I agree... — Seems like a good idea, Ed. As you say, the H4 channel is looking very strong. I guess in the end, it's all down to how big a drawdown you can stand. Good luck, mate!

Psych Levels, Pivots, and Trendlines - Resurrected

Stay away.... — Ed, I think it's best to stay out for the time being, 'cos price can't make its mind up. The double-top was formed as part of a pull-back, and now it's headed north again, and at present is piercing my 0.0% fib line at 1.4465. ...

Psych Levels, Pivots, and Trendlines - Resurrected

The way I see it... — On my chart, I guess the "spike" you mention is the candle that opened just above 1.4450, then dropped down to 1.4435, and then shot up to pierce the 1.4465 line before closing at 1.4459. I could be wrong, but these types ...

Psych Levels, Pivots, and Trendlines - Resurrected

Double-Top on the 15m eur/usd. If it drops below S1, I'll go short.

Psych Levels, Pivots, and Trendlines - Resurrected

Bearish engulfing candle, Ed. Hope you're watching! Edit: Nearly 20 minutes later.....price heading towards 1.4450. I was waiting for it to drop down under the next fib, Ed, for the extra confirmation. Let's see if it comes off the .50 psych-line! ...

Psych Levels, Pivots, and Trendlines - Resurrected

My pleasure, guys.

Psych Levels, Pivots, and Trendlines - Resurrected

Hello y.caesar..... — You raise an interesting point, mate, and I think you're right, and acumen doesn't mention SL's. IMHO, I have always thought TP's and SL's should be down to the individual trader's discretion. Plus, it all depends on ...

Psych Levels, Pivots, and Trendlines - Resurrected

My mistake.... — My apologies, Ed. That'll teach me to read things properly! See you tomorrow hopefully. Cheers

Psych Levels, Pivots, and Trendlines - Resurrected

Hi fx1.... — Spot on, mate. Well done.

Psych Levels, Pivots, and Trendlines - Resurrected

I await in eager anticipation!!

Psych Levels, Pivots, and Trendlines - Resurrected

You're really getting to grips with this! — Well, price peaked at 1.4546, Ed, and now seems to be consolidating along the S1/-23.6% Fib confluence. Incidentally, we seem to have differing fib levels, which is probably not surprising. Where ...

Psych Levels, Pivots, and Trendlines - Resurrected

The power of confluences.... — Here's an example of how a confluence comes into its own on cable. 1) A morning star right on the confluence of S1 and a major psych line. (Note the lower shadow touching the -23.6% fib line.) 2) Trend line ...

Psych Levels, Pivots, and Trendlines - Resurrected

State of play....... — Hey, Ed. This is the state of play on eur/usd at the moment. Are you still looking for that break of S2, or have you abandoned it? As I type, price is still having difficulty breaking back down through the -50% fib line.

Psych Levels, Pivots, and Trendlines - Resurrected

Not extensions..... — Still using retracements, mate, but I added negative fibs on, as I find that price reacts to them just the same as the positive ones. Works for me, anyway!

Psych Levels, Pivots, and Trendlines - Resurrected

Weather's fine at the mo.... — Here on the far NW coast of England, the weather is fine right now, Ed, but there's black clouds on the horizon. Looks like price is retreating from the .00 line, mate, which incidentally, forms a confluence with ...

Psych Levels, Pivots, and Trendlines - Resurrected

Perhaps... — As it stands now, Ed, it looks like it's going to take a bounce off the .00 psych line, and if it does that, then it's got to breach the S2 line. In other words, it's got some work to do before your trade is triggered! That's how ...

Psych Levels, Pivots, and Trendlines - Resurrected

True.......so true!

Psych Levels, Pivots, and Trendlines - Resurrected

Nearly..... — It's a cross between a spinning-top and a doji, Ed. However, to all intents and purposes, I think it would be classed as a doji morning star, and yes, after the confirming candle, price should head northwards. Hope that helps.

Psych Levels, Pivots, and Trendlines - Resurrected

Thanks, mate. — Your comments gratefully accepted, mate, and it's nice to hear from you. As I said, it's much more relaxing watching one pair only, and I'm enjoying the whole thing more, purely because there's no complicated ...

Psych Levels, Pivots, and Trendlines - Resurrected

Two nice little opportunities...... — On eur/usd this morning, two nice trades that I couldn't take advantage of, unfortunately, being busy elsewhere, but it's worth posting them as examples of what to look for. They're self-explanatory, ...

Psych Levels, Pivots, and Trendlines - Resurrected