Psych Levels, Pivots, and Trendlines - Resurrected

I had stepped away from computer pre Frankies open, Mrs V saw the hl that Islander took but vol's were so low she left it.

In my analysis above I didn't mention the first hurdle we had to cross which was the M P at 6525, dooh! We got in 3 trades this morning a buy above 6550 when it held and the 2nd move up above 6600.

We tried the lower high sell around 6614 but got taken out at BE it seems its not quite ready to go down yet.

As its NFP I think we're done for the day.

PS its worth mentioning that despite what our longer term analysis says that first trade in and around FO we like to take whatever direction, thanks Islander we're slowly picking up that little nugget.

Weekly GU has 2 doji's in a row and is right in the middle of its TL's so it could go in either direction.

Daily suggests down with the large upper wick rejecting the upper TL.

The 4 hr shows some obvious psych levels being the 27 and 30 Nov lows and of course the W and M pivots.

If we do have a strong positive close around 1 hr 21 ema I'll happily switch to look to buy.

PS EV where are you???

The difference between Fri's buy and today where we didn't buy - the last 1 hr green close had a bigger wick and it couldn't close above/at the top of the range. 15 min vol on the up candle was very poor not suggesting a good move up. Could have sold earlier after the double top but we sold the shooting star and got out at first target the 50/M2.

Looking for more sells.

GM - my overnight limit sell at 6520 missed by 5 pips and I actually sold the break of the 5m 30 ema - a bit slow there as the clear 1 min double top 20 mins before FO should have put me in a few pips earlier....I've taken partials at the 6450 / MS1 confluence and will add again at the 475 / 30ema area if it bounces that far....

There's a nice EW set up on the hourly / 4 hrly that I'll post about later...

[quote=Islander;3285901]I've taken partials at the 6450 / MS1 confluence and will add again at the 475 / 30ema area if it bounces that far....quote]

Sounds like a plan all we have to do is clear up the tea Mrs V spilt all over the desk. She just can't keep her hand steady after a poke with a sharp stick!!! Mrs V said bank at 50 and I thought 6425 target.

[quote=Vantage;3285911] LOL - I try to avoid the use of sharp sticks as it invites a return clout with a heavy object when I'm not looking http://cdn.forexfactory.com/images/icons/icon11.gif

Very little retrace, so I sold the break of the 640 level.

I'm also posting in Direct Trades thread and you might like to take a look - he's posting some really good stuff - this is my last post there....


Thanks DT.....zooming in from my 4 hrly, I've placed EW notations as there's a good EW type of move in progress and of course, EW targets are just fib projections as shown earlier.

From this morning's high (4) I've drawn two mauve trend lines. The steeper was Fridays W3 move and the other Thursdays W1 move - they are both Gann lines, but that's another story http://cdn.forexfactory.com/images/icons/icon12.gif - they just help compare the move in progress with the previous moves....

For my Intra Day trading I'll take partial profits at the 6375 / S1 confluence and sell again on any retrace

My next target is the FE 100 area, actually the S2 / 6275 confluence.....this would be the maximum under EW and make todays move ~250 pips vs the 50 day ADR of 172 pips.

I prefer to use pivots and physc levels as targets, just taking the more subjective Fib levels as a guide.....
Attached Thumbnailshttp://cdn.forexfactory.com/attachme...1&d=1260175397

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Signals off my 1 min chart. I currently have a small long after the bullish divergence and HL just above the 325 / MS2 level

The red target area is price-wise the fib retracement zone off the fall and time-wise is bounded by Lucas time lines.....my stop is being trailed, currently at +10

I agree - I must cancell my subscription - again....

Right here, mate. Been here all along watching with open-mouth admiration yours and Islanders excellent trades.

Here's a couple of trades I've just done this morning on the 5m eur/jpy.

Pretty basic and self-explanatory. Nice and simple, with entries and exits clearly marked. The only thing that needs to be pointed out is the blue dotted line, which is a Mid-Point line between the Main Pivot and S1.

Hey EV - good see that you're still quietly harvesting pips.....

My trades.

Islanders trades.

A nice little trade involving the previous mid-point/S1 zone mentioned in my last post. Tweezer-tops formed just under the mid-point, and my entry is as indicated....just under the low of the second tweezer candle. My exit was always planned to be around the S1 line, but I have to confess to being a bit curious as to whether or not price would drop any further. Which explains the rather hurried exit as price started ascending again!!

Daily a doji which suggests halt in the move down. 4hr suggesting down which (no surprise) is how the hourly looks. Late Asian session saw no interest in move up vol really low but picking up a little in down move.

The various target areas psych levels (4hr lows), TL's and daily/W/M pivots can be clearly seen.

So far I'll be looking for sells but in view of doji yesterday will not be surprised by a move up.

Updated 4hr with new TL.

Missed that move down.

GM all - I posted a chart in DTs thread that showed a high volume pivot at 6483 and I had a 50% retrace at 6489, so I had a sell limit just under those levels and it was hit late in the US session and I woke to find that trade closed at TP a little above the 6400 level - a nice way to start my day.....

Drilling down to my 1 min chart I spotted the double bottom off the MS1 / 375 confluence and so took a small buy for another few pips and then sold after the pull back towards the 30 ema / DP.....MS1 has just acted as resistance BUT the drop is looking weak with bullish divergence....Swissy needs to break above its 200 level...

Loads of sell signals and easy entries off "The Levels".....also, notice how support became resistance.....75 pips available for a Frankies Hour Trader.....or 125 for the Early Birds.....

I'm reading this thread and learning to trade without hindi. Can you comment my chart.I have shorted USDJPY

I dont trade this pair and thus have no idea how it moves - from a quick look the 89.10 area is resistance and price has bounced up off S1 at 88.90 - that was a 5 min Higher Low and thus a BUY signal.....thus I see a short term up trend and I dont have time to look at other charts right now - its my busy trading time......good luck

Also, looking at your own 15 min chart you have a potential reverse Head and Shoulders.....assuming that this morning's HL holds....

Thank you Islander master. The pair had cheated newbie like me. It broke the fib,TL and 34 EMA so my heart was .But...it hasn't eaten my SL

Thank you for your comment.