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
Took two trades today. The first one on the breakout to the downside, i didnt like the fact that price was above todays low so i took a quick scalp of 10 pips. As you can see the candle reveresed and formed into a pinbar, i took that breakout to the upside with one extra lot because i felt it was a high probability move, (pinbar, fibonacchi level, psychlevel, trendline and above todays high). I took the first lot of at the blue fib line with a 20 pip profit, then i set the other lot to BE and let it run to 1.9700 psychnumber with a 48 pip profit. This was a great day of trading, and its still not over but im happy with my 78 pips today so im just gonna take it easy for a while.
one question: where did you paint the fibo-levels ?
The move of yesterday 1,9527-1,9720 ?
Ignored
Yes that is correct. Price had ranged between 38.2 and 61.8 fib levels since 17:00 GMT 1 yesterday. I love that heavy confluence and if you get 3 or even 4 different S/R-lines at the same place you know its a very high probability that the market will rally when these lines breaks.
Great Thread!!! I am a short term intra day trader (politically correct way to say scalper LOL) and I primarily use Dollie's method. Anyway - I have been using Pivots, Support & Resistance Lines for a while now but never new or thought about 00 or 50 pysch lines. Great explanation of these. I'm posting a chart of the last 5 hours of the Eur/Yen on the 1min charts (my favorite) and you can clearly see how the price is squeezed between the pivot and 157.00. Now this is only a mere 39 pips but for us scalpers we can make this work. A week ago I would probably have entered a few trades around the 157.00 line and not understand why it didn't go my way. Now I can make an even better judgment call.
I took a small beating when i went long EUR/USD on the break of the wick. Used a tight stop loss of 15 pips because of the strong support, pivot and psychlevel. I dont think we have seen the last of this, I will be watching this.
I took a small beating when i went long EUR/USD on the break of the wick. Used a tight stop loss of 15 pips because of the strong support, pivot and psychlevel. I dont think we have seen the last of this, I will be watching this.
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Your trading and watching the set ups exactly the way I do. I agree - It does appear that we are going to see a break at the PP.
HOWEVER - WAIT FOR CONFIRMATION.
I won't go long until the PP breaks AND the trend line. (See above chart)
I took a small beating when i went long EUR/USD on the break of the wick. Used a tight stop loss of 15 pips because of the strong support, pivot and psychlevel. I dont think we have seen the last of this, I will be watching this.
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ekling - I usually trade any system I use for 3 months before trading any real capital. Additionally - no matter how much capital I trade I'll trade micro-lots for another month to allow myself to adjust to the psychological aspect of trading real capital.
ekling - I usually trade any system I use for 3 months before trading any real capital. Additionally - no matter how much capital I trade I'll trade micro-lots for another month to allow myself to adjust to the psychological aspect of trading real capital.
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I always trade with real capital because i dont belive in demotrading. I need to practice on controlling my fear, greed etc and thats not something i feel when i demotrade. However i never trade more then I can afford to lose. At this moment i trade microlots and ive been trading with pivots for about 1― months.
I always trade with real capital because i dont belive in demotrading. I need to practice on controlling my fear, greed etc and thats not something i feel when i demotrade. However i never trade more then I can afford to lose. At this moment i trade microlots and ive been trading with pivots for about 1― months.
That would give us a strong confluence. (My favorite word right now)
When one or more supports line up we have confluence thus a break at these levels usually signals a nice move.
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Im with you on this one. I love when this appears on the chart, if the confluence is good enough i usually double my amount of lots when it breaks.
Earlier today we had 4 different resistance lines on almost exact the same place, this was on the GBP/USD and when it broke, it BROKE.
I think im off for today. I dont really like the us-session. So good luck on the e/u acumen and have a good day. Ill be back tomorrow when the eu-session begins.
Pivot Point, Psych Levles and Intra Day Trend Lines
