Factoring in to your decision, the fact the price bounced on the falling TL again, forming a 76.4% retracement, you could have sold after the break of the rising TL. But you will need to observe how price will react with the 1.7550 support level coz ...

Psych Levels, Pivots, and Trendlines - Resurrected

At M5 it may look like a bearish flag which became a 76.4% retracement at the confluence with the falling TL. Followed by a move down well below 100% extension. At another perspective, looking at M15. We can see that price did react with the support ...

Psych Levels, Pivots, and Trendlines - Resurrected

Cable just bounced on the falling TL and went down. Let's see how it will react with the strong 3-day support at 1.7550.

Psych Levels, Pivots, and Trendlines - Resurrected

Ascending Triangle — Looking at M5, here's an ascending triangle with a couple of failed break-ups after meeting a resistance at the falling TL just above its ceiling. Also notice the tweezer bottom on the last 3 candles on the chart. Let's ...

Psych Levels, Pivots, and Trendlines - Resurrected

Range — The market's quite. Cable was previously ranging between S1-1.7569 and psyche level-1.7600. It attempted to break downwards but met a strong 3-day support at 1.7550. It's a wait and see for now.

Psych Levels, Pivots, and Trendlines - Resurrected

Good morning guys! — Hi Happy68! Good thing you moved your stop down. Cable just had a tweezer bottom on my chart and is moving up.

Psych Levels, Pivots, and Trendlines - Resurrected

Symmetrical Triangle — Looks like cable is contracting, forming a symmetrical triangle. It might be good to be on a lookout for a breakout trade.

Psych Levels, Pivots, and Trendlines - Resurrected

Looking at M5 cable bounced on the descending TL. It's starting to look like a rising wedge.

Psych Levels, Pivots, and Trendlines - Resurrected

61.8% retracement — Here's a 61.8% retracement. Price created a higher swing low at the confluence of MR1-1.7681 and psyche level-1.7680. It did not even touch the TL. Let's see what happens.

Psych Levels, Pivots, and Trendlines - Resurrected

76.4% Retracement — Another 76.4% retracement with the lower swing high formed at the confluence of R1-1.7725 and psyche level-1.7720. Entered a short after price crossed bellow the 2nd candle of the tweezer top. TP at 100% extension. Let's ...

Psych Levels, Pivots, and Trendlines - Resurrected

I'm out — I'm out. Exit after seeing price hesitate at the confluence of R1-1.7725 and psyche level-1.7720. Normally I don't plot .20 and .80 psyche levels, but I'm mindful of them.

Psych Levels, Pivots, and Trendlines - Resurrected

Hi Islander! Looks like were on the same boat on this one. I was looking at a 76.4% retracement and a bounce at the TL at M15. After the hammer, price pushed upwards. Let's see where this goes.

Psych Levels, Pivots, and Trendlines - Resurrected

.. Excellent analysis Happy68! I took a trade on the same move but I was looking at M5 and traded after price crossed the tweezer bottom with the low of the candle that closed below the TL. Thanks for sharing.

Psych Levels, Pivots, and Trendlines - Resurrected

Break of TL — .. Excellent chart EV! Here's a trade similar to what Happy68 was illustrating earlier. Price broke and closed below TL. Sold after price crossed below the tweezer bottom. TP was placed and hit at the previous visual ...

Psych Levels, Pivots, and Trendlines - Resurrected

.. It could be. Let's see if the ascending TL holds. On large formations like triangles and ranges which takes a long time to form before a breakout. One might notice that trading the bounce on the borders can be profitable. Edit: Just broke the ...

Psych Levels, Pivots, and Trendlines - Resurrected

Continuation... — Continuing my previous post. Here's how cable is looking at M5. It might be an ascending triangle in the making.

Psych Levels, Pivots, and Trendlines - Resurrected

Range Breakout — Looks like cable is ranging. Bouncing along 1.7618 and 1.7571. It might be a good time for a range breakout trade. Looking at it closely, it seems that on the previous candles the bears are showing weakness since it is unable ...

Psych Levels, Pivots, and Trendlines - Resurrected

.. Excellent illustration Happy68! That shows how even just using simple TL analysis can be profitable. It is an important part of tech analysis for many people especially when you use it with other concepts like pivot points and psyche ...

Psych Levels, Pivots, and Trendlines - Resurrected

Hi EV! — Thanks for reminding me EV. After price broke above the TL it retraced back and is again facing a support at the 0.20 psyche level. I don't plot the .20 and .80 to keep it a bit simple. .. In my opinion the .50 increments are ...

Psych Levels, Pivots, and Trendlines - Resurrected

.. Thanks for the explanation. ..I'm sorry but I only trade GBPUSD. I seldom stray to other pairs like EURJPY. Here's a nice fib trade. Price retraced by 61.8%. Then made a tweezer bottom. Entered a long after the higher swing high. Exit at 100% ...

Psych Levels, Pivots, and Trendlines - Resurrected