Psych Levels, Pivots, and Trendlines - Resurrected | Page 132 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,621
  • May 11, 2009 3:23am May 11, 2009 3:23am
Here's a nice break-out trade from the 15m eur/jpy just now. 134.00 had been a strong resistance on Friday and proved to be a fairly strong support earlier today, so when price finally broke through, it looked to be a reasonable opportunity. Entry was just under the 00 psych line, and I exited as price started retreating northwards again from the 20/25 psych-zone.
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  • #2,622
  • May 11, 2009 4:42am May 11, 2009 4:42am
.......from the last trade on the 15m eur/jpy.

A small symmetrical triangle formed and entry was effected when price broke out southwards. It pushed down through the 75/80 psych-zone, and I exited as price started to retreat up again. Nice and simple.
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  • #2,623
  • May 11, 2009 4:46am May 11, 2009 4:46am
Nice as always ev.

Still lurking.
  • #2,624
  • May 11, 2009 8:22am May 11, 2009 8:22am
Spotted this bearish wedge forming and waited to see if there would be a bearish break-out. Inside the wedge (and between the two ma's) is a confluence formed by the S1 line inside the 75/80 psych-zone. It looked to be a very strong resistance, and so it proved. Entry just under the low of the previous candle to the breakout candle, and exit just above the 20/25 psych-zone. The dragonfly doji caused a bit of concern, and I nearly got out then, but I just felt that there was more to come from this downward movement after such a large initial breakout move.
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  • #2,625
  • May 11, 2009 8:45am May 11, 2009 8:45am
Quoting DanUK
Good morning chaps,

I've been scalping GBPUSD this morning for a few pips here and there prior to the news release later on today. I've also started using the xx20 and xx80 psych lines, which so far I haven't really paid much attention to.
Nice "clean" trades, Dan!
One Chart is Worth Ten Thousand Words.
  • #2,626
  • May 11, 2009 8:55am May 11, 2009 8:55am
Quoting eyevoltage
Nice and simple.
The way trading shall be. Well done, EV!
One Chart is Worth Ten Thousand Words.
  • #2,627
  • May 11, 2009 8:56am May 11, 2009 8:56am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Forex007
Nice "clean" trades, Dan!

...and I would add somewhat aggressive style today also... or is it just me??


Magnus
  • #2,628
  • May 11, 2009 9:02am May 11, 2009 9:02am
Quoting Yuppie
...and I would add somewhat aggressive style today also... or is it just me??


Magnus
Doing WT and CT trades "back-to-back" is not the most conservative way of trading, but Dan seemed to have clear idea of why he entered and what he expected to happen.
One Chart is Worth Ten Thousand Words.
  • #2,629
  • May 11, 2009 9:14am May 11, 2009 9:14am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Forex007
Doing WT and CT trades "back-to-back" is not the most conservative way of trading, but Dan seemed to have clear idea of why he entered and what he expected to happen.
Oops! I was referring to EV's trades...
  • #2,630
  • May 11, 2009 10:10am May 11, 2009 10:10am
Quoting Yuppie
Oops! I was referring to EV's trades...
134.00 BO was traded on... BO, i.e. without any confirming candle as such after BO itself at that level - price could have yo-yoed around that level. Is that you what meant, Yuppie?
One Chart is Worth Ten Thousand Words.
  • #2,631
  • May 11, 2009 10:15am May 11, 2009 10:15am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Forex007
134.00 BO was traded on... BO, i.e. without any confirming candle as such after BO itself at that level - price could have yo-yoed around that level. Is that you what meant, Yuppie?

All three trade: break-down of 134.00; break of triangle; and break of bearish-wedge.

EV usually trades specific candles - but this is three-in-a-row of essentially trading a pattern only.


Magnus
  • #2,632
  • Edited 4:31am May 12, 2009 4:27am | Edited 4:31am
A dragonfly doji forming right inside the psych-zone, and right on the 13ema led to this trade. Entry above the high of the spinning-top before the doji, and exit as price started retreating towards the xx50 psych-line. I got out there because after the strong movement in price from the 132.30 area, it really looked as if 133.50 was going to prove a strong resistance. Time will tell, but for me, I'm better out of it. Also, I forgot to mention that the upper shadow on my exit candle was just short of the M3 pivot line (not shown). Another good reason to exit.
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  • #2,633
  • May 12, 2009 7:31am May 12, 2009 7:31am
Wouldn't you know it? I spotted this bullish flag forming an hour or so ago, keeping periodic checks on it in the hope that it would break up soon. I ended up missing the break as I was called away from the screen for quite a while, and I've only just seen this chart. A lovely break upwards with a potential 50 pips profit. FFS.
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  • #2,634
  • May 12, 2009 8:11am May 12, 2009 8:11am
Something different, for a chance - loosing trade (3, in fact).
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One Chart is Worth Ten Thousand Words.
  • #2,635
  • May 12, 2009 8:21am May 12, 2009 8:21am
Quoting eyevoltage
Wouldn't you know it? I spotted this bullish flag forming an hour or so ago, keeping periodic checks on it in the hope that it would break up soon. I ended up missing the break as I was called away from the screen for quite a while, and I've only just seen this chart. A lovely break upwards with a potential 50 pips profit. FFS.
How about that descending triangle I saw?.. Just kidding, EV.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GU_-_alternative_view.png Size: 67 KB
Click to Enlarge Name: triangle.png Size: 45 KB
One Chart is Worth Ten Thousand Words.
  • #2,636
  • May 12, 2009 8:46am May 12, 2009 8:46am
Quoting Forex007
Something different, for a chance - loosing trade (3, in fact).
You guys are ssssoooooooo much better at trading candes than I am but for what its worth 007 I'd never trade against such a trend based on 1 candle but rather an hourly reversal or definite lower high, double top etc etc.
  • #2,637
  • May 12, 2009 8:47am May 12, 2009 8:47am
Quoting Forex007
Something different, for a chance - loosing trade (3, in fact).
I don't normally look at this pair, but out of curiosity, I've brought it up on the screen, added a 13ema and a 34ema, and studied it. I know that CT trading can be profitable sometimes, mate, but with such a strong upwards movement and the 2 emas so wide apart, IMO there was no case for CT trading.

Still, each to his own, mate. Better luck next time.
  • #2,638
  • May 13, 2009 6:49am May 13, 2009 6:49am
The 5m eur/jpy (what else these days?) produced this one. A bearish doji forming between the MA's and right on the 20/25 psych-zone gave a useful heads-up of a potential trade. The following candle was a confirming candle, and entry was just under the low of that one. Bailed out just under the 75/80 psych-zone. Again, nice and simple.
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  • #2,639
  • May 13, 2009 6:54am May 13, 2009 6:54am
do you use gann too or not?
RedBlue Methd,
  • #2,640
  • May 13, 2009 7:29am May 13, 2009 7:29am
Quoting key
do you use gann too or not?
No.
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