Psych Levels, Pivots, and Trendlines - Resurrected | Page 232 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #4,621
  • Dec 2, 2009 4:27am Dec 2, 2009 4:27am
Quoting Islander
I just sold the hit of the upper channel - a Gann + 2.5 angle that held yesterdays rally - UK data due now....
Data was OK, pulled back to the lower channel / days open area, so exited and then long again, now looking for the 6700 area - should get hit between 11 and 12 gmt IF the channel holds....TWT.....back for NY....
Trading Levels with WRBs
  • #4,622
  • Dec 2, 2009 4:31am Dec 2, 2009 4:31am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
I just sold the hit of the upper channel - a Gann + 2.5 angle that held yesterdays rally - UK data due now....

Wow! Gann angles!

How are you finding them Islander?


Magnus

p.s. still finding you posts/charts insightful...
  • #4,623
  • Dec 2, 2009 2:35pm Dec 2, 2009 2:35pm
Sorry you guys I haven't been round recently been a bit busy but I'm back...Will begin posting from tommorow....
  • #4,624
  • Dec 2, 2009 4:31pm Dec 2, 2009 4:31pm
Hi Guys. Best wishes to all.

With the new job I havent traded for 2 months or even read this great thread. However I am completing year end accounts & needed an average £/€ exchange rate. Couldnt resist looking at cable.

The attached is a daily chart that shows trend lines prepared for my evening trades. The lower ema's are 125 and 250 & there's also some fibs (not all shown when the image was loaded) & other messy looking envelopes. Yes, I know this isnt the sort of unsightly chart you normally look at. The point is that these trend lines & fibs were set over 2 months ago .

Draw your own conclusions. Keep harvesting pips!

BC
Attached Image
  • #4,625
  • Dec 2, 2009 9:02pm Dec 2, 2009 9:02pm
Quoting Barry Cade
Hi Guys. Best wishes to all.

With the new job I havent traded for 2 months or even read this great thread. However I am completing year end accounts...
Welcome back. One question though.. How do you look at that chart? Or is that the trick and not trade if the chart looks like that?
  • #4,626
  • Dec 3, 2009 12:08am Dec 3, 2009 12:08am
A hesitation daily candle at upper TL which we have now broken through. We are still on a daily lower high, lower low, lower high.

4hr at its upper TL. The higher lows and higher highs are clear.

The psych level of 6680/90 clearly seen on daily, both y's and 23 Oct highs.

Expecting further move up but we do have ECB int rates today. If we do turn below 1 hr 21 ema I'll sell quite happily due to daily hesitation candle and we are still on a D LH. No problem either way today.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Dec. 03 07.58.gif Size: 47 KB
  • #4,627
  • Dec 3, 2009 3:11am Dec 3, 2009 3:11am
1 trade taken this morning and a decision not to take trade 2.

1) 1hr 7am candle closes positive rejecting MM3. 5 min hl closes above 6675 psych level buy at 6682. Exit 6711 when move up failed.

2) Trade not taken, the lower high close on 6701, right on even number. We had 1 hr rsi divergence and shooting star. The only reason we didn't take was the even number, anywhere else we would have sold. The 15 min candles and vol also suggested down.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_02 Dec. 03 11.01.gif Size: 42 KB
  • #4,628
  • Dec 3, 2009 5:35pm Dec 3, 2009 5:35pm
nice system
  • #4,629
  • Dec 3, 2009 6:59pm Dec 3, 2009 6:59pm
Quoting Vantage
A hesitation daily candle at upper TL which we have now broken through. We are still on a daily lower high, lower low, lower high.

4hr at its upper TL. The higher lows and higher highs are clear.

The psych level of 6680/90 clearly seen on daily, both y's and 23 Oct highs.

Expecting further move up but we do have ECB int rates today. If we do turn below 1 hr 21 ema I'll sell quite happily due to daily hesitation candle and we are still on a D LH. No problem either way today.
The break above the daily upper TL/key level Tues high and 23 Oct high was quickly rejected. So the daily cycle of lower highs lower lows is still on for now. For this to play out we'll need to get below some target areas 6460 ish (several daily lows 20 Nov and after) then 6380 ish. This is a push down to the lower TL 6270 area. Please note these psych levels largely converge with W and M pivots from 4hr chart.

