Psych Levels, Pivots, and Trendlines - Resurrected | Page 134 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,661
  • May 27, 2009 1:37am May 27, 2009 1:37am
This very tight range means I'm taking small profits in hit and run type trading until the we get a breakout above the 5975 area or below the 5900 / 925 area.

A lower high half an hour before FO was a clear sell for the 50 pip drop to hit the 925 level at FO. I took a buy for the retrace with a 10 pip target and then sold the longish wick that stalled at the 34 ema for another 10 pips.....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #2,662
  • May 27, 2009 2:20am May 27, 2009 2:20am
Islander - I love the way you analyise the market and then explain what you see. Now if I could only emulate your analysis.............. Thank you.
  • #2,663
  • May 27, 2009 3:03am May 27, 2009 3:03am
Quoting orientos
Islander - I love the way you analyise the market and then explain what you see. Now if I could only emulate your analysis.............. Thank you.
Thanks - I'm happy if my posts help others to get some profitable trades....http://www.forexfactory.com/images/icons/icon7.gif

After the chart that I posted cable put in a higher low and quickly rallied 75 pips to hit the important 1.6000 level - also today's R1 at 6002. Now its stalled - ¿waiting for the UK Mortgage Approvals data in half an hour? - and there's plenty of volume at this level - so sellers are present......I'm now flat until the data's out.....
Trading Levels with WRBs
  • #2,664
  • May 27, 2009 3:13am May 27, 2009 3:13am
Quoting orientos
Islander - I love the way you analyise the market and then explain what you see. Now if I could only emulate your analysis.............. Thank you.
I couldn't agree more.........
  • #2,665
  • May 27, 2009 7:05am May 27, 2009 7:05am
Hi all.
Just thought I'd post this one to show that I'm still alive and kicking!!

A spinning-top and a dark cloud cover forming right in the 20/25 psych-zone initiated my interest and entry was just under the low of the spinning top. Exit is always going to be on or around one of the S/R lines, and after a fairly hefty retrace to the 75/80 psych-zone, I very nearly jumped ship there and then. If price had looked like returning through the zone, I would have, but it resumed its downward move instead and I bailed out as indicated.
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  • #2,666
  • May 27, 2009 8:00am May 27, 2009 8:00am
This is a follow-up to the previous trade on the 15m Cable. After price hit the xx50 psych-line, it formed a bullish piercing pattern, but I had to wait for price to then breach the 75/80 psych-zone before entering. Two very strong candles took me up to just the other side of the 20/25 psych-zone, where I exited. Two very nice trades.
There seems to be no doubt that when there's a bit of volatility knocking around, just trading off the psych-lines and zones can be very rewarding.
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  • #2,667
  • May 27, 2009 8:28am May 27, 2009 8:28am
Nice s/r-level.
Entry at the line.
Exit is supposed to be at 4000.
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Don´t live for working, but work for living.
  • #2,668
  • May 27, 2009 9:45am May 27, 2009 9:45am
Quoting matsf
Nice s/r-level.
Entry at the line.
Exit is supposed to be at 4000.
Why 4000 (the left part of the chart where there could have been some prior action around that level is not shown)?

Did you enter at SR or you used PA too?
One Chart is Worth Ten Thousand Words.
  • #2,669
  • May 27, 2009 9:51am May 27, 2009 9:51am
Yesterday´s high was about 4000.

I waited as price retraced off the s/r-level,
but i entered before the "hammer" was fully built.

To use PA correctly, my entry must be ca. 4 pips higher above the "hammer".

Hope this answers your questions ?

EDIT: I was stopped out at 3950...
Don´t live for working, but work for living.
  • #2,670
  • May 27, 2009 10:30am May 27, 2009 10:30am
Quoting matsf
Hope this answers your questions ?

