Psych Levels, Pivots, and Trendlines - Resurrected | Page 143 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,841
  • Jun 30, 2009 1:11am Jun 30, 2009 1:11am
GM also.........I took a long as well off the H/L and when it looked like my R1 at 1.6636 was acting as support. In a little slow and all out at + 27 as the #00 R/N was approaching and my R2 was there also. Good luck with your remaining.....
  • #2,842
  • Jun 30, 2009 1:17am Jun 30, 2009 1:17am
Now that cable's broken above its June 3rd high of 6657 I've had to move out to my daily chart to find the next resistance area.

The 7400 area was old support, so now resistance and then there are old highs in the 8675 area, so IF price can hold above the 6700 level - keep an eye on € - we could see another 700 pips before any resistance.....

Edit: I'm long again as 6700 was holding
Trading Levels with WRBs
  • #2,843
  • Jun 30, 2009 1:59am Jun 30, 2009 1:59am
Quoting orientos
GM also.........I took a long as well off the H/L and when it looked like my R1 at 1.6636 was acting as support. In a little slow and all out at + 27 as the #00 R/N was approaching and my R2 was there also. Good luck with your remaining.....
Thanks - I'm trading in lots of 2 so I'll have a TP around a level for 1 lot and then let the other run. Exited last one at 741 and just closed a smaller hit and run short as it spiked towards the 700 level.

Now I have a small long, waiting for The Brits.....
Trading Levels with WRBs
  • #2,844
  • Jun 30, 2009 2:09am Jun 30, 2009 2:09am
FYI the high so far was a green spinning top with very high volume, indicating that there was supply / profit taking......will we now get a Lower High?.......Time Will Tell

I've closed that last long.....now flat and waiting.....
Trading Levels with WRBs
  • #2,845
  • Edited 2:28am Jun 30, 2009 2:26am | Edited 2:28am
Quoting Islander
FYI the high so far was a green spinning top with very high volume, indicating that there was supply / profit taking......will we now get a Lower High?.......Time Will Tell

I've closed that last long.....now flat and waiting.....
We did as price held at the 725 level and so I sold.....partial TP at the 700 level already hit, stop on remainder to BE+5

Now will the 700 level hold for a continuation north....OR will we get a deeper correction - I have the 50% at 680 with the 75 level and R2 in a nice confluence....and the 5m 30ema's there too....
Trading Levels with WRBs
  • #2,846
  • Jun 30, 2009 2:48am Jun 30, 2009 2:48am
Quoting Islander
We did as price held at the 725 level and so I sold.....partial TP at the 700 level already hit, stop on remainder to BE+5

Now will the 700 level hold for a continuation north....OR will we get a deeper correction - I have the 50% at 680 with the 75 level and R2 in a nice confluence....and the 5m 30ema's there too....
Remainder closed on push down to the 675 level.....now flat as there's loads of Euro data out soon which will probably move cable around.....

The volumes on the 15m chart have been high suggesting plenty of suppy in the 700 / 750 area.....
Trading Levels with WRBs
  • #2,847
  • Jun 30, 2009 3:00am Jun 30, 2009 3:00am
June 30th also - could be a few unusual things happening in the market too. Think I'll retire gracefully for the night. Meanwhile cable is just hanging around the 30 ema.
  • #2,848
  • Edited 3:34am Jun 30, 2009 3:11am | Edited 3:34am
Quoting orientos
June 30th also - could be a few unusual things happening in the market too. Think I'll retire gracefully for the night. Meanwhile cable is just hanging around the 30 ema.
Also UK data due at 8:30 gmt / 4:30 edt......coffee time till then....sleep well.....
Trading Levels with WRBs
  • #2,849
  • Jun 30, 2009 3:39am Jun 30, 2009 3:39am
UK current account much worse than predicted -8.5B vs -6.5B ....I sold immediatly and pirated a quick dozen pips.....I guess that some insiders had a good idea about this number......the lower high around LO and the volumes also gave a "heads up"......next time I see that sort of action I'll hold onto my shorts longer.....I'm finished for this session.....BFN
Trading Levels with WRBs
  • #2,850
  • Jun 30, 2009 3:54am Jun 30, 2009 3:54am
Quoting Islander
UK current account much worse than predicted -8.5B vs -6.5B ....I sold immediatly and pirated a quick dozen pips.....I guess that some insiders had a good idea about this number......the lower high around LO and the volumes also gave a "heads up"......next time I see that sort of action I'll hold onto my shorts longer.....I'm finished for this session.....BFN

