Psych Levels, Pivots, and Trendlines - Resurrected | Page 216 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,301
  • Nov 4, 2009 6:46am Nov 4, 2009 6:46am
This trade was as a result of the Bullish Piercing Pattern forming right on the R1 line. A short wait followed whilst price decided whether or not to go above the 13/34ema combination. When it did, I entered as shown, and exited when price indicated reluctance to go all the way to the previous strong resistance indicated by the M4 line.
Attached Image
  • #4,302
  • Nov 6, 2009 6:05am Nov 6, 2009 6:05am
I'm not having much time these days for posting, but here's the current pre NFP chart with the MP indy starting at the US close. The blue vol is since LO - looks like profit taking prior to NFP....the 2 longer term MAs - 90ema and 240 ema are work in progress for longer term trend following....I got long at FO and later sold the 6614 level - the high vol pivot.....
Attached Image (click to enlarge)
Click to Enlarge Name: nov 6 cable 5m 1125.gif Size: 27 KB
Trading Levels with WRBs
  • #4,303
  • Nov 6, 2009 12:59pm Nov 6, 2009 12:59pm
Hi ISLANDAR
would you mind sharing the market profile indicator and the template you use? Also what psych level are important for GU and EJ


cheers
  • #4,304
  • Nov 7, 2009 1:52pm Nov 7, 2009 1:52pm
Quoting hoichoi
Hi ISLANDAR
would you mind sharing the market profile indicator and the template you use? Also what psych level are important for GU and EJ


cheers
look at post 4264- from 23.10
  • #4,305
  • Nov 9, 2009 3:52am Nov 9, 2009 3:52am
GM all - cable made another fakeout short into FO before finding support in the 6700 / R2 confluence and moving back above the 30 emaand the volume pivot at 6717. Plenty of levels for TPs up to the 6800 level - see my 1 min chart which I'll post later....

Now the short term overbought has been worked off by price going sideways to the 30ema giving another buy signal, so whilst there has been some profit taking as shown by the high volume peaks on the MP indy, the trend continues upward as confirmed by the coloured MAs.....
Attached Image (click to enlarge)
Click to Enlarge Name: nov 9 cable lo plus 60m.gif Size: 20 KB
Trading Levels with WRBs
  • #4,306
  • Nov 9, 2009 4:01am Nov 9, 2009 4:01am
Hi Islander
The lack of vol on 15 min when 6800 was rejected gave us confidence that there was no interest in a move down. The fact that daily, 4 hr and 1 hr were also strongly up may also have had something to do with it.

We bought after the hammer just above 6775 and exited at the W M4 pivot 6810. A touch early it seems, oh well its pips in the bank.

We just missed out on the move above 6725 and sat on the sides for some time for this trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 13 KB
Attached Image
  • #4,307
  • Nov 9, 2009 4:04am Nov 9, 2009 4:04am
For what its worth our daily chart with key levels that we have been watching attached. We think we're headed to 7040 with some moves up and down along the way.
Attached Image (click to enlarge)
Click to Enlarge Name: 3.gif Size: 11 KB
  • #4,308
  • Nov 9, 2009 4:12am Nov 9, 2009 4:12am
Here's what I was trading off this chart.....an early small sized sell off the Lower High and turn down of the fast ema 40 on this TF, with the 150 ema also attempting to turn down. However, this was another fakeout and the early Frankfurters quickly bought the lower prices and the uptrend continued - the dark green 360 ema held nicely....

Obvious TP levels were at the 6750, 6777 R3 / 6675 confluence and the 6800 area. The EMA Angle Zero is just a coloured histogram of the slope of an EMA, here the Red showing a steep uptrend getting overbought - it forms part of my trading rules and also helps show divergence. The different coloured EMAs also allow easy confirmation of the short and longer term trends accross the various pairs that I watch.

When the 6800 area held, I did take a small sized sell and quickly took profit when the fast ema held.

Later, after an hour's sideways move put in a Higher Low just above the 150 ema, I got long again and as I've run out of pivot levels, I'll watch the action around the 6850, 875 and 900 levels to TP - unless my trailing stop based on the fast ema takes me out.....
Attached Image (click to enlarge)
Click to Enlarge Name: nov 9 cable 1m lo plus 1 hr.gif Size: 17 KB
Trading Levels with WRBs
  • #4,309
  • Nov 9, 2009 4:24am Nov 9, 2009 4:24am
I took partials at the 6835 level - a "cable special" - stop on remainder behind the 825 / fast ema.

There have been a couple of ultra high volume not very long 5 min candles, so I'm seeing some profit taking in this move above the 6800 level.....BUT the trend's still up......
Trading Levels with WRBs
  • #4,310
  • Nov 9, 2009 4:29am Nov 9, 2009 4:29am
Quoting hoichoi
Hi ISLANDAR
would you mind sharing the market profile indicator and the template you use? Also what psych level are important for GU and EJ


cheers

Click on the paperclip top right by the pages and you'll find it posted earlier in the thread - also read back through my posts and you'll find info on my settings....the most important physc levels are the 100s, then the 50s then 25s / 75s.....I guess the same in EJ - which I dont trade
Trading Levels with WRBs
  • #4,311
  • Nov 9, 2009 4:31am Nov 9, 2009 4:31am
Quoting Vantage
Hi Islander
The lack of vol on 15 min when 6800 was rejected gave us confidence that there was no interest in a move down. The fact that daily, 4 hr and 1 hr were also strongly up may also have had something to do with it.

