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Psych Levels, Pivots, and Trendlines - Resurrected

  • #7,081
  • May 18, 2011 2:24am May 18, 2011 2:24am
Nice little trade to start the day.

Bit early but entry on mid-FH marubozu that failed to push lower on high volume. Was hoping for a push up into LO which didn't happen. I liked the entry and felt the risk was good though, so I gave LO a chance to form a HL at the 50 which luckily happened to the pip.

Was looking to take it into the Asia highs but also saw a potential Shampoo (H+S) on M15 which made me think that there might be an attempt to sell the R1 (also prior level from longer TF charts). Gave it a chance on M1 to break then exited on the LH just above R1.
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  • #7,082
  • May 18, 2011 2:36am May 18, 2011 2:36am
Quoting Islander
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?
Bought cable too after third retrace to overnight support ~ 6235.....
Trading Levels with WRBs
  • #7,083
  • May 18, 2011 2:38am May 18, 2011 2:38am
Quoting Auron112
Nice little trade to start the day....
Nice trade, obvious previous resistance region on the chart, combined with the 4250 level makes for an ideal place to put your stops just under that level.

GU hovering close to this 6250 level, another obvious price pivot zone.

50/50 from here which direction
  • #7,084
  • May 18, 2011 2:46am May 18, 2011 2:46am
Quoting Auron112
Nice little trade to start the day.

Bit early but entry on mid-FH marubozu that failed to push lower on high volume. Was hoping for a push up into LO which didn't happen. I liked the entry and felt the risk was good though, so I gave LO a chance to form a HL at the 50 which luckily happened to the pip.

Was looking to take it into the Asia highs but also saw a potential Shampoo (H+S) on M15 which made me think that there might be an attempt to sell the R1 (also prior level from longer TF charts). Gave it a chance on M1 to break then exited on...

Nice one, I too exited after the R1 / W S1 ( 4286 ) failed for the second time - also banked some from my cable trade. Now for the next signals...
Trading Levels with WRBs
  • #7,085
  • May 18, 2011 5:54am May 18, 2011 5:54am
Quiet day in here today, so I thought I would show a bit more of my trading thus far. Been mostly playing EU (did catch some of that GU news pullback which looked all wrong with a short in line with trend) and having a decent day just scalping pips.

Once we failed at R1 we strongly suggested a pretty flat morning so I tried a long at previous 50 support. Gave it a bit of time to push up and then gave up on it just before it pushed up more, of course!

Given the lack of action thus far and the GU fall I then got in a sell only mode and just started to short good candles as we slowly drifted down. No big targets on these as there was no real downside momentum and relatively large pullbacks were likely. Each exit was given a bit of time to break through but once they seemed to confirm a return to the range it was time to get out.

Now considering another short which may or may not come with the requisite solid PA. I know it's an odd time of day but we've had plenty of moves around London lunch lately so at least for me it's worth considering. Solid day so far with no losers, so let's see if we can keep that going...
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  • #7,086
  • May 18, 2011 6:16am May 18, 2011 6:16am
Quoting Auron112
Now considering another short which may or may not come with the requisite solid PA. I know it's an odd time of day but we've had plenty of moves around London lunch lately so at least for me it's worth considering.
And there it is. Good selling coming in so a revisit of Y High/T Open/MR1 likely. Tough area to break at this time of day however so I was hoping it would head right through otherwise I would bail. We got a tombstone doji right on the level and so as price started up to confirm the morning star pattern I just took the pips.
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  • #7,087
  • May 18, 2011 6:24am May 18, 2011 6:24am
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

Well its taken all morning to get to this area and now we've had the second test of it, an hour after the first one.....and as I type, we're back there again.....
Trading Levels with WRBs
  • #7,088
  • May 18, 2011 6:34am May 18, 2011 6:34am
A re-test of the resistance at S1 eventually initiated this trade. Entry and exit as shown.
Attached Image
  • #7,089
  • May 18, 2011 6:49am May 18, 2011 6:49am
Quoting Islander
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

Well its taken all morning to get to this area and now we've had the second test of it, an hour after the first one.....and as I type, we're back there again.....
Guess I should have held on but I expected a bit more fight out of that level. Well, guess my "odd moves for this time of day" seems on target, so there's that. Wonder what NY traders will bring to the table...
  • #7,090
  • May 18, 2011 7:46am May 18, 2011 7:46am
Its easier to carry on selling cable, rather than worry IF € is going to hold around support, although I do get the impression that € is reluctantly following cable's lead down....perhaps that will change...
Trading Levels with WRBs
  • #7,091
  • May 18, 2011 7:59am May 18, 2011 7:59am
This thread has been going great guns over the last few days/weeks, thanks guys some great trades posted . I have put this one on hl/lh thread but just perfect for here also.

