Psych Levels, Pivots, and Trendlines - Resurrected | Page 222 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,421
  • Nov 18, 2009 2:06am Nov 18, 2009 2:06am
Body of the latest bars are staying above the pivot line suggesting it's acting as a support

We live in hope
  • #4,422
  • Nov 18, 2009 2:22am Nov 18, 2009 2:22am
Quoting Kamikaze456
Body of the latest bars are staying above the pivot line suggesting it's acting as a support

We live in hope
LOL - we do indeed and I've just sold € again at its current = H of 4908, also the 50% retrace of yesterdays fall and a mini resistance. I'm also watching Swissy which is holding ~its DP level and IMO trying to bounce....TWT

I've also sold cable at it DP....
Trading Levels with WRBs
  • #4,423
  • Nov 18, 2009 2:42am Nov 18, 2009 2:42am
Quoting Islander
LOL - we do indeed and I've just sold € again at its current = H of 4908, also the 50% retrace of yesterdays fall and a mini resistance. I'm also watching Swissy which is holding ~its DP level and IMO trying to bounce....TWT

I've also sold cable at it DP....
Out BE +1 on both - €s following its MAs, cables flat.....
Trading Levels with WRBs
  • #4,424
  • Nov 18, 2009 3:01am Nov 18, 2009 3:01am
Quoting Islander
Out BE +1 on both - €s following its MAs, cables flat.....
Here's my chart for the trades that I've taken on € ......notice how the green - thus upward sloping - 360 ema acted as support and then the 4900 level held.....

So far € has yet to reach its 61% retrace ~ 4935 , also its MR1 and swissy is now at its 50% retrace at 1.0125.....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #4,425
  • Nov 18, 2009 4:28am Nov 18, 2009 4:28am
Quoting Islander
Here's my chart for the trades that I've taken on € ......notice how the green - thus upward sloping - 360 ema acted as support and then the 4900 level held.....

So far € has yet to reach its 61% retrace ~ 4935 , also its MR1 and swissy is now at its 50% retrace at 1.0125.....
what about 1000,1200 ema?
  • #4,426
  • Nov 18, 2009 4:40am Nov 18, 2009 4:40am
I really haven't been watching eur much lately, mainly focusing on gbp and failing that ej.

Daily, eur broke lower tl but couldn't stay/close below 4840 that is becoming a line in the sand for downside.

Upper TL/1.50 also important obviously.
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  • #4,427
  • Nov 18, 2009 4:42am Nov 18, 2009 4:42am
Coming into London session 4 hr had a nice pos close on M M3 at 4889 suggesting upside.
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  • #4,428
  • Nov 18, 2009 4:45am Nov 18, 2009 4:45am
GBP was basically a mess today and with MPC minutes I spent more time away from computer than at it so I missed these nice hl trades.
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  • #4,429
  • Edited 5:48am Nov 18, 2009 5:14am | Edited 5:48am
This is a trade from the 15m EU earlier this morning. I'm late in posting this one because I've been waiting to see if price is going to clear the xx50 psych-line after the bounce off the M3 line.
My trade was initiated by the consolidation and dragonfly doji forming in the confluence of the 13/34emas, Pivot Point and xx00 psych-line. It was then a matter of waiting for price to clear the highs of previous recent shadows before entry. Exit as shown, and now, as I said before, I'm waiting to see what's happening around the xx50 psych-line.

Edit: By the way, some nice trading and analysis from our friends Vantage and Islander this morning. Nice one, lads.

Edit: Got called away from the computer, and Sod's Law ensured that the move through the xx50 psych-line started without me. Bugger.....
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  • #4,430
  • Nov 18, 2009 7:25am Nov 18, 2009 7:25am
Quoting avi
what about 1000,1200 ema?
As you know, the 1 min 1200 ema is equivalent to the hourly 20 ema, and whilst I still show this on my 5 min charts, I feel that its usually too far away from the action on a 1 min chart, hence I'm now using those shown.

