Psych Levels, Pivots, and Trendlines - Resurrected | Page 227 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,521
  • Nov 23, 2009 6:20pm Nov 23, 2009 6:20pm
Well, here we go again.....grabbing a nice trade just before retiring for the night. A similar sort of trade from about the same time last night. Watching price meandering along just under the xx25 psych-line, and then taking note of the lower high just before the MA's start curling down, and entering under the low of the LH candle. Original target was the xx00 psych-line, but price just dropped right through it and I exited as shown, just under the new Daily Pivot line.
Bedtime G'night.
Attached Image
  • #4,522
  • Nov 24, 2009 12:10am Nov 24, 2009 12:10am
Daily shows as was expected an up day yesterday after 3 big down days. I felt yesterday that a bounce was likely and then the fall would resume. 4 hr has a doji on M M3 right in the middle of a triangle perhaps suggesting indecision in fall.
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  • #4,523
  • Nov 24, 2009 12:14am Nov 24, 2009 12:14am
1hr closed with a nice hammer but remains below 21 ema. 15 min has a nice hammer.

All in all I've got exactly what I thought previously ie yesterday up day, and now we are falling again. In a perfect world though would have preferred not to see the hammer on 1hr and 4hr doji.

Still thinking down but today prepared to switch up.
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  • #4,524
  • Nov 24, 2009 12:18am Nov 24, 2009 12:18am
Quoting eyevoltage
Well, here we go again.....grabbing a nice trade just before retiring for the night. A similar sort of trade from about the same time last night. Watching price meandering along just under the xx25 psych-line, and then taking note of the lower high just before the MA's start curling down, and entering under the low of the LH candle. Original target was the xx00 psych-line, but price just dropped right through it and I exited as shown, just under the new Daily Pivot line.
Bedtime G'night.
Nice one, so many mornings the Asian session seems to give nice clean trades.
  • #4,525
  • Nov 24, 2009 12:57am Nov 24, 2009 12:57am
GM - I see that cable's now bouncing off the 6550 level, also the 50% retrace of the rally off Fridays lows and is holding below the upper fork of a nice descending APF on the hourly, based off last weeks highs, its currently at 6590.

Euro and Swissy are both trading around their DPs with cables DP at 6575.....before I went to bed I placed a TP on my remaining short at the DP +5, so that was hit in the nice down move that EV traded.

I've just taken a small long after the second bounce off the 6550 level, just looking for a pull back to the DP
Trading Levels with WRBs
  • #4,526
  • Nov 24, 2009 1:14am Nov 24, 2009 1:14am
Quoting Islander
GM - I see that cable's now bouncing off the 6550 level, also the 50% retrace of the rally off Fridays lows and is holding below the upper fork of a nice descending APF on the hourly, based off last weeks highs, its currently at 6590.

Euro and Swissy are both trading around their DPs with cables DP at 6575.....before I went to bed I placed a TP on my remaining short at the DP +5, so that was hit in the nice down move that EV traded.

[b]I've just taken a small long after the second bounce off the 6550 level, just looking for a pull back to the...

Price got up to the 5m 30 ema and turned south, so I exited and reversed to short - I'm happier short with price under the DP....http://cdn.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #4,527
  • Nov 24, 2009 1:19am Nov 24, 2009 1:19am
After all that gbp analysis ej looked better, sold reject of 50 level. Out +20. Just wish I was around looking at it an hour earlier.
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  • #4,528
  • Nov 24, 2009 1:40am Nov 24, 2009 1:40am
Looking for some nice bounce using the GBPUSD off the 6500 level....Hope we see some because EURGBP is struggling to get past pivot suggesting a sell on that.

So we are going long probably on GBPUSD
  • #4,529
  • Nov 24, 2009 1:49am Nov 24, 2009 1:49am
Hi V - you might like tp try setting The Angle Threshold to 100 for this Yen pair....http://cdn.forexfactory.com/images/icons/icon12.gif
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Trading Levels with WRBs
  • #4,530
  • Nov 24, 2009 1:51am Nov 24, 2009 1:51am
Quoting Kamikaze456
Looking for some nice bounce using the GBPUSD off the 6500 level....Hope we see some because EURGBP is struggling to get past pivot suggesting a sell on that.

