Psych Levels, Pivots, and Trendlines - Resurrected | Page 146 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,901
  • Jul 2, 2009 2:52am Jul 2, 2009 2:52am
Hammers are normally a good reversal signal, yes. When they fail then thats a signal that the downtrend is still on. PA below 21 ema on 1 hr (brown ma on my 5 min chart) sold failure at bottom of hammer exited at 6352 when green M1 held.
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  • #2,902
  • Edited 2:59am Jul 2, 2009 2:53am | Edited 2:59am
Some nice early trading going on amongst the usual suspects!!

5m cable brought this one just now, after a harami formed on the confluence of the 13ema/1.6411 "mini" mid-point. Entry just under the (very) low of the harami candle and exit as price started a retreat from under the M1 line. (I see price resuming its downward plunge as I type).

Edit: On reflection, that harami could be seen as a hanging-man, I suppose, due to the long lower shadow. Either way, it's an indication of a possible reversal. I apologize for any confusion.
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  • #2,903
  • Jul 2, 2009 2:55am Jul 2, 2009 2:55am
Darn was giving an update to Mrs V (she's sick in bed) and doing the above post and missed this 1 min re-entry.
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  • #2,904
  • Jul 2, 2009 2:56am Jul 2, 2009 2:56am
Quoting eyevoltage
Some nice early trading going on amongst the usual suspects!!

5m cable brought this one just now, after a harami formed on the confluence of the 13ema/1.6411 "mini" mid-point. Entry just under the (very) low of the harami candle and exit as price started a retreat from under the M1 line. (I see price resuming its downward plunge as I type).
Same trade, same missed re-entry "as we typed".
  • #2,905
  • Jul 2, 2009 2:57am Jul 2, 2009 2:57am
Quoting Islander
LOL, pity I didnt make it a normal size with a reverse at the 410 resistance.......but I did resell after that area held......
Another nice drop into the confluence of MS2 and the 350 level - also oversold as 75 pips under the 5m 30ema......I took a small hit and run buy and pirated a few pips, but I'll keep selling any bounce as I now think the 300 level will get hit.......caffee calls......BFN

PS UK data and stuff from 04:25 edt / 8:25 gmt
Trading Levels with WRBs
  • #2,906
  • Jul 2, 2009 3:04am Jul 2, 2009 3:04am
Quoting Vantage
Same trade, same missed re-entry "as we typed".

lol......them's the breaks, mate!!
  • #2,907
  • Jul 2, 2009 3:08am Jul 2, 2009 3:08am
A nice bounce from 6335 M pivot. At this stage I'm still looking for places to sell, unless we have a hl or other good reason to buy.
  • #2,908
  • Jul 2, 2009 5:31am Jul 2, 2009 5:31am
..............bearish flag formed. If price drops through M1 at 1.6349, then I'm in......TWT.
  • #2,909
  • Jul 2, 2009 5:46am Jul 2, 2009 5:46am
Quoting eyevoltage
..............bearish flag formed. If price drops through M1 at 1.6349, then I'm in......TWT.
Hi EV,

i'm in already , let wee see, what happen at 63500.
Trade with the momentum
  • #2,910
  • Jul 2, 2009 5:49am Jul 2, 2009 5:49am
Quoting sailor68
Hi EV,

i'm in already , let wee see, what happen at 63500.
Hello mate.
I'm still waiting for the break......
  • #2,911
  • Jul 2, 2009 5:57am Jul 2, 2009 5:57am
Quoting sailor68
Hi EV,

i'm in already , let wee see, what happen at 63500.
Out (-10P), wait for a better signal, M5 strong candle area 63600.
Trade with the momentum
  • #2,912
  • Jul 2, 2009 6:03am Jul 2, 2009 6:03am
Quoting sailor68
Out (-10P), wait for a better signal, M5 strong candle area 63600.
Price headed up towards S1. A bounce back down on the cards, maybe?
  • #2,913
  • Jul 2, 2009 6:16am Jul 2, 2009 6:16am
Quoting eyevoltage
Price headed up towards S1. A bounce back down on the cards, maybe?
Price stopped just short of the upper flag line. On reflection, I think I should have done a "Vantage", and took the HL after the hammer just above the M1 line. Oh well, we never stop learning...........
  • #2,914
  • Jul 2, 2009 6:28am Jul 2, 2009 6:28am
Quoting eyevoltage
Price stopped just short of the upper flag line. On reflection, I think I should have done a "Vantage", and took the HL after the hammer just above the M1 line. Oh well, we never stop learning...........
yes indecision, Hammer and now Psych level......have to wait no clear candle
Trade with the momentum
  • #2,915
  • Jul 2, 2009 7:12am Jul 2, 2009 7:12am
Quoting sailor68
yes indecision, Hammer and now Psych level......have to wait no clear candle
Given up as a bad job. Far too choppy now to give any clear signals.
  • #2,916
  • Jul 2, 2009 7:22am Jul 2, 2009 7:22am
I have not been attempting any trades the last few days, just watching price action around these levels without the clutter of indicators. I saw a trade on the 15m EU earlier short off the 4100 handle / weekly midpoint that I liked but did not take it, maybe a bit nervous perhaps .
  • #2,917
  • Jul 2, 2009 7:23am Jul 2, 2009 7:23am
Quoting eyevoltage
Given up as a bad job. Far too choppy now to give any clear signals.
I took one just for a few pips, sell, have a look at M15 how do you call it a shooting star or a bearish engulfing pattern near 6400 (last two candles)
Trade with the momentum
  • #2,918
  • Jul 2, 2009 7:27am Jul 2, 2009 7:27am
' Afternoon All - just back for the NFP report.....good to see that pips are still being harvested..........I pirated a few as the 410 resistance held again....looking at the action since I went out after the UK data there have been 3 clear entries from reactions to "the levels" ....9:55gmt - the failure at yesterdays low = resistance, next the buy off the 350 level - lol, 2 spinning tops.....then the failure at the 410 level that I just mentioned....
Trading Levels with WRBs
  • #2,919
  • Jul 2, 2009 7:28am Jul 2, 2009 7:28am
Quoting Jimmy Jones
I have not been attempting any trades the last few days, just watching price action around these levels without the clutter of indicators. I saw a trade on the 15m EU earlier short off the 4100 handle / weekly midpoint that I liked but did not take it, maybe a bit nervous perhaps .
Hi, and now what happen look at the candle M15 just on the Mpivot line, maybe a bounce, but have to wait for a confirmation, if look like a hammer.
Trade with the momentum
  • #2,920
  • Jul 2, 2009 7:38am Jul 2, 2009 7:38am
Quoting sailor68
Hi, and now what happen look at the candle M15 just on the Mpivot line, maybe a bounce, but have to wait for a confirmation, if look like a hammer.
The NFP data has just come out, hence all of the whip-sawing.....I hit a sell in that spike to 6425, but my broker wouldnt fill me and then I took a buy and got 20 or so......but news trading isnt for the faint hearted - or the inexperienced......best to wait 15 or so minutes.....
Trading Levels with WRBs
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