Psych Levels, Pivots, and Trendlines - Resurrected | Page 218 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD

Similar Threads

Adr, psych levels, demand & supply trading 15 replies

Standard Pivots and Fibonnaci Pivots? 9 replies

EUR/USD 5min - Trendlines and Pivots 379 replies

Important psych levels 1 reply

Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies

Attachments: Psych Levels, Pivots, and Trendlines - Resurrected
Exit Attachments

Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,341
  • Nov 11, 2009 3:24am Nov 11, 2009 3:24am
Again took partials at the MR1 level - remainder with stop at BE+1 -whilst waiting for the UK unemployment data.....then an hour later BOE stuff and King speaking, so that will decide the remainder of todays action - especially with the US on holiday.....
Trading Levels with WRBs
  • #4,342
  • Edited 5:42am Nov 11, 2009 3:27am | Edited 5:42am
GU seemed very choppy and did give some trades in hindsight but at the time we didn't like.

We try (don't always get it right) to focus on the best currency to trade. GU 1 hr had a nice hammer then a doji so we didn't know where it was going with the DP at 6710 and 6750 fib setting the limits. EJ had 2 nice higher closes on 1 hr so we settled on that. Got several nice 12-18 pip trades (the 2nd one if that had gone 1 pip lower we would have been out) and the last 1 just above 1.35 was BE. The first trade the tick is hard to see obscured by the fxpro logo, we bought just above 134.50. We were scalping the 1 min as we just didn't know how far it would go in and around Frankies hour.

Just to stuff those nice trades up we had a GU sell after all the shooting stars that never followed through for -13.
Attached Image (click to enlarge)
Click to Enlarge Name: 7.gif Size: 11 KB
Attached Images
  • #4,343
  • Nov 11, 2009 3:28am Nov 11, 2009 3:28am
The failed GU trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 8.gif Size: 15 KB
  • #4,344
  • Nov 11, 2009 3:35am Nov 11, 2009 3:35am
Quoting Islander
GM all - Hi V - thanks for your posts.....I too have picked up on the 61.8% fib - I actually have it at the 6750 level and just used it to take a short.
No problem .......... after all that our gu trade was a loser.
  • #4,345
  • Nov 11, 2009 3:41am Nov 11, 2009 3:41am
Quoting Vantage
No problem .......... after all that our gu trade was a loser.
LOL - and I got stopped out for +1 just before the +35 spike http://cdn.forexfactory.com/images/icons/icon11.gif

It looks as if € was easier to trade - I'll look later as I have to go out now - I hope to make it back for King and BOE....
Trading Levels with WRBs
  • #4,346
  • Nov 11, 2009 3:43am Nov 11, 2009 3:43am
Quoting Islander
Again took partials at the MR1 level - remainder with stop at BE+1 -whilst waiting for the UK unemployment data.....then an hour later BOE stuff and King speaking, so that will decide the remainder of todays action - especially with the US on holiday.....
Just missed out on the push up from 1.35 on ej so with the news and BOE speech in about 45 mins I'm outta cheers. Cheers.
  • #4,347
  • Nov 11, 2009 3:57am Nov 11, 2009 3:57am
Just got a small trade in on the 5m EJ.

Two dojis forming right on the rising 13ema after a period of consolidation, and then an entry just above the high of the last one. Exit indicated as marked - as price reached and retreated from R1.
Attached Image
  • #4,348
  • Nov 11, 2009 11:34am Nov 11, 2009 11:34am
Quoting Vantage
Forgot to mention, the 4 hr trendline that currently comes in around the 23% line 6640 ish (see above post) may be important as a turn place if we fall from here. The trend lines on these charts are auto drawn by a demark indi. Look at the above post and you'll see blue and red circles they show where trendlines have been. You'll see the current lower trendline is just a continuation (connect the green tl with the next lower blue circle). Anyway the big news drop couldn't break the tl so it may be important.

[b]If it holds should be nice bounce,...
4hr TL put up a good fight and then had big sell off. Looks like I must trade more actively on US holidays!!!
Attached Image
  • #4,349
  • Nov 11, 2009 6:46pm Nov 11, 2009 6:46pm
This is what I would label a "serendipity" trade. (Good luck resulting from a totally unexpected event or discovery).

I was just having a last check of the charts before I head off to bed, when I saw that a little harami had formed right on the 34ema, just under the xx75 psych-line. When the next candle formed with fairly strong momentum, I decided that a little "punt" was worthwhile up to the xx00 psych-line, and so it proved, but as can be seen, it turned into something a little better. It continued up towards the xx25 psych-line and retreated just short of it, when I jumped ship, and am now heading to bed with a smile on my face!
Goodnight and see you tomorrow.
Attached Image
  • #4,350
  • Nov 12, 2009 1:07am Nov 12, 2009 1:07am
Quoting eyevoltage
This is what I would label a "serendipity" trade. (Good luck resulting from a totally unexpected event or discovery).

