Hey EV, nice trades ! .. Why did you decide to get rid of the MA's ?
Dan
Dan
Psych Levels, Pivots, and Trendlines - Resurrected
- #6,982
- May 9, 2011 10:21am May 9, 2011 10:21am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Another nice retrace trade. This one after price dipped below the mid-point level, retraced above it, and then started dropping again. A text-book pivot trade.
I was just about to post this 5 min chart where I've shown the bounce off the 4300 level as a flag, with the still falling 20 EMA high-lighting the continuation.....
Later, the narrower candles into the small doji & spinning top lows with CII showing divergence gave warning of the expected profit taking into the UK close....that was an easy buy in cable, when after a consolidation around its lows it broke back above an old level at 6280 to run up ~40 pips to the next resistance level, also todays S1 at 6325 http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
- #6,983
- May 9, 2011 11:00am May 9, 2011 11:00am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Hey EV, nice trades ! .. Why did you decide to get rid of the MA's ?
Dan
More relaxing, too!
- #6,984
- May 9, 2011 11:05am May 9, 2011 11:05am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Nice one EV
I was just about to post this 5 min chart where I've shown the bounce off the 4300 level as a flag, with the still falling 20 EMA high-lighting the continuation.....
Later, the narrower candles into the small doji & spinning top lows with CII showing divergence gave warning of the expected profit taking into the UK close....that was an easy buy in cable, when after a consolidation around its lows it broke back above an old level at 6280 to run up ~40 pips to the next resistance level, also todays S1 at 6325 http://www.forexfactory.com/images/icons/icon12.gif...
Edit: What are you doing on here at this time of day anyway?
- #6,985
- Edited 1:49pm May 9, 2011 11:06am | Edited 1:49pm
- Joined Jan 2007 | Status: Trader | 11,838 Posts
"that was an easy buy in cable, when after a consolidation around its lows it broke back above an old level at 6280 to run up ~40 pips to the next resistance level, also todays S1 at 6325"
Here's my chart, also showing how the fibos were in play - first the 50% retrace of Fridays range and later the T2 expansion.....also, the 20 EMA was spot on as a guide for retraces.....http://www.forexfactory.com/images/icons/icon12.gif
Edit: after the 6pm Europe Close, price went sideways for 2 hours over the NY lunch and again hit the 20 EMA and took off for another 50+ pips....
Here's my chart, also showing how the fibos were in play - first the 50% retrace of Fridays range and later the T2 expansion.....also, the 20 EMA was spot on as a guide for retraces.....http://www.forexfactory.com/images/icons/icon12.gif
Edit: after the 6pm Europe Close, price went sideways for 2 hours over the NY lunch and again hit the 20 EMA and took off for another 50+ pips....
Trading Levels with WRBs
- #6,987
- May 9, 2011 3:39pm May 9, 2011 3:39pm
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Hey EV, you mind linking me to those pivot videos you have been watching. Would be really helpfull.
Dan
- #6,988
- May 9, 2011 4:19pm May 9, 2011 4:19pm
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
I didn't catch this one, but spotted it when it was too late to do anything about it. (Can't be at the screen all the time!).
A pull-back to the mid-point level, a short consolidation ending in a bullish engulfing pattern, followed by price heading northwards towards R1. Would have been worth 30 - 40 pips, depending on where one's entry was.
A pull-back to the mid-point level, a short consolidation ending in a bullish engulfing pattern, followed by price heading northwards towards R1. Would have been worth 30 - 40 pips, depending on where one's entry was.
- #6,992
- Edited 2:08am May 10, 2011 1:57am | Edited 2:08am
Only trade so far this morning on EJ. As seen from the blue line, lots of volume coming in at a level defined from my longer-term charts that happens to be S1 as well (with a nice high volume doji on M15). HL (with tweezers) occurred at FO but risky because of resistance. I would have entered if it broke hard but it didn't and came back down.
I then watched it break the trendline, fail in a doji, and push up again in a nice morning star pattern. With proven buyers in the market and shorts now trapped I got long. Target was the 115.30 high but held to see if we would push higher. Exited once we dropped below after the high volume semi-marubozu.
Edit: Maybe I should have tightened my stop and held as it has continued to push up. Tough call as I'm generally hesitant to hold trades through the opens but much more willing after that. The stats seem to show that taking pips off the table prior to opens is the way to go, for me anyways.
I then watched it break the trendline, fail in a doji, and push up again in a nice morning star pattern. With proven buyers in the market and shorts now trapped I got long. Target was the 115.30 high but held to see if we would push higher. Exited once we dropped below after the high volume semi-marubozu.
Edit: Maybe I should have tightened my stop and held as it has continued to push up. Tough call as I'm generally hesitant to hold trades through the opens but much more willing after that. The stats seem to show that taking pips off the table prior to opens is the way to go, for me anyways.
- #6,994
- May 10, 2011 2:28am May 10, 2011 2:28am
- Joined Nov 2008 | Status: Trader | 3,270 Posts
Edit: Maybe I should have tightened my stop and held as it has continued to push up. Tough call as I'm generally hesitant to hold trades through the opens but much more willing after that. The stats seem to show that taking pips off the table prior to opens is the way to go, for me anyways.
The POC proved predictable resistance, but my bet is that it will break soon for an approach to 1.4400...
....which just happened while typing!
- #6,996
- May 10, 2011 2:37am May 10, 2011 2:37am
Always a tricky one, and I would be with you on that one. Still, one may want to keep the longer term picture in mind. This might just be the reversal for a retracement of last week's drop.
The POC proved predictable resistance, but my bet is that it will break soon for an approach to 1.4400...
....which just happened while typing!
- #6,997
- Edited 3:04am May 10, 2011 2:42am | Edited 3:04am
Took the EU long for 25 pips. Exit after the very large volume at my longer-TF resistance, 50, and DP and failure to follow through. Was aiming for 4400, and although I was expecting a bounce here the volume was just too strong to hold. Same deal on this trade where I've taken pips with the expectation of getting in again if things set up for the journey to 4400, but with that volume and divergence...
Edit: Out at BE on the second long just above DP.
Edit: Out at BE on the second long just above DP.
- #6,998
- May 10, 2011 3:05am May 10, 2011 3:05am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Realy nice setup on UJ this morning. First bounce of support and then small consolidation right above daily pivot with a brake above. Had SL to BE when i saw trouble bar on 80.50.
- #7,000
- May 10, 2011 3:54am May 10, 2011 3:54am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Hi,
This is a direct result of studying your charts!
Perhaps you can see the resemblance
