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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,481
  • Aug 19, 2009 1:14am Aug 19, 2009 1:14am
Quoting Islander
GM Barry - nice one - I was a bit late, but did pick up a few pips out of of the move down to the 525 level and then some more after the 5m 30ema held and price broke the 525 level......notice how 5 mins later it became resistance.....I just exited in the push down to todays DP at 6488.....

Now I'm also watching € and Swissy - they're both around their DPs too....

A pull back to the 525 area - also the 30 ema would be great for another entry

Edit: pull a fib on this last drop puts the 38% at 514, the 50% at 522 and the 61% at 531......
It only managed to get to 512, I went short after the first red 1 min candle.......now will the DP break.....TWT
Trading Levels with WRBs
  • #3,482
  • Aug 19, 2009 1:22am Aug 19, 2009 1:22am
Quoting Islander
It only managed to get to 512, I went short after the first red 1 min candle.......now will the DP break.....TWT
Partials taken at the DP....holding remainder - IF € breaks its 4100 level cable will drop too....
Trading Levels with WRBs
  • #3,483
  • Aug 19, 2009 1:27am Aug 19, 2009 1:27am
Quoting Islander
Partials taken at the DP....holding remainder - IF € breaks its 4100 level cable will drop too....


Remainder closed in the spike down towards the 6475 level - € and Swissy cant make / hold breaks - yet!
Trading Levels with WRBs
  • #3,484
  • Aug 19, 2009 1:36am Aug 19, 2009 1:36am
Quoting Islander
GM Barry - nice one - I was a bit late, but did pick up a few pips out of of the move down to the 525 level and then some more after the 5m 30ema held and price broke the 525 level......notice how 5 mins later it became resistance.....I just exited in the push down to todays DP at 6488.....

Now I'm also watching € and Swissy - they're both around their DPs too....

A pull back to the 525 area - also the 30 ema would be great for another entry

Edit: pull a fib on this last drop puts the 38% at 514, the 50% at 522 and the 61% at 531......
Nice one. Great bounce off PP. Hope you bagged a few. Thx for the pointer, shame I was offline & too late for the bounce. GU back above PP & 15min candle closed above on high vol. Patience needed. Jeez it just plunged 20. That should give us some direction.
  • #3,485
  • Aug 19, 2009 1:40am Aug 19, 2009 1:40am
Maybe the 1 min buying candle at 7.33 on high vol failing to reach prev high of 497 should have been indication to sell?
  • #3,486
  • Aug 19, 2009 1:43am Aug 19, 2009 1:43am
Quoting Islander
Remainder closed in the spike down towards the 6475 level - € and Swissy cant make / hold breaks - yet!
Is there much value in Swissy? I thought it simply mirrored EU & its best to trade off EU PPs?
  • #3,487
  • Aug 19, 2009 1:51am Aug 19, 2009 1:51am
Quoting Barry Cade
Maybe the 1 min buying candle at 7.33 on high vol failing to reach prev high of 497 should have been indication to sell?

I dont try to read VSA on the 1 min TF - the 15m seems a good conpromise.

Some drop - I missed it as I had my alarm set at the 500 level - but I bought the bounce off the 450 level for a quick hit and run trade.

I now have another small long - I have a bullish Gartley pattern on my hourly chart with its buy zone from 435 to 485, so we may get a bounce ....TWT
Trading Levels with WRBs
  • #3,488
  • Aug 19, 2009 1:56am Aug 19, 2009 1:56am
Quoting Islander
I dont try to read VSA on the 1 min TF - the 15m seems a good conpromise.

Some drop - I missed it as I had my alarm set at the 500 level - but I bought the bounce off the 450 level for a quick hit and run trade.

I now have another small long - I have a bullish Gartley pattern on my hourly chart with its buy zone from 435 to 485, so we may get a bounce ....TWT
Morning all.

I got sell at pivot 6487 when move up to 6500 failed. Out +30 6457 50% of y's range.

Missed lots of nice trades earlier got up late.

Mrs V just arrived with some tea.
Attached Image
  • #3,489
  • Aug 19, 2009 1:57am Aug 19, 2009 1:57am
Quoting Barry Cade
Is there much value in Swissy? I thought it simply mirrored EU & its best to trade off EU PPs?

The Swissy is a proxy for the US Dollar and I keep an eye on it as when it does move it effects cable......its not as volatile as the Euro - normally about half of €s moves
Trading Levels with WRBs
  • #3,490
  • Aug 19, 2009 1:59am Aug 19, 2009 1:59am
Quoting Vantage
Morning all.

I got sell at pivot 6487 when move up to 6500 failed. Out +30 6457 50% of y's range.

Missed lots of nice trades earlier got up late.

Mrs V just arrived with some tea.
Nive one V.......now a nice cup of coffee from Mrs V would go down a treat.....
Trading Levels with WRBs
  • #3,491
  • Aug 19, 2009 2:02am Aug 19, 2009 2:02am
Quoting Islander
I dont try to read VSA on the 1 min TF - the 15m seems a good conpromise.

