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Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,361
  • Nov 12, 2009 1:37pm Nov 12, 2009 1:37pm
Quoting daffy
Just a clarification for me, but do FO and LO stand for Frankfurt Open and London Open?

Thanks
Correct - just look back and you'll find dozens of examples
Trading Levels with WRBs
  • #4,362
  • Nov 13, 2009 1:23am Nov 13, 2009 1:23am
4hr tl comes in at 6750ish. Hourly has fibs, y's high, W M3 and R1 at 6625 area, another M4 50% fib confluence at 6655. Some tough areas to crack if we are to get to that 4 hr tl.
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  • #4,363
  • Nov 13, 2009 2:00am Nov 13, 2009 2:00am
GM all - the usual pre FO fakeout allowed me to get long - manually as my limit order just above the days open / DP / 6575 area missed by 2 pips.

I took some off at the double top earlier high and more at yesterdays high when I also had a limit sell.......now to see what The Brits do - sell I hope!
Trading Levels with WRBs
  • #4,364
  • Nov 13, 2009 2:09am Nov 13, 2009 2:09am
Quoting Vantage
4hr tl comes in at 6750ish. Hourly has fibs, y's high, W M3 and R1 at 6625 area, another M4 50% fib confluence at 6655. Some tough areas to crack if we are to get to that 4 hr tl.

Hi V - seems that you're a longer TF trader than before - or is it just the charts that you're posting?

I'm hoping that the 6650 / MR2 / 50% fib turn this move south for a least a Higher Low.

I had a limit waiting yesterday for a fakeout down to the 6500 level but it moved north without me.....http://cdn.forexfactory.com/images/icons/icon8.gif
Trading Levels with WRBs
  • #4,365
  • Nov 13, 2009 2:19am Nov 13, 2009 2:19am
OK - I should remember to trade what my charts show - not what I think might happen - stopped out on the break above the 6650 area - and to think that I was long from 100 pips ago.....
Trading Levels with WRBs
  • #4,366
  • Nov 13, 2009 2:36am Nov 13, 2009 2:36am
Quoting Islander
Hi V - seems that you're a longer TF trader than before - or is it just the charts that you're posting?

I'm hoping that the 6650 / MR2 / 50% fib turn this move south for a least a Higher Low.

I had a limit waiting yesterday for a fakeout down to the 6500 level but it moved north without me.....http://cdn.forexfactory.com/images/icons/icon8.gif
Its just the charts I'm posting. Fibs work with key areas they are great take profit areas. I'm not focusing on counter trend (trying to pick top) but in my single minded focus follow trend until its gone.

The 2 fib areas are shown as red lines on the one minute where of course there were the other confluences. 4 trades, 1st exiting at the 6622 area, 2nd one when 6622/25 failed, 3rd when it moved above and pulled back to 25 exit at 6656 (not trading the break out but waiting for pullback and push on). Last one buy at 6654 and out at 75.

Mrs V suggesting we are done for the day as we are baby sitting sick child in family. We'll see.
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  • #4,367
  • Nov 13, 2009 2:39am Nov 13, 2009 2:39am
OK - so both € and Swissy have hit and turned back from their respective DPs and cable has stalled at its R2 level of 6680 - cable's also short term over bought, so I've taken a small sell with a tight stop looking for a retrace towards the 5m 30 ema / R1 level / yesterday's high of 6625
Trading Levels with WRBs
  • #4,368
  • Nov 13, 2009 2:42am Nov 13, 2009 2:42am
I got in late (as usual) at the 50% retrace (6650). If we get through this 61.8% fib looking to go all the way to 6740 area (a supply demand zone). Plenty of space in between to get there so should be a fairly comfortable journey once we buyers have absorbed all the sellers (need the liquidity for fuel).
  • #4,369
  • Nov 13, 2009 2:42am Nov 13, 2009 2:42am
Nicely done V - if Mrs I had been here she'd have given me a wack with the ruler....http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #4,370
  • Nov 13, 2009 2:44am Nov 13, 2009 2:44am
Quoting Islander
OK - so both € and Swissy have hit and turned back from their respective DPs and cable has stalled at its R2 level of 6680 - cable's also short term over bought, so I've taken a small sell with a tight stop looking for a retrace towards the 5m 30 ema / R1 level / yesterday's high of 6625
I thought you might have, one of those price only goes a few pips higher and fails trades that Mrs V and I are thinking about trying to get in on. Especially when hits 62% fib literally to the pip.

