Psych Levels, Pivots, and Trendlines - Resurrected | Page 19 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD

Similar Threads

Adr, psych levels, demand & supply trading 15 replies

Standard Pivots and Fibonnaci Pivots? 9 replies

EUR/USD 5min - Trendlines and Pivots 379 replies

Important psych levels 1 reply

Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies

Attachments: Psych Levels, Pivots, and Trendlines - Resurrected
Exit Attachments

Psych Levels, Pivots, and Trendlines - Resurrected

  • #361
  • Sep 9, 2008 7:27am Sep 9, 2008 7:27am
I too was unable to post earlier......here, oil rallied to the resistance at the confluence of the 106 level, 61.8% retrace and the 200ema for a clear sell.

I've found its best not to be too greedy and my limit order closed me out 10 cents above the S1 support......
Attached Image (click to enlarge)
Click to Enlarge Name: sep 9 cl 5m 1100.gif Size: 13 KB
Trading Levels with WRBs
  • #362
  • Sep 9, 2008 7:40am Sep 9, 2008 7:40am
Quoting fx1dr3r
Hi Ed, since the .mq4 source code file is already available, you can use it without the compiled .ex4 file. The .mq4 file will be automatically compiled to an .ex4 file by metatrader's built-in compiler. After placing the .mq4 file in your indicators folder, if you can't see the indicator in metatrader, just restart it. After that you should be able to use the indicator already.

Hope this helps. Goodluck!
Yep, you're right! I forgot that you need to restart MT4 after inserting a file into the indicator folder. Have a great trading day.

Ed
Up or down, gimme a ticket
  • #363
  • Sep 9, 2008 8:02am Sep 9, 2008 8:02am
Hi Guys,
excellent thread, lots of good info on fibs. Like a lot of people I have a problem where to run the fibs from. In the last chart posted by EV, can you tell me which points the fib extensions have been taken from, they dont appear to relate to the fib retracement which the trade was taken from. Thanks
  • #364
  • Sep 9, 2008 8:12am Sep 9, 2008 8:12am
A lower high as NY wakes up, easy sell there or the break of 11,543, confirmed by the break of the 34ema......exited on a limit order at 11,501......now I'll wait and see what happens next and look for signals in oil, cable and swissy......http://www.forexfactory.com/images/icons/icon6.gif
Attached Image (click to enlarge)
Click to Enlarge Name: sep 9 dow 5m 1400.gif Size: 12 KB
Trading Levels with WRBs
  • #365
  • Sep 9, 2008 8:17am Sep 9, 2008 8:17am
This trade would have had a lot of promise, but for the green TL. So, because it had been tested 6 times earlier, I made it my TP area, and in fact got out at the first FE line. I've been waiting to see whether price would finally break the line, but it's proving to be very stubborn.
Attached Image
  • #366
  • Sep 9, 2008 8:21am Sep 9, 2008 8:21am
Today could prove to be very interesting, a break of yesterday's low on cable will be the lowest it's been since April 2006, could easily go into freefall.

Given how far it's fallen in the last month I would still expect to see a major retracement to the upside before then though
  • #367
  • Sep 9, 2008 8:23am Sep 9, 2008 8:23am
.. shorted cable twice in the continuation from 1.7638 down. My target's aren't hit. Had to close with what's left of the profit. Oh well, it's better than to take a loss I guess.
Life is a journey... So is trading.
  • #368
  • Sep 9, 2008 8:25am Sep 9, 2008 8:25am
Quoting mlawren2
Hi Guys,
excellent thread, lots of good info on fibs. Like a lot of people I have a problem where to run the fibs from. In the last chart posted by EV, can you tell me which points the fib extensions have been taken from, they dont appear to relate to the fib retracement which the trade was taken from. Thanks
Sorry, mate, not with you. Are you perhaps confusing the fib retracements with the fib expansions? Can you elaborate a little?
  • #369
  • Sep 9, 2008 8:44am Sep 9, 2008 8:44am
Hi EV,
i'm referring to post 359, fib set at 100%@1.4095 and 0%@1.4142.
Your targets are fib extensions [email protected] , fe100% @1.4167 and fe161.8%@1.4196. Where have these extensions come from, not the fib 4095 to 4142 ? Thanks
  • #370
  • Sep 9, 2008 8:58am Sep 9, 2008 8:58am
I tried to post this chart earlier but got knocked out by the Forex Factory servers. 72 PIPs on the way up and 73 PIPs on the way down. Look at the 4200 level. Confluence of psych, pivot and fib. Doesn't hardly get any better.

Done for the day. Off to do taxes.
Attached Image
Up or down, gimme a ticket
  • #371
  • Sep 9, 2008 9:01am Sep 9, 2008 9:01am
Quoting mlawren2
Hi EV,
i'm referring to post 359, fib set at 100%@1.4095 and 0%@1.4142.
Your targets are fib extensions [email protected] , fe100% @1.4167 and fe161.8%@1.4196. Where have these extensions come from, not the fib 4095 to 4142 ? Thanks
The fib expansions come from using a separate tool from the fib retracement tool. If you're using MT4, look at the tool bar, and you'll see a tool for fib retracement, one for fib expansion, one for fib arc, and another for fib fan. Once the fib retracement line is drawn, then you use the fib expansion tool to draw another line in exactly the same place. That produces the FE readings that you can see on my chart.

