Psych Levels, Pivots, and Trendlines - Resurrected | Page 344 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,861
  • Apr 15, 2011 1:38am Apr 15, 2011 1:38am
This one was quick and easy!
Attached Image (click to enlarge)
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  • #6,862
  • Apr 15, 2011 1:49am Apr 15, 2011 1:49am
Quoting pgd
This one was quick and easy!
agreed, I was waiting for it too - and also sold cable after its = H tweezers......now finished as its time to get to work boatwise - a good weekend to all.....BFN
Trading Levels with WRBs
  • #6,863
  • Apr 15, 2011 2:16am Apr 15, 2011 2:16am
Quoting Islander
agreed, I was waiting for it too - and also sold cable after its = H tweezers......now finished as its time to get to work boatwise - a good weekend to all.....BFN
to you too...
  • #6,864
  • Apr 18, 2011 12:18am Apr 18, 2011 12:18am
GM all - two pull backs to todays S 1 level and falling 20 ema during FH gave a drop into an old support area 6255 for a few early pips.

Will this support hold and turn cable north for a rally up thru todays DVA -Developing Value Area - and the 50% fib ~6320..........TWT
Trading Levels with WRBs
  • #6,865
  • Apr 18, 2011 12:31am Apr 18, 2011 12:31am
gm all.
hope all had a good week end.

anyone see any nice setups?

earlier on took EJ & GU shorts around 00:00 - 01:00 EST on bounce of ma zone on H1. entry both on b/o of low of previous bar. was out for about 15 pips each but could have stayed in the GU for about 4 hours trailing s/l to high of prev bar every hour.

cheers.
  • #6,866
  • Apr 18, 2011 12:34am Apr 18, 2011 12:34am
Quoting Islander
GM all - two pull backs to todays S 1 level and falling 20 ema during FH gave a drop into an old support area 6255 for a few early pips.

Will this support hold and turn cable north for a rally up thru todays DVA -Developing Value Area - and the 50% fib ~6320..........TWT
Took the same trade and held until the 6255 started to bounce as well. Clear as can be on the M1.

It's been a while since I've checked my subscribed threads on ForexFactory as I've been in research and development mode, but I took the time today to go through every post since the beginning of the year. I've got to say, it's great to see this thread still going strong and it's somehow very reassuring to know that EV is still trading the exact same way he has been for ages now (in trading time, anyways). Simple, clean charts and banking pips. Just the way it should be.

Also, I'm a big fan of your current approach Islander. Obviously I've always been interested in how you do things, but your new KISS method to take maximum pips out of the morning is excellent. Lots of overlap with how I'm doing things as well with a focus on M5 and M1 for the FO/LO, though I have a feeling you catch a swing or two more than I do...

And sold S1 again...
  • #6,867
  • Apr 18, 2011 12:47am Apr 18, 2011 12:47am
Quoting Auron112
Took the same trade and held until the 6255 started to bounce as well. Clear as can be on the M1.

It's been a while since I've checked my subscribed threads on ForexFactory as I've been in research and development mode, but I took the time today to go through every post since the beginning of the year. I've got to say, it's great to see this thread still going strong and it's somehow very reassuring to know that EV is still trading the exact same way he has been for ages now (in trading time, anyways). Simple, clean charts and banking pips. Just...
Hi Auron - good to see you back - and yes, EV shows us real KISS - I'm not quite as naked http://www.forexfactory.com/images/icons/icon7.gif

I agree that FO /LO are clearer on the 1 min - I took a few from the spike down and then more out of the bounce - alll off the 1 min.

Now we have 2 closed 15 min high volume hammers in cable, so I'm wondering if this is a classic Big Ben fakeout......TWT
Trading Levels with WRBs
  • #6,868
  • Apr 18, 2011 2:45am Apr 18, 2011 2:45am
5m EJ........

Did anyone pick this nice bearish engulfing candle up, coming off the 13ema/mid-point level confluence? Looks to have been worth around 40 pips or so.
I was busy with other things at the time, so I totally missed it.
Attached Image
  • #6,869
  • Apr 18, 2011 3:45am Apr 18, 2011 3:45am
Caught this one. Most of it off the table at 4300 with a small piece if it follows through. Not much interest in holding a larger position down here considering the stopping volume we had on the last visit. Better to wait and see what happens before trying anything with size, IMO.
Attached Image (click to enlarge)
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  • #6,870
  • Apr 18, 2011 3:55am Apr 18, 2011 3:55am
Quoting Auron112
Caught this one. Most of it off the table at 4300 with a small piece if it follows through. Not much interest in holding a larger position down here considering the stopping volume we had on the last visit. Better to wait and see what happens before trying anything with size, IMO.
Nice trade, Auron. Is that a flag or a wedge, mate? On my chart, its a perfect bearish flag, but we all know how MT4 platforms can vary slightly depending on the brokers.
Good one.
  • #6,871
  • Apr 18, 2011 4:05am Apr 18, 2011 4:05am
Quoting eyevoltage
Nice trade, Auron. Is that a flag or a wedge, mate? On my chart, its a perfect bearish flag, but we all know how MT4 platforms can vary slightly depending on the brokers.
Good one.
My lines are a bit off in that pic, mostly because I watch things and draw from another zoom level. Pretty close to a perfect bear flag on my charts too, and lined up with interesting lines on AU and EJ at the same time which suggested that any break should push to at least 4300 before getting held up.

