Psych Levels, Pivots, and Trendlines - Resurrected | Page 180 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,581
  • Aug 20, 2009 5:07am Aug 20, 2009 5:07am
Not much happening this morning, so I've just sat back and read the thread. Always good to take a step back and take a look at what others are doing and saying (as long it's nowt to do with politics! ).

Vantage, what's the problem you're having with Harami candles? Anything I can do to help etc.........
  • #3,582
  • Aug 20, 2009 5:54am Aug 20, 2009 5:54am
After the poor UK data there was a stop sweeping spike up to the 6600 level for a news trade sell - but that's another story http://www.forexfactory.com/images/icons/icon12.gif

5 minutes later the 550 level was tested and the bounce off that area retraced 50% of the fall from the pre news spike high - also cables other favourite level - the 85.....that provided an excellent area to sell off.

Later, the 525 level was broken before the fall lost momentum, failing to reach down to the 6500 level and thus providing an area in which to exit some shorts.

The subsequent bounces were held at the 525 / today open confluence - so it was rude not to take another short - again patience was necessary before the drop accelerated down through the 500 level and the DP at 497.....I hope others are on board.....http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #3,583
  • Aug 20, 2009 5:57am Aug 20, 2009 5:57am
Now at the 6475 level, I'm watching € and Swissy to see if they will continue to support this drop......if not I'll close and wait for a retrace.....

Edit: €s found support at its Todays Open level so I've now closed....time for lunch
Trading Levels with WRBs
  • #3,584
  • Aug 20, 2009 6:19am Aug 20, 2009 6:19am
Islander, I was with you on this one, after the Bearish Engulfing Candle on the confluence of the xx25 psych-line and today's open. I'd was going to try a trade previous to this one after the Gravestone Doji formed around half-an-hour earlier, but the confirming candle was too close to the DP/xx00 confluence for me to enter. I waited in vain for the said confluence to be breached. The Engulfing pattern, however, provided a bit of room to move, so I entered as indicated. I nearly jumped ship at the xx75 psych-line, but price showed no signs of reversing...just a bit of a consolidation really, so I stayed in and exited as price reached down and touched the MS1/xx50 psych-line confluence. Well worth waiting for.

Edit: I waited to enter under the confluence, because the green doji after the engulfing candle gave me pause for thought. It was a case of waiting for the right moment to enter, but each candle just seemed to be in a sort of "stasis" before the big drop down. Patience is needed in cases like these, but sometimes it's a pain in neck.
Attached Image
  • #3,585
  • Aug 20, 2009 6:46am Aug 20, 2009 6:46am
Nicely done EV - you held on. whereas after being up for 7 hours, I was more focused on lunch.....

I also missed the fact that the first leg down was ~75 pips.....and so was the second!

I've pull a fib over the last leg and the 50% level is ~ our old friend the 85 level....IF I do enter, it will only be small size in front of the US Employment data due in 45 mins.....
Trading Levels with WRBs
  • #3,586
  • Aug 20, 2009 6:50am Aug 20, 2009 6:50am
Quoting Islander
......... whereas after being up for 7 hours, I was more focused on lunch.....


You must go to bed a lot earlier than me, mate!
  • #3,587
  • Aug 20, 2009 7:07am Aug 20, 2009 7:07am
Quoting eyevoltage
You must go to bed a lot earlier than me, mate!

LOL - ~11 my time - 10 yours.....but I do remember that you have other commitments....
Trading Levels with WRBs
  • #3,588
  • Aug 20, 2009 7:10am Aug 20, 2009 7:10am
Quoting Islander
Nicely done EV - you held on. whereas after being up for 7 hours, I was more focused on lunch.....

I also missed the fact that the first leg down was ~75 pips.....and so was the second!

I've pull a fib over the last leg and the 50% level is ~ our old friend the 85 level....IF I do enter, it will only be small size in front of the US Employment data due in 45 mins.....
so far the high of the retrace is....umm....6488.....http://www.forexfactory.com/images/icons/icon6.gif

Small Short duely taken...it would be rude not to....http://www.forexfactory.com/images/icons/icon10.gif
Trading Levels with WRBs
  • #3,589
  • Aug 20, 2009 7:39am Aug 20, 2009 7:39am
Quoting Islander
so far the high of the retrace is....umm....6488.....http://www.forexfactory.com/images/icons/icon6.gif

Small Short duely taken...it would be rude not to....http://www.forexfactory.com/images/icons/icon10.gif
I got out of short before news due & failing to breach 75. Will wait a bit longer.

