Psych Levels, Pivots, and Trendlines - Resurrected | Page 304 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,061
  • Feb 9, 2011 5:25am Feb 9, 2011 5:25am
That's it for me...

+44.8 Pip + 3.77 x risk
+18 Pips + 1.5 x risk
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  • #6,062
  • Feb 9, 2011 12:45pm Feb 9, 2011 12:45pm
Quoting Pipfarmer
Just shorted this one at 3640. Looking for tp at 3605. Price may head up and retest DP. Could be a good place to reload the canon again.
Got stopped out at + 5 pips. And the 6010 level on GU was good for 30+ pips

Great job Musashi
  • #6,063
  • Feb 9, 2011 4:14pm Feb 9, 2011 4:14pm
Quoting Musashi
That's it for me...

+44.8 Pip + 3.77 x risk
+18 Pips + 1.5 x risk
Hi Buddy, did you actually use an inside trendline to find youre exit?
That is quite interesting,
  • #6,064
  • Feb 9, 2011 10:37pm Feb 9, 2011 10:37pm
Quoting Larseg
Hi Buddy, did you actually use an inside trendline to find youre exit?
That is quite interesting,
What is an inside trend line?
  • #6,065
  • Feb 9, 2011 11:24pm Feb 9, 2011 11:24pm
Nice consolidation here...
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  • #6,066
  • Feb 9, 2011 11:36pm Feb 9, 2011 11:36pm
hi musashi,

do you refer to only pip range bars or also to conventional bar/candlestick charts?
  • #6,067
  • Feb 9, 2011 11:43pm Feb 9, 2011 11:43pm
Quoting pgd
hi musashi,

do you refer to only pip range bars or also to conventional bar/candlestick charts?
Only the range bars my friend as I'm only trading short term price movements and patterns around the 00 25 50 75 levels.

Long Term trend or direction doesn't really mean too much to me since I'm not trading long term trend. All I'm interested in is the possible direction for the session.

Congestion zones, consolidation is exactly what I want to see. New daily highs, new daily lows give a good indication of potential daily trend direction, however as you know this market likes to reverse on a dime so need to be ready if this does happen, so the intraday price movements is all I'm concerned about at key levels in the market.

Hope this answers your question.
  • #6,068
  • Feb 10, 2011 12:09am Feb 10, 2011 12:09am
Quoting Musashi
What is an inside trend line?
Hi Musashi,

Its the same as when you draw a channel with 2 straight lines.
There you have an outer line, which is normally used for TP and the other channel line is then a inside channel line where price should stop and then reverse... if that doesn't happen normally an SL is triggered...

It looked like you had done the opposite with great success, good idea.

instead of having an SL you had TP..
  • #6,069
  • Feb 10, 2011 12:16am Feb 10, 2011 12:16am
Well I use a trend line to mark the levels on the chart to indicate possible entries and exits.

As you say if price reverses then I will change direction, finding an exit before the market flips over on you is the challenge.
  • #6,070
  • Feb 10, 2011 12:32am Feb 10, 2011 12:32am
Short GU looks good here... 4 bar consolidation rejection at the 00 level
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  • #6,071
  • Feb 10, 2011 12:50am Feb 10, 2011 12:50am
Good spot to TP right here for +1 x risk
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  • #6,072
  • Feb 10, 2011 1:16am Feb 10, 2011 1:16am
It can easily go anywhere from here, so I'm prepared to just wait and see which way market will go.

Currently it is down, so I'll be looking for pull backs to a previous support level and waiting for some rejection from it.
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  • #6,073
  • Feb 10, 2011 1:35am Feb 10, 2011 1:35am
Quoting Musashi
Only the range bars my friend as I'm only trading short term price movements and patterns around the 00 25 50 75 levels.

Long Term trend or direction doesn't really mean too much to me since I'm not trading long term trend. All I'm interested in is the possible direction for the session.

Congestion zones, consolidation is exactly what I want to see. New daily highs, new daily lows give a good indication of potential daily trend direction, however as you know this market likes to reverse on a dime so need to be ready if this does happen, so...
yes, thank you, musashi.

what ma's have you got on those charts and how do you use them in deciding upon a trade?

Incidentally, I'd sent you a pm a few days ago.
perhaps, you missed it.
would you kindly take a look and reply...

thanks again.
  • #6,074
  • Feb 10, 2011 1:44am Feb 10, 2011 1:44am
Good morning,

Looking for a small bounce around 1.3660 area. Currently bouncing off MS1.
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  • #6,075
  • Feb 10, 2011 1:58am Feb 10, 2011 1:58am
Back to previous support level.. looking for some indication that price will drop from here...
  • #6,076
  • Feb 10, 2011 2:05am Feb 10, 2011 2:05am
Looks good...
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  • #6,077
  • Feb 10, 2011 2:22am Feb 10, 2011 2:22am
Next logical spot to exit is at 1.6050 level.
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  • #6,078
  • Feb 10, 2011 3:00am Feb 10, 2011 3:00am
I held just a tad bit longer in an attempt to reach that 40 level again, closed out for +30.7 Pip, +2.55 x risk
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  • #6,079
  • Feb 10, 2011 3:11am Feb 10, 2011 3:11am
EJ perfect short potential here.. hope you guys see the same thing as I am seeing..
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  • #6,080
  • Feb 10, 2011 3:13am Feb 10, 2011 3:13am
Quoting Musashi
Well I use a trend line to mark the levels on the chart to indicate possible entries and exits.

As you say if price reverses then I will change direction, finding an exit before the market flips over on you is the challenge.
Perfect, used it on EurUsd today +57.

It has actually worked the last couple of weeks
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