Thanks for the commentary Islander, as illuminating as ever and really appreciated. No squiggly lines, just following the behavior of the market . A must read and learn...
  • #2,851
  • Jun 30, 2009 3:57am Jun 30, 2009 3:57am
Lots of activity from Islander and co. this morning. I've only just managed to put my first effort in, after being otherwise occupied.
I'd been watching this consolidation running along the R2 line, and felt that a break either way was on the cards, hence the two yellow S/R lines. When it finally broke, I was in just under the low of the green retracement candle. Exit as shown, after a small retracement.
Attached Image
  • #2,852
  • Jun 30, 2009 5:48am Jun 30, 2009 5:48am
I didn't, because of other obligations, unfortunately. Still, I thought it might be worth posting them as nice set-up examples to look for when you've got 2 ema's handy!
The first one was initiated by a harami candle just under the 13ema. An exit around the "mini" mid-point would have yielded 30-odd pips. The next one was as a result of a shooting star candle touching R1, just inside the 13ema. There followed a drop down to the aforementioned "mini" mid-point line at 1.6600 (also a psych-line), where price consolidated for a while before dropping down and touching the M3 line, again with a yield of around 30 pips or so.
When these set-ups occur, they're easy-peasy to trade with solid entry points and using the pivots as targets for exits.
Attached Image
  • #2,853
  • Jun 30, 2009 6:34am Jun 30, 2009 6:34am
Quoting eyevoltage
I didn't, because of other obligations, unfortunately....
Those "shooting star" setups are the ones I am primarily looking for. Nice examples, EV!

Haramis are trickier, as even with EMAs "in position", it could go the wrong way.
One Chart is Worth Ten Thousand Words.
  • #2,854
  • Jun 30, 2009 6:43am Jun 30, 2009 6:43am
Quoting eyevoltage
I didn't, because of other obligations, unfortunately. Still, I thought it might be worth posting them as nice set-up examples to look for when you've got 2 ema's handy!
The first one was initiated by a harami candle just under the 13ema. An exit around the "mini" mid-point would have yielded 30-odd pips. The next one was as a result of a shooting star candle touching R1, just inside the 13ema. There followed a drop down to the aforementioned "mini" mid-point line at 1.6600 (also a psych-line), where price consolidated for a while before dropping...
A shooting star, lower high, in a downtrend. Can it get any better!! Nice one.
  • #2,855
  • Jun 30, 2009 6:43am Jun 30, 2009 6:43am
Quoting Forex007
Those "shooting star" setups are the ones I am primarily looking for. Nice examples, EV!

Haramis are trickier, as even with EMAs "in position", it could go the wrong way.
Very true, mate, but as we all know, ANY good set-up can go wrong. Which is where the "hunter-like patience" comes in!! What I mean is, it's not just the set-up that should be near ideal, the entry point is also something that should be zeroed in with laser precision. Get those two requirements right, and we have a high-probability, low-risk trade.
  • #2,856
  • Jun 30, 2009 7:05am Jun 30, 2009 7:05am
Quoting Vantage
A shooting star, lower high, in a downtrend. Can it get any better!! Nice one.
Couldn't agree more, mate!!
  • #2,857
  • Jun 30, 2009 8:23am Jun 30, 2009 8:23am
nice post.
  • #2,858
  • Jun 30, 2009 8:44am Jun 30, 2009 8:44am
Candlestick patterns on tf 5min have a very low power....pay attention!
  • #2,859
  • Jun 30, 2009 8:49am Jun 30, 2009 8:49am
Quoting metatsock
Candlestick patterns on tf 5min have a very low power....pay attention!
Ha ha! This thread and it's continuing success is proof that they work just fine!!
  • #2,860
  • Jun 30, 2009 8:52am Jun 30, 2009 8:52am
Quoting metatsock
Candlestick patterns on tf 5min have a very low power....pay attention!
We'll have to agree to dis-agree on this one.
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