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Psych Levels, Pivots, and Trendlines - Resurrected

  • #7,441
  • Jul 27, 2011 12:27am Jul 27, 2011 12:27am
Quoting pgd
mysterio,

why didn't you take the breakout of the bear flag marked in red?
is that an M5 chart and an ema200 you are using?

thanks.
Interesting PGD, I didn't see that flag. I draw lines on a 15m chart and trigger on a 5m chart. The flag you drew, if drawn on a 15m chart, looks pretty weak. The one I posted is more distinct and I find this way you get much more reliable signals. Yes 200 EMA although it is just there to give a visual indication of the trend, I could easily do without it.
  • #7,442
  • Jul 27, 2011 1:14am Jul 27, 2011 1:14am
Quoting mysterio
Interesting PGD, I didn't see that flag. I draw lines on a 15m chart and trigger on a 5m chart. The flag you drew, if drawn on a 15m chart, looks pretty weak. The one I posted is more distinct and I find this way you get much more reliable signals. Yes 200 EMA although it is just there to give a visual indication of the trend, I could easily do without it.

got it!
  • #7,443
  • Jul 27, 2011 1:25am Jul 27, 2011 1:25am
Quoting Ian
Very nice pg, I took EU at same time (as posted in V's thread), all Eur pairs looked weak at FO.
thanks, Ian.
i saw your trade on vantage's thread.
with eur and usd both currencies being intrinsically weak, these days i tend to prefer ej to eu for better moves. if you compare the move below asian low, ej did 53 pips while eu did only 23.

cheers.
  • #7,444
  • Jul 27, 2011 1:29am Jul 27, 2011 1:29am
Quoting Islander
Hi Guys - raining hard here, so today I'm shore-bound and have time for a couple of posts. Here's something I've been looking at in this thread:


http://www.forexfactory.com/showthread.php?t=304770

and I just posted this......an easy 25+ for you guys


[i]The Frankfurt Open signals the start of the European Trading Day and is well known for its frequent short term reversals - and thus failures to follow through on breakouts!

So far this morning a well signalled Lower High aound FO gave a drop to the bottom of the...
That's a familiar looking chart layout!
welcome back, Islander!
  • #7,445
  • Edited 1:59am Jul 27, 2011 1:44am | Edited 1:59am
Quoting pgd
thanks, Ian.
i saw your trade on vantage's thread.
with eur and usd both currencies being intrinsically weak, these days i tend to prefer ej to eu for better moves. if you compare the move below asian low, ej did 53 pips while eu did only 23.

cheers.
Pg, thanks very much for pointing that out, I normally find EU and GU enough to watch but I'll certainly try and incorporate EJ (and EChf as discussed recently by yourself and V) from now on.
Follow, don't anticipate.
  • #7,446
  • Jul 27, 2011 1:46am Jul 27, 2011 1:46am
Quoting pgd
That's a familiar looking chart layout!
welcome back, Islander!
Thanks .....you may also recognise this one.......the updating S&R levels once again proving their usefulness - especially when we get a confluence with a fib

5m / 1m positive divergence around these lows, so it was rude not to reverse and pirate a few long pips as I'm thinking range-bound till Washinton reaches agreement - or not as the case maybe......BFN
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Trading Levels with WRBs
  • #7,447
  • Jul 27, 2011 1:48am Jul 27, 2011 1:48am
I have posted this elsewhere but they apply so well to this thread.

My D chart with levels I have that seem important turn areas.

I missed the earlier FH move but got this eurchf move up to D pivot at 1606. A 2b/flag sell at 1598. Exit at the POC/D M2 combo 1578. Had a 2nd bite at it (wait 20 mins and try again) out at BE just before news due to all the 15 min lower wicks.

