Chart follows.
Attached Image
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Gbp/usd about and hour and a quarter on. See how price punched right down to the .50 psych line, and how a large hammer candlestick formed, signifying a possible reversal. Price then reversed up the Monthly Pivot Point (green line), and looks to be a little stalled between there and the S1 line right now. Is this a possible trading situation? IMO, no, not until it clears the .50 line. 
But that's just my opinion.
But that's just my opinion.
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Thanks for your comments, mate.
Last week, I didn't have a lot of time to trade, but I still ended the week in profit. My domestic circumstances don't allow me to trade fully uninterrupted, so I have to grab the chances as and when time allows.
The more I look into this method, the more obvious it becomes that the vast majority of indicators are a waste of time. This method of yours more or less "forces" you to LOOK at what's going on with the PA, instead of relying on what the indicators are doing. (The only indicator I would use is a stochastic, and even then as a possible filter.) Also, I'm taking more notice of candlestick patterns now, especially around the pivot and psych lines, and after watching your videos, looking to add the odd TL as and when the situation demands it. Pivot points, psych points and fibs just seem to do the business all the time
Speaking of your videos, mate, whenever I try and open the November one, I get "Cannot open file. It does not appear to be a valid archive." No problems with October and December ones, mate, but the November one is a no-go.
Here's to a good week.
Cheers
Last week, I didn't have a lot of time to trade, but I still ended the week in profit. My domestic circumstances don't allow me to trade fully uninterrupted, so I have to grab the chances as and when time allows.
The more I look into this method, the more obvious it becomes that the vast majority of indicators are a waste of time. This method of yours more or less "forces" you to LOOK at what's going on with the PA, instead of relying on what the indicators are doing. (The only indicator I would use is a stochastic, and even then as a possible filter.) Also, I'm taking more notice of candlestick patterns now, especially around the pivot and psych lines, and after watching your videos, looking to add the odd TL as and when the situation demands it. Pivot points, psych points and fibs just seem to do the business all the time
Speaking of your videos, mate, whenever I try and open the November one, I get "Cannot open file. It does not appear to be a valid archive." No problems with October and December ones, mate, but the November one is a no-go.
Here's to a good week.
Cheers
- Joined Mar 2007 | Status: Member | 3,709 Posts
Thanks for your comments, mate.
Last week, I didn't have a lot of time to trade, but I still ended the week in profit. My domestic circumstances don't allow me to trade fully uninterrupted, so I have to grab the chances as and when time allows.
The more I look into this method, the more obvious it becomes that the vast majority of indicators are a waste of time. This method of yours more or less "forces" you to LOOK at what's going on with the PA, instead of relying on what the indicators are doing. (The only indicator I would use is a stochastic, and even then as a possible filter.) Also, I'm taking more notice of candlestick patterns now, especially around the pivot and psych lines, and after watching your videos, looking to add the odd TL as and when the situation demands it. Pivot points, psych points and fibs just seem to do the business all the time
Speaking of your videos, mate, whenever I try and open the November one, I get "Cannot open file. It does not appear to be a valid archive." No problems with October and December ones, mate, but the November one is a no-go.
Here's to a good week.
Cheers
Thanks.
- Joined Mar 2007 | Status: Member | 3,709 Posts
Price sits at .5585 as I type this.
I don't expect much movement out of this session.
We have a lot on tap for this week so I'm expecting some serious volatility but not today.
In the attached pic you can see the pivot point and the psych level form a confluence around .5550.
I expect that to hold for the EURO session.
Everyone is suggesting a bounce for the EURO but I'm not so sure.
Either way - since price action is our guide we don't care.
Since price is above the PP you are looking for long opportunities.
I have no positions I favor looking at this chart.
Price continues to climb prior to the EURO session starting.
If it hits .5600 I'll be selling into it. (Small position)
Yes... this would be counter to my system but the long term bias for this pair is still dollar strength.
Notice I did mention small position.
I don't expect much movement out of this session.
We have a lot on tap for this week so I'm expecting some serious volatility but not today.
In the attached pic you can see the pivot point and the psych level form a confluence around .5550.
I expect that to hold for the EURO session.
Everyone is suggesting a bounce for the EURO but I'm not so sure.
Either way - since price action is our guide we don't care.
Since price is above the PP you are looking for long opportunities.
I have no positions I favor looking at this chart.
Price continues to climb prior to the EURO session starting.
If it hits .5600 I'll be selling into it. (Small position)
Yes... this would be counter to my system but the long term bias for this pair is still dollar strength.
Notice I did mention small position.
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
here is a trade i took in Uj some time back
Lovely trade, mate.
- Joined Mar 2007 | Status: Member | 3,709 Posts
Looking at your trade, I've just inserted a Mid-Point line, and just look at the beautiful bounce at the first arrow, followed by another at the second arrow. The third shows how price used the MP line as a consolidation area.
Lovely trade, mate.
Price touches the PP then begins to move up.
It hits 80 psych level - pulls back (that's my entry) then moves nicely up to the next 00 level.
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Well, Cable finally decided to give me a little encouragement. It teased me a lot as it danced around the 1.9680 mid-point line, but it finally gave me my entry as indicated by the first arrow. Target was always going to be S2, and I jumped ship just above it, clinching 15 pips. A long wait for what seems to be a minimal reward, but hey, it's better than a losing trade anyday! 
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
....I'd have put a large bet on this happening. As soon as I have to leave the computer to attend to something else, this happens. Look at that signal in the blue rectangle.
Right on the confluence of S1 and psych line 1.9700, there's what looks like a cross between an inverted hammer and a shooting star, and then a bearish engulfing candle. Look what happens then! An almost unstoppable drop of around 100 pips!
Yeah, pivot points and psych lines don't work, right?
Right on the confluence of S1 and psych line 1.9700, there's what looks like a cross between an inverted hammer and a shooting star, and then a bearish engulfing candle. Look what happens then! An almost unstoppable drop of around 100 pips!
Yeah, pivot points and psych lines don't work, right?
- Joined Mar 2007 | Status: Member | 3,709 Posts
....I'd have put a large bet on this happening. As soon as I have to leave the computer to attend to something else, this happens. Look at that signal in the blue rectangle.
Right on the confluence of S1 and psych line 1.9700, there's what looks like a cross between an inverted hammer and a shooting star, and then a bearish engulfing candle. Look what happens then! An almost unstoppable drop of around 100 pips!
Yeah, pivot points and psych lines don't work, right?
Nice trading.