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Psych Levels, Pivots, and Trendlines - Resurrected

  • #981
  • Edited 9:20am Oct 9, 2008 9:08am | Edited 9:20am
Quoting eyevoltage
Just a query re your charts, mate. I notice you have Targets 1 and 2 indicated amongst your fib readings. Do you use the FE100% and FE161.8% for those? I know that fx1 doesn't use them, as he has his own method of using fibs, which is ok; everybody has their own way of using these things.
Hi EV! Actually there are similarities on how we both use fib analysis to estimate wave targets. First we both use the amplitude of wave 1 to calculate wave 3. But there are two different ways of doing this that I know of. Robert Fischer uses one and Robert Miner uses another. But they both use zones rather than specific target levels.

Fischer takes the height of wave 1 and multiplies it by 1.382 and 1.618, then adds it to point 0, to get the target for wave 3. MT4's retracement tool can be used to do this.

Miner on the other hand, takes the height of wave 1, then multiplies it by 1.0, 1.27 and 1.618; then adds it to point 2. MT4's expansion tool can be used to do this. You can fine tune the use of the expansion tool and get more accurate levels by placing the 3rd point of the tool at the Wave 2 point.

What I do is, I use Fischer's wave 3 zone levels. Then I add Miner's 100% level. For example, 50% retracement to 150% level = 100% extension. This isn't very accurate, but you can just mentally add or subtract a couple of points from the level.

Edit: Added another chart combining both methods. (3rd chart below)
Attached Images
Life is a journey... So is trading.
  • #982
  • Oct 9, 2008 9:32am Oct 9, 2008 9:32am
Quoting fx1dr3r
Hi EV! Actually there are similarities on how we both use fib analysis to estimate wave targets. First we both use the amplitude of wave 1 to calculate wave 3. But there are two different ways of doing this that I know of. Robert Fischer uses one and Robert Miner uses another. But they both use zones rather than specific target levels.

Fischer takes the height of wave 1 and multiplies it by 1.382 and 1.618, then adds it to point 0, to get the target for wave 3. MT4's retracement tool can be used to do this.

Miner on the other hand, takes the height of wave 1, then multiplies it by 1.0, 1.27 and 1.618; then adds it to point 2. MT4's expansion tool can be used to do this. You can fine tune the use of the expansion tool and get more accurate levels by placing the 3rd point of the tool at the Wave 2 point.

What I do is, I use Fischer's wave 3 zone levels. Then I add Miner's 100% level. For example, 50% retracement to 150% level = 100% extension. This isn't very accurate, but you can just mentally add or subtract a couple of points from the level.

Edit: Added another chart combining both methods. (3rd chart below)
Many thanks, mate, for all that info. It seems simple enough, but I think I'll have a play around and see what happens. Whatever.....it certainly seems to have to done the business for YOU, mate!
Thanks again.
  • #983
  • Oct 9, 2008 9:33am Oct 9, 2008 9:33am
Quoting fx1dr3r
Hi EV! Actually there are similarities on how we both use fib analysis to estimate wave targets. First we both use the amplitude of wave 1 to calculate wave 3. But there are two different ways of doing this that I know of. Robert Fischer uses one and Robert Miner uses another. But they both use zones rather than specific target levels.

Fischer takes the height of wave 1 and multiplies it by 1.382 and 1.618, then adds it to point 0, to get the target for wave 3. MT4's retracement tool can be used to do this.

Miner on the other hand, takes the height of wave 1, then multiplies it by 1.0, 1.27 and 1.618; then adds it to point 2. MT4's expansion tool can be used to do this. You can fine tune the use of the expansion tool and get more accurate levels by placing the 3rd point of the tool at the Wave 2 point.

What I do is, I use Fischer's wave 3 zone levels. Then I add Miner's 100% level. For example, 50% retracement to 150% level = 100% extension. This isn't very accurate, but you can just mentally add or subtract a couple of points from the level.

Edit: Added another chart combining both methods. (3rd chart below)
Many thanks, mate, for all that info. It seems simple enough, but I think I'll have a play around and see what happens. Whatever.....it certainly seems to have to done the business for YOU, mate!
Thanks again.
  • #984
  • Oct 9, 2008 9:41am Oct 9, 2008 9:41am
Hi Guys - thanks FX1 for your input too - I've added both versions of the MT4 tools to this chart - again the Expansion (gold) rather than the Extension (yellow) was the slightly better cholice - but I was already fixed on the 37.50 level as a fast exit for nice pips - just chop today, so best to hit and run..http://www.forexfactory.com/images/icons/icon10.gif
Attached Image (click to enlarge)
Click to Enlarge Name: oct 9 eurjpy 1m 1430.gif Size: 13 KB
Trading Levels with WRBs
  • #985
  • Oct 9, 2008 9:45am Oct 9, 2008 9:45am
Quoting eyevoltage
Many thanks, mate, for all that info. It seems simple enough, but I think I'll have a play around and see what happens. Whatever.....it certainly seems to have to done the business for YOU, mate!
Thanks again.
Still my exits are the nearest potential risk zone including pivots and psyche levels and fibs as you and acumen uses.