We bought after the hammer just above 6775 and exited at the W M4 pivot 6810. A touch early it seems, oh well its pips in the bank.

We just missed out on the move above 6725 and sat on the sides for some time for this trade.
Hi V - nice trades too - this is a great Monday for short term trading - wonder if its setting up for a down week.....TWT
Trading Levels with WRBs
  • #4,312
  • Nov 9, 2009 4:44am Nov 9, 2009 4:44am
Quoting Islander
Hi V - nice trades too - this is a great Monday for short term trading - wonder if its setting up for a down week.....TWT
I'd be very surprised if its a down week.

We have broken above some key levels going back to Oct 2008 and to reverse course something very big's gotta happen (news, big US stock market reversal) and as my crysal ball is broke I'll just carry on following the charts. We've broken above the upper wick on the shooting star 3 weeks back so as I said I think we're heading to 7040.

We'll see soon enough.
Attached Image
  • #4,313
  • Nov 9, 2009 4:45am Nov 9, 2009 4:45am
Quoting Vantage
For what its worth our daily chart with key levels that we have been watching attached. We think we're headed to 7040 with some moves up and down along the way.
I also looked at my daily - and then tried to find some intermedialte levels of resistance.....I've only got the 786 fib retrace at 6875 and this mornings fib 1.618 expansion at 6885......but I thing these are a bit esoteric for the Big Dogs! .....so IF the 6850 breaks, I'll just look for the 900 etc etc.

I think Europe's done for this morning and now its up to the US guys....I'm now flat with a buy limit just above the 800 level....BFN
Trading Levels with WRBs
  • #4,314
  • Nov 9, 2009 4:52am Nov 9, 2009 4:52am
Quoting Islander
I also looked at my daily - and then tried to find some intermedialte levels of resistance.....I've only got the 786 fib retrace at 6875 and this mornings fib 1.618 expansion at 6885......but I thing these are a bit esoteric for the Big Dogs! .....so IF the 6850 breaks, I'll just look for the 900 etc etc.

I think Europe's done for this morning and now its up to the US guys....I'm now flat with a buy limit just above the 800 level....BFN
We are on a hl at 6825 but I agree I'm off to make some lunch, as Mrs V has popped out, almost 1pm here. Back in an hour or so.
  • #4,315
  • Nov 9, 2009 7:38am Nov 9, 2009 7:38am
The first pull back found support - a clear little double bottom on 1m & 5m at the 678 level. The bounce up stopped at 6815 - the 50% retrace of its fall and now the earlier lows at the 6760 area are in play - also 50% of this morning's 150 pip rally......time for the NY guys to step up to the plate......I'm long again from here.....
Trading Levels with WRBs
  • #4,316
  • Nov 9, 2009 7:46am Nov 9, 2009 7:46am
Quoting Islander
The first pull back found support - a clear little double bottom on 1m & 5m at the 678 level. The bounce up stopped at 6815 - the 50% retrace of its fall and now the earlier lows at the 6760 area are in play - also 50% of this morning's 150 pip rally......time for the NY guys to step up to the plate......I'm long again from here.....

I should also say that today's high volume pivot - earlier at 6717 on my posted chart - has now moved up to the 6770 level showing the new European activity. Now was this fresh buying for a continuation of the rally......TWT.....
Trading Levels with WRBs
  • #4,317
  • Nov 9, 2009 8:20am Nov 9, 2009 8:20am
Quoting Islander
The first pull back found support - a clear little double bottom on 1m & 5m at the 678 level. The bounce up stopped at 6815 - the 50% retrace of its fall and now the earlier lows at the 6760 area are in play - also 50% of this morning's 150 pip rally......time for the NY guys to step up to the plate......I'm long again from here.....
Took partials at 6001 - the 50% retrace, stop on remainder behind the R3 level
Trading Levels with WRBs
  • #4,318
  • Nov 9, 2009 8:59am Nov 9, 2009 8:59am
Look at the beautiful thread.....Well done thread starter...
Charts and trades...that what i like....

Good Luck to all ..
See you from tonight onwards...
Let Price determine your future!
  • #4,319
  • Nov 9, 2009 9:19am Nov 9, 2009 9:19am
Quoting Geppyg
Look at the beautiful thread.....Well done thread starter...
Charts and trades...that what i like....

Good Luck to all ..
See you from tonight onwards...
Thanks for dropping in .....we'll look forward to your input....
Trading Levels with WRBs
  • #4,320
  • Nov 9, 2009 9:28am Nov 9, 2009 9:28am
Quoting Islander
Took partials at 6001 - the 50% retrace, stop on remainder behind the R3 level
Remainder stopped out for a small profit, then a small bounce that held at the 6800 level allowed me to go short - small size as the longer term MAs are still up.

I'm looking at the 50% / prior resistance / 60 min 20 ema at ~6730 as my TP.....
Trading Levels with WRBs
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