I was just having a last check of the charts before I head off to bed, when I saw that a little harami had formed right on the 34ema, just under the xx75 psych-line. When the next candle formed with fairly strong momentum, I decided that a little "punt" was worthwhile up to the xx00 psych-line, and so it proved, but as can be seen, it turned into something a little better. It continued up towards the xx25 psych-line and retreated...
GM EV - what a great catch http://cdn.forexfactory.com/images/icons/icon14.gif

I guess that I was already in bed when you started that trade, but just before I went there, I checked my charts and put on 2 limit orders and woke up this morning to find that I was short from 6595 and 6625 which was the initial low after the BOE announcement - I banked those pips PDQ when I saw thhis morning's HL off the MS1 / 6550 confluence....

Now I'm short again after the 1 min LH just after FO....
Trading Levels with WRBs
  • #4,351
  • Nov 12, 2009 1:14am Nov 12, 2009 1:14am
Not sure if this is the same one. 1st trade of day.
Attached Image
  • #4,352
  • Nov 12, 2009 1:19am Nov 12, 2009 1:19am
Quoting Vantage
Not sure if this is the same one. 1st trade of day.
GM V - I sold @ 6580 and just closed when price failed to break the 6550 area that I mentioned earlier.....I'll post a chart later - too busy now http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #4,353
  • Nov 12, 2009 1:37am Nov 12, 2009 1:37am
Quoting Islander
GM V - I sold @ 6580 and just closed when price failed to break the 6550 area that I mentioned earlier.....I'll post a chart later - too busy now http://cdn.forexfactory.com/images/icons/icon12.gif

Here it is.....
Attached Image (click to enlarge)
Click to Enlarge Name: nov 12 1m fo plus 35.gif Size: 13 KB
Trading Levels with WRBs
  • #4,354
  • Nov 12, 2009 1:40am Nov 12, 2009 1:40am
Daily 50% fib 6550 ish. Tough area.
Attached Image
  • #4,355
  • Nov 12, 2009 2:27am Nov 12, 2009 2:27am
Quoting Vantage
Daily 50% fib 6550 ish. Tough area.
Thanks - I've reversed my last short into a small long and I'll put my TP at 6545 - under that level and the last 1 min low....

MP shows some volume building around the 6525 level and as price hasnt broken any lower, I'm assuming that there is some profit taking and perhaps a little buying hence my cheeky buy with a tight stop.....

The falling 5m 30 ema is now at 6552, so an nice confluence area where I'll go short again IF we get there......TWT
Trading Levels with WRBs
  • #4,356
  • Nov 12, 2009 2:38am Nov 12, 2009 2:38am
Quoting Islander
Thanks - I've reversed my last short into a small long and I'll put my TP at 6545 - under that level and the last 1 min low....

MP shows some volume building around the 6525 level and as price hasnt broken any lower, I'm assuming that there is some profit taking and perhaps a little buying hence my cheeky buy with a tight stop.....

The falling 5m 30 ema is now at 6552, so an nice confluence area where I'll go short again IF we get there......TWT

TP hit and now short again.....http://cdn.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #4,357
  • Nov 12, 2009 3:20am Nov 12, 2009 3:20am
Quoting Islander
TP hit and now short again.....http://cdn.forexfactory.com/images/icons/icon6.gif
And I added another as price put in a LH at the days open level of 6568....after yeaterdays Ultra Wide Range day of 265 pips I'm expecting a more normal range today - 125 / 150 pips - so I'll TP early on one position
Trading Levels with WRBs
  • #4,358
  • Nov 12, 2009 3:40am Nov 12, 2009 3:40am
Quoting Islander
And I added another as price put in a LH at the days open level of 6568....after yeaterdays Ultra Wide Range day of 265 pips I'm expecting a more normal range today - 125 / 150 pips - so I'll TP early on one position

Done when price failed to hold under yesterdays low level of 6534

I'm finished for this morning - back for early NY.....BFN
Trading Levels with WRBs
  • #4,359
  • Edited 7:24am Nov 12, 2009 7:01am | Edited 7:24am
I got back about an hour ago, just in time to spot this LH entry, had some lunch and found that price was back at the 525 support and so banked the profit in front of the US data

Edit: please ignore the FO and LO on the screen shot - as I zoomed in they moved away from their correct positions....
Attached Image (click to enlarge)
Click to Enlarge Name: nov 12 5m nyo.gif Size: 21 KB
Trading Levels with WRBs
  • #4,360
  • Nov 12, 2009 1:20pm Nov 12, 2009 1:20pm
Just a clarification for me, but do FO and LO stand for Frankfurt Open and London Open?

Thanks
4 traders viewing now