So we are going long probably on GBPUSD
LOL - I'm hoping for that too - its also the S1 level and where I have my TP.....
Trading Levels with WRBs
  • #4,531
  • Nov 24, 2009 1:55am Nov 24, 2009 1:55am
Quoting Islander
LOL - I'm hoping for that too - its also the S1 level and where I have my TP.....
HeHe In my eyes it's going to arrive at the pivot for the 9:00 news time which either means a shoot past it or a bounce.....
  • #4,532
  • Nov 24, 2009 2:12am Nov 24, 2009 2:12am
I didnt have my audio alert set and so I missed this mid Frankies Hour opportunity to take some profits and then re-sell the pull back......the bullish divergence was clearly signalled
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Trading Levels with WRBs
  • #4,533
  • Nov 24, 2009 2:15am Nov 24, 2009 2:15am
Quoting Islander
Hi V - you might like tp try setting The Angle Threshold to 100 for this Yen pair....http://cdn.forexfactory.com/images/icons/icon12.gif
Thanks.

Ema period is 100, angle threshold 0.6, start ema shift 3, end 0. Is that right?
  • #4,534
  • Nov 24, 2009 3:21am Nov 24, 2009 3:21am
Quoting Vantage
Thanks.

Ema period is 100, angle threshold 0.6, start ema shift 3, end 0. Is that right?

Erm - no! For Yen pairs and other similar larger integers / whole numbers you need to increase the Angle Threhold - here I'm using a setting of 100.

The EMA period is basically the reaction time and the shift moves the "start" of the colour change.

All the inputs need to be verified and adjusted to suite the individual currency - and also if the volatility changes - just look back over a few days / weeks. On the chart shown I actually have inputs of 30; 100; 2; 0.....BUT its off my "volume" broker, not my "trading" broker, so not optimised.....work in progress http://cdn.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #4,535
  • Nov 24, 2009 3:28am Nov 24, 2009 3:28am
In the spirt of the thread, and whilst waiting for the UK news, here are some trend lines via a nice APF - its at a Gann -2.78 angle that I've found useful.

The upper green support is currently in play, the next one is at yesterdays low.....IF that breaks, I dont see another level before the 6250 area...
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #4,536
  • Nov 24, 2009 4:20am Nov 24, 2009 4:20am
Quoting Islander
In the spirt of the thread, and whilst waiting for the UK news, here are some trend lines via a nice APF - its at a Gann -2.78 angle that I've found useful.

The upper green support is currently in play, the next one is at yesterdays low.....IF that breaks, I dont see another level before the 6250 area...
Somebody's gonna be very busy when mt5 comes out!!!!!!
  • #4,537
  • Nov 24, 2009 4:21am Nov 24, 2009 4:21am
Quoting Islander
Erm - no! For Yen pairs and other similar larger integers / whole numbers you need to increase the Angle Threhold - here I'm using a setting of 100.

The EMA period is basically the reaction time and the shift moves the "start" of the colour change.

All the inputs need to be verified and adjusted to suite the individual currency - and also if the volatility changes - just look back over a few days / weeks. On the chart shown I actually have inputs of 30; 100; 2; 0.....BUT its off my "volume" broker, not my "trading" broker, so not optimised.....work...
Thanks I'll have a look.
  • #4,538
  • Nov 24, 2009 4:22am Nov 24, 2009 4:22am
Quoting Islander
In the spirt of the thread, and whilst waiting for the UK news, here are some trend lines via a nice APF - its at a Gann -2.78 angle that I've found useful.

The upper green support is currently in play, the next one is at yesterdays low.....IF that breaks, I dont see another level before the 6250 area...
Those upper 3 lines look like an Andrews pitchfork?
  • #4,539
  • Nov 24, 2009 6:41am Nov 24, 2009 6:41am
The consolidation that was walking along the confluence inside the zone formed by the 13/34ema, gave every indication that some sort of breakout was possible. Entry was just above the high of the strong momentum candle, and exit was when price started retreating after breaching the xx75 psych-line (not shown). At present there's a pull-back towards the two emas, so it might be worth watching for a trend continuance.
Attached Image
  • #4,540
  • Nov 24, 2009 6:52am Nov 24, 2009 6:52am
Hi EV
After the double bottom green close hammer on 1hr I had 2 buys. At 132.44 and a similar trade to yours.
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