Psych Levels, Pivots, and Trendlines - Resurrected | Page 92 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD

Similar Threads

Adr, psych levels, demand & supply trading 15 replies

Standard Pivots and Fibonnaci Pivots? 9 replies

EUR/USD 5min - Trendlines and Pivots 379 replies

Important psych levels 1 reply

Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies

Attachments: Psych Levels, Pivots, and Trendlines - Resurrected
Exit Attachments

Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,821
  • Feb 24, 2009 2:29am Feb 24, 2009 2:29am
Looking at the daily chart we can see how the 100 levels have formed most of the major turning points.

Also, I can see a potential inverse head and shoulders that will be helpful to give a target IF price breaks out of the wedge upwards.....TWT
Attached Image (click to enlarge)
Click to Enlarge Name: cable daily feb 24.gif Size: 12 KB
Trading Levels with WRBs
  • #1,822
  • Feb 24, 2009 2:41am Feb 24, 2009 2:41am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Bullish Engulfing on 15-min. Low of Bullish Engulfing bar above previous resistance and 50.0% Fib, and closed above Daily Pivot and 0.**50 round number.

Exit first lot when price struggled to get through descending trendline.

Exit remainder when price broke bottom of Spinning Top candle.


Magnus
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-02-24_audusd_12.gif Size: 19 KB
  • #1,823
  • Feb 24, 2009 2:53am Feb 24, 2009 2:53am
On the hourly chart we can clearly see the support over the last week in the 4150 area, which could be viewed as accumulation before a larger rally.....TWT

So far today, price has held above the rising 50 ema (green) and is running nicely inside the blue APF. IF 4450 holds as todays low, it will suggest a push up towards yesterdays high. A continuation down would target yesterdays low.

We might have to wait until the US session's news to make the move...

10:00 USD CB Consumer Confidence http://www.forexfactory.com/images/m...etail_star.gif 35.537.7 http://www.forexfactory.com/images/misc/viewchart.gif

10:00 USD Fed Chairman Bernanke Testifies http://www.forexfactory.com/images/m...etail_star.gif

Meanwhile, I'll keep pirating a few pips off my 5 min charts...http://www.forexfactory.com/images/icons/icon12.gif
Attached Image (click to enlarge)
Click to Enlarge Name: feb 24 cable hourly.gif Size: 20 KB
Trading Levels with WRBs
  • #1,824
  • Feb 24, 2009 3:07am Feb 24, 2009 3:07am
Quoting Islander
On the hourly chart we can clearly see the support over the last week in the 4150 area, which could be viewed as accumulation before a larger rally.....TWT

So far today, price has held above the rising 50 ema (green) and is running nicely inside the blue APF. IF 4450 holds as todays low, it will suggest a push up towards yesterdays high. A continuation down would target yesterdays low.

We might have to wait until the US session's news to make the move...

10:00 USD CB Consumer Confidence http://www.forexfactory.com/images/m...etail_star.gif...
I should have mentioned that the UK news due at 4:30 EST and 6:00 EST
- I forgot as I'm viewing the current moves a dollar driven, so that's clouding my post, which isnt good....
Trading Levels with WRBs
  • #1,825
  • Feb 24, 2009 3:51am Feb 24, 2009 3:51am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
A/U looking good...
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-02-24_audusd_13.gif Size: 18 KB
  • #1,826
  • Feb 24, 2009 5:05am Feb 24, 2009 5:05am
Some great analysis on here this morning......nice to see lots of activity on the thread.
Here's a quick-ish trade just completed on eur/usd. One of my favourite set-up sort of trades, only this time the potential reversal indicator was a hammer for a change. It formed right on the 13ema, just under the Main Pivot line, and seeing as both MA's were looking very bullish, I entered just above the MP. Price forged through the xx20 psych-line and started retreating, at which point I decided to bail out.
Attached Image
  • #1,827
  • Feb 24, 2009 6:21am Feb 24, 2009 6:21am
Nice trade, ev.
"Business as usual"...
Don´t live for working, but work for living.
  • #1,828
  • Feb 24, 2009 6:37am Feb 24, 2009 6:37am
Quoting matsf
Nice trade, ev.
"Business as usual"...
Nice and simple, mate, that's the way to do it!!!
  • #1,829
  • Feb 25, 2009 1:30am Feb 25, 2009 1:30am
GM all. No a lot of action so far in Frankies Hour and the volumes are low.

I've taken a long afterthe higher low in the 7:05 candle was followed by an IB on my 5 min chart, so I bought the break of that candle at 4537 and am waiting to see if cable can break up thru its 550 level.....TWT

PS I now have my stop at BE +2 http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #1,830
  • Feb 25, 2009 1:43am Feb 25, 2009 1:43am
Quoting Islander
GM all. No a lot of action so far in Frankies Hour and the volumes are low.

