Pivot Point, Psych Levles and Intra Day Trend Lines

It will make money, overall. I think it could be improved upon.
It has some large drawdowns.

Great thread acumen. I know how hard it is to be new father and trader at the same time. I have similar trading style. But I use also swing highs and lows on 15M or 1H charts and trade also USDJPY, EURJPY, USDCHF and sometimes GBPUSD. I also look the 15M chart for the set up but 1M for entry and exit levels. My experience shows that some aditional rules for entry help. For example I watch GBPUSD as leading indicator when I trade EURUSD. The stock market is my leading indicator for JPY crosses. Also I prefer at least 10-15 pips movement before the pivot or support/resistance levels are reached.
I live in Bulgaria and my trading starts around 6 am GMT and ends before the US opening arount 1 pm GMT. I don't like the US session. I found out that some specific times are used by the big guys for fake moves. Look at today's USDCHF chart for clues.

Ive been watching your videos on your website and its very educating. I guess youre a full time trader, something im hoping to be one day. My trading style is very similar to your but i use a more volatile pair and i only, and i mean only trade breakout and then retrace to pivot/S/R-lines.

I was wondering, do you put out daily analyses on your website, cause ive only found wrapups from entire months.

Sorry for my crappy english. Good luck!

I've never been to Bulgaria.

I'd love to go someday.

The great thing about PP is they are used in almost every market.

I'm not a big fan of the US session either.

Your English is fine.

It's hard for me to put daily analysis up because it changes so rapidly.

I'll give it a try in the near future but no promises.

The round numbers and 50's are very strong levels for the USD/JPY. Usually they around these levels are placed Japanese exporters and importers offers. Also the round numbers are used for option s barriers and are defended. That's why the first test of these levels almost every time fails.

Right at this minute we are at a serious confluence off support.

.4700 - psych level
Daily PP
Trend line.

If it breaks look out below.

I believe it will hold the rest of the session but who knows.

Check out the attached chart.

How many currencies do you trade using PP and Psych levels?

m

I'm not a full time trader yet.

Soon I hope.

I'm a computer guy... DBA.

In the near future I hope to be managing a small hedge fund.

I do trade my own capital but I'm not funded to the point of trading independence.

Right now i trade GBP/JPY and sometimes also the EUR/USD.

I belive that you can get to know a pairs rythm and then trade it more effectively because you know how it tend to act in the market. Thats why i try to stick to only one, max two pairs.

I also trade live account but with small lots. Maybe im not ready but i wanna feel the emotions when trading, something you cant get trading on a demo account. Right know im mostly +/- 0 when trading but i see potentionally losses educating because i learn from each loss.

Nice to see it works out for you, i hope you'll someday reach your goal to be a full time trader.

I will be following this thread.

After yesterday's movement we are in a range.

Let's take a look at the chart below.

We have the PP at .4754.

A break might take us to .4700 but I wouldn't short this move.

A move above .4820 and we moving higher.

We also have an intra day trend line forming and price is resting on it now.

If it breaks I wouldn't expect much movement - maybe a move to the PP.

Keep in mind that when the EURUSD begins the session above the PP it will generally hover above that point for the rest of the session.

While we are looking at the above chart...

(Note: You can click on it to see the large version)

Notice anything about those psych levels yesterday?

How about price stabbing .4700 and then moving to .4750?

What about the break at .4750 - right to R2.

Hi acumen,

i´m very happy that i found this thread. This is totally agreeing with my trading "style".
My questions:
1. Do you trade only EURUSD ? Or do you trade other pairs like this, too ? Maybe you already said that.
2. May i post my ideas about other pairs here too ?

Hi AC
Nice thread and great system, i already use pivots, but not to this extent - will be watching you. LOL

Just a thought - many threads have died due to over use by allowing other systems and pairs to be discussed, may i suggest that you keep this thread purely about your system and only on the EU, other wise the thread will grow and any newbie looking at it will simple ask the same questions as the last for lack or reading.

it may therefore be benificial to open a trade discussion thread to work alongside this one.

it's always nice to people sharing, so my thanks to you.

best of pips

MPP

You can try other pairs.

I only trade the EURUSD.

Keep in mind that the EURUSD is the most liquid pair of all the majors.

80% of all trading takes place between the majors.

So... if large bank traders are watching PP... and they are I promise... then EURUSD will most likely pool around those points.

@ acumen:
I´ll try my very best.

@ MPP:
You´re right. So i will post mainly my thoughts about EURUSD,
and maybe GPBUSD. That´s all. These are the two pairs, i trade mostly.

This thread is about dead anyhow.

It hasn't had a very good response.

I honestly believe the system is too easy to implement.

Most novice traders are looking for a more complicated approach to the markets.

It' s human nature.

HI Matsf
GU would make for a good comparison, and as i have only recently found this thread, i was mearly pointing out what has happened to other threads with good systems. AC is happy for you to post so press on.

Hi AC
keep posting the charts and proving your point, you will always have a small following and a few new traders looking in, if you want your thread to get more active, post more in the EUR/USD thread - that will get there attention.

regards

MPP

So, this is how my chart looks like.
I only trade on 5-min-charts. i look at the higher time frames (day, 1h), but just for trends.

I have the pp´s, and the sp´s, and additionally the yesterday´s low and high.

Today i have taken two trades:
1. Touching yesterday´s high and bounce back.
2. Testing the 1,4800 and bounce back.

Any comments welcome.
Acumen, i know, price was above pp and i took two short trades... :-)

Some traders will short at resistance levels and with good success.

It's said that price wants to move to fair value throughout the day.

Not convinced but a win is a win.

Nice job.