Another one? — Another one?

Psych Levels, Pivots, and Trendlines - Resurrected

Another point of view — This could also be considered as a break of the rising TL. Happy, did you get this move? I know you're keen at observing TL breaks.

Psych Levels, Pivots, and Trendlines - Resurrected

Price bounced off the psyche level-1.7500.

Psych Levels, Pivots, and Trendlines - Resurrected

.. Well, there's always a next one. But, you may not need to wait any longer.

Psych Levels, Pivots, and Trendlines - Resurrected

Break up — Cable just broke up the ascending triangle. Long from 1.7560. Edit: Exit at +10 points.

Psych Levels, Pivots, and Trendlines - Resurrected

.. Placed a buy stop above the ceiling which happens to be the confluence of MR1-1.7556 and psyche level-1.7550. Let's see what PA does. Edit: Opposite breakout. Sold at 1.7530 Edit: Exit at 1.7500.

Psych Levels, Pivots, and Trendlines - Resurrected

Ascending Triangle? — A possible ascending triangle in cable? What do you guys think? Edit: A couple of spinning tops inside the formation indicating indecision.

Psych Levels, Pivots, and Trendlines - Resurrected

61.8% retracement — Nice trades guys! Just got back to my screen. Here's a fib trade after a 61.8% retracement. Exit at 100% extension.

Psych Levels, Pivots, and Trendlines - Resurrected

Nice one Islander. Took the same trade too. First entry after the recross of the confluence of MR1-1.7556 and psyche level-1.7550. Second entry after priced crossed the high of the higher swing high formation of the 50% retracement. Both ...

Psych Levels, Pivots, and Trendlines - Resurrected

.. Got in after the break of the falling TL. Exit when price bounced off the psyche level-1.7500 and made that 40 point shadow in M5. Didn't reenter with no new setup. Oh well, a small piece of the big pie is better than none.

Psych Levels, Pivots, and Trendlines - Resurrected

Looks like price reacted initially with the 40 point shadow on M5, but look how far cable went up after that.

Psych Levels, Pivots, and Trendlines - Resurrected

Looks like price has broke the descending TL and is moving up.

Psych Levels, Pivots, and Trendlines - Resurrected

Hi Islander! — Thanks a lot for the info Islander. Gonna look forward to your update.

Psych Levels, Pivots, and Trendlines - Resurrected

Happy, you can also refer to EV's post on post#263. He explains in length the possible SL levels to be used with the strategy discussed on this thread. He has also fine tuned his SL choice by using an ATR indicator. Looks like a descending triangle ...

Psych Levels, Pivots, and Trendlines - Resurrected

Strong support? — Looks like cable is meeting a bit of a support just above the psyche level-1.7420.

Psych Levels, Pivots, and Trendlines - Resurrected

On trend continuation trades like the ones above, my stops are usually initially placed at the previous swing high/low and I just move them forward when necessary. How about you Happy?

Psych Levels, Pivots, and Trendlines - Resurrected

Good morning Happy! Frankfurt opens at 2AM EST and that's were the action usually starts. But sometimes, volatility breaks 1 hour earlier. So it's worth watching the market earlier.

Psych Levels, Pivots, and Trendlines - Resurrected

61.8% retracement — This one is a 61.8% retracement and a bounce on the falling TL. Short after price crossed below the low of the shooting star. TP was placed and hit 2 bid points above the visual support-1.7428.

Psych Levels, Pivots, and Trendlines - Resurrected

Good day guys! — First trade of the day. Cable made a 50% retracement and a tweezer top at the confluence of MR1-1.7556 and psyche level-1.7550. Sold after price crossed below the 2nd candle of the tweezer top. TP at CP-1.7476. TP was missed. ...

Psych Levels, Pivots, and Trendlines - Resurrected

Signing off — Gonna call it a day guys! Thought I would post some of my last trades for the day. On the first chart, cable made a 50% retracement at the confluence of the rising TL and MR1-1.7567. Bought 2 points above the psyche level-1.7600 ...

Psych Levels, Pivots, and Trendlines - Resurrected