Looks like the rising TL has finally been broken.
Attached Image
Life is a journey... So is trading.
  • #986
  • Oct 9, 2008 9:47am Oct 9, 2008 9:47am
I had this running as we were chatting.

As you can see, rather than use the FE's, I've added some minus reading on which seem to work just as well. What d'you think?
Attached Image
  • #987
  • Oct 9, 2008 9:51am Oct 9, 2008 9:51am
Quoting eyevoltage
I had this running as we were chatting.

As you can see, rather than use the FE's, I've added some minus reading on which seem to work just as well. What d'you think?
Yup. It's still using the same principles so it's still good.

Still holding a short in cable.
Life is a journey... So is trading.
  • #988
  • Oct 9, 2008 9:52am Oct 9, 2008 9:52am
Quoting Islander
Hi Guys - thanks FX1 for your input too - I've added both versions of the MT4 tools to this chart - again the Expansion (gold) rather than the Extension (yellow) was the slightly better cholice - but I was already fixed on the 37.50 level as a fast exit for nice pips - just chop today, so best to hit and run..http://www.forexfactory.com/images/icons/icon10.gif
Nice chart, Islander. Thanks for your time and trouble, mate.
  • #989
  • Oct 9, 2008 9:54am Oct 9, 2008 9:54am
LOL - guys do put up this cross - whilst I was posting it made another 50% retrace to the 34 ema and then dropped 90 pips to hit the FE 100 level on my chart above - really sweet trading this today....http://www.forexfactory.com/images/icons/icon14.gif

FX1 - just as a point of interest, Bob Miner does teach both of the methods - he calls the Expansions "External Retracements" and the Extensions "Alternate Price Projections" - I did have to check Chaper 4 of his book to remind myself! - I keep trying both - just get those pips into my bank http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #990
  • Oct 9, 2008 9:54am Oct 9, 2008 9:54am
Quoting fx1dr3r

Looks like the rising TL has finally been broken.
Yep, looks like more bad news for our dear old pound. That's a hell of a gap.
  • #991
  • Oct 9, 2008 10:01am Oct 9, 2008 10:01am
Quoting Islander
LOL - guys do put up this cross - whilst I was posting it made another 50% retrace to the 34 ema and then dropped 90 pips to hit the FE 100 level on my chart above - really sweet trading this today....http://www.forexfactory.com/images/icons/icon14.gif

FX1 - just as a point of interest, Bob Miner does teach both of the methods - he calls the Expansions "External Retracements" and the Extensions "Alternate Price Projections" - I did have to check Chaper 4 of his book to remind myself! - I keep trying both - just get those pips into my bank http://www.forexfactory.com/images/icons/icon12.gif
.. You're right Islander! Thanks for clearing that up.
Life is a journey... So is trading.
  • #992
  • Oct 9, 2008 10:01am Oct 9, 2008 10:01am
Out of curiosity, I just drew a fib from today's low to the latest high, and this is the result. The 76.4% line becomes part of a 3-way confluence, and as you can see, it seems to be providing some stubborn support after that nasty gap.
Attached Image
  • #993
  • Oct 9, 2008 10:18am Oct 9, 2008 10:18am
Quoting eyevoltage
Out of curiosity, I just drew a fib from today's low to the latest high, and this is the result. The 76.4% line becomes part of a 3-way confluence, and as you can see, it seems to be providing some stubborn support after that nasty gap.
EV - I dont have any gap - I've checked 2 brokers on 1 min charts and no gaps in cable....

PS another great 100 pip move in EJ - from 37.50 to 36.50 and meeting various fib projections.....
Trading Levels with WRBs
  • #994
  • Oct 9, 2008 10:21am Oct 9, 2008 10:21am
Quoting Islander
EV - I dont have any gap - I've checked 2 brokers on 1 min charts and no gaps in cable....

PS another great 100 pip move in EJ - from 37.50 to 36.50 and meeting various fib projections.....
Me too. Looks like it's just in ODL.
Life is a journey... So is trading.
  • #995
  • Oct 9, 2008 10:44am Oct 9, 2008 10:44am
Quoting fx1dr3r
Me too. Looks like it's just in ODL.
No gap on my live US ODL - but its there on my UK Demo which I had closed as I dont like the way they have it set up for non FX contracts - seems that they're having too many freeze ups too - I wont be going live there!
Trading Levels with WRBs
  • #996
  • Oct 10, 2008 1:47am Oct 10, 2008 1:47am
We hope everyday is like today. A falling wedge breakout and an ascending triangle breakout plus a couple of fib trades inside.
Attached Image
Life is a journey... So is trading.
  • #997
  • Oct 10, 2008 2:14am Oct 10, 2008 2:14am
After the triangle break upwards, price retraced and found support at the previous broken level and made a 61.8% retracement.
Attached Image
Life is a journey... So is trading.
  • #998
  • Edited 2:44am Oct 10, 2008 2:31am | Edited 2:44am
Quoting fx1dr3r
After the triangle break upwards, price retraced and found support at the previous broken level and made a 61.8% retracement.

GM all - nice one fx - EJ's in a sideways consolidation at present after a good 150 pip drop - just waiting for the breakout...

Edit: it broke up as I was posting for another 120 pip