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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,761
  • Feb 18, 2009 6:06am Feb 18, 2009 6:06am
Hi EV and gang.....a great set up at the London Open after the Frankfurters failed to push cable above the 4300 level.

I'm now trying very hard tp stay much longer in these 5 min entry trades, and as the 4300 area shows loads of resistance on the 30 min and higher charts, I was looking for at least the 200 level to be tested.

The long candle thru that level opened the way for a continued fall and the extended dashed lower band and 150 level finally gave support for a 100+ pip trade

The 10:30 UK news provided a spike to new lows - again with price extended and the higher low 15 mins later was a great low risk buy, with an add on at the pull back to the 150 level.

All classic Price Action around The Levels......
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Trading Levels with WRBs
  • #1,762
  • Feb 18, 2009 8:03am Feb 18, 2009 8:03am
Quoting Islander
Hi EV and gang.....a great set up at the London Open after the Frankfurters failed to push cable above the 4300 level.

I'm now trying very hard tp stay much longer in these 5 min entry trades, and as the 4300 area shows loads of resistance on the 30 min and higher charts, I was looking for at least the 200 level to be tested.

The long candle thru that level opened the way for a continued fall and the extended dashed lower band and 150 level finally gave support for a 100+ pip trade

The 10:30 UK news provided a spike to new lows -...
Nice to see you back again, mate...wondered where on earth you'd got to!! This was nice trading, mate, and a lesson in the value of keeping one's eye on the chart, just waiting for the right set of circumstances. Your patience and perception certainly paid off for you, Islander. Good job all round. Well done!!
  • #1,763
  • Feb 18, 2009 8:51am Feb 18, 2009 8:51am
Hi folks..
This is my only trade so far today, as I kept missing previous signals due to my obligations elsewhere. Finally, I was on hand to see this nice signal and a subsequent nice trade. Fairly straightforward signal, entry and exit. As Islander hinted earlier, a nice reversal signal bang on one of the S/R levels, which is what I wait for all the time.
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  • #1,764
  • Feb 18, 2009 9:06am Feb 18, 2009 9:06am
Quoting eyevoltage
Nice to see you back again, mate...wondered where on earth you'd got to!! This was nice trading, mate, and a lesson in the value of keeping one's eye on the chart, just waiting for the right set of circumstances. Your patience and perception certainly paid off for you, Islander. Good job all round. Well done!!
Thanks EV for your kind words. During the winter I find it hard in the dark to leave a nice warm bed and get ready for Frankies Hour. However, as a European Day Trader I know that I must be up and ready to trade before the Frankfurters hit their screens as there's always pips to be pirated - and its rude of me not to do just that! Some days, like today, we have to wait for The Brits and LO......but just look at those pips as they did a typical Big Ben fakeout, triggering loads of sell stops under the prior low AND the 100 level....

PS - we've just had a nice retrace into the fibo Decision Zone and price has held at todays mid S1 pivot....I've taken a small buy with a tight stop in case it decides to carry on down to the 150 level....TWT

Edit: stopped out for +4, I trailed my tight stop as soon as price pushed up above the 200 level
Trading Levels with WRBs
  • #1,765
  • Feb 18, 2009 9:33am Feb 18, 2009 9:33am
Quoting Islander
Thanks EV for your kind words. During the winter I find it hard in the dark to leave a nice warm bed and get ready for Frankies Hour. However, as a European Day Trader I know that I must be up and ready to trade before the Frankfurters hit their screens as there's always pips to be pirated - and its rude of me not to do just that! Some days, like today, we have to wait for The Brits and LO......but just look at those pips as they did a typical Big Ben fakeout, triggering loads of sell stops under the prior low AND the 100 level....

PS - we've...
Can you show a chart pin-pointing that small buy, mate?
  • #1,766
  • Feb 18, 2009 9:53am Feb 18, 2009 9:53am
Quoting eyevoltage
Can you show a chart pin-pointing that small buy, mate?
NP - here's my updated 5 min chart - this time with the daily pivots. The grey ellipses are all areas for potential trades. I took the small buy at the last green arrow as the MS1 level held, as it had done just after 12:00. Three candles later it looked as if it was going to break out upwards - but it failed and I got stopped out for +4.