I don't know how long it will last (eurchf big atr) but it gave a 10-15 min heads up for eur/ej sells this am.
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  • #7,448
  • Jul 27, 2011 1:55am Jul 27, 2011 1:55am
Quoting pgd
bounce off 50% retrace of last swing, asian low (white line) and 11275.
bearish engulfing pattern.

entry 11263
tp1 11250 (achieved)
bal at b/e
tp2 11235 (near S1)

edit:
tp2 achieved.
Very nice pg. As you see above I took the mirror ec trade.
  • #7,449
  • Jul 27, 2011 2:04am Jul 27, 2011 2:04am
Good to see so much activity on here this morning. Good morning, Islander. Long time, no see. Hope all is well with you and yours.
  • #7,450
  • Edited 10:55am Jul 27, 2011 2:24am | Edited 10:55am
ECh retraced 50% of last swing and at pivot.
it is perhaps getting ready for another short.
took a small one aggressively on pivot touch.
it is at +10 now.
  • #7,451
  • Edited 5:24am Jul 27, 2011 2:35am | Edited 5:24am
Quoting Islander
Thanks .....you may also recognise this one.......the updating S&R levels once again proving their usefulness - especially when we get a confluence with a fib

5m / 1m positive divergence around these lows, so it was rude not to reverse and pirate a few long pips as I'm thinking range-bound till Washinton reaches agreement - or not as the case maybe......BFN
yes, more familiar with these ones.
lol @ "it was rude not to reverse and pirate a few long pips"
  • #7,452
  • Edited 10:57am Jul 27, 2011 3:14am | Edited 10:57am
Quoting Ian
Pg, thanks very much for pointing that out, I normally find EU and GU enough to watch but I'll certainly try and incorporate EJ (and EChf as discussed recently by yourself and V) from now on.
you're welcome, Ian.

as a general rule I'd take the currently weaker curs:
eur, gbp, usd

and pair them with the currently stronger ones:
chf, aud, jpy

to my mind, the pairs so obtained should give better trending moves more often.

from those, if you eliminate the ones with spreads higher than your personal threshold for spread and the ones that don't have pretty names, you should be having a fairly compact platter.
  • #7,453
  • Jul 27, 2011 3:27am Jul 27, 2011 3:27am
A nice TL break after price repeatedly bounced along that and the 13/34ema and mid-point level confluence before dropping through. It seemed a long way to the MPL, so I opted to get out as price touched the xx75 psych-line.
Attached Image
  • #7,454
  • Jul 27, 2011 3:54am Jul 27, 2011 3:54am
Quoting pgd
you're welcome, Ian.

as a general rule I'd take the currently weaker curs:
eur, gbp, usd

and pair them with the currently stronger ones:
chf, aud, jpy

to my mind, the pairs so obtained should give better trending moves more often.

from those, if you eliminate the ones with spreads higher than your personal threshold for spread and the ones that don't have pretty names , you should be having a fairly compact platter.
Thanks v much pg , just tried my first baby ej trade.

http://www.forexfactory.com/showthre...35#post4813835
Follow, don't anticipate.
  • #7,455
  • Jul 27, 2011 4:18am Jul 27, 2011 4:18am
Quoting eyevoltage
A nice TL break after price repeatedly bounced along that and the 13/34ema and mid-point level confluence before dropping through. It seemed a long way to the MPL, so I opted to get out as price touched the xx75 psych-line.
more confluence: that was also break of today's open.
ev, you usually don't enter trades so close to RN's.
why the exception?
  • #7,456
  • Jul 27, 2011 4:31am Jul 27, 2011 4:31am
Quoting pgd
more confluence: that was also break of today's open.
ev, you usually don't enter trades so close to RN's.
why the exception?
You're quite right, pg. I don't have them on my charts, but I usually check any proximity to one before entering a trade. What can I say? This time around, I simply forgot (and got lucky!).
  • #7,457
  • Edited 5:11am Jul 27, 2011 4:50am | Edited 5:11am
Quoting Ian
Thanks v much pg , just tried my first baby ej trade.

http://www.forexfactory.com/showthre...35#post4813835
saw it.
great!
  • #7,458
  • Edited 11:00am Jul 27, 2011 5:04am | Edited 11:00am
Quoting eyevoltage
You're quite right, pg. I don't have them on my charts, but I usually check any proximity to one before entering a trade. What can I say? This time around, I simply forgot (and got lucky!).
cool!
however, i liked the way you spotted the tread along the TL and subsequent break.
  • #7,459
  • Jul 27, 2011 5:31am Jul 27, 2011 5:31am
http://i288.photobucket.com/albums/l...f?t=1311769844
  • #7,460
  • Jul 27, 2011 5:53am Jul 27, 2011 5:53am
We'll see where US session takes us, for now we are testing back of TL.

50 and 62% fibs have pivot/psych level confluences to bounce from.
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