Psych Levels, Pivots, and Trendlines - Resurrected | Page 283 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,641
  • Jan 10, 2011 11:26am Jan 10, 2011 11:26am
Here's a possible idea, a bearish wedge on the Euro. A break above the upper TL would invalidate it. But looking at the longer TF we have broken a low made at the end of November and may just be completing a retrace before further movement down. Wait and see

http://i288.photobucket.com/albums/l...f?t=1294680330
  • #5,642
  • Jan 11, 2011 6:16am Jan 11, 2011 6:16am
That last wedge didn't come to much, here was a nice trade I took on the Aussie good for just under 30 pips this morning.

http://i288.photobucket.com/albums/l...f?t=1294748141
  • #5,643
  • Jan 11, 2011 7:02am Jan 11, 2011 7:02am
Quoting mysterio
That last wedge didn't come to much, here was a nice trade I took on the Aussie good for just under 30 pips this morning.

http://i288.photobucket.com/albums/l...f?t=1294748141
Very nearly like mine, mate. Just a slightly different viewpoint.
Blue square indicates entry area.
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  • #5,644
  • Jan 11, 2011 7:10am Jan 11, 2011 7:10am
Interesting, great minds and all that

And again, will it reach ?

http://i288.photobucket.com/albums/l...f?t=1294751418
  • #5,645
  • Jan 11, 2011 7:15am Jan 11, 2011 7:15am
Quoting mysterio
Interesting, great minds and all that

And again, will it reach ?

http://i288.photobucket.com/albums/l...f?t=1294751418
You've got a good eye for these TL's, mate! However, it's bouncing off the xx50 psych-line area at the moment.
  • #5,646
  • Jan 11, 2011 8:11am Jan 11, 2011 8:11am
After the break-out of this TL, price reached the mid-point level and then eventually retraced back to the TL. There, a couple of dojis formed before a spinning-top (blue square) formed, again right on the TL, indicating a possible reversal. The next candle opened higher, tested the TL, and then price again moved to the mid-point level. Entry and exit as indicated.
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  • #5,647
  • Jan 11, 2011 8:20am Jan 11, 2011 8:20am
Your eye´s with high voltage !!
Don´t live for working, but work for living.
  • #5,648
  • Jan 11, 2011 8:24am Jan 11, 2011 8:24am
Quoting matsf
Your eye´s with high voltage !!
  • #5,649
  • Jan 11, 2011 10:31am Jan 11, 2011 10:31am
This one shows a double top retreating to the S2 line and forming a pair of tweezer-bottoms right on the said S2, just above a previous TL that was broken earlier. Entry and exit as shown, with the mid-point level the obvious target.
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  • #5,650
  • Jan 12, 2011 5:36am Jan 12, 2011 5:36am
Here was one on the cable, similar story on EU

http://i288.photobucket.com/albums/l...f?t=1294832162
  • #5,651
  • Jan 12, 2011 7:55am Jan 12, 2011 7:55am
Afternoon, folks.
This was a reversal off the Main Pivot line, but I'm loathe to trade this type of move unless there's a recognized candlestick pattern. However, there's usually more than one way to skin a cat, as they say, and in this case, I fell back to the dependable fibonacci.
Price had retraced to the 50% fib which was in a confluence with the MPL. I entered after the candle that cleared the 38.2% line and exit was just after price touched the fib extension 61.8%.
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  • #5,652
  • Jan 12, 2011 10:48am Jan 12, 2011 10:48am
I was waiting for this all day as it seems ripe for the picking, however it never materialised, might happen late tonight (or not at all)

http://i288.photobucket.com/albums/l...f?t=1294850874
  • #5,653
  • Jan 12, 2011 10:54am Jan 12, 2011 10:54am
I drew this small falling wedge and then sat back and waited for it to break. Then I got called away and by the time I got back, the fat lady had cleared her throat and sang like a lark!!
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  • #5,654
  • Jan 12, 2011 11:42am Jan 12, 2011 11:42am
Ah, that is gutting when that happens !

Well, we had some reaction at 0.9950 on the Ozzie, will that be enough to pierce down through the TL, I wonder. We have broken below a TL on the daily, yet todays candle looks very bullish. Not taking any positions yet.
  • #5,655
  • Jan 13, 2011 3:40am Jan 13, 2011 3:40am
I missed this one, but it looks like a mysterio special to me. I wonder where his entry might have been, considering that the mid-point level was in a pretty awkward location!
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  • #5,656
  • Jan 13, 2011 4:02am Jan 13, 2011 4:02am
Quoting eyevoltage
I drew this small falling wedge and then sat back and waited for it to break. Then I got called away and by the time I got back, the fat lady had cleared her throat and sang like a lark!!
that's sad!

didn't u place a pending stop-limit buy order for the break with SL and TP all in place?

cheers.
  • #5,657
  • Jan 13, 2011 4:28am Jan 13, 2011 4:28am
Quoting pgd
that's sad!

didn't u place a pending stop-limit buy order for the break with SL and TP all in place?

cheers.
Nope.
  • #5,658
  • Jan 13, 2011 7:05am Jan 13, 2011 7:05am
I didn't spot that one EV but it's obvious now you posted it.

OK I've given up trying to predict the longer TFs. I have found having a longer term 'bias' only leads to trouble!

Haven't had any luck on the Ozzie this morning. Stopped out on the first trade and couldn't get an entry on the second.

http://i288.photobucket.com/albums/l...f?t=1294923707

There was this triangle on Cable too, these happen on cable more than any other pair I reckon. Unfortunately I was out and missed it.

http://i288.photobucket.com/albums/l...f?t=1294923867
  • #5,659
  • Jan 13, 2011 7:13am Jan 13, 2011 7:13am
"I didn't spot that one EV but it's obvious now you posted it."

I wonder how many times I've said that after looking at your charts, mysterio!! That's why I commented on you having a good eye for them. It takes a bit of practice, no doubt about it. I'm better spotting the short term TL's, mate, and a lot of them have served me well in the past.
  • #5,660
  • Jan 13, 2011 7:19am Jan 13, 2011 7:19am
Another one I missed (after telling mysterio that I'm better at the short stuff!!) but I've posted it because it's a nice example.

A bullish flag with a clean break and probable entry and exit points. The blue square shows how there was three tests of the mid-point level support, before price took off.

Belated new year's resolution.......must improve my concentration!!!
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