NB This was a risky trade is it was under the aqua ma and I would have added on further confirmation above 4200 & the ma.

Now its too late in the European Day for me to trade, especially with all this chop, much safer NOT to trade and keep my pirated pips in my bank!
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Trading Levels with WRBs
  • #1,767
  • Feb 18, 2009 9:59am Feb 18, 2009 9:59am
Thanks very much, Islander. Much appreciated.
  • #1,768
  • Feb 18, 2009 10:28am Feb 18, 2009 10:28am
This perfect "tweezer bottom" pattern (Lows both the same......Close and Open both the same) prompted a trade with the intention of bailing out, if possible, at the xx00 psych-line. As it turned out, price just went steaming straight through all the way to the xx20 psych line, where I decided not to push my luck, and jumped ship. As I type this, price has made another effort and has touched the Main Pivot Point.
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  • #1,769
  • Feb 18, 2009 10:42am Feb 18, 2009 10:42am
Quoting eyevoltage
This perfect "tweezer bottom" pattern (Lows both the same......Close and Open both the same) prompted a trade with the intention of bailing out, if possible, at the xx00 psych-line. As it turned out, price just went steaming straight through all the way to the xx20 psych line, where I decided not to push my luck, and jumped ship. As I type this, price has made another effort and has touched the Main Pivot Point.
Nice one EV - so as not to get tempted, I'd jumped onto my cross trainer for a short workout.

Its also easy to see how price was only able to push down another 5 pips from the lows that I had marked, indicating no real selling. It was also on low volume, as was the rally, so its not yet managed to make the 50 level
Trading Levels with WRBs
  • #1,770
  • Feb 19, 2009 3:48am Feb 19, 2009 3:48am
Todays low came in the Asian session when price spiked under the 4250 level, holding at the hourly 50 ema - dark green.

Early in Frankies hour a buy was signalled as price held at the aqua ema and the trade was triggered as the 1.4279 level was broken in the wide range green candle.

The rally continued with only minor pull backs right into the lower edge of my target zone, which is based on the two closest levels to the current six day average range of 191 pips.

Trade taken, daily profit exceeded, time for a break, leaving a small buy limit order placed at 4350 - the confluence of the 350 level and a fibo retrace http://www.forexfactory.com/images/icons/icon6.gif
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Trading Levels with WRBs
  • #1,771
  • Edited 4:12am Feb 19, 2009 4:09am | Edited 4:12am
Yet another good early-morning trade, Islander. You really do have a good eye for these opportunities. Not sure I could crawl out of bed that early, though!
This is a good fib opportunity that I've just exited. The retracement to the 61.8% fib line was followed by a spinning-top/harami and I entered on the next candle just below the low of the ST. As price pushed down through the xx50 psych-line and FE 100% fib line confluence and then started retreating, I accepted around 20 pips and got out.
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  • #1,772
  • Feb 19, 2009 4:45am Feb 19, 2009 4:45am
Quoting eyevoltage
Yet another good early-morning trade, Islander. You really do have a good eye for these opportunities. Not sure I could crawl out of bed that early, though!
This is a good fib opportunity that I've just exited. The retracement to the 61.8% fib line was followed by a spinning-top/harami and I entered on the next candle just below the low of the ST. As price pushed down through the xx50 psych-line and FE 100% fib line confluence and then started retreating, I accepted around 20 pips and got out.
Thanks EV - it does help that its now light when I get up!

Your trade was a great use of fibos and reading PA - which is really all that I do too....I just add a few extras on my posted charts to clarify my reasoning to any interested followers of this thread
Trading Levels with WRBs
  • #1,773
  • Feb 19, 2009 5:10am Feb 19, 2009 5:10am
Quoting Islander
Todays low came in the Asian session when price spiked under the 4250 level, holding at the hourly 50 ema - dark green.