Hope that helps.
  • #372
  • Sep 9, 2008 9:11am Sep 9, 2008 9:11am
Bought cable at 1.7591 after it retraced by 76.4% from the roof of the fib. It showed a shades of day doji or spinning top at M15 and a yinyang at M5. Bought after price crossed the top of the high of the spinning top. TP just below the 1.7650 psyche level. Cable already moved by around 160 points today lesser probability of it going to 123.6/161.8 from floor of fib.
Attached Image
Life is a journey... So is trading.
  • #373
  • Sep 9, 2008 9:30am Sep 9, 2008 9:30am
Closed the previous Long position @ 1.7626. Entered a short after a near 76.4% retracement from the 100% @ 1.7617. M5 shows a yinyang or railroad tracks. And also a retest of the previous swing high. TP @ confluence of MS1=1.7546 and Psyche level 1.7550. No clear picture at M15. Decided to check lower TF M5. Hope this becomes a good trade.
Attached Image
Life is a journey... So is trading.
  • #374
  • Sep 9, 2008 9:40am Sep 9, 2008 9:40am
Hi EV,
Sorry this is getting long winded, I have on MT4 one button for retracement which also does extensions, not two seperate buttons. When I put fibs on 1.4095 and 4.4142 I get extensions of 123% @4.4154, 138%@1.4161, 161%@ 1.4172 and 200%@1.4189.
The range between the fibs is 47 points so I dont understand where your extension of FE61.8%@1.4148 comes from, this is only 6 points above the high of the fib @1.4142 and is less than 8% of the range so where does 61.8% come from. Thanks for your time on this issue.
  • #375
  • Sep 9, 2008 10:07am Sep 9, 2008 10:07am
Quoting mlawren2
Hi EV,
Sorry this is getting long winded, I have on MT4 one button for retracement which also does extensions, not two seperate buttons. When I put fibs on 1.4095 and 4.4142 I get extensions of 123% @4.4154, 138%@1.4161, 161%@ 1.4172 and 200%@1.4189.
The range between the fibs is 47 points so I dont understand where your extension of FE61.8%@1.4148 comes from, this is only 6 points above the high of the fib @1.4142 and is less than 8% of the range so where does 61.8% come from. Thanks for your time on this issue.

Yes, I see your problem. On your MT4 screen, right at the top, you have a tool bar. One of the available tools is one called "Insert". Click that, and you'll be presented with a whole range of tools, one of which is Fibonacci. Scroll down to that, and again, you'll be presented with a menu containing all the different fib tools. The expansion tool has a little upside-down tick on it. If you click on that, and then follow my instructions in my last post, then you'll see the expansion lines appear. Traders tastes differ, but basically, you should have FE61.8, FE100 and FE161.8. These are generally accepted as essential TP lines, although you can customise it any way you want to.

Go here: http://www.forexfibonacci.com/ and you'll get an excellent grounding in fib methods.

Hope that clears things up for you.
  • #376
  • Sep 9, 2008 10:17am Sep 9, 2008 10:17am
Thanks EV, found the button, is there any way of putting it with the other buttons on the toolbar or do I have to get it from the drop down list every time?
I thought I understood fib extensions , but looking at the tool and the extension %'s and the figures it calculates it looks like it's back to skool for me on this subject, thanks for the link and your patience.....................
  • #377
  • Sep 9, 2008 10:20am Sep 9, 2008 10:20am
Just moved button , easy when you know how, wont clog this thread up anymore, sorry guys
  • #378
  • Sep 9, 2008 10:35am Sep 9, 2008 10:35am
Quoting mlawren2
Thanks EV, found the button, is there any way of putting it with the other buttons on the toolbar or do I have to get it from the drop down list every time?
I thought I understood fib extensions , but looking at the tool and the extension %'s and the figures it calculates it looks like it's back to skool for me on this subject, thanks for the link and your patience.....................
Happy to help, old chap.
  • #379
  • Sep 9, 2008 10:54am Sep 9, 2008 10:54am
I wasn't involved with this one, but it's a great example of how these opportunities can sometimes crop up all day long. The low is indicated by the harami candle; the high by a bearish engulfing candle. A routine pull-back to a confluence involving the 50% fib and a major psych-line, and then it's all systems go, interrupted slightly by a pull-back from the 100% line. Target 1 (FE 61.8) easily met and crossed, even though it's part of a confluence. Target 2 (FE 100.0) also met with seemingly no problems, although the candles up there are starting to look very bearish with their long upper shadows. It's been quite a day for fibonacci trading.
Attached Image
  • #380
  • Sep 9, 2008 12:43pm Sep 9, 2008 12:43pm
Hi EV,
just brushed up on extensions, and as I thought extensions are normally taken from the high or low of the fib(ie swing high/low). However the extension tool in MT4 appears to give extensions from the mid point of the swing, I've never come across this before, hence my first question to you about how the numbers were calculated. I will sleep well now I have things clear in my mind.
I use fib extensions quite successfully, taking from the high/low of the fib, but always interested to see another way.The problem I have is getting them on the right swing and then a good entry point, but reading this thread and using confluences is making logical sense. Great trades and posts, thanks for your effort and time on the thread(and to all other contributors aswell !!)
2 traders viewing now