Nice trade.
  • #4,371
  • Edited 4:35am Nov 13, 2009 2:51am | Edited 4:35am
Quoting Vantage
I thought you might have, one of those price only goes a few pips higher and fails trades Nice trade.
story of my trading life...
  • #4,372
  • Nov 13, 2009 2:57am Nov 13, 2009 2:57am
Islander was kind enough a little earlier to explain his methods so I'll do the same, back in a sec with charts.
  • #4,373
  • Nov 13, 2009 2:58am Nov 13, 2009 2:58am
Quoting Islander
OK - so both € and Swissy have hit and turned back from their respective DPs and cable has stalled at its R2 level of 6680 - cable's also short term over bought, so I've taken a small sell with a tight stop looking for a retrace towards the 5m 30 ema / R1 level / yesterday's high of 6625

I banked some pips of that short and reversed to long when the 1 min 40ema failed to roll over.

IF my VSA analysis is correct, there was plenty of profit taking / selling around the R2 level, so IF € and Swissy faile to break their DPs I'd expect cable to have a larger pull back.....TWT
Trading Levels with WRBs
  • #4,374
  • Nov 13, 2009 3:00am Nov 13, 2009 3:00am
Daily has a doji yesterday after a strong move down suggesting the possibility of a reversal. 4hr has a reject of supp area/TL and a couple of green candles. Certainly suggesting up.
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  • #4,375
  • Nov 13, 2009 3:04am Nov 13, 2009 3:04am
1 hr 7am candle a nice positive close, some FO jumping around but closes as a hammer, from there we are only thinking 1 way and thats buy, the only question is where. Thats where 1 min comes in as posted above. HL's yes but also pull backs to key levels. No break outs but again break and pull back, buy after the retrace.

Hope this helps a little.
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  • #4,376
  • Nov 13, 2009 3:13am Nov 13, 2009 3:13am
Quoting Islander
IF my VSA analysis is correct, there was plenty of profit taking / selling around the R2 level, so IF € and Swissy faile to break their DPs I'd expect cable to have a larger pull back.....TWT
R2 and the 62% fib, as I expect a little more fight between bulls/bears and maybe some sideways yawn I don't want to get suckered into a rubbish trade so I'm outta here for a while.

Good luck trading!!
  • #4,377
  • Nov 13, 2009 3:14am Nov 13, 2009 3:14am
Have never really used the 1 min charts but can certainly see how they can be useful when the 5-15 min charts are looking unsteady
  • #4,378
  • Nov 13, 2009 3:25am Nov 13, 2009 3:25am
Agreed V - I reversed to short again after the 1 pip LH on my 1 min - also € rang the bell at its 4900 level after the good German data - Swissy has so far rejected its DP.

The rising 5m 30ema is now close to the 6650 level, so I hope to see that hit area hit and I'll reverse to long
Trading Levels with WRBs
  • #4,379
  • Nov 13, 2009 3:28am Nov 13, 2009 3:28am
Quoting Vantage
R2 and the 62% fib, as I expect a little more fight between bulls/bears and maybe some sideways yawn I don't want to get suckered into a rubbish trade so I'm outta here for a while.

Good luck trading!!
WTG - its mid morning ona Freaky Friday after a 100 pip move, so I'll be surprised to see any worthwhile action before the US guys start....I'll be back for that....
Trading Levels with WRBs
  • #4,380
  • Edited 6:58am Nov 13, 2009 4:20am | Edited 6:58am
Price took out the 61.8 but we had 700 just above it which has pushed us back below. Another dip will hopefully see more buyers come in to take us beyond 700. Am stubbornly hanging on to my long and sticking to my profit plan to the supply/demand level at the 740 area where I will wait for bearish price action before pushing the sell trigger.

Update. Took profits around 85. S@P has broken through a minor support level and heading south. EU taking a dive south after latest swing low failed to push price further. Looking to re-enter will wait and see.
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