Psych Levels, Pivots, and Trendlines - Resurrected | Page 257 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,121
  • Aug 25, 2010 7:59am Aug 25, 2010 7:59am
Quoting Musashi
Is this a fundamental reason to enter/exit a position?

Don't get me started about fundamentals and charts.... sheesh...

ah, sorry, as you posted just after a "red" news event, my comment was for a news trade entry.....I dont get involved with funnymentals - dont understand them http://cdn.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #5,122
  • Aug 25, 2010 10:57am Aug 25, 2010 10:57am
EV, Great thread, nice and simple.
  • #5,123
  • Aug 25, 2010 11:46am Aug 25, 2010 11:46am
Short UJ.. target just before DP
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  • #5,124
  • Aug 25, 2010 11:49am Aug 25, 2010 11:49am
previous support became resistance
  • #5,125
  • Aug 25, 2010 11:52am Aug 25, 2010 11:52am
H4 chart where previous support becomes resistance
Attached Image (click to enlarge)
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  • #5,126
  • Aug 26, 2010 3:35am Aug 26, 2010 3:35am
A nice little set-up from the 5m cable just now. Shooting star at the top of a retracement, and an entry just under the xx50 psych-line. Exit as shown, as price started retreating out of the R2/xx25 psych-line confluence.

Edit: The shooting-star could also be referred to as a gravestone doji.
Attached Image
  • #5,127
  • Aug 26, 2010 3:39am Aug 26, 2010 3:39am
Quoting eyevoltage
A nice little set-up from the 5m cable just now. Shooting star at the top of a retracement, and an entry just under the xx50 psych-line. Exit as shown, as price started retreating out of the R2/xx25 psych-line confluence.

Edit: The shooting-star could also be referred to as a gravestone doji.

Hi EV - I'm glad that you joined me on this one .....it was also at the 50% retrace from this morning's high, so I was waiting for it
Trading Levels with WRBs
  • #5,128
  • Aug 26, 2010 3:41am Aug 26, 2010 3:41am
Quoting eyevoltage
A nice little set-up from the 5m cable just now. Shooting star at the top of a retracement, and an entry just under the xx50 psych-line. Exit as shown, as price started retreating out of the R2/xx25 psych-line confluence.

Edit: The shooting-star could also be referred to as a gravestone doji.
We took exact same trade for +23, charts posted elsewhere.
  • #5,129
  • Aug 26, 2010 3:48am Aug 26, 2010 3:48am
Quoting Islander
Hi EV - I'm glad that you joined me on this one .....it was also at the 50% retrace from this morning's high, so I was waiting for it
Yep, nice one, Islander. The thing is, I've just seen what was probably a better one one on EJ. Oh, well........
  • #5,130
  • Aug 26, 2010 5:19am Aug 26, 2010 5:19am
Quoting Vantage
We took exact same trade for +23, charts posted elsewhere.
Sorry for my lack of response, mate. It'll teach me to check out the rest of the page......didn't see your entry!
Yes, I checked your thread out and saw that that particular trade was featured. Islander swooped onto it as well!
Cheers
  • #5,131
  • Aug 26, 2010 6:02am Aug 26, 2010 6:02am
A possible bearish flag pattern forming, perhaps?

TWT
Attached Image
  • #5,132
  • Aug 26, 2010 6:19am Aug 26, 2010 6:19am
Managed to get a few pips out of it.
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  • #5,133
  • Aug 26, 2010 7:05am Aug 26, 2010 7:05am
I'm really battling. Would anyone else have taken this short?
EU 5m chart

I am not sure if I am marking correctly.

I see this as a break from the psych 700 and possible move down towards the PP

Thanks
Attached Image (click to enlarge)
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  • #5,134
  • Aug 26, 2010 1:26pm Aug 26, 2010 1:26pm
Quoting traderlin
I'm really battling. Would anyone else have taken this short?
EU 5m chart

I am not sure if I am marking correctly.

I see this as a break from the psych 700 and possible move down towards the PP

Thanks
Hello lin...

Sorry I couldn't answer earlier but I've been out all afternoon.

On your chart, it is indeed a break of the xx00 psych-line, followed by a retrace back to said line. What follows then is a good set-up. A bullish candle closes on the psych-line and then you have a bearish spinning-top that is also a harami candle....a good reversal signal. I would have taken this one, and entered just under the low of the spinning-top. Good for around 15-20 pips or so. A more conservative entry would have been below the break of the triangle, which, as you can see, would have got you considerably less pips.
Hope this helps.
  • #5,135
  • Aug 26, 2010 1:41pm Aug 26, 2010 1:41pm
Thanks for your response and help EV. I see what you mean and will continue to learn.

Lin
  • #5,136
  • Aug 30, 2010 4:36am Aug 30, 2010 4:36am
I was late up this morning (it being a bank holiday) so I missed this nice opportunity offered by a rising (bearish) wedge pattern.
The pattern culminated at the 34ema, and then price seemed to drop like a stone. A really nice set-up.
Attached Image (click to enlarge)
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  • #5,137
  • Aug 30, 2010 10:26am Aug 30, 2010 10:26am
With it being a bank holiday, and because I've been busy with other things, trading has sort of took a back seat today, even though there's been the odd opportunity or two cropping up. My screen is always on, regardless of whether or not I can jump in. Some days I can, somedays I can't. C'est la vie.
I spotted this lovely bearish flag pattern on cable once price had broken through, but I thought it would be nice to keep showing these opportunities, if only to keep demonstrating acumen's theory that a screen full of indicators aren't always necessary to spot great opportunties.
I liked the way this flag sort of peaked as the 34ema and the xx25 psych-line were converging, and if the trade had been taken and left to run, it would have been worth around 40 pips. These patterns are well-worth looking for, as the resulting reward, like this one, can make it all worth while.

So simple, yet very effective.
  • #5,138
  • Aug 30, 2010 10:27am Aug 30, 2010 10:27am
.....oooops!
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  • #5,139
  • Aug 31, 2010 5:24am Aug 31, 2010 5:24am
amazing trade i did today morning, the channel broke and targeted the pivot
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  • #5,140
  • Aug 31, 2010 5:44am Aug 31, 2010 5:44am
Quoting bksujal
amazing trade i did today morning, the channel broke and targeted the pivot
Nice one, bk.....very simple, very effective.
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