Psych Levels, Pivots, and Trendlines - Resurrected | Page 555 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #11,081
  • Jan 8, 2016 3:00am Jan 8, 2016 3:00am
In this trade price bounced from R1, I am looking for price to hit the daily open, but will close well before NFP tonight.


EDIT, apologies, I cropped too far. This is the NZDUSD.
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  • #11,082
  • Jan 8, 2016 8:04am Jan 8, 2016 8:04am
Close below level and break of trendline.
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  • #11,083
  • Jan 8, 2016 8:34am Jan 8, 2016 8:34am
Earlier today USDCHF

- break of trendline

- "U" turn
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  • #11,084
  • Jan 8, 2016 7:14pm Jan 8, 2016 7:14pm
Good to see everyone getting back into it and making pips.

EU 5 min chart
Rejected from round number and broke short trend line.
10 pip stop 20 pip target.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM5 8.01.2016.png Size: 23 KB

Cheers
  • #11,085
  • Jan 11, 2016 8:43am Jan 11, 2016 8:43am
Nice to see some trades earlier on. Hopefully, the new year will bring us plenty of them!!

15m...... EU

This channel initiated around midnight, as you can see. After price pushed down through the .0900 psych-line, it eventually pushed up again to test this line quite a few times for resistance. As one can see, my entry was after a bearish engulfing pattern formed at the 50sma/upper channel line/.0900 psych-line confluence, and then pushed down to the lower channel line, where I exited.
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  • #11,086
  • Jan 11, 2016 9:17am Jan 11, 2016 9:17am
15m..... GU

A large Harami candle formed just under the .4600 psych-line, and I waited for an entry under the Trend Line. Entry and exit as indicated.
Attached Image (click to enlarge)
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  • #11,087
  • Jan 11, 2016 11:06am Jan 11, 2016 11:06am
15m...... GJ

After price moved in one solid candle from the 171.00 psych down to 170.50, it came to a sudden halt signified by a small doji, followed by a bullish candle. Entry was just above that candle and I rode it until it reached the 171.00/50sma confluence.
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  • #11,088
  • Jan 11, 2016 11:12am Jan 11, 2016 11:12am
Nice trades EV !!!unfortunately i seem to keep missing all the action, but i know there will be more trades tomorrow.
  • #11,089
  • Jan 11, 2016 11:27am Jan 11, 2016 11:27am
Quoting Roose
Nice trades EV !!!unfortunately i seem to keep missing all the action, but i know there will be more trades tomorrow.
You're right, matey. There's always more trades on the horizon!! I hope you grab one or two tomorrow.
  • #11,090
  • Jan 11, 2016 1:13pm Jan 11, 2016 1:13pm
Roose,
I know that feeling.
EV watching your charts is poetry in motion as they say! nice trading mate.
Cheers
  • #11,091
  • Jan 12, 2016 8:31am Jan 12, 2016 8:31am
EUR/USD Hit with a loss. I initially got in when the shooting star that formed near on top of the SMA and the 1.08500 level. Critique is welcome. Let me know what you would or wouldn't have done.
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  • #11,092
  • Jan 12, 2016 8:35am Jan 12, 2016 8:35am
I think im going to narrow down the kind of formations i'm looking for because trying to scan for everything all at once is going to make me crazy. Also how do your guys maintain good R:R ratios. I barely maintain a 1:1
  • #11,093
  • Jan 12, 2016 12:04pm Jan 12, 2016 12:04pm
Quoting Roose
EUR/USD Hit with a loss. I initially got in when the shooting star that formed near on top of the SMA and the 1.08500 level. Critique is welcome. Let me know what you would or wouldn't have done. {image}
Roose, you were a little hasty with your entry point. I take it that your entry was at the little red circle? When a shooting star appears at the top of a move, there's no guarantee that price will then move down. After the shooting star, there was a little doji......a very "iffy" point of entry, if you don't mind me saying so? It would have been better for you to wait for the close of the next candle, (which was bearish) and you would have been in a far better position to judge whether or not to get in or leave it. As you can see, the candle after that one was very bullish, so that would have been a "no-no", from my point of view.
Hope that helps, matey.


P.S. Regarding your comment about the formations you're looking for. You'd do well to look for the really obvious ones, rather than the "iffy" ones. Get clued up regarding reversal patterns, mate. You won't regret it!
  • #11,094
  • Edited 2:22pm Jan 12, 2016 12:17pm | Edited 2:22pm
15m..... AJ

Regarding my comment about reversal patterns......
This Double Top was so obvious, and would have initiated a good trade, as price then went from just below 82.50 down to 82.00. A very nice trade, but unfortunately, I was out at the time!
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  • #11,095
  • Jan 12, 2016 1:17pm Jan 12, 2016 1:17pm
Quoting eyevoltage
15m..... AJ Regarding my comment regarding reversal patterns...... This Double Top was so obvious, and would have initiated a good trade, as price then went from just below 82.50 down to 82.00. A very nice trade, but unfortunately, I was out at the time! {image}
Picture perfect!!
There is always next time
  • #11,096
  • Jan 12, 2016 5:56pm Jan 12, 2016 5:56pm
Quoting eyevoltage
{quote} Roose, you were a little hasty with your entry point. I take it that your entry was at the little red circle? When a shooting star appears at the top of a move, there's no guarantee that price will then move down. After the shooting star, there was a little doji......a very "iffy" point of entry, if you don't mind me saying so? It would have been better for you to wait for the close of the next candle, (which was bearish) and you would have been in a far better position to judge whether or not to get in or leave it. As you can see, the candle...
Thankyou EV, I'm learning something new everyday.
  • #11,097
  • Jan 13, 2016 12:06pm Jan 13, 2016 12:06pm
15m...... EJ

I missed the move up to the 128.50 psych-line, but once it got there, a nice little Harami formed and I thought it might be worth a punt. Happily, I was right, and price dropped, stopping just short of the 128.00 psych-line.
(Been busy today, so no time for trading until now!)
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  • #11,098
  • Jan 14, 2016 3:28am Jan 14, 2016 3:28am
Nice trade EV!
I took these 2 trades today.
Both trend line breaks.
10 pip stop 20 pip targets on both.
Attached Image (click to enlarge)
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Cheers
  • #11,099
  • Jan 14, 2016 3:57am Jan 14, 2016 3:57am
Quoting coastie
Nice trade EV! I took these 2 trades today. Both trend line breaks. 10 pip stop 20 pip targets on both. {image} Cheers
Two nice trades, coastie. Seems like you've found your niche in this method by focusing on Trendlines. Another example of how versatile this method can be!
  • #11,100
  • Jan 14, 2016 5:29am Jan 14, 2016 5:29am
Nice to see some good trades here.
Here is a perfect flag pattern I traded today
Attached Image (click to enlarge)
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