With this move down the 4 hr cycle of higher highs higher lows has been broken.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Dec. 04 02.51.gif Size: 46 KB
  • #4,630
  • Dec 4, 2009 1:10am Dec 4, 2009 1:10am
GM all....there was a HL about an hour before FO and I bought the break of the 5m 30 ema which happened a little later, looking for a test of the DP / 600 lever where I'll think about TP and reverse....
Trading Levels with WRBs
  • #4,631
  • Dec 4, 2009 1:20am Dec 4, 2009 1:20am
Quoting Yuppie
Wow! Gann angles!

How are you finding them Islander?


Magnus

p.s. still finding you posts/charts insightful...
Hi Magnus - I'm happy to know that my posts are still useful .....I find Gann angles / channels helpful in comparing moves and also in keeping me in trades longer - also, I'm looking at the time aspect vs levels that are targets....
Trading Levels with WRBs
  • #4,632
  • Dec 4, 2009 1:40am Dec 4, 2009 1:40am
Taken partials at the 600 level after a very steep rise - its running up in a Gann +3 which is not often maintained.....
Trading Levels with WRBs
  • #4,633
  • Dec 4, 2009 1:40am Dec 4, 2009 1:40am
I really need a lesson on Gann angles has anyone got any links they could provide me with....

Thanks
  • #4,634
  • Dec 4, 2009 1:40am Dec 4, 2009 1:40am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
Hi Magnus - I'm happy to know that my posts are still useful .....I find Gann angles / channels helpful in comparing moves and also in keeping me in trades longer - also, I'm looking at the time aspect vs levels that are targets....

Ah, interesting... sounds like an original way to use them... may just take a look at the weekend... Cheers, Magnus
  • #4,635
  • Dec 4, 2009 1:55am Dec 4, 2009 1:55am
Quoting Kamikaze456
I really need a lesson on Gann angles has anyone got any links they could provide me with....

Thanks
I guess that you've already done a search here in FF.......I'll take a look in forex-tsd, they've got loads of gann posts, the problem is the time it takes to read all of them...http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #4,636
  • Dec 4, 2009 2:00am Dec 4, 2009 2:00am
Quoting Islander
I guess that you've already done a search here in FF.......I'll take a look in forex-tsd, they've got loads of gann posts, the problem is the time it takes to read all of them...http://cdn.forexfactory.com/images/icons/icon11.gif

I've done a search over there...I guess I never liked forex-tsd as a forum it's just full of automated trading and indicators that will make you millions in 1 day.

Stupid really.

  • #4,637
  • Dec 4, 2009 2:01am Dec 4, 2009 2:01am
Quoting Islander
Taken partials at the 600 level after a very steep rise - its running up in a Gann +3 which is not often maintained.....

The 1 min G +1 channel has just got broken - I use my chinn alert as a TL alert, so I'm not actually watching my 1 min chart http://cdn.forexfactory.com/images/icons/icon12.gif - now I'm waiting to see if cables DP AND € and Swissy get broken to confirm an initial sell....TWT.....the high got 2 pips away from the 50% retrace....
Trading Levels with WRBs
  • #4,638
  • Dec 4, 2009 2:02am Dec 4, 2009 2:02am
Quoting Islander
Hi Magnus - I'm happy to know that my posts are still useful .....I find Gann angles / channels helpful in comparing moves and also in keeping me in trades longer - also, I'm looking at the time aspect vs levels that are targets....
it's nice to see u use gann. Does it mean you play long term trade?
  • #4,639
  • Dec 4, 2009 3:01am Dec 4, 2009 3:01am
Quoting masut
it's nice to see u use gann. Does it mean you play long term trade?
No, I just day trade - about 3 hours around FO and then again around the first NYO.......however, I'm looking to use these entries to hold partial positions longer when I can see a trend move on the higher TFs - > 60m....
Trading Levels with WRBs
  • #4,640
  • Dec 4, 2009 3:38am Dec 4, 2009 3:38am
This is an interesting chart, I like the APF that has just held this morning's low volume rally.....I've now got a small short at the MR1 of 6632 - just under the 62% retrace.....

FYI, the up channel is a G+8....

I'm finished for now, back for the first NYO....
Attached Image (click to enlarge)
Click to Enlarge Name: dec 4 cable 4hr 0830 gmt.gif Size: 19 KB
Trading Levels with WRBs
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