15 min pos close with 2 hammers that couldn't follow through higher. LH doji sold the move back through 50 psych level at M1, exit at 25 level for +22. I'm pretty sure we're going lower but have hints of a storm here so might be switching off.
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  • #7,092
  • May 18, 2011 8:08am May 18, 2011 8:08am
A nice rising wedge formed on the mid-point level/xx50 confluence. Entry and exit as shown.
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  • #7,093
  • Edited 8:49am May 18, 2011 8:17am | Edited 8:49am
GU. Hope it still counts if I've been getting out but getting back in.

What do we do when we catch a trend, honey?
What do we do when we catch a trend, babe?
What do we do when we catch a trend?
We ride that trend right to the end.
Honey, sugar baby, mine.

Inserted Video
  • #7,094
  • May 18, 2011 8:41am May 18, 2011 8:41am
Quoting eyevoltage
A nice rising wedge formed on the mid-point level/xx50 confluence. Entry and exit as shown.

I was within a pip of you.....

As you mentioned the 21 EMA as research, I'm trying the 20 EMA off the 1m, 5m and 15m TFs.

The 5m 20 seems to frequently "hold" smaller pull backs and the 15m the larger ones.

Whilst the 1m 20 remains sloping down - i.e. magenta, stay short. If price moves >15 pips from it - the dashed grey line - consider exiting OR tighten your stop........
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Trading Levels with WRBs
  • #7,095
  • May 18, 2011 8:44am May 18, 2011 8:44am
Picked up this reversal (hopefully) at 1.6115 above S2
after divergence, a HV hammer and piercing line.
the green band is a support area i've been watching for a while.

taken off part at +15.
Rest at b/e.

hope to hold it to ~ 1.6195 (50% retrace of last drop from 1.6287).

any suggestions on what could be a better target?
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  • #7,096
  • May 18, 2011 8:52am May 18, 2011 8:52am
Quoting pgd
Picked up this reversal (hopefully) at 1.6115 above S2
after divergence, a HV hammer and piercing line.
the green band is a support area i've been watching for a while.

taken off part at +15.
Rest at b/e.

hope to hold it to ~ 1.6195 (50% retrace of last drop from 1.6287).

any suggestions on what could be a better target?
Hey you made a great trade counter trend of the day and until (the trend) is proved to have turned counter trend pips are a great bonus. Any pips banked gives you a great advantage (ie can bank, re-enter when move confirmed) if this starts a significant turn.

Theres the low of 16 May 6160 and a whole stack of problems ie 38% of todays range, W M2, Y's low, S1 and high vol POC all around 6170 area.

Great trade.
  • #7,097
  • May 18, 2011 8:53am May 18, 2011 8:53am
Quoting Vantage
Hey you made a great trade counter trend of the day and until proved otherwise counter trend pips are a great bonus. Any pips banked gives you a great advantage if this starts a significant turn.

Theres the low of 16 May 6160 and a whole stack of problems ie 38% of todays range, W M2, Y's low, S1 and high vol POC all around 6170 area.

Great trade.
Sorry that is assuming we get that high 1hr has not turned yet.
  • #7,098
  • May 18, 2011 8:59am May 18, 2011 8:59am
Mmmh looks like 13 May low M1 holding.
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  • #7,099
  • May 18, 2011 9:03am May 18, 2011 9:03am
@ pgd - just read V's post, he's said it all.....its the MS2 area 6140 - 50 and then the S 1 area 6175 - 80 ....

@ Auron.....volume on high and plenty of foot tapping in progress
Trading Levels with WRBs
  • #7,100
  • May 18, 2011 9:17am May 18, 2011 9:17am
Quoting Islander
I was within a pip of you.....

As you mentioned the 21 EMA as research, I'm trying the 20 EMA off the 1m, 5m and 15m TFs.

The 5m 20 seems to frequently "hold" smaller pull backs and the 15m the larger ones.

Whilst the 1m 20 remains sloping down - i.e. magenta, stay short. If price moves >15 pips from it - the dashed grey line - consider exiting OR tighten your stop........
It was you using the 20ema that got me to try the 21ema on its own, and I have to say that, initially, I'm impressed. I know yours is 20 and mine's 21, but I just have this thing about Fibs, but obviously, there's not going to be much difference between us, is there? Suffice to say, I think I'll be keeping it on, mate.
Another thing I've added (possibly only temporarily) is the xx00 and xx50 psych-lines, after seeing Auron's charts. They seem to work well for him, and seeing as I don't like putting ALL the psych-lines on the chart, I've followed his example instead. They seem to give a nice balance, instead of having one's charts absolutely crammed with lines, which, as you know, is definitely not my scene!
I'll keep your observations above in mind, Islander. Very useful and thanks.
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