Pivot Point, Psych Levles and Intra Day Trend Lines

Because it's a well established line in the sand it may move through .4800 quite rapidly.

I won't trade it unless I see some kind of pull back.

I am watching the EUR and the price just tested the daily pivot. dipped under by 1 pip. i am now wondering if the 1 pip test would be enough to enter in short after a retrace? or do we look for something more substantial? -ignore the red lines as they are just manual lines for my alerts

The story is told very quick:
Big support on 1,4800. So it began to move up, until Pivot and SP 1,4850, but then came back right to 1,4800, and turned again upwards.
I was short @ Pivot with TP @ SP 1,4800.

Matsf,

Nice clean & concise chart....what indicator are you using. Can you post it?

Tks.

AceTrader

http://www.forexfactory.com/showpost...&postcount=109

Post #109 on this thread.

Hello everyone....If anyone has sent me a PM & you did not get an answer it is because for some reason I cannot check my pm's. I have sent an email to to administator, but have not received a reply. Does anyone have any suggestions what might me wrong?

Tks

Acetrader

Matsf,
Tks for the reply.

AceTrader

what happened to accumen?

I'm back.

Sorry about the leave.

Let's get back the business.

Our line in the sand to the north has been set.

Notice how price hit .4750 4 times during the US Session.

I believe it will hold during the European session due the significant news releases tomorrow out of the US.

This is one occasion I wouldn't play a break at .4750.

How would I trade the Euro session?

I wouldn't.

I'd be on the sidelines until tomorrow.

That's one nice thing about this approach.

NO indicators.

Hi Acumen,

It is good to see you return.......the four items you listed can command our attention most of the time even tho our two children are grow & on their own my wife & I still spend time with them when their time will allow.

Look forward to your postings in the future & seeing the thread grow.

AceTrader

Hi acumen.
My first post on this thread, and after following all postings and charts, I think I'm going to have to change your handle to "Gandalf"!! Like you, I've been concentrating purely on EUR/USD, and sometimes the effectiveness of the pivots, sweetspots and trendlines seem to defy belief!! I haven't actually traded this method yet, preferring instead to get a thorough grounding in the principles, so to speak. Today's chart just seems to say it all really, even though it ain't over yet!
Fig.1 indicates a breach downwards of both the trendline and yesterday's high. Fig.2 shows price just hovering above 76.2 Fib before taking off North again. Fig.3 is where price tests the trendline again 3 times before coming off yesterday's high again at fig.4, but it's fig.5 that really raises the eyebrows as price punches through a confluence of three points i.e. the trendline, the .50 psych line and R1, which is also the 123.6 Fib extension! Fig.6 sees price take a temporary respite on the 150.0 Fib extension line, before sliding smoothly through 1.4800 and the R2/161.2 Fib extension line. As I type this, price seems to be taking another breather at R2. I guess it's suffering from vertigo by now!
Obviously, this has been a pretty active day, and some days are, by contrast, pretty slow moving, but when you see examples like this, it can be real jaw-dropping stuff just watching it go!
Thanks, Gandalf (sorry, acumen!).

What a pity, that this thread is sleeping and no one´s posting anymore.
I´ll try again and show my trades today.
1st: Short @ SP 50, Exit @ 13 because of the S/R-line
2nd: Short @ 01 (too late) after the rebound from the S/R-line, Exit @87 (day low)
3rd: Short @ 91, after the rebound from the pivot line, Exit @ 75 (38,2% Fibo from YL).

Ups, here´s the chart. Sorry.

Hi friends,
which are good retracements Fibonacci (or similar) in order to make scalping? you put a diagram?

And Fib Profit Objectives by Joe DiNapoli?

I found this on the web but it's not specifically geared to forex.
Nevertheless, it was published in Stocks & Commodities so it's
worth a look.

Hi Acumen,

I have quite recently discovered Pivot Points and started using them and started discarding most of my lagging indicators which I never had that much anyway. What is interesting is what money management rules you follow while trading your system. By this I do not mean stop loss pips number but the size of your each pip related to overall account size.
I wonder what kind of leverage do you use while trading with Pivot Points, resistance and support?
Do you use high leverage or small one? how much is it?

Do you have an email or chat because I'd like to further discuss about the pivot points that created by you. Would like to know more about the system and i have few questions to ask.

Thanks!