Some drop - I missed it as I had my alarm set at the 500 level - but I bought the bounce off the 450 level for a quick hit and run trade.

I now have another small long - I have a bullish Gartley pattern on my hourly chart with its buy zone from 435 to 485, so we may get a bounce ....TWT
Long closed as The Brits started to sell, pips safe in my bank...
Trading Levels with WRBs
  • #3,492
  • Aug 19, 2009 2:05am Aug 19, 2009 2:05am
Quoting Islander
I dont try to read VSA on the 1 min TF - the 15m seems a good conpromise.

Some drop - I missed it as I had my alarm set at the 500 level - but I bought the bounce off the 450 level for a quick hit and run trade.

I now have another small long - I have a bullish Gartley pattern on my hourly chart with its buy zone from 435 to 485, so we may get a bounce ....TWT
Not familiar with this. I believe it relates to fibs. & repeating patterns? My 1 hr shows down fibs at 472 and 434. However the (2nd leg down) from 562 to 450 shows a 38% retrace to 493, so I cant figure this yet.
  • #3,493
  • Aug 19, 2009 2:21am Aug 19, 2009 2:21am
Quoting Barry Cade
Not familiar with this. I believe it relates to fibs. & repeating patterns? My 1 hr shows down fibs at 472 and 434. However the (2nd leg down) from 562 to 450 shows a 38% retrace to 493, so I cant figure this yet.

The Gartley is one of about 5 harmonic patterns that are built up around fibonacci relationships - there are several threads in FF.

I have the ZUP indicator which scans for these patterns and I usually check on 15m, 30m and hourly charts to see if one is present.....but be aware that they are just a "heads up" - not a certain reversal....

PS I guess everyone has noticed the shampoo - H & S - set up by the last Lower High....http://www.forexfactory.com/images/icons/icon12.gif
Attached Image (click to enlarge)
Click to Enlarge Name: aug 19 cable 60m lo.gif Size: 24 KB
Trading Levels with WRBs
  • #3,494
  • Aug 19, 2009 2:35am Aug 19, 2009 2:35am
Quoting Islander
The Gartley is one of about 5 harmonic patterns that are built up around fibonacci relationships - there are several threads in FF.

I have the ZUP indicator which scans for these patterns and I usually check on 15m, 30m and hourly charts to see if one is present.....but be aware that they are just a "heads up" - not a certain reversal....

PS I guess everyone has noticed the shampoo - H & S - set up by the last Lower High....http://www.forexfactory.com/images/icons/icon12.gif
Thx. I think I will leave that for another thread. Dont want to get too tech on this thread.
Shampoo entry was at 500 ish. Too close to PP for me to trade, altho Ive not had great experience recently with these set ups on their own. But that could be me missing other important info!
  • #3,495
  • Aug 19, 2009 2:51am Aug 19, 2009 2:51am
I dont see much movement in front of the MPC release due at 8:30 gmt / 4:30 edt - unless there's something important in them and the insiders have got that info.....
Trading Levels with WRBs
  • #3,496
  • Aug 19, 2009 2:55am Aug 19, 2009 2:55am
Quoting Islander
I dont see much movement in front of the MPC release due at 8:30 gmt / 4:30 edt - unless there's something important in them and the insiders have got that info.....
Surely a formality at 009. However maybe there was a dissenter, or markets are trying to bluff!!!

actually its 9.30gmt. Currently 8.57am
  • #3,497
  • Aug 19, 2009 3:06am Aug 19, 2009 3:06am
Quoting Barry Cade
Surely a formality at 009. However maybe there was a dissenter, or markets are trying to bluff!!!

actually its 9.30gmt. Currently 8.57am
Yes, 8:57 am BST which is GMT + 1, so news due at 9:30 BST = 8:30 GMT......

I'm just thinking about another King curved ball like the last GBP 50 Bn one......
Trading Levels with WRBs
  • #3,498
  • Aug 19, 2009 3:22am Aug 19, 2009 3:22am
Quoting Islander
Yes, 8:57 am BST which is GMT + 1, so news due at 9:30 BST = 8:30 GMT......

I'm just thinking about another King curved ball like the last GBP 50 Bn one......
Bit of a Homer moment, or I'm going senile. Cant believe I am forgetting DST +1 at my age! D'oh.
  • #3,499
  • Aug 19, 2009 3:24am Aug 19, 2009 3:24am
Quoting Islander
Yes, 8:57 am BST which is GMT + 1, so news due at 9:30 BST = 8:30 GMT......

I'm just thinking about another King curved ball like the last GBP 50 Bn one......
Dont think Merv the swerve will be talking. They are usually just statements of the numbers?
  • #3,500
  • Aug 19, 2009 3:36am Aug 19, 2009 3:36am
that movement was a surprise. Anyone set up a limit order at 447ish waiting for a fall? I only thought about it. Need to action quicker! Grrrr. Need to take a breather otherwise I will jump into a trade in annoyance at self.
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