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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,801
  • Feb 20, 2009 2:23am Feb 20, 2009 2:23am
Quoting Islander
GM all - a couple of years ago when I was "news trading" we found 35 and 85 useful. I guess that like 20 & 80, they both can be viewed as overshoots of a 100 level when price finds that it has run out of buyers / sellers....

LOL EV - are you becoming an Asain Trader?

FYI, I've taken a small buy off the 4200 level and will add higher / lower following PA. Swissy has just been rejected at its prior high of 1.1823....
OK, my long was a wash and I got out for BE +1 after price held at the falling aqua ema. I then sold onafter the lower high at LO and the break down of the 200 level.....lets see how far it falls - S1 at 4173 has already broken....
Trading Levels with WRBs
  • #1,802
  • Feb 20, 2009 2:47am Feb 20, 2009 2:47am
Here's the action so far.....15 mins into Frankies Hour cable tried to bounce up off the 200 level and I took a small long - small because it was under the falling aqua and green MAs and NOT overextended.

When it got to the aqua MA I moved my stop to BE+1 and got taken out.

At LO there was a lower high and price again broke down thru the 200 level, so I took a sell.

IF this fall continues, the Target Zone will be the area between 4100 and the dotted red S2 level at 1.4067.

I've already taken some profit at the 4150 level and trailed my stop to a little above the red dashed S1 level.....
Attached Image (click to enlarge)
Click to Enlarge Name: feb 20 cable 5m 0830.gif Size: 22 KB
Trading Levels with WRBs
  • #1,803
  • Feb 20, 2009 3:17am Feb 20, 2009 3:17am
LOL - its Freaky Friday again....cable just touched its 4150 level and bounced straight back up 70 pips, creating another long wicked almost a hammer candle on the hourly chart - just like the 9am candle on Wednesday.

I got stopped out on the remainder for +15.

This has made a higher low from Wednesday and a potential reverse head and shoulders.

UK retail sales due in 15 mins and I now have a small long off the 4200 level with a tight stop.....
Trading Levels with WRBs
  • #1,804
  • Feb 20, 2009 3:40am Feb 20, 2009 3:40am
Quoting Islander
LOL - its Freaky Friday again....cable just touched its 4150 level and bounced straight back up 70 pips, creating another long wicked almost a hammer candle on the hourly chart - just like the 9am candle on Wednesday.

I got stopped out on the remainder for +15.

This has made a higher low from Wednesday and a potential reverse head and shoulders.

UK retail sales due in 15 mins and I now have a small long off the 4200 level with a tight stop.....

Retail Sales better than forecast +.07 vs 0.0.......makes me wonder how many knew about that......a typical Big Ben fakeout, a sharp push down to get people short allowing the insiders to get long at a better level.....

A nice spike back up to taday's high and I'm out and taking a break....BBL
Trading Levels with WRBs
  • #1,805
  • Feb 20, 2009 4:55am Feb 20, 2009 4:55am
Well, amidst all the coughing and spluttering that I'm doing, I managed to spot this nice little opportunity on cable just now.
The blue TL shows just what a beaut of a pull-back this was, and culminated in a nice little doji right on the confluence of the xx50 psych-line and the green mid-point line. I usually wait for confirmation after a doji, but this time I decided to enter as soon as it crossed the 13ema. Initial target was the xx80 psych-line, but price just kept on going and I jumped ship at the white line which I put on the chart to signify the day's opening price.
Attached Image
  • #1,806
  • Feb 20, 2009 5:16am Feb 20, 2009 5:16am
Quoting eyevoltage
Well, amidst all the coughing and spluttering that I'm doing, I managed to spot this nice little opportunity on cable just now.
The blue TL shows just what a beaut of a pull-back this was, and culminated in a nice little doji right on the confluence of the xx50 psych-line and the green mid-point line....

Is that daily midpoint?
TRO
  • #1,807
  • Feb 20, 2009 5:29am Feb 20, 2009 5:29am
Quoting Money4Nothing
Is that daily midpoint?
It's the mid-point between the Main Pivot line and S1. I draw them on every day, as I find that price quite often respects these lines. There are other Pivot point indicators that draw them on for you. I just happen to prefer this particular PP indicator.
  • #1,808
  • Feb 20, 2009 5:53am Feb 20, 2009 5:53am
Quoting eyevoltage
It's the mid-point between the Main Pivot line and S1. I draw them on every day, as I find that price quite often respects these lines. There are other Pivot point indicators that draw them on for you. I just happen to prefer this particular PP indicator.
I understand. Thanks.

