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Pivot Point, Psych Levles and Intra Day Trend Lines

  • #101
  • Jan 15, 2008 12:59pm Jan 15, 2008 12:59pm
Quoting araouf
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
http://www.thefxpivotpoint.com/Videos.htm

You can download it from the address above. (Pivot Point Indicator for Metatrader)
  • #102
  • Jan 15, 2008 7:57pm Jan 15, 2008 7:57pm
Hello Acumen,

I also use pivot points for trading. I always draw two sets of pivot points on my charts. One is 5.00 PM New York Time close and the other is Midnight New York Time close.( that equates to 7PM GMT, which is just just two hrs after European close).

I have noticed that market reacts and respects Midnight Pivot points more than it does the NY time PPs. Try using the midnight pps and see for yourself. Also, I always draw weekly and monthly pivot points on my charts. They are even strong S/R levels as compared to daily pivots. Plus if you draw fib levels from the previous run from the 4H and daily charts you will have almost everything you need to trade. If a weekly or monthly pivot is close to the daily Pivot, prices almost always go to test it. If more than one Pivot levels are in close proximity to each other that is a very strong S/R level.

I am also around Atlanta, south of Atlanta Fayetteville, Peachtree city area.

Thank you for all the hard work you have done.

GOOD TRADING.
  • #103
  • Jan 15, 2008 8:32pm Jan 15, 2008 8:32pm
Quoting srmfx
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.

Hi,
I am new to Forex and trying to understand correlation between different currency pair and how they effect each other. Can you please explain me correlation between GBP/USD and how stock effects carry trades. I will appreciate it. When GBPUSD is going down you go long or short on EURUSD?
  • #104
  • Jan 15, 2008 8:41pm Jan 15, 2008 8:41pm
The blue line is the PP.

Since we are above the PP we are thinking long... however... I warned yesterday about a possible double top... and it appears at this point that it's materializing. Time will tell.

Price moved north a little after the news but never managed to make it past R1 before it fell to .4780.

I'd be looking to sell this bounce or more conservatively a break of .4780.

Notice a break of the intra-day trend line. An initial stab... retrace... then down we go.
Attached Image (click to enlarge)
Click to Enlarge Name: jan15ussession.gif Size: 14 KB
  • #105
  • Jan 15, 2008 8:44pm Jan 15, 2008 8:44pm
Quoting Lucky57
Hello Acumen,

I also use pivot points for trading. I always draw two sets of pivot points on my charts. One is 5.00 PM New York Time close and the other is Midnight New York Time close.( that equates to 7PM GMT, which is just just two hrs after European close).

I have noticed that market reacts and respects Midnight Pivot points more than it does the NY time PPs. Try using the midnight pps and see for yourself. Also, I always draw weekly and monthly pivot points on my charts. They are even strong S/R levels as compared to daily pivots. Plus if you draw fib levels from the previous run from the 4H and daily charts you will have almost everything you need to trade. If a weekly or monthly pivot is close to the daily Pivot, prices almost always go to test it. If more than one Pivot levels are in close proximity to each other that is a very strong S/R level.

I am also around Atlanta, south of Atlanta Fayetteville, Peachtree city area.

Thank you for all the hard work you have done.

GOOD TRADING.
Thanks for your reply.

Let me take a look at your suggestion.
  • #106
  • Jan 15, 2008 8:46pm Jan 15, 2008 8:46pm
Quoting leo9
Hi,
I am new to Forex and trying to understand correlation between different currency pair and how they effect each other. Can you please explain me correlation between GBP/USD and how stock effects carry trades. I will appreciate it. When GBPUSD is going down you go long or short on EURUSD?
leo9 - Good question. I don't have a comprehensive answer.
  • #107
  • Jan 15, 2008 10:38pm Jan 15, 2008 10:38pm
acumen thanks for this system. i still dont understand how you determined a pivot point break. you said it should touch the pivot, retrace and then when it breaks the pivot, then we enter. but how can you tell all of this from just the 15 min chart. do you go further down to say a 5 min chart to see this price action? this is because when looking at the videos, we will have a 15 min candle that breaks say S1 and go down 20 pips to s2, all in one candle. how can you take that when we cant see from that chart how price touched, retraced and breaked that level. hope i am making sense. this is really confusing to me. hope you can help me answer this fundamental question. thanks
  • #108
  • Jan 15, 2008 10:46pm Jan 15, 2008 10:46pm
Hi Leo9,

GBPUSD and EURUSD both pairs have USD in them. So, if EURGBP stays at the same price, when you go long GBPUSD, You should go long EURUSD, as it means USD depreciating.