Still in remainder of position and looking for S3 potentially while just trailing each decent M5 candle (Islander-style). Usually I'm an all-in/all-out guy but this one demanded a different approach.
  • #6,872
  • Apr 18, 2011 4:33am Apr 18, 2011 4:33am
USD starting to look too cheap I suspect.

USDCHF monthly chart shows some support possible down around this level indicated by the wick.

Buying some USD is probably a good idea at the moment.
  • #6,873
  • Apr 18, 2011 4:47am Apr 18, 2011 4:47am
Clearly see the down trending channel has broken, combined with some Higher Low Action, potential exists for some buying.
Attached Image (click to enlarge)
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  • #6,874
  • Apr 18, 2011 5:23am Apr 18, 2011 5:23am
Quoting Auron112
Caught this one. Most of it off the table at 4300 with a small piece if it follows through. Not much interest in holding a larger position down here considering the stopping volume we had on the last visit. Better to wait and see what happens before trying anything with size, IMO.
Nice http://www.forexfactory.com/images/icons/icon14.gif

Just got back for an hour around the NY open - and it did and continued down into an old S&R level that I have from earlier in the month -also monthly S2 and todays S3, so a great confluence ~the 4265 area - so I jumped in with a cheeky buy for a few pips......now waiting for a 5m HL for a larger pull back towards the 4300.....TWT
Trading Levels with WRBs
  • #6,875
  • Apr 18, 2011 6:03am Apr 18, 2011 6:03am
hope some of you picked up this beauty.
I didn't
Attached Image (click to enlarge)
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  • #6,876
  • Apr 18, 2011 6:14am Apr 18, 2011 6:14am
I hope any shorts were trailing a stop.......'cause when this news hit the wires price took off northwards.....
S&P says affirmed US rating but outlook revised to negative for US
Trading Levels with WRBs
  • #6,877
  • Apr 18, 2011 6:18am Apr 18, 2011 6:18am
Quoting Islander
I hope any shorts were trailing a stop.......'cause when this news hit the wires price took off northwards.....
S&P says affirmed US rating but outlook revised to negative for US
It's worse than that:
S&P SAYS LEAST 1/3 CHANCE IT COULD LOWER L-TERM US RATING WITHIN 2 YEARS (from Mr. Laidi's tweets).
If you don't risk, you don't ever have to lose.
  • #6,878
  • Apr 18, 2011 2:39pm Apr 18, 2011 2:39pm
How do you guys decide whether to enter on the break of the flag or wait for the a candle to close above below the break line then enter ? Anything to watch out for that may give clues ?

Dan
  • #6,879
  • Edited 11:38pm Apr 18, 2011 11:25pm | Edited 11:38pm
First trade today. Nice M5 div following the earlier harami with a nice engulfing pattern developing that broke the trendline. Would have been better if it pushed up to the T Open, but given the PA it was still a nice short. I was hoping to hold into the 4200/MS1/Weekly S3 (4199) confluence but since it's FH I banked pips once the M5 candle failed to close below support and we started to push up.

Also a nice M1 LH right at FO for some easy pips if you weren't feeling as aggressive as I was.

Edit: Oops, messed up the picture a bit. I used the M1 for entry, so I was actually in a couple pips higher but still on the break of the M5 trendline, which I was watching for on my other screen.

Edit 2: In case someone is thinking, "why didn't you take the earlier harami?", there are multiple reasons. First, I was hoping for something that moved closer to the Open level. Second, there was not much in the form of additional confluence. Nothing in the volume suggested sellers coming in yet, we didn't have a very good divergence setup, and even the marubozu candle that set up the harami wasn't particularly "exhaustive" in itself. So instead I waited to see if either A) we had another push up that failed with more confluence or B) we broke below the trendline and formed a new pattern to trade at FO.
Attached Image (click to enlarge)
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  • #6,880
  • Apr 18, 2011 11:37pm Apr 18, 2011 11:37pm
Quoting pgd
Islander,

r u long GU following the +div. & those 2 big hammers on M5 ?

I am long on GU entry price 1.6231 SL 1.6200 TP 1.6321
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