Psych Levels, Pivots, and Trendlines - Resurrected | Page 229 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,561
  • Nov 25, 2009 2:17am Nov 25, 2009 2:17am
looks like dollar is weak across the board. Possible expectation of bad US numbers to come out later
  • #4,562
  • Nov 25, 2009 2:23am Nov 25, 2009 2:23am
Small limit order sell just triggered at the MR3 / 725 confluence.....tight stop, but we are due for a pull back - 20 pips will do....
Trading Levels with WRBs
  • #4,563
  • Nov 25, 2009 2:30am Nov 25, 2009 2:30am
Quoting Islander
Small limit order sell just triggered at the MR3 / 725 confluence.....tight stop, but we are due for a pull back - 20 pips will do....

OK, so I had to settle for 10.....but I'll try again, there's bearish divergence on my 1 min and 5 min and I'm seeing bearish volume too...
Trading Levels with WRBs
  • #4,564
  • Nov 25, 2009 2:33am Nov 25, 2009 2:33am
I'm massively yeah you get the drift, got the analysis right and missed the majority of the move. Oh well.

Are we gonna get to 6860 a lot sooner than expected??? TWT - it always does.
  • #4,565
  • Nov 25, 2009 2:41am Nov 25, 2009 2:41am
This move is pretty much done till UK news in 50 mins me thinks.
  • #4,566
  • Nov 25, 2009 2:44am Nov 25, 2009 2:44am
Quoting Islander
OK, so I had to settle for 10.....but I'll try again, there's bearish divergence on my 1 min and 5 min and I'm seeing bearish volume too...
small sell off the same levels.....
Trading Levels with WRBs
  • #4,567
  • Nov 25, 2009 2:46am Nov 25, 2009 2:46am
Quoting Islander
small sell off the same levels.....
pirated another 15 pips......mustnt be greedy.....
Trading Levels with WRBs
  • #4,568
  • Nov 25, 2009 3:05am Nov 25, 2009 3:05am
Now I'm long off that second pull back to the 700 level.....I did have a limit order just above the R2 level, but that was too ambitious.....

Volumewise there has been some selling above 700 and I view it as profit taking from those earlier buyers around the 600 level....
Trading Levels with WRBs
  • #4,569
  • Nov 25, 2009 3:36am Nov 25, 2009 3:36am
Revisions all slightly negative.......my small long was stopped out and I sold the news and pirated pips - now I'm finished for this morning, back for NY....
Trading Levels with WRBs
  • #4,570
  • Nov 25, 2009 10:00am Nov 25, 2009 10:00am
I was just on the point of posting this trade, when I was called away from the computer. These things happen.
Anyway, this trade was, as can be seen, a result of a Dark Cloud Cover forming in the 13/34ema zone, just above the R2 line. A good separation of the MA's, and an entry just under the low of the DCC candle. A nice drop until around the mid-point line, when there was some strong bullish reaction (long lower shadows), so I exited as price retreated after touching the xx50 psych-line. I see price hasn't gone much lower since, rather showing some consolidation along the said psych-line.
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  • #4,571
  • Nov 25, 2009 12:21pm Nov 25, 2009 12:21pm
Very interesting.... may I ask why you use specifically the 13 and 14 EMA`s, reading through many threads like THV or Trendman Scalping left the impression to me that trading on lower timeframes requires an almost high-tech multiindicator approach......

Any comment appreciated, I admire trading with simple but effective strategies....
Be like water.
  • #4,572
  • Nov 26, 2009 12:37am Nov 26, 2009 12:37am
Daily up yesterday so we'd expect it to continue. 6686 area where we are now is a psych level going back to the big fall on 23 Oct.

4hr has a double bottom at 38% fib, res area from 23 Nov appears now to be support.

1hr has a nice hammer.

15 min 3/4 candles back has doji and a shooting star but vol's falling away so no interest in selling, no follow through.

Looks like up now where to buy ...............
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  • #4,573
  • Nov 26, 2009 1:05am Nov 26, 2009 1:05am
Eeeeeerrr OK where to sell, big shooting star on 1 hr.

Probably some strange Frankie open trading. I'll be waiting for things to settle down a bit. Might even take a day off with US holidays.
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  • #4,574
  • Nov 26, 2009 1:17am Nov 26, 2009 1:17am
GM all - some night - dollar makes new lows and Euro breaks up out of its 2+ weeks range and poor old cable cant even break the 62% retrace of its last fall.....good job I've been selling since yesterday......

My last short was 20 mins before FO when it just touched the 6700 level thus holding under its days opening....I've already banked pips on part, holding the remainder for S1 / 6600
Trading Levels with WRBs
  • #4,575
  • Nov 26, 2009 1:19am Nov 26, 2009 1:19am
Quoting Islander
GM all - some night - dollar makes new lows and Euro breaks up out of its 2+ weeks range and poor old cable cant even break the 62% retrace of its last fall.....good job I've been selling since yesterday......

My last short was 20 mins before FO when it just touched the 6700 level thus holding under its days opening....I've already banked pips on part, holding the remainder for S1 / 6600
Nice, I have 50% fib at 6620 and we seem to be struggling just above there. Also W P at 6612.
  • #4,576
  • Nov 26, 2009 1:57am Nov 26, 2009 1:57am
Quoting Islander
GM all - some night - dollar makes new lows and Euro breaks up out of its 2+ weeks range and poor old cable cant even break the 62% retrace of its last fall.....good job I've been selling since yesterday......

My last short was 20 mins before FO when it just touched the 6700 level thus holding under its days opening....I've already banked pips on part, holding the remainder for S1 / 6600

LOL - that was quick.....now I have a small long looking for S1 or even 625 than I'll sell again. Swissy has got above its 1.0000 level - also its DP....IF it can hold then cable MIGHT continue down to its next support around the 6500 area.....lets see what The Brits do....
Trading Levels with WRBs
  • #4,577
  • Edited 3:06am Nov 26, 2009 2:11am | Edited 3:06am
I don't mind admitting I got things completely wrong this morning, that drop off from 6700 took me completely by surprise.

I did get two trades in this morning at 6640 and the last one shown here exiting for +28 when we struggled at 6550.
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  • #4,578
  • Nov 26, 2009 2:14am Nov 26, 2009 2:14am
Quoting Islander
LOL - that was quick.....now I have a small long looking for S1 or even 625 than I'll sell again. Swissy has got above its 1.0000 level - also its DP....IF it can hold then cable MIGHT continue down to its next support around the 6500 area.....lets see what The Brits do....
The Brits sold it....my long was a wash and I reversed to short when the bounce failed to materialise....I've now taken partials at the 550 level....short term oversold - now ~90 under the 5m 30 ema and The Angle is solid green @ -1.56, so ripe for a pull back.....but its not happening yet which makes me think the 500 will get hit sooner rather than later.....TWT
Trading Levels with WRBs
  • #4,579
  • Nov 26, 2009 2:26am Nov 26, 2009 2:26am
I'm trading this off my 1 min chart and the last drop was only 10 pips - that gave a bullish divergence signal, so I took a small buy aiming for yesterdays low at 575 - but I also trail a 5 pip stop on a trade like this - now at BE+10

Edit - and that's 10 more pirated pips for my bank.....
Trading Levels with WRBs
  • #4,580
  • Nov 26, 2009 2:42am Nov 26, 2009 2:42am
When 1 min had a lh then I sold here, stop at BE. We are now on 4hr/daily lower TL if it pops lower ..................
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