I've taken a long afterthe higher low in the 7:05 candle was followed by an IB on my 5 min chart, so I bought the break of that candle at 4537 and am waiting to see if cable can break up thru its 550 level.....TWT

PS I now have my stop at BE +2 http://www.forexfactory.com/images/icons/icon12.gif
It looks like a fakeout spike above the 550 level which failed at 557, so I got stopped out for +2 and now I'm short following the IB doji on the 7.30 candle.....
Trading Levels with WRBs
  • #1,831
  • Edited 2:25am Feb 25, 2009 1:54am | Edited 2:25am
Quoting Islander
It looks like a fakeout spike above the 550 level which failed at 557, so I got stopped out for +2 and now I'm short following the IB doji on the 7.30 candle.....
LOL, another stopout for a couple of pips - one of these has to breakout of this tight range - perhaps the Brits will do it.....
Trading Levels with WRBs
  • #1,832
  • Feb 25, 2009 2:25am Feb 25, 2009 2:25am
Quoting Islander
LOL, another stopout for a couple of pips - one of these has to breakout of this tight range - perhaps the Brits will do it.....
and they did! My last buy was after the 7.55 candle held again at the MR1 level of 1.4530 with a high volume almost engulfing candle. The aqua ema was also supporting this buy and I exited after the 4600 level was hit and price stalled at 606....

Now I've pulled a fib from 4517 and will look to buy a pull back into the decision zone.....around 550 would be great, but yesterdays high at 576 might hold as support.....
Attached Image (click to enlarge)
Click to Enlarge Name: feb 25 cable 5m 0820.gif Size: 13 KB
Trading Levels with WRBs
  • #1,833
  • Feb 25, 2009 2:38am Feb 25, 2009 2:38am
Quoting Islander
and they did! My last buy was after the 7.55 candle held again at the MR1 level of 1.4530 with a high volume almost engulfing candle. The aqua ema was also supporting this buy and I exited after the 4600 level was hit and price stalled at 606....

Now I've pulled a fib from 4517 and will look to buy a pull back into the decision zone.....around 550 would be great, but yesterdays high at 576 might hold as support.....


So far it has, and I have just taken a small buy as it held for the second time. I have a tight stop just under this support level as we also have the Euro at its 900 level and Swissy at its 550 level and if they both turn I can see cable following into a bigger retrace.....
Trading Levels with WRBs
  • #1,834
  • Feb 25, 2009 2:50am Feb 25, 2009 2:50am
Quoting Islander
[/b]

So far it has, and I have just taken a small buy as it held for the second time. I have a tight stop just under this support level as we also have the Euro at its 900 level and Swissy at its 550 level and if they both turn I can see cable following into a bigger retrace.....
550 does look a good area with M3 and weekly R1 both right there. 10 mins before 1 hr candle closes and unless we move up a big shooting star may form. Perhaps I'll just stay out with UK gdp news in 40 mins.
  • #1,835
  • Feb 25, 2009 2:58am Feb 25, 2009 2:58am
Quoting Islander
[/b]

So far it has, and I have just taken a small buy as it held for the second time. I have a tight stop just under this support level as we also have the Euro at its 900 level and Swissy at its 550 level and if they both turn I can see cable following into a bigger retrace.....
It did! - out for -1 and bought again in the bounce off the 550 level, stop now at BE+2, at the still rising aqua ema....

UK GDP is due out in half an hour......
Trading Levels with WRBs
  • #1,836
  • Feb 25, 2009 3:15am Feb 25, 2009 3:15am
Quoting Islander
It did! - out for -1 and bought again in the bounce off the 550 level, stop now at BE+2, at the still rising aqua ema....

UK GDP is due out in half an hour......
OK, another stopout for +2 as cable failed at its R1 pivot level of 4582 - blue dashed line.

With the news due out in 20 mins, I'll take a coffee break.....not an easy FO / LO session, the earlier bounce up off the 4500 level at 4am was a much clearer trade, but I need my beauty sleep....

Cable is still holding above its rising hourly 20 ema - lime green - so the bias remains long and so far the 550 level is holding.....
Attached Image (click to enlarge)
Click to Enlarge Name: feb 25 cable 5m 0910.gif Size: 14 KB
Trading Levels with WRBs
  • #1,837
  • Feb 25, 2009 3:57am Feb 25, 2009 3:57am
The news was in line with expectations and produced an immediate spike up to just above the R1 level before turning south, making a lower high and leaving a long red tail on the 5 min candle.

Plenty of time to get short off say the break of the aqua ema or the break of the 550 level and wait to see where it goes.....first target is the 500 level and then the DP at 478, but I've trailed my stop to just above the MR1 level of 4530 as this was support earlier...
Trading Levels with WRBs
  • #1,838
  • Feb 25, 2009 4:12am Feb 25, 2009 4:12am
OK I've taken some off at the 4500 level, leaving the remainder protected by my stop above the MR 1 level at 4530.

As we can see from this 15 min chart, cable has now retraced into the fibo decision zone for the rally off yesterdays lows, actually halting at the 50% level - what a surprise! - also its at the hourly 50ema - dark green.

Now I'll wait to see IF this area is going to hold and signal a long for a continuation of yesterday's rally....TWT
Attached Image (click to enlarge)
Click to Enlarge Name: feb 25 cable 15m 1010.gif Size: 16 KB
Trading Levels with WRBs
  • #1,839
  • Feb 25, 2009 5:59am Feb 25, 2009 5:59am
The fib decision zone didnt hold and neither did the DP at 4477 and so my second TP was hit in the push down thru the 400 level making this a 246 range day so far. Time for some lunch befoer the US session....
Attached Image (click to enlarge)
Click to Enlarge Name: feb 25 cable 5m 1150.gif Size: 22 KB
Trading Levels with WRBs
  • #1,840
  • Feb 25, 2009 6:12am Feb 25, 2009 6:12am
As cable's short term oversold, I've taken a small speculative long, hoping for a retrace as I take a break.....I'll either be -10 or +40 when I return....I'd be happier if the bounce was off the 350 level.....
Trading Levels with WRBs
6 traders viewing now