Psych Levels, Pivots, and Trendlines - Resurrected | Page 354 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #7,061
  • May 16, 2011 8:58am May 16, 2011 8:58am
Missed this symmetrical triangle trade earlier due to being busy with other things..........
Attached Image
  • #7,062
  • May 16, 2011 9:04am May 16, 2011 9:04am
Quoting medici
Oh, Captain, my Captain!

Is is simply a matter of seizing the opportunity? Carpe Commodum!

http://www.youtube.com/watch?v=6RbY2iTOUQA
Great to be amongst friends and remember
praeparare facite before carpe commodum .......that allowed me to partially exit after the 50% level held price a little ago......
Trading Levels with WRBs
  • #7,063
  • May 16, 2011 9:53am May 16, 2011 9:53am
EU at ~ 1.4225 i.e. at 61.8 % retrace of fall from ~ 1.4340 to ~ 1.4050.
Are we looking at resumption of the down move?

edit:

Likewise with GU.
  • #7,064
  • May 16, 2011 10:24am May 16, 2011 10:24am
Quoting pgd
EU at ~ 1.4225 i.e. at 61.8 % retrace of fall from ~ 1.4340 to ~ 1.4050.
Are we looking at resumption of the down move?
Don't think so, but this may (or may not) be enough for today. So a bit of consolidation perhaps.

It's past the London fix, and any move is likely to be correlated with the equity markets.

1.4150 and 1.4175-85 could provide support before continuation.
Attached Image (click to enlarge)
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  • #7,065
  • May 17, 2011 2:52am May 17, 2011 2:52am
A couple of HLs after clear pull backs gave easy buys for the run up to the old resistance area around yesterday's highs - also a virgin POC from Friday

Now I'm watching this pull back.....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #7,066
  • May 17, 2011 3:25am May 17, 2011 3:25am
Quoting Islander
A couple of HLs after clear pull backs gave easy buys for the run up to the old resistance area around yesterday's highs - also a virgin POC from Friday

Now I'm watching this pull back.....
Decided it was too close to the CPI data, so I had a coffee instead http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #7,067
  • May 17, 2011 4:40am May 17, 2011 4:40am
Quoting Islander
A couple of HLs after clear pull backs gave easy buys for the run up to the old resistance area around yesterday's highs - also a virgin POC from Friday

Now I'm watching this pull back.....
Islander,

That pullback became a bullflag and generated another push up to R2 with a bearish divergence followed by a double top.

Is this a reversal we're seeing now?

cheers.
  • #7,068
  • May 17, 2011 5:13am May 17, 2011 5:13am
Bearish engulfing in R2, __00 area:

Entry 11593.
Exit1 11570 (mR2).
Exit2 hoping for 11550 -- edit: exited 11575.
Attached Image (click to enlarge)
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  • #7,069
  • May 17, 2011 5:54am May 17, 2011 5:54am
Nice trade, pg.....

And straight afterwards, a harami formed on the confluence of the mid-point level/WR1, with price then carrying on up to the DR1.



Edit: MA is a 21ema, by the way.
Attached Image
  • #7,070
  • May 17, 2011 7:10am May 17, 2011 7:10am
If you haven't already noticed, price tends to move in waves, previous wave tops typically form the next wave bottom... but not always, which is why it's important, especially in this market to always trade with a stop and stick to it.

Most important... stick to your planned exit, because the first exit is absolutely the cheapest.

EJ finding support at this level. Good chance of a continuation intraday here.

If not so be it, wait for the next level to appear.
Attached Image (click to enlarge)
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  • #7,071
  • May 17, 2011 7:13am May 17, 2011 7:13am
Quoting eyevoltage
Nice trade, pg.....

And straight afterwards, a harami formed on the confluence of the mid-point level/WR1, with price then carrying on up to the DR1.



Edit: MA is a 21ema, by the way.
ev,

great one!

I was thinking short and waiting for it to set up which it did, after your trade, with a harami at R2.

entry: 11595
exit : 11553

PS
I see you're back to using an MA.
why 21 this time in preference to your usual 13, 34 ?
Attached Image (click to enlarge)
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  • #7,072
  • May 17, 2011 7:23am May 17, 2011 7:23am
Quoting Musashi

Most important... stick to your planned exit, because the first exit is absolutely the cheapest.
Musashi, what do you mean by, first entry is the cheapest? First time I hear this expresion.

thanks
  • #7,073
  • May 17, 2011 7:27am May 17, 2011 7:27am
Quoting Tilt
Musashi, what do you mean by, first entry is the cheapest? First time I hear this expresion.

thanks
I think you mean the first exit... not entry.. I mean if you don't stick to your stop...
  • #7,074
  • May 17, 2011 7:32am May 17, 2011 7:32am
Quoting Musashi
I think you mean the first exit... not entry.. I mean if you don't stick to your stop...
oh...i see, thanks
  • #7,075
  • May 17, 2011 7:39am May 17, 2011 7:39am
Quoting pgd
ev,


I see you're back to using an MA.
why 21 this time in preference to your usual 13, 34 ?
Purely experimentation purposes, mate. I'm always trying to approach things from a different perspective one way or another, just to see what turns up.
  • #7,076
  • May 17, 2011 8:08am May 17, 2011 8:08am
A nice symmetrical triangle formed across the mid-point level/WR1 confluence. Entry just under the low of the first candle in the triangle.
Attached Image
  • #7,077
  • May 18, 2011 12:19am May 18, 2011 12:19am
good morning all!

any clues on what the general direction for the day might be for EU, GU, EJ ?

cheers.
  • #7,078
  • May 18, 2011 1:03am May 18, 2011 1:03am
Quoting pgd
good morning all!

any clues on what the general direction for the day might be for EU, GU, EJ ?

cheers.
Up down Up down Up down... all over the place sounds like a typical trading day to me
  • #7,079
  • May 18, 2011 1:44am May 18, 2011 1:44am
Quoting pgd
good morning all!

any clues on what the general direction for the day might be for EU, GU, EJ ?

cheers.

GM - as you've asked, and yesterday's rally was IMO unusually late in starting and thus got me thinking.....

The retrace of Monday's rally into yesterday's European close was v close to 61.8%. The US traders sold the dollar / bought € for a 160 pip rally, with decent accumulation around the lows - see the UH volume on the 4 hour spinning top. Remember the FOMC minutes are due later today.

So off this chart, I'm looking for a retrace into the fib Decision Zone - 38% to 62%, say 4400 to 4500.

Now in mid FH we are pulling back towards the 4235 / 4240 support area, also the rising hourly 20 EMA, so I'm looking for a buy signal....TWT
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #7,080
  • May 18, 2011 2:15am May 18, 2011 2:15am
Now in mid FH we are pulling back towards the 4235 / 4240 support area, also the rising hourly 20 EMA, so I'm looking for a buy signal....TWT

I bought at LO after the 5m HL at the xx50 level

Now looking at cable......? a fakeout for BOE minutes later?
Trading Levels with WRBs
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