had to strip everything down and start again! Still, it looks as if things are ok now, fingers crossed.
This was a good start to the day, with a bullish flag on 15m cable. Entry was a conservative one.......just above the high of the two long candles at the start of the flag. Original TP target was 1.4650, but price just kept going, so I left it and exited as price started retreating from the 1.4700 psych-line.

Edit: By the way, some great charts and activity yesterday from my friends fx1 and Islander. Good going, mates!!
Attached Image
  • #1,604
  • Jan 14, 2009 5:40am Jan 14, 2009 5:40am
Quoting eyevoltage
Couldn't get on yesterday as I had severe connection problems, to the point where I had to strip everything down and start again! Still, it looks as if things are ok now, fingers crossed.
This was a good start to the day, with a bullish flag on 15m cable. Entry was a conservative one.......just above the high of the two long candles at the start of the flag. Original TP target was 1.4650, but price just kept going, so I left it and exited as price started retreating from the 1.4700 psych-line.

Edit: By the way, some great charts and activity yesterday...
EV, I admire your simple yet solid analysis/logic behind the trades you take. Where did you place your SL with that trade?
One Chart is Worth Ten Thousand Words.
  • #1,605
  • Edited 9:05am Jan 14, 2009 9:03am | Edited 9:05am
Quoting Forex007
EV, I admire your simple yet solid analysis/logic behind the trades you take. Where did you place your SL with that trade?
I placed the SL at 1.4592, which was right on the 13ema. Seeing as my original target was 1.4650, I guess I was working on less than a 1:1 ratio, so I probably should have brought it in a bit. Still, it worked out ok in the end, but you've given me something to think about regarding tightening up my stop-losses in future!

Edit: Sorry about the delay in replying, but BT decided to attend to a fault outside the house, and I've once again been without broadband since soon after my last post.
  • #1,606
  • Jan 14, 2009 1:07pm Jan 14, 2009 1:07pm
Quoting eyevoltage
I placed the SL at 1.4592, which was right on the 13ema. Seeing as my original target was 1.4650, I guess I was working on less than a 1:1 ratio, so I probably should have brought it in a bit. Still, it worked out ok in the end, but you've given me something to think about regarding tightening up my stop-losses in future!

Edit: Sorry about the delay in replying, but BT decided to attend to a fault outside the house, and I've once again been without broadband since soon after my last post.
That was indeed part of my question...

I noticed that some of your trades could be below R1 (well, I could only guess where your SLs were), but there is nothing wrong with that if the number of wins is above 50%. Different strokes for different blokes
One Chart is Worth Ten Thousand Words.
  • #1,607
  • Jan 14, 2009 9:29pm Jan 14, 2009 9:29pm
Quoting eyevoltage
Edit: Sorry about the delay in replying, but BT decided to attend to a fault outside the house, and I've once again been without broadband since soon after my last post.
Hi EV! Nice trade yesterday. I hope your internet problem is solved soon. Would like to see more of your illustrations.