EDIT: I was stopped out at 3950...
Yes, thanks a lot!
One Chart is Worth Ten Thousand Words.
  • #2,671
  • Edited 2:50am May 28, 2009 2:47am | Edited 2:50am
GM .....I hope that you've all noticed the overnight action in cable and the high volume daily doji / pin bar.....plenty of profits for those who were awake and selling in the Asian session

The 5950 area was well supported in that session and so became resistance, so it was no surprise to see an early Frankies Hour fakeout up to the 950 level to give a great sell for almost 100 pips - then buy the retrace into the fibo decision zone.

Now best to wait for price to break down out of the DZ, although I've already taken a small short and will add on confirmation....
Attached Image (click to enlarge)
Click to Enlarge Name: may 28 cable 5m 0735.gif Size: 13 KB
Trading Levels with WRBs
  • #2,672
  • May 28, 2009 3:10am May 28, 2009 3:10am
Islander beat me to this one. I traded the 15m cable retracement due entirely to the very bullish hammer. Entry and exit as shown, but the exit in particular was stonewall, as it collided with the 34ema.
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  • #2,673
  • May 28, 2009 3:39am May 28, 2009 3:39am
Quoting eyevoltage
Islander beat me to this one. I traded the 15m cable retracement due entirely to the very bullish hammer. Entry and exit as shown, but the exit in particular was stonewall, as it collided with the 34ema.
Soory about that EV - but you traded the bounce better than me as I got out too early.....but I still have my 15, 30 and 60 min charts giving bearish signals, with my 4 hour trying to join them....TWT.....and today's news!
Trading Levels with WRBs
  • #2,674
  • May 28, 2009 3:48am May 28, 2009 3:48am
Quoting Islander
Soory about that EV - but you traded the bounce better than me as I got out too early.....but I still have my 15, 30 and 60 min charts giving bearish signals, with my 4 hour trying to join them....TWT.....and today's news!
Price at the moment is bouncing along the 20/25 psych-zone, which also happens to be situated on what I term a "mini-midpoint" line i.e. half-way between M2 and S1. As you say, TWT.
  • #2,675
  • May 28, 2009 6:32am May 28, 2009 6:32am
Quoting eyevoltage
Islander beat me to this one. I traded the 15m cable retracement due entirely to the very bullish hammer. Entry and exit as shown, but the exit in particular was stonewall, as it collided with the 34ema.
Hi, "new" EV! (I am referring to your new avatar ) That's what you've been busy at I guess

Your M15 trades appear to be a CT one - do you see it that way too?
One Chart is Worth Ten Thousand Words.
  • #2,676
  • May 28, 2009 6:59am May 28, 2009 6:59am
Quoting Forex007
Hi, "new" EV! (I am referring to your new avatar ) That's what you've been busy at I guess

Your M15 trades appear to be a CT one - do you see it that way too?
Absolutely. Price had to retrace towards the MA eventually, and that hammer seemed to be giving a very obvious "nudge"!

As for the avatar.....after last night's pathetic performance, the Red Devil will suffice until further inevitable glories arise!! C'MON YOU REDS!!!!!
  • #2,677
  • May 28, 2009 7:11am May 28, 2009 7:11am
Quoting eyevoltage
Absolutely. Price had to retrace towards the MA eventually, and that hammer seemed to be giving a very obvious "nudge"!

As for the avatar.....after last night's pathetic performance, the Red Devil will suffice until further inevitable glories arise!! C'MON YOU REDS!!!!!
Thanks, EV!

P.S. How about this one
Attached Image
One Chart is Worth Ten Thousand Words.
  • #2,678
  • May 28, 2009 7:32am May 28, 2009 7:32am
Quoting Forex007
Thanks, EV!

P.S. How about this one
How about that? A pooch with taste!!
  • #2,679
  • May 28, 2009 7:41am May 28, 2009 7:41am
http://forexsb.com/blog/wp-content/u...eurusd-pp7.gif
Sell at the central PP was just great today. 3 hours later we had new sell at the 1.3900 round number.
  • #2,680
  • May 28, 2009 7:43am May 28, 2009 7:43am
It's been climbing all day......there's been 13 tests of R3 on the 5m chart. Worth watching for possible shorts, maybe? Just been 3 successive dojis........just resting before another assault northwards? TWT.
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