Bad US news would have made some extra pips, but hindsight proving not worth the risk.
  • #3,590
  • Aug 20, 2009 7:49am Aug 20, 2009 7:49am
Quoting Barry Cade
I got out of short before news due & failing to breach 75. Will wait a bit longer.

Bad US news would have made some extra pips, but hindsight proving not worth the risk.
I too was out for small pips before the release - insufficient cushion to take the risk - now I'm thinking chop till the NY exchanges open
Trading Levels with WRBs
  • #3,591
  • Aug 20, 2009 8:01am Aug 20, 2009 8:01am
Great kip, wow lots of nice trades.

EV not to worry on harami's, just need to focus on them thats all.

Cheers.
  • #3,592
  • Aug 20, 2009 8:29am Aug 20, 2009 8:29am
Bored with cable as sideways, so looked at EJ

Been within downward trend lines all morning. Descending now to DP. Bounce or drop. Watch for trades- maybe more opps than on cable
  • #3,593
  • Aug 20, 2009 8:42am Aug 20, 2009 8:42am
The spike down to its 4200 level in the Euro - a nice hammer I believe - was a much clearer signal than the various spikes in cable - so I bought cable and exited in the spike up to the 6500 level.....now to see if it carries on for another good NY rally.....TWT
Trading Levels with WRBs
  • #3,594
  • Aug 20, 2009 8:47am Aug 20, 2009 8:47am
Quoting Barry Cade
Bored with cable as sideways, so looked at EJ

Been within downward trend lines all morning. Descending now to DP. Bounce or drop. Watch for trades- maybe more opps than on cable

As I mentioned earlier, its often best to wait for the NY Exchanges to open at 9:30 NY time / 13:30 GMT....both cable and EJ had nice little rallies off these openings.....
Trading Levels with WRBs
  • #3,595
  • Aug 20, 2009 8:54am Aug 20, 2009 8:54am
Quoting Islander
The spike down to its 4200 level in the Euro - a nice hammer I believe - was a much clearer signal than the various spikes in cable - so I bought cable and exited in the spike up to the 6500 level.....now to see if it carries on for another good NY rally.....TWT
My understanding of volume here - looks like a lot of pro selling on the way up 5 min 14.40 & 45pm.

Euro also bouncing off upper R trendline.

Both may fall?
  • #3,596
  • Aug 20, 2009 9:00am Aug 20, 2009 9:00am
broken thru trend, now at daily open & 50% fib from July
  • #3,597
  • Aug 20, 2009 9:18am Aug 20, 2009 9:18am
A rather fast trade from EJ after a beaut of a shooting star candle. An in and out sort of trade, as price legged it down quite rapidly.
I was dead lucky to get out where I did.......almost immediately, it started rising. Jammy bugger!
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  • #3,598
  • Aug 20, 2009 11:38am Aug 20, 2009 11:38am


Quoting eyevoltage
A rather fast trade from EJ after a beaut of a shooting star candle. An in and out sort of trade, as price legged it down quite rapidly.
I was dead lucky to get out where I did.......almost immediately, it started rising. Jammy bugger!
Trading Levels with WRBs
  • #3,599
  • Aug 20, 2009 2:56pm Aug 20, 2009 2:56pm
Quoting eyevoltage
A rather fast trade from EJ after a beaut of a shooting star candle. An in and out sort of trade, as price legged it down quite rapidly.
I was dead lucky to get out where I did.......almost immediately, it started rising. Jammy bugger!
speedy gonzalez the pip thief
well done.

I chose to switch off for the afternoon & catch up on some other biz. Didnt like the market anywhere. Looks like a good decision.

EV - brill. Hope you all managed to make a few.

Does EJ work to the same psych levels eg around 85-75?

If not, how did you choose when to exit on rapid move? Intuition, or are you controlling the market?
  • #3,600
  • Aug 21, 2009 12:27am Aug 21, 2009 12:27am
6450 down to 25. I suspect only Islander was awake for this one. Unfortunately I was up & running as it reached 30.

However buying has come into markets & large up-bar back to 50. Large volumes for this time of day (twice normal size) I dont feel comfortable selling yet.

Other currencies also bounced at same time, having dropped during Asian. Are they sweeping?

Any thoughts?
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