Also, I dont want more than 3 MAs on a chart - otherwise it starts looking like a guppy chart http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #4,431
  • Nov 18, 2009 7:37am Nov 18, 2009 7:37am
If this sort of action continues vs cable's chop I'm a Euro convert.....the fact that their current respective 20 day ADRs are now within 20 pips of each other also helps......

The MAs are the 30, 90 and 240.....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #4,432
  • Edited 11:36am Nov 18, 2009 10:46am | Edited 11:36am
Made +20 pips on the Aussie

as well as the Eur/Usd when the tp was hit for 60 pips

Anyways here is the Aussie trade went in after previous trendline was broken...
heavy resistance
Nice day today...

How did everyone else do?
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  • #4,433
  • Nov 19, 2009 12:15am Nov 19, 2009 12:15am
GBP may find support after a down day yesterday at the lower TL and 6700 previous res level.
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  • #4,434
  • Nov 19, 2009 12:18am Nov 19, 2009 12:18am
EUR had up day pushing away from 4840 supp area. Fell during Asian session this morning finding supp around 50% fib from last move on 4 hr, its also same-ish area as 38% fib of y's range as per 1hr chart.

We'll see what the day brings.
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  • #4,435
  • Edited 12:56am Nov 19, 2009 12:25am | Edited 12:56am
Quoting Kamikaze456
Made +20 pips on the Aussie

as well as the Eur/Usd when the tp was hit for 60 pips

Anyways here is the Aussie trade went in after previous trendline was broken...
heavy resistance
Nice day today...

How did everyone else do?
Pretty much stuff all, GBP was awful so didn't trade spent most of the day away from computer missed some very nice EUR trades as posted above. Oh well, no problem theres more trades today but I do have to go out around 2 hrs from now so we'll see.

Well done on your trades.

It would be great if you could post your likely set up areas in advance.
  • #4,436
  • Nov 19, 2009 1:15am Nov 19, 2009 1:15am
GM all - I'm long off that pull back to the 6700 level - so far a HL after the S1 level at 6688 held earlier.....also long Euro - it pulled back to its MS1 level.....
Trading Levels with WRBs
  • #4,437
  • Nov 19, 2009 1:24am Nov 19, 2009 1:24am
Quoting Islander
GM all - I'm long off that pull back to the 6700 level - so far a HL after the S1 level at 6688 held earlier.....also long Euro - it pulled back to its MS1 level.....

Euro stalled at its earlier high at its 925 level, cable did the same, so in these slow conditions I clucked and banked my pips.....
Trading Levels with WRBs
  • #4,438
  • Nov 19, 2009 1:38am Nov 19, 2009 1:38am
Quoting Islander
Euro stalled at its earlier high at its 925 level, cable did the same, so in these slow conditions I clucked and banked my pips.....
Nicely traded.
  • #4,439
  • Nov 19, 2009 1:41am Nov 19, 2009 1:41am
Quoting Vantage
Pretty much stuff all, GBP was awful so didn't trade spent most of the day away from computer missed some very nice EUR trades as posted above. Oh well, no problem theres more trades today but I do have to go out around 2 hrs from now so we'll see.

Well done on your trades.

It would be great if you could post your likely set up areas in advance.

Hey there vantage,

Thanks for the praise

I will try to post some set-up's but the thing is I leave for work at 8 so I only have a hour window...If some setups happen within that hour like the EUR/USD yesterday then I will post them..
Nothing so far pretty much a dead morning on my side....

I will try to post some from work I have MT4 loaded up there but everyone is watched like a hawk
  • #4,440
  • Nov 19, 2009 1:42am Nov 19, 2009 1:42am
OK see daily chart I posted above. A proven key area at 6700 and we only had a small bounce. That to me suggests more downside.

15 min vol. 3 shooting stars and we have a lower close on better vol but still a decent lower wick. Next candle higher close but decent upper wick and vol lower. Something not adding up.

On the whole I'd say the lack of a bounce from such a key area = more downside. Of course I could be wrong ................. it won't be the first (well 7927th) time.
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