Psych Levels, Pivots, and Trendlines - Resurrected | Page 171 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,401
  • Aug 13, 2009 7:20am Aug 13, 2009 7:20am
Quoting eyevoltage
Yeah, I wish! There isn't much Boddies imbibing these days, mate, due to circumstances beyond my control. (See my profile).

Anyway, here's a lovely trade from a set-up that I've been waiting to develop for a while now....
good trade. I didnt take as it was above my MAs.

a nice inside bar on high vol at 15.00hrs. I didnt take because against trend & 62% fib at 592. Again, an easy 15 for a good scalper.

I will learn this scalping. Need to adjust mindset to being happy with 10-15pips!
  • #3,402
  • Aug 13, 2009 10:54pm Aug 13, 2009 10:54pm
GM all - two small trades to start my day......the trend was down so after a small green spinning top that got to within 4 pips of the falling 30 ema I took a sell for ~10 pips.

Then € held ~its 4250 level and Swissy held ~ its 725 level and cable put in another green spinning top low so I took a small buy for the pull back towards the 30 ema for another ~10 pips.
Trading Levels with WRBs
  • #3,403
  • Aug 13, 2009 10:56pm Aug 13, 2009 10:56pm
GM all

I was just about to say the vol is high this morning & on the way down it looks like the elephants are hoovering up. I know we are below PP but a move up looks likely, although I felt there would be another test.

Maybe there still will be?

Thoughts?
  • #3,404
  • Aug 13, 2009 11:01pm Aug 13, 2009 11:01pm
Quoting eyevoltage
Yeah, I wish! There isn't much Boddies imbibing these days, mate, due to circumstances beyond my control. (See my profile).

Anyway, here's a lovely trade from a set-up that I've been waiting to develop for a while now. I could see the possibility, but patience, as always, is the name of the game.
A classic retrace into the EMA zone, where it skidded to a halt with a spinning-top/doji candle. A little wait whilst price decided to drop below the xx00 psych-line, and then a nice drop towards the xx25 psych-line where I decided to bail after price...
Love it, don't know what the heck I was doing that I missed this. Lower high, shooting star, doji formed evening star pattern, nice one EV.
  • #3,405
  • Aug 13, 2009 11:03pm Aug 13, 2009 11:03pm
No sooner had I sent my last post when there was a wide range push up thru the 30ema and also the DP, changing my bias to long......also € and Swissy reversed thru their DPs....now to see what the Frankfurters do....
Trading Levels with WRBs
  • #3,406
  • Aug 13, 2009 11:12pm Aug 13, 2009 11:12pm
Quoting Islander
No sooner had I sent my last post when there was a wide range push up thru the 30ema and also the DP, changing my bias to long......also € and Swissy reversed thru their DPs....now to see what the Frankfurters do....

So far I'm thinking this is a shake-out - aka a reverse upthrust - I'm long off the spike down towards the 550 level......Time Will Tell.....
Trading Levels with WRBs
  • #3,407
  • Aug 13, 2009 11:16pm Aug 13, 2009 11:16pm
Quoting Islander
So far I'm thinking this is a shake-out - aka a reverse upthrust - I'm long off the spike down towards the 550 level......Time Will Tell.....
OK I clucked and banked my pips when price turned back from its DP level......volumes are low......
Trading Levels with WRBs
  • #3,408
  • Aug 13, 2009 11:53pm Aug 13, 2009 11:53pm
Quoting Barry Cade
GM all

I was just about to say the vol is high this morning & on the way down it looks like the elephants are hoovering up. I know we are below PP but a move up looks likely, although I felt there would be another test.

Maybe there still will be?

Thoughts?
Was big vol yesterday around the high (key level from 3 June) and following lower close candles on 1 hr. Don't see this vol absorbed yet.

62% fib of y's range 6550 defended so far. Its either held or the break below quickly rejected.

If we don't get some up vol we could obviously fall further in which case I'll be looking for break below 6550 retrace and lower high sell.
  • #3,409
  • Aug 14, 2009 12:01am Aug 14, 2009 12:01am
Quoting Vantage
Was big vol yesterday around the high (key level from 3 June) and following lower close candles on 1 hr. Don't see this vol absorbed yet.

62% fib of y's range 6550 defended so far. Its either held or the break below quickly rejected.

If we don't get some up vol we could obviously fall further in which case I'll be looking for break below 6550 retrace and lower high sell.
Another lower wick on 1 hr does support case for move up to me. Of course I could be wrong.
  • #3,410
  • Aug 14, 2009 12:14am Aug 14, 2009 12:14am
Not used very often but as its in the threads name, we came close to breaking the upper line (not shown just eyeball it) on 1 hr.