Here's a chart on cable. It's been moving in a sideways channel since the US afternoon session. It looks like there's uncertainty in the market.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart-003.gif Size: 23 KB
Life is a journey... So is trading.
  • #1,608
  • Jan 15, 2009 1:04am Jan 15, 2009 1:04am
Traded the breakout and continuation of the subsequent pullback. The breakout didn't go far. So I was looking for the confluence of the broken ceiling of the channel and 50% retracement to support the pullback.TP was in the psyche level-1.4650 but it wasn't hit. Closed the trade when it hesitated a couple of points before 1.4650.
Attached Image
Life is a journey... So is trading.
  • #1,609
  • Jan 15, 2009 1:22am Jan 15, 2009 1:22am
Quoting fx1dr3r
Traded the breakout and continuation of the subsequent pullback. The breakout didn't go far. So I was looking for the confluence of the broken ceiling of the channel and 50% retracement to support the pullback.TP was in the psyche level-1.4650 but it wasn't hit. Closed the trade when it hesitated a couple of points before 1.4650.
GM - nice trade - remember that the euro rates announcement is due late this European morning - it looks as if the usual big pre announcement swings have already started and we can expect cable to feel the effects too....
Trading Levels with WRBs
  • #1,610
  • Jan 15, 2009 1:37am Jan 15, 2009 1:37am
Quoting Islander
GM - nice trade - remember that the euro rates announcement is due late this European morning - it looks as if the usual big pre announcement swings have already started and we can expect cable to feel the effects too....
.. Thanks for the reminder.
Life is a journey... So is trading.
  • #1,611
  • Jan 15, 2009 4:10am Jan 15, 2009 4:10am
It's still very much a sideways bias this morning, with some very big candles and equally as important, some very long shadows. Good reasons for staying on the sidelines, I reckon, although that was nice trading earlier, fx1!
Let's see how it goes.......
  • #1,612
  • Jan 15, 2009 9:46am Jan 15, 2009 9:46am
Quoting eyevoltage
It's still very much a sideways bias this morning, with some very big candles and equally as important, some very long shadows. Good reasons for staying on the sidelines, I reckon, although that was nice trading earlier, fx1!
Let's see how it goes.......
Agreed, the only way to trade this morning was to trade the range between the 650 level and the DP at 580, selling the upper and buying the lower - but that takes practice and its easy to get whipsawed into losses...
Trading Levels with WRBs
  • #1,613
  • Jan 15, 2009 8:45pm Jan 15, 2009 8:45pm
Quoting Islander
Agreed, the only way to trade this morning was to trade the range between the 650 level and the DP at 580, selling the upper and buying the lower - but that takes practice and its easy to get whipsawed into losses...
Recently, I've been studying how to trade the range of wide sideways channels but I'm not yet getting the hang of it. A couple of things to look out for though are time periods near or at market openings and on high impact news when there's a higher probability of a break or false breakout of the boundaries. It seems that its better to trade the range on the Asian session when there's not that much traders to push price beyond the boundaries.
Life is a journey... So is trading.
  • #1,614
  • Jan 15, 2009 11:20pm Jan 15, 2009 11:20pm
A bullish flag pattern is currently forming in cable. Let's see what will happen. Will there be a trend continuation (which is the current bias of the pattern) or will there be a downward break.
Attached Image
Life is a journey... So is trading.
  • #1,615
  • Jan 16, 2009 12:14am Jan 16, 2009 12:14am
Traded the break upwards of the bullish flag. My buy stop was hit 5 bid points above the last candle that touched the upper boundary before the break up. TP was at the confluence of psyche level-1.4850 and MS3-1.4855. Closed the trade as price hesitated a couple of pips below.
Attached Image
Life is a journey... So is trading.
  • #1,616
  • Jan 16, 2009 12:41am Jan 16, 2009 12:41am
After the initial break up. Cable pulled back to the confluence of R2-1.4812 and 38.2% retracement then formed an outside candle (if I'm not mistaken, gonna need EV's feedback on that). Bought after price crossed above the pattern. TP was placed on the confluence of R3-1.4898 and psyche level-1.4900. Closed the trade after price reacted after hitting the 150% level. My target's, either psyche levels/pivots aren't hit for a couple of days now, so I'm a bit jumpy when price pulls back near a potential risk zone.
Attached Image
Life is a journey... So is trading.
  • #1,617
  • Jan 16, 2009 1:06am Jan 16, 2009 1:06am
Quoting fx1dr3r
After the initial break up. Cable pulled back to the confluence of R2-1.4812 and 38.2% retracement then formed an outside candle (if I'm not mistaken, gonna need EV's feedback on that). .......

Got it! It's a bullish engulfing pattern! The succeeding bullish candle engulfs the previous bearish candle.
Life is a journey... So is trading.
  • #1,618
  • Jan 16, 2009 2:14am Jan 16, 2009 2:14am
GM FX - great trades

The pull back into FO was a clear buy as the 800 area and the 5m uptrend line from late yesterday all gave support so I got in early and as usual out early and then got short off the lower high for a few more pips after the 32 pip candle failed to get to the aerlier high.

I needed a couple of good trades after yesterday's early chop put me -ve for the day.....
Trading Levels with WRBs
  • #1,619
  • Jan 16, 2009 2:51am Jan 16, 2009 2:51am
Cable is moving in a sideways channel with R2-1.4812 at the floor and psyche level-1.4800 just below it, while the confluence of R3-1.4898 and psyche level-1.4900 is just above the ceiling. Let's see what happens.
Attached Image
Life is a journey... So is trading.
  • #1,620
  • Jan 16, 2009 3:54am Jan 16, 2009 3:54am
Traded the break upwards of the channel. My buy stop was hit 10 bid points above the ceiling of the channel. TP was at psyche level-1.4950. Didn't quite got there and had to close the trade manually. Afterwards, price pulled back to the confluence of R3-1.4898 and psyche level-1.4900 and 38.2% retracement, and formed a hammer. Bought after price crossed above the hammer. TP was placed and hit at psyche level-1.4950.
Attached Image
Life is a journey... So is trading.
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