Psych Levels, Pivots, and Trendlines - Resurrected | Page 99 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,961
  • Mar 2, 2009 11:27am Mar 2, 2009 11:27am
Quoting eyevoltage
Yeah, where reversals are concerned, it WOULD make life easier, because the two 5m candles don't make a valid reversal pattern, IMO. (I could be wrong, though! It has been known! ) However, the M10 pattern forms a hammer, which is much better. I read this myself somewhere quite a while ago, but I'd forgotten about it. I'll lock it in from now on! Thanks for the reminder, mate.
I think, that is in stockcharts.com/school
  • #1,962
  • Mar 2, 2009 11:52am Mar 2, 2009 11:52am
Quoting Forex007
I was always puzzled by such candles: same length, Open 1 = Close 2, and Close 1 = Open 2. When I learned that such two candles are, in fact, a "hidden" Pinbar, life became easier.
Looks like this "hidden 10 min pinbar" called the low about half an hour after your post.

I'd taken a long and moved my stop before I left my screen for a few mins - lost 10 pips and then price went to my target of +40.....http://www.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #1,963
  • Mar 2, 2009 12:21pm Mar 2, 2009 12:21pm
Quoting Islander
Looks like this "hidden 10 min pinbar" called the low about half an hour after your post.

I'd taken a long and moved my stop before I left my screen for a few mins - lost 10 pips and then price went to my target of +40.....http://www.forexfactory.com/images/icons/icon11.gif
where was your entry?
  • #1,964
  • Mar 2, 2009 5:44pm Mar 2, 2009 5:44pm
Quoting Islander
Looks like this "hidden 10 min pinbar" called the low about half an hour after your post.

I'd taken a long and moved my stop before I left my screen for a few mins - lost 10 pips and then price went to my target of +40.....http://www.forexfactory.com/images/icons/icon11.gif
Sorry for the confusion, Islander. That chart was an old example of "combining" two bars which I made for a friend of mine a few months ago.
One Chart is Worth Ten Thousand Words.
  • #1,965
  • Edited 1:23am Mar 3, 2009 1:07am | Edited 1:23am
GM all.

Its starting to look as if the low for this move is in at yesterday's low pin bar / doji just above the 1.3950 level.

So far today we have a higher low at 1.3988 early in the Asian session and now the green hourly MAs are starting to roll over to slope upwards.

I'm long from the last pull back the 4100 level, lets see what the next hour brings.....IF todays low is in, then the 6 day ADR would suggest a move to around the 4225 level....TWT

Edit: I took a quick 20 pips as price failed to break the earlier high. I'll buy again after the pull back.....
Attached Image (click to enlarge)
Click to Enlarge Name: mar 3 cable 15m 0700.gif Size: 22 KB
Trading Levels with WRBs
  • #1,966
  • Edited 3:05am Mar 3, 2009 2:49am | Edited 3:05am
Edit: I took a quick 20 pips as price failed to break the earlier high. I'll buy again after the pull back.....

The pull back, which I sold, was a classic - right to the 50% retrace of todays move. Numerous buy opportunities, confirmed by the long green bullish engulfing candle. As price has stalled at the earlier highs, I've taken profits on half of my position and will watch till the UK data at 4:30 est / 9:30 GMT

The Euro's also trading close to its daily highs, so if the UK news is positive I can see the upper target area that I mentioned earler coming into play....http://www.forexfactory.com/images/icons/icon12.gif

Edit: I exited the remainder as price stalled at the 150 level.....€ also turned back....
Attached Image (click to enlarge)
Click to Enlarge Name: mar 3 cable 5m 0830.gif Size: 19 KB
Trading Levels with WRBs
  • #1,967
  • Mar 3, 2009 3:15am Mar 3, 2009 3:15am
Wow - that was a fast drop.

I pulled a new fibo and that has its 50% at the 075 level, but price only managed to spike down to the 85 level that some traders also use, so I've taken another smaller long as its close to news time and I'm not finding the rally attempts very convincing. The last two higher highs have only been ~ 20 pips higher - IMO that's small for cable.....
Trading Levels with WRBs
  • #1,968
  • Mar 3, 2009 3:43am Mar 3, 2009 3:43am
Out for + 10 on a tight trailng stop. UK data worse than expected.