Early in Frankies hour a buy was signalled as price held at the aqua ema and the trade was triggered as the 1.4279 level was broken in the wide range green candle.

The rally continued with only minor pull backs right into the lower edge of my target zone, which is based on the two closest levels to the current six day average range of 191 pips.

Trade taken, daily profit exceeded, time for a break, [b]leaving a small buy limit...
Buy triggered at 4350, I'm happy to take 50 pips on this one, so TP set to 4400....
Trading Levels with WRBs
  • #1,774
  • Feb 19, 2009 5:30am Feb 19, 2009 5:30am
Quoting Islander
Buy triggered at 4350, I'm happy to take 50 pips on this one, so TP set to 4400....
I see a doji and a reversal before reaching 4400, mate. Hope you managed to secure the profit!
  • #1,775
  • Feb 19, 2009 5:45am Feb 19, 2009 5:45am
Quoting eyevoltage
I see a doji and a reversal before reaching 4400, mate. Hope you managed to secure the profit!
Stop currently at +10, the 61% fibo of the last little rally - I see the doji (now! or Id have been tempted to TP, but I'm trying to sort out a wifi prob on my daughters new netbook) Price then held at my aqua ema, thus making a higher low, so lets see if the early US traders take it up before the PPI data in a couple of hours.
Trading Levels with WRBs
  • #1,776
  • Feb 19, 2009 6:02am Feb 19, 2009 6:02am
Quoting Islander
Stop currently at +10, the 61% fibo of the last little rally - I see the doji (now! or Id have been tempted to TP, but I'm trying to sort out a wifi prob on my daughters new netbook) Price then held at my aqua ema, thus making a higher low, so lets see if the early US traders take it up before the PPI data in a couple of hours.
TP hit for another 50 pips......time for lunch before the data.....
Trading Levels with WRBs
  • #1,777
  • Feb 19, 2009 6:17am Feb 19, 2009 6:17am
Quoting Islander
TP hit for another 50 pips......time for lunch before the data.....
Well done, mate. The retracement from the doji provided another nice fib trade for around 25 pips, so we're both happy!!
  • #1,778
  • Feb 19, 2009 8:12am Feb 19, 2009 8:12am
Here's a nice after lunch trade - the graveyard doji into the recent support zone was on the US data, which was close to expectations. I took a buy 3 candles later after the 25 pip pull back from the 400 level.

My target is the 4450 level and my stop is now at 50% of the wide range green candle which is +25 pips....http://www.forexfactory.com/images/icons/icon12.gif
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Trading Levels with WRBs
  • #1,779
  • Feb 19, 2009 9:40am Feb 19, 2009 9:40am
The failure of price to break above the wide range green candle that made todays high was the first warning that the rally had run out of buyers.

The subsequent bounce off the pull back to the 4400 level that FAILED at its 62% retrace was confirmation, inviting a sell as price broke the 4400 level.

The ultra wide range red candle broke both the prior support area and the 350 level and so far none of the other levels have provided any support.

I'm poor at taking reversal trades, so I was late into this fall and then had my TP just above the 300 level, but I've still banked some extra pips.

Once I see some green candles I'll pull a fibo and look for another confluence of levels for another entry....unless I take an early Sundowner...http://www.forexfactory.com/images/icons/icon10.gif
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Trading Levels with WRBs
  • #1,780
  • Feb 19, 2009 10:19am Feb 19, 2009 10:19am
Quoting Islander
The failure of price to break above the wide range green candle that made todays high was the first warning that the rally had run out of buyers.

The subsequent bounce off the pull back to the 4400 level that FAILED at its 62% retrace was confirmation, inviting a sell as price broke the 4400 level.

The ultra wide range red candle broke both the prior support area and the 350 level and so far none of the other levels have provided any support.

I'm poor at taking reversal trades, so I was late into this fall and then had my TP just above...
Keep 'em coming, mate, 'cos I'm learning all the time from your excellent analysis. I thought it was a little late in the day for you, Islander, but you seem to be getting a second wind!! Good stuff, mate.
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