We're still in the big triangle.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 1 hr.gif Size: 14 KB
  • #3,411
  • Aug 14, 2009 12:47am Aug 14, 2009 12:47am
Quoting Vantage
Another lower wick on 1 hr does support case for move up to me. Of course I could be wrong.
Well it piled down to confluence Y low, 62 fib 495 & psych 500, but vol still v high on small range. Maybe prove another 1hr test bar. Are the elephants just washing traders out before a big up-move? Too contrarian for me to buy at this stage though.
  • #3,412
  • Aug 14, 2009 12:53am Aug 14, 2009 12:53am
Quoting Vantage
Was big vol yesterday around the high (key level from 3 June) and following lower close candles on 1 hr. Don't see this vol absorbed yet.

62% fib of y's range 6550 defended so far. Its either held or the break below quickly rejected.

If we don't get some up vol we could obviously fall further in which case I'll be looking for break below 6550 retrace and lower high sell.
The speed of the move down surprised me, obviously that selling vol from y's high had not yet been absorbed.

One of the tricks I've been taught and sometimes get right is to sell the lower high close at the top of the triangle. Was actually posting here and missed it.

Did get +25 on this move posted elsewhere on 1 min thread.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu 5 min.gif Size: 15 KB
Click to Enlarge Name: gu 1 min.gif Size: 12 KB
  • #3,413
  • Edited 1:19am Aug 14, 2009 12:55am | Edited 1:19am
Well I didnt see that one coming......http://www.forexfactory.com/images/icons/icon11.gif

I pirated a few pips when the confluence of yesterdays low / 475 / S1 held and I took a buy.....

Edit: and I've now sold the 50% retrace at 6532....closed for a wash....
Trading Levels with WRBs
  • #3,414
  • Aug 14, 2009 12:58am Aug 14, 2009 12:58am
Quoting Vantage
Did get +25 on this move posted elsewhere on 1 min thread.
If gu can break the 15/85 areas theres a high prob that those levels on the other side of an even number will get hit i.e. see 1 min chart above, broke 6515 hit 6485. Again on a re-entry like this I'll only want to risk 7/8 pips and will move stop to BE asap. So if it does pop fine if not no risk with stop at BE.

Sold the retrace, exited after a push up from yesterdays low at that key level for +25.
  • #3,415
  • Aug 14, 2009 1:06am Aug 14, 2009 1:06am
The idea of buying bottom of triangle and selling the top.

If you see it can work well. This 5 min triangle was part of a much bigger one. The idea is that if you buy at the bottom and it breaks you are in move very early, move stop to BE asap.

Same on the sell, both shown here.

As I say can work very well when you see it and more importantly act on it.

Oh Islander love that buy at y's low.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 5 min 2.gif Size: 16 KB
  • #3,416
  • Edited 1:29am Aug 14, 2009 1:25am | Edited 1:29am
I also have a 76% which is effective indicator on GU. Shows at 558 wher last 2 5 mins have bounced. RSI10 at 100%. Sell at 1st confirmation of exhaustion.

50% fib also at 553, & a 38 down at 562. Looks a good confluence to be a turning point
  • #3,417
  • Aug 16, 2009 11:16pm Aug 16, 2009 11:16pm
GM guys

I am using this indicator, but as it is based on previous day, it shows pivots from figures of Sunday rather than Friday.

How do you guys amend this, or is there either an updated version or another indicator that you can recommend that handles this Sunday/Monday problem?
  • #3,418
  • Aug 16, 2009 11:20pm Aug 16, 2009 11:20pm
GM all - another early start as 45 mins before FO cable broke under its 6450 level / MS2 / 30ema - it was just after a Lower High too.....

It then bounced up off todays S1 at 6418, retraced ~ 50% of its fall and then obliged with another fall down to the 6400 level........an excellent start to the week............I hope that others caught some of this move.....
Trading Levels with WRBs
  • #3,419
  • Edited 11:37pm Aug 16, 2009 11:29pm | Edited 11:37pm
Quoting Islander
GM all - another early start as 45 mins before FO cable broke under its 6450 level / MS2 / 30ema - it was just after a Lower High too.....

It then bounced up off todays S1 at 6418, retraced ~ 50% of its fall and then obliged with another fall down to the 6400 level........an excellent start to the week............I hope that others caught some of this move.....

Well done Islander. Another good trade. Disappointingly my body clock failed to wake me for 6 gmt, which until the end of last week it had been waking me for several weeks. I will have to set alarm & be unpopular in the house.
  • #3,420
  • Edited 11:37pm Aug 16, 2009 11:37pm | Edited 11:37pm
Quoting Barry Cade
Well done Islander. Another good trade. Disappointingly my body clock failed to wake me at 6, which it had done for several weeks. I will have to set alarm & be unpopular in the house.

Thanks Barry - agreed, getting up at sparrow's fart can be unpopular - I just remind my wife that she can now enjoy another sleep whilst I'm working......

Another pull back - the same as before, didnt quite make it up to the S1 level......I sold again with TP ~the 6375 level - and pirated more pips....http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
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