The gap/jump up that cable made when the market opened today.
Yeah, I noticed that last night, just before I went to bed. Sorry mate, I'd forgotten all about it.
I'm just not a morning person!
Psych Levels, Pivots, and Trendlines - Resurrected
- #321
- Sep 8, 2008 3:54am Sep 8, 2008 3:54am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Yeah, I noticed that last night, just before I went to bed. Sorry mate, I'd forgotten all about it.
I'm just not a morning person!
- #323
- Sep 8, 2008 4:26am Sep 8, 2008 4:26am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Here's another trade EV. Price crossed below the confluence of MS1-1.7690 and Psyche level-1.7700 once. Then retraced to near 50%. Made a lower swing high. Entered a trade after the low of the last candle that formed the lower swing high was crossed and price crossed 31.8% retracement. TP placed on 1.7651. Could have placed it at the confluence of S1-1.7611 and psyche level-1.7600. But it's a bit far. As I type this price is bouncing a bit.
Could have entered also after the confluence of MS1-1.7690 and Psyche level-1.7700 was crossed again.
- #325
- Sep 8, 2008 5:11am Sep 8, 2008 5:11am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #327
- Sep 8, 2008 5:56am Sep 8, 2008 5:56am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #329
- Sep 8, 2008 6:31am Sep 8, 2008 6:31am
- Joined Jul 2008 | Status: Trader | 1,722 Posts
Up or down, gimme a ticket
- #330
- Sep 8, 2008 6:41am Sep 8, 2008 6:41am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Good morning guys. I've been trading EUR/USD most of the night. Big pips due to similar drops. Started out with a BIG gap, which eventually got covered, despite the naysayers. Range for EUR/USD today is all the way up to 4428 (from 4371 last night) back down to 4165. It is now trying to retrace some of that. Symptoms are good.
IYO, dDo these two pairs often run together or is this fluke?
I could be wrong, of course (it HAS been known!
), but they certainly seem to.
- #333
- Edited 7:09am Sep 8, 2008 7:05am | Edited 7:09am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
How do you get the values to show on your fib levels please eyevoltage?
Also can you explain to me how you plot your fib expansions as this has me confused at the moment.......
Thank You.
My apologies. Got a bit carried away there!
If you're using MT4 for your charts, then the fib retracements and expansions are already built into the system. All you have to do is draw a line from a high to a low, or low to high, and the system will do the plotting for you.
If you're a bit hazy re fib trading, then I advise you to do a bit of googling, and you'll find loads of information re using fibs. Additionally, study the charts already posted that have fibs drawn, bring up some charts of your own and do a little experimenting with the fib. You'll soon pick it up.
Hope this helps.
- #334
- Sep 8, 2008 7:14am Sep 8, 2008 7:14am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #336
- Sep 8, 2008 7:48am Sep 8, 2008 7:48am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
EV, your charts look very simple to follow with the benefit of hindsight, and your calls on cable and EURUSD are generally top notch.
When I draw fibs the picture never seems quite as clear in realtime though!
I am currently using the usual pivot points, together with a 4 hour pivot which shows support and resistance based on the last 4 hours movement in price. Together with an MA ribbon these provide a very clear picture for me during strong trends, and using MTF stochastics enables me to get into a trade after a retracement if the move started overnight (I, like you, am not a morning person, I might start trading in Dubai, the weather will be better than Manchester and I could stay in bed until noon!)
Again, the confluence of the MA ribbons and fib lines has proved useful, especially if this ties in with the overall movement of stochastics (I use 5M, 15M, 30M and 60M stochs and take my trades off a 5 minute chart)
Andy
I'd like to see one of your charts, mate, because it sounds as if you've got a whole heap of stuff on them. Until recently, I was trying to follow Spud's stoch theories, but all that MTF stuff got me confused. Which is why I've become an acumen convert. The less I have on the chart, the better it is, I've found, and I sort of swap between 15m and 5m to isolate entry points. I guess everyone would have their own ideas about entry points, so it comes down to a trader-discretion thing, IMO. Still, your system seems to work pretty well for you, and that's good, but as I said, if there's too much on the chart, it can get to the point where one can't see the wood for the trees.
Agree with you regarding Dubai. Great weather and no bloody Gordon Brown!
- #337
- Sep 8, 2008 8:17am Sep 8, 2008 8:17am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Which one are you? I hope Baby, 'cos she was a cracker!!
My apologies. Got a bit carried away there!
If you're using MT4 for your charts, then the fib retracements and expansions are already built into the system. All you have to do is draw a line from a high to a low, or low to high, and the system will do the plotting for you.
If you're a bit hazy re fib trading, then I advise you to do a bit of googling, and you'll find loads of information re using fibs. Additionally, study the charts already posted that have fibs drawn, bring up some charts of your own and do a little experimenting with the fib. You'll soon pick it up.
Hope this helps.
I understand the fib retracement tool ie drawing points from high to low or low to high but I thought I had read somewhere that for fib expansion you have to plot 3 points which is where my confusion has arisen.