Psych Levels, Pivots, and Trendlines - Resurrected

Quoting eyevoltage

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Not much happening on the thread today except for very early activity.

Just closed this trade on cable. The consolidation running along the S3/xx50 psych-line zone, plus the downward thrust and widening of the MA's gave me a heads-up for a possible trade. Again, an entry under the low of the last candle which broke down, then a slight retracement before another trend continuance down to around the xx00 psych-line, which was an excellent place to bail out.

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Quoting Barry Cade

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lovely trade.

I know vol is not your interest but the doji at 14.15 was followed by an up bar on very low vol, so the next bar was another entry point.

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Quoting masut

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I have 3 setup here. Textbook trade, price below pivot point. Very nice trade. Entry (aqua arrow):

1. price break trendline, TP above S1
2. price break S1, TP above psycho 78.50
3. price break psycho 78.50, TP above S2

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Quoting Barry Cade

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I was looking at yesterdays cable enema & adding fibs. Predictably compliant. However, I clicked the fib expansion button as well, although I havent used this before. Scarily accurate from the first move down!!!

Ive attached 1hr chart & removed usual indicators so only a couple of fibs & the fib expansion are shown.

Guys, from your experience to what extent is this expansion behaviour typical?

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Quoting eyevoltage

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Have a look at my chart, mate....it's the same as yours, but take note of where the fib extension is. It's drawn FROM the same place as the fib retracement, but its upshoot goes TO the actual retracement, and not to the swing low. Do you see what I mean?

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Quoting Barry Cade

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Thx EV. Even tho expansion is new to me & patently I hadnt used correctly, it shows that the maths that calculate them are SO relevant to trading. Amazing in fact.

Is this a tool you use a lot?

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Quoting Islander

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GM all - I've not been posting much as I was concentrating on a trading project - more later http://www.forexfactory.com/images/icons/icon12.gif

I've posted a screen shot of one of my three monitors to show how this helped me take the sell in cable off the 6025 / yesterdays low confluence.

Firstly, I have a bearish bias - lol - so I'm looking for shorts!

I'd already sold at FO on the Lower High and taken 20 pips - this is often my target around FO, as we know, its often choppy.

As you can see from this screen shot, I'm...

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Quoting db-trader

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thank you Islander for sharing your layout. This thread is a goldmine of information.

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Quoting eyevoltage

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Here's the Psych-line indicator that I use. As you've seen from my charts, I use xx00, xx25, xx50 and xx75, as I like the symmetry between them, and they're all valid psych levels.
But you can customise it to whatever you feel happy with.
Cheers

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Quoting eyevoltage

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Here's the Psych-line indicator that I use. As you've seen from my charts, I use xx00, xx25, xx50 and xx75, as I like the symmetry between them, and they're all valid psych levels.
But you can customise it to whatever you feel happy with.
Cheers

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