http://i44.tinypic.com/50sm1d.gif
TRO
  • #1,809
  • Feb 20, 2009 6:32am Feb 20, 2009 6:32am
Quoting Islander
LOL EV - are you becoming an Asain Trader?
Lol.........yes, from time to time.......whenever I have a stinking cold!!!
  • #1,810
  • Edited 12:29pm Feb 20, 2009 11:04am | Edited 12:29pm
30 pips on the triangle breakout up. I quit when it approached the measured move just above the 50.
Edit: Boy, did I leave money on the table. I would never figure a 61.8 retracement would explode that far.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 15 KB
  • #1,811
  • Feb 20, 2009 1:40pm Feb 20, 2009 1:40pm
I noticed that after a "3", the psycho trades pay off nice.

http://i42.tinypic.com/rjfkmb.gif
TRO
  • #1,812
  • Feb 23, 2009 4:47am Feb 23, 2009 4:47am
A nice opportunity from a retracement on the 5m eur/usd chart. These are the set-ups I like best......a nice reversal pattern forming right on a confluence of an S/R point, in this case the xx80 psych-line, and my faithful 13ema. To be honest, I'm not sure whether to refer to the actual candle as a hanging-man or a dark cloud cover, but either way, it gave off the right signals! Entry just below the low of said reversal candle, and price then dropped with nice strong candles right down to the xx20 psych-line....a good place to close the trade.
Attached Image
  • #1,813
  • Feb 23, 2009 4:59am Feb 23, 2009 4:59am
Quoting eyevoltage
A nice opportunity from a retracement on the 5m eur/usd chart....
Nice inside bar short on the H1... Giving "confirmation" to the Psycho short trade at 1.2925

http://i39.tinypic.com/ddjkvr.gif

Also M5 had an inside bar short.

http://i41.tinypic.com/9kql2g.gif
TRO
  • #1,814
  • Feb 23, 2009 9:40am Feb 23, 2009 9:40am
Fell through 00, 75, 50

http://i39.tinypic.com/2cf8cuc.gif
TRO
  • #1,815
  • Feb 23, 2009 10:35am Feb 23, 2009 10:35am
Hereīs another trade:
The first arrow shows a possible s/r-entry @SP.
First, it works as a resistance, then as a support.
Then i expect to see it as another resistance.

I wasnīt at the computer at this time.
Good for me, because i would have been stopped out then.
But then i entered short at the second arrow @12 (bottom of the bucket from the No Brainer Thread),
exit was at the s/r-level @SP 50.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 37 KB
Donīt live for working, but work for living.
  • #1,816
  • Feb 23, 2009 11:00am Feb 23, 2009 11:00am
Quoting matsf
Hereīs another trade:
The first arrow shows a possible s/r-entry @SP.
First, it works as a resistance, then as a support.
Then i expect to see it as another resistance.

I wasnīt at the computer at this time.
Good for me, because i would have been stopped out then.
But then i entered short at the second arrow @12 (bottom of the bucket from the No Brainer Thread),
exit was at the s/r-level @SP 50.
Nice trading.
TRO
  • #1,817
  • Feb 23, 2009 11:01am Feb 23, 2009 11:01am
Look at this...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 35 KB
Click to Enlarge Name: gu2.gif Size: 36 KB
Donīt live for working, but work for living.
  • #1,818
  • Feb 23, 2009 11:44am Feb 23, 2009 11:44am
Another fall ...

http://i40.tinypic.com/2mflqg4.gif
TRO
  • #1,819
  • Feb 23, 2009 4:37pm Feb 23, 2009 4:37pm
Hi Money,

Why didn't you take the two red bars from 5 hours ago?

T.

Quoting Money4Nothing
I am more of an inside bar breakout trader. If a psychological number ( 00, 75, 50, 25 ) is between the inside bar's high/low, I'll trade in the direction of price to get a jump on the break. Swing points would be a deterrent to entry or a place to TP.

H1 candle was red at 75, so short 75 instead of waiting for 56 IB short trigger.

http://i42.tinypic.com/f1bm9g.gif
  • #1,820
  • Feb 24, 2009 2:10am Feb 24, 2009 2:10am
GM all - nice to see some new faces making pips

So far, the Asian session high held at the 62% retrace, setting up some easy sells - I guess I'm going to have to get up earlier if this continues...I got in just before FO and banked good pips after the wide range candle broke the 500 level - also todays DP.

The green spinning top that is the low was right at FO and as price failed to push lower, I took a buy and grabbed more pips in the WR green candle as price pulled back to the aqua ema.

Now to see what The Brits do after LO.....
Attached Image (click to enlarge)
Click to Enlarge Name: feb 24 cable 5m 0800.gif Size: 13 KB
Trading Levels with WRBs
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