On the other hand when stock prices go up, Yen related pairs go up, meaning Yen Depriciates or goes donw in value and other currencies go up in value as compared to Yen. When stocks take a plunge so does the yen related pairs.

Simply put, when stocks go up people buy into Carry trades and when stocks go down, carry trades unwind. There is no hard and fast rule but generally this holds true.

hope this will help.

thanks
  • #109
  • Jan 16, 2008 12:47am Jan 16, 2008 12:47am
Here i post two different pivot indicators.

The ###Auto Pivot, draws, additional to the "normal" pivots, the weekly and monthly pivots.

The SDX-TzPivots, draws additional the sweet points, and the yesterday high and low, and todayīs open.

Hope you can use them.
Attached File(s)
File Type: ex4 SDX-TzPivots.ex4   15 KB | 738 downloads
File Type: mq4 SDX-TzPivots.mq4   17 KB | 940 downloads
File Type: ex4 ###Auto Pivot.ex4   15 KB | 688 downloads
File Type: mq4 ###Auto Pivot.mq4   15 KB | 896 downloads
Donīt live for working, but work for living.
  • #110
  • Jan 16, 2008 6:25am Jan 16, 2008 6:25am
Hi Lucky 57

It is good to see another trader living near my area. We are about 30mins apart as I am just southwest of you. Welcome to the thread.

AceTrader
  • #111
  • Jan 16, 2008 6:37am Jan 16, 2008 6:37am
I know this thread is mainly EU trading,
but i wanna show here, that this trading-style works with other pairs, too.

Here an example of a trade i took today:
UJ:
DB at SP 106,00.
Entry Long @105,98
SL 105,91
TP 106,23 (S1)

Very tight SL and TP, because itīs a countertrend trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 2008 01 16 usdjpy.gif Size: 17 KB
Donīt live for working, but work for living.
  • #112
  • Jan 16, 2008 8:19am Jan 16, 2008 8:19am
The chart below shows our pp with an intra-day trend line.

If it break we are going up.

If .4770 on the low side breaks look out below - most likely to S1 and I'd suspect to .4700.
Attached Image (click to enlarge)
Click to Enlarge Name: jan16ussession.gif Size: 15 KB
  • #113
  • Jan 16, 2008 8:41am Jan 16, 2008 8:41am
I'm surprised the numbers out of the US didn't give the dollar a boost here.

Be patient here.

Let the market come to you.

Wait for a good entry.

Right now price action is in no mans land.
  • #114
  • Jan 16, 2008 8:45am Jan 16, 2008 8:45am
So,
now weīre over the trendline. But Pivot is there....
Iīm excited what happens now...
Donīt live for working, but work for living.
  • #115
  • Jan 16, 2008 8:54am Jan 16, 2008 8:54am
Quoting matsf
So,
now weīre over the trendline. But Pivot is there....
Iīm excited what happens now...
I don't like the price action.

My gut is saying stay out.
  • #116
  • Jan 16, 2008 10:02am Jan 16, 2008 10:02am
Quoting acumen
The chart below shows our pp with an intra-day trend line.

If it break we are going up.

If .4770 on the low side breaks look out below - most likely to S1 and I'd suspect to .4700.
Show me your crystal ball !!!! :-)
Donīt live for working, but work for living.
  • #117
  • Jan 16, 2008 11:51am Jan 16, 2008 11:51am
Quoting matsf
Show me your crystal ball !!!! :-)
That was a nice move.

I captured a good portion of it.
  • #118
  • Jan 16, 2008 12:53pm Jan 16, 2008 12:53pm
You wonīt believe me, but i went LONG during this move.
At 1,4640.
I got out @ 1,4670.

And you thought, you were lucky... :-)
Donīt live for working, but work for living.
  • #119
  • Jan 16, 2008 3:33pm Jan 16, 2008 3:33pm
Quoting matsf
You wonīt believe me, but i went LONG during this move.
At 1,4640.
I got out @ 1,4670.

And you thought, you were lucky... :-)
That's incredible.
  • #120
  • Jan 16, 2008 6:32pm Jan 16, 2008 6:32pm
The baby blue line on the chart was support.

We also drew a intra-day trend line that coincidentally crossed the daily PP.

We buy after a pull back through the PP.

Price hit the PP then pulled back but didn't continue north.

I posted (prior to the move) that a break of .4780 would be a good entry and that a good take profit would be S1 or .4700.

Well... price hit .4700 and then moved down to .4600 before snapping back.

Take note of the olive line at .4600.
Attached Image (click to enlarge)
Click to Enlarge Name: jan16dailywrapup.gif Size: 16 KB
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