There is now a lower high at 4125 on the 5 min chart and price is back into the fib retrace decision zone.....time for a coffee....BBL
Trading Levels with WRBs
  • #1,969
  • Mar 3, 2009 7:12am Mar 3, 2009 7:12am
@ev:
I took a day off, so i had time to trade, and of course,
here are some pictures:
My trades were based on the H1 chart. Cable and Euro showed a s/r-line.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euh1.gif Size: 24 KB
Click to Enlarge Name: guh1.gif Size: 20 KB
Donīt live for working, but work for living.
  • #1,970
  • Mar 3, 2009 7:18am Mar 3, 2009 7:18am
My trades on the M5:
In the morning i took two shorts in cable and one short in Euro,
because of the H1-resistance.

The second trade on the euro i took after the retracement near SP,
and exit was @ an s/r-level.

The entry of the third trade was not good.
I took a sell stop and watched for the breakout after the flag.
But it was too early.
My SL held by 3 pips and the exit was at the SP.

Cable:
The first trade was, like the euro-trade, off the H1-chart.
I entered twice, because i was so sure, price would retrace.

Second trade:
S/R-level. I exited this trade, because price dropped quite quick.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eum5.gif Size: 36 KB
Click to Enlarge Name: gum5.gif Size: 32 KB
Donīt live for working, but work for living.
  • #1,971
  • Edited 7:26am Mar 3, 2009 7:25am | Edited 7:26am
Plenty of opportunities to take short positions after cable failed to break the 4150 level.

This was a deep pull back, retesting the earlier low. I got long in the bounce up off the 4000 level. The initial attempt to halt at the 075 level - also the 50% retrace -held around the 4050 level & aqua ema, so we can now expect a continuation up and out of the DZ and above the 4100 level.....
Attached Image (click to enlarge)
Click to Enlarge Name: mar 3 cable 5m 1320.gif Size: 19 KB
Trading Levels with WRBs
  • #1,972
  • Mar 3, 2009 7:27am Mar 3, 2009 7:27am
I was wondering if others here plot multiple fibs and look for confluence near the trendlines, pivots and/or psych-lines?

http://i43.tinypic.com/24mtb2e.gif
TRO
  • #1,973
  • Mar 3, 2009 7:33am Mar 3, 2009 7:33am
Quoting matsf
My trades on the M5:
In the morning i took two shorts in cable and one short in Euro,
because of the H1-resistance.

The second trade on the euro i took after the retracement near SP,
and exit was @ an s/r-level.

The entry of the third trade was not good.
I took a sell stop and watched for the breakout after the flag.
But it was too early.
My SL held by 3 pips and the exit was at the SP.

Cable:
The first trade was, like the euro-trade, off the H1-chart.
I entered twice, because i was so sure, price would retrace.

Second trade:
S/R-level....
Nice trades - I guess you're analysing on the hourly and trading off the 5 min. I also check the hourly at the start of my trading day and put any additional levels onto my 15 min and then trade off the 5m - and sometimes around FO / LO the 1 min...
Trading Levels with WRBs
  • #1,974
  • Mar 3, 2009 7:41am Mar 3, 2009 7:41am
Quoting Money4Nothing
I was wondering if others here plot multiple fibs and look for confluence near the trendlines, pivots and/or psych-lines?

http://i43.tinypic.com/24mtb2e.gif
I used to plot multiple fibs - especially last year in my naked thread - and I also followed a lot a Carolyn Borodens work. I now find it cleaner and IMO just as effective to use the psych levels, occasionally adding pivots AND using retracement fibs for the last swing - most of the time I just eyeball the fib and see what levels are present in the Decision Zone
Trading Levels with WRBs
  • #1,975
  • Mar 3, 2009 7:48am Mar 3, 2009 7:48am
Quoting Islander
I guess you're analysing on the hourly and trading off the 5 min.
My analysis begins with the daily chart, then H4, then H1, and my trading is off the M5.
Donīt live for working, but work for living.
  • #1,976
  • Mar 4, 2009 3:38am Mar 4, 2009 3:38am
I've been too busy to work up a post, will do so soon
Trading Levels with WRBs
  • #1,977
  • Mar 4, 2009 3:40am Mar 4, 2009 3:40am
2 more quick posts and we'll get ride of this page which is screwed up 'cause of the posting of an oversized chart
Trading Levels with WRBs
  • #1,978
  • Mar 4, 2009 3:41am Mar 4, 2009 3:41am
I'm currently short off the lower high after the UK data
Trading Levels with WRBs
  • #1,979
  • Mar 4, 2009 3:42am Mar 4, 2009 3:42am
One more should finish this page
Trading Levels with WRBs
  • #1,980
  • Mar 4, 2009 3:43am Mar 4, 2009 3:43am
Lets hope this is it
Trading Levels with WRBs
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