Psych Levels, Pivots, and Trendlines - Resurrected
15m..... EJ The use of two TL's gave me this trade. A bit of a rough triangle pattern, but it turned out to be useful. I wasn't quick enough to close my trade after price pushed across the .50 psych-line, but still, it was a welcome 20 pips.
{quote} When I saw this on the chart, knew somehow EV will take it....
15m.... GJ Price descended from the 186.00 psych-line and pushed through the base of the descending triangle. A fairly straightforward entry, with price dropping dramatically to the 185.00 psych-line, which was my target. My entry and exit as indicated.
{quote} Great stuff, as usual, EV I trade a little differently to you. However, your approach has piqued my interest to such an extent that I am running a dummy trade file utilizing same. Good stuff EV and may the pips continue to pour into your account. And thank you for your generosity in sharing your trades.
) This trade turned out to be quite short, compared to my last one, and entry and exit are as indicated.
Okay so 1st trade. Usd/Jpy. I believe that this is a rising wedge, however typically these are for reversal during an uptrend. I got in at the break of the upper resistance and R2: Day. Anyway comments are welcomed. {image}
{quote} Hello, Roose. Thanks for the contribution. Just a couple of things. That's not a rising wedge, mate. In fact, there's no pattern there at all, if I'm seeing right. However, there's a bullish flag pattern further down, and you could have entered just above R1 and taken it right up to R2 !! I've posted the same chart so that you can see for yourself.
EV and all the other great contributors to this thread- thank you all for sharing your knowledge! I do have a question that I want to put out to everyone. When do you wait for the retrace to happen versus just taking the trade? In reading the early remarks of acumen he always stated the need to wait for the retrace, or as I heard it called once- the break, hook and go. I'm not so skilled at it but the idea is when a psych line or pivot is broken, say to the downside, you wait for it to then come back up and then enter the trade when it begins to...
However, that doesn't always happen, and you stand helplessly by as price just busts straight through and keeps going! That's life, my friend. I'm sure you'll have noticed that acumen's system has been added to here and there down the years. One thing you should probably look for are the various price patterns that usually give warning of a trade on the horizon. Even better if they're smack on a pivot line or psych-line. Go back through the thread and you'll find loads of them on many of the charts that have been posted. Welcome to the thread, my friend. 
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