DislikedCould you post your template, please; or tell which colours you used for background and candles. That combo looks great!Ignored
Attached File(s)
Psych-lines005.tpl
10 KB
|
348 downloads
Adr, psych levels, demand & supply trading 14 replies
Standard Pivots and Fibonnaci Pivots? 9 replies
EUR/USD 5min - Trendlines and Pivots 379 replies
Important psych levels 1 reply
Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies
DislikedCould you post your template, please; or tell which colours you used for background and candles. That combo looks great!Ignored
DislikedI tend to set it to display the MM levels calculated from an hourly point of view and then trade those areas using 5 or 15m price action.
That particular hammer was kind of floating around in the middle so I wouldn't have traded it - however the next hammer that came along (see attached chart) pierced the xx80 psych level and would have been good for a quick counter-trend move back down to the 4/8 MM level (or down to the xx50 psych level, in a more traditional sense)....Ignored
Disliked
PS… Did you notice the bearish engulfing candle (a little later) straddling the 4/8 level that would have been a good trade back down to the 3/8 level!? I missed it but thought it worthwhile noting![/font][/color]Ignored
DislikedThis template just includes the psych-lines, so if you want the Pivot Points, you can add them yourself. I have my screen split in half - top and bottom - with this template and psych-lines on top, and this template and moving averages on the bottom. That way, the charts don't get all clogged up with lines, and it's easy to just check above and below. The hardest work is flicking one's eyes up and down!! How hard can that be?Ignored
DislikedThanks, Dan, that makes sense. I checked out - there is indeed a multi-TF version of MML which does what you said (i.e. takes into consideration SRs of any given TF).
As for the hammers (?Shooting Stars? - EV, could you help me out here please) - that's where I jumped the gun too early; I then took the 2nd one for the reasons you describedIgnored
DislikedHey EV! Seems i quit seconds before
Good morning everybody!
Sunny Russia? u must be kidding.. sounds just like sunny Britain - comes same rare, esp here in the Urals.. The day before yest we had 5 short snowfalls during the day..
we say "yes, we had summer this year, but that day i was working"
check this outIgnored
DislikedHere's the info I think you're after, Forex007......
Edit: Sorry about buggering up the start of the info, mate. I'm still not used to this Jingo thingy! Anyway, it's just referring to Candle 1, and I'm saying that, as far as I know, it doesn't have a designated name.Ignored
DislikedFor me, the jury is still out as to the value of MM lines vs physcological lines, which can obviously be seen by more traders as the MM indy is not needed.Ignored
DislikedHey EV! Seems i quit seconds before
Good morning everybody!
Sunny Russia? u must be kidding.. sounds just like sunny Britain - comes same rare, esp here in the Urals.. The day before yest we had 5 short snowfalls during the day..
we say "yes, we had summer this year, but that day i was working"
check this outIgnored
DislikedIslander touched a very good subject. Many "indicators" - such as Fibo, MM, MAs etc - have self-fulfilling prophecy. E.g. Fibo lines only work because many traders worldwide draw, see and use them; that's it, there is no magic or some hidden power behind Fibo numbers. If ALL traders stopped using Fibos, those levels will stop working (as they will cease to exist on all the charts).
Now that many brokers introduced the 5th decimal, let's start spreading the rumours that xx007 is THE level to watch. Just kidding, of course, but if that's what...Ignored
DislikedBy "traders", I'm assuming you're referring to the BIG boys who, quite literally, move millions (sometimes billions) of pounds per trade? It's not the likes of us that influence markets, with, let's face it, a few quid here and a few quid there. We ride on the back of those huge market forces. It's THEM that choose to observe the S/R lines that we hold so dear. Yes, if they stopped observing those lines, we'd quite possibly be up the proverbial creek!Ignored
DislikedThe value of foreign currencies traded online by private Japanese citizens, including [007: mainly!] housewives, averaged $9.1 billion a day — almost a fifth of all foreign exchange trading worldwide during trading hours in Tokyo.
Ignored
DislikedE.g. Fibo lines only work because many traders worldwide draw, see and use them; that's it, there is no magic or some hidden power behind Fibo numbers..Ignored