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Pivot Point, Psych Levles and Intra Day Trend Lines

  • #81
  • Jan 11, 2008 11:56am Jan 11, 2008 11:56am
Thanks acumen.
Yes, i often use resistance/support levels
together with pivot and sweet points.
Especially in the morning here in Germany they are working good at the beginning of the European session.
Donīt live for working, but work for living.
  • #82
  • Jan 11, 2008 8:11pm Jan 11, 2008 8:11pm
acumen

You have a great thread going, but you said it in the last two lines of post #77. It is so SIMPLE to implement that the new traders are just not interested. It is human nature. For me I use a similar method that includes trendlined, channels & fib levels along with pivots thereby leaving a chart clean & neat. Some traders are using so many lagging indicators that the candles or bars are barely visiable. Tks for posting your method & congaulations on the new family member.

If you don't mind, what state are you in? I think we are in the same.

AceTrader
  • #83
  • Jan 12, 2008 11:19am Jan 12, 2008 11:19am
Quoting acumen
1) Use an indicator for Meatrader that plots pivot points on a 15 minute chart with the close of business for the US Session being the start of the day. If you need one let me know... I've got one. I didn't author it - I found it somewhere... maybe here... don't remember.

2) Plot all the psych levels for each session. Anything ending in 50 or 00 gets a line on the chart.

3) What's being released during the session you are trading and what's it's impact. Nothing going to help you if you don't know what NFP is and it's importance on price action.

4) Look at the daily high and low for the day.

5) Where is price when the day starts. If it's 8:30am and you are trading the US Session and price is at R3 already go back to bed.

6) Only trade when the market is moving. It's usually a small window.

7) Once you have your lines plotted and your ready to go determine where price is in relation to the pivot point.

8) If it's above you are looking to go long... below you are looking to go short.

9) Once price hits a key level and retraces you are looking to enter after it begins in to move again.

10) This seems like a lot but a few pics will make it very lucid. SnagIT 8 is still uninstalling so I may have to wait until tomorrow to post my charts.
acumen,

i have a question concerning 6) and 9) :
How do you determine when the market is moving ?
Do you wait for a certain candle pattern ?
When do you enter ? Can you post an example please.
Donīt live for working, but work for living.
  • #84
  • Jan 13, 2008 4:09pm Jan 13, 2008 4:09pm
Markets move when something changes.

That change is usually news.

I wait for the news to print and will not trade until 15 minutes has passed.

The EURUSD will often wait until the news has been digested to make it's move. (Lately around 10:30 EST - I'm being specific to the US Session)

On Jan 10th the EURUSD stayed around the PP, fell until the news came out then up and away.

Notice how price stabs the .4700 and then retraces. (The first RED line on the chart at the bottom)

I entered a buy limit order on the wick above the .4700 line.

I took profit at R1.

I had to leave my computer so that was the only trade I took but I should have placed a buy limit order at .4755. (Oh Well- I don't like to trade when I'm not in front of a screen)
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  • #85
  • Jan 13, 2008 4:10pm Jan 13, 2008 4:10pm
I live in Atlanta.
  • #86
  • Jan 14, 2008 1:49am Jan 14, 2008 1:49am
Thanks acumen for your answer. On the weekend i looked at your hp and i downloaded the videos. So i hope i can look at the videos today. Iīm looking forward to it...
Donīt live for working, but work for living.
  • #87
  • Jan 14, 2008 1:56am Jan 14, 2008 1:56am
Quoting acumen

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.
Agree,... if a guy doesn't have a friend or a broker to ask,'"Which way? up? down?"....etc.
The next best thing is a dozen indicators to answer the tough questions for them. That way they don't have to do the hard work or make the tough decisions.
  • #88
  • Jan 14, 2008 5:30am Jan 14, 2008 5:30am
Acumen,
That is good to known as I live south of you near LaGrange, but travel to the metro area about every 2 weeks. I have not found many traders from our areas on the FF. So as not to tie up the thread with off topic dicsussion I'll send you a pm later today. Pivots, Trend Lines, Gann, Fibos & Murray Math are all part of my trading. The topic of this thread should be of great interest to all traders.

AceTrader
  • #89
  • Jan 14, 2008 7:46am Jan 14, 2008 7:46am
I wouldn't worry about tying up this thread.

We will have to get together sometime and chat about FX.

mike
  • #90
  • Jan 14, 2008 9:39am Jan 14, 2008 9:39am
Take a look at the chart below.

Double top or break out?

The fib in the pic retraced to 38 then headed north.

That's a sign of strength but I'd be willing to bet some longer term players are shorting this top.

I'd wait for some kind of confirmation.

My guess... a breakout to new highs but I'll be on the side lines until then...just like T.O.

m
Attached Image (click to enlarge)
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  • #91
  • Jan 14, 2008 10:26am Jan 14, 2008 10:26am
It is ashame that the KIS route seems to be of least interest of most new traders. Let do get together & chat FX.

AceTrader
  • #92
  • Jan 14, 2008 10:44am Jan 14, 2008 10:44am
Near the end of January or the start of February let's carve out some time to meet.

Possibly a Starbucks. (I'm a coffee hound)

Give me a location that's agreeable to yours.

I'll pm you later this week or early next.
  • #93
  • Jan 14, 2008 10:50am Jan 14, 2008 10:50am
I guess that's just part of the learning process.

The search for the grail.

I did it and I'm willing to bet many successful traders had similar experiences.

Ebooks, trading mags, real books, signals... etc.

If it were as simple as 6 or 8 lines on a chart everyone would be rich.

Or would they...
  • #94
  • Jan 14, 2008 7:08pm Jan 14, 2008 7:08pm
End of Jan or early Feb would be great as well as Starbucks.
  • #95
  • Jan 14, 2008 7:14pm Jan 14, 2008 7:14pm
Smyrna or Sandy Spring or any point near those would be fine.
  • #96
  • Jan 14, 2008 9:51pm Jan 14, 2008 9:51pm
I live in Smyrna.

Looking forward to our meeting.

I'll pm to set up a time that's convenient for both of us.
  • #97
  • Jan 14, 2008 11:49pm Jan 14, 2008 11:49pm
Hi Acuman,

Very interesting topic. I really do want to completely understand how pivot points play a role in the price. Lately I have been really observing the "psych levels" and have no doubt that they are key price levels. The question for me is trying to figure out when a price reaches a psych level will it eventually continue past it or will it turn around and trend the other way. What is the best way to go about figuring that out?

For example for some of my trades (which are always with the trend), the price will reach a psych level. Then I need to make the decision keep it open on the possibility that it will pierce through that price level? Or in some cases, the price will turn away and take with it all my gains. Is there a good way to go about this? Test it some how, or is that just the way it is? we just accept the gains or losses that come with it?

Thanks!
  • #98
  • Jan 14, 2008 11:50pm Jan 14, 2008 11:50pm
Also in your charts you have the pp/support/resistance levels drawn. Is that an indicator you have that draws them automatically? Do you mind sharing it?

Thanks
  • #99
  • Jan 15, 2008 5:40am Jan 15, 2008 5:40am
Great stuff here. I'm falling in love with these simple systems. I've been burned too many times with indicators + they make my brain hurt. Funny thing is, pivots were among the first things I looked at when I started with Forex. I've sort of come full circle now. It definitely seems that the more I think about what I'm doing, the more I screw it up. When I do quick glances through charts, the trading setups seem ridiculously obvious.
  • #100
  • Jan 15, 2008 12:57pm Jan 15, 2008 12:57pm
Quoting araouf
Hi Acuman,

Very interesting topic. I really do want to completely understand how pivot points play a role in the price. Lately I have been really observing the "psych levels" and have no doubt that they are key price levels. The question for me is trying to figure out when a price reaches a psych level will it eventually continue past it or will it turn around and trend the other way. What is the best way to go about figuring that out?

For example for some of my trades (which are always with the trend), the price will reach a psych level. Then I need to make the decision keep it open on the possibility that it will pierce through that price level? Or in some cases, the price will turn away and take with it all my gains. Is there a good way to go about this? Test it some how, or is that just the way it is? we just accept the gains or losses that come with it?

Thanks!
I use these levels to take profit and start a new trade. When price moves through a psych level... pulls back and the retraces to the high point above that level it will often move to the next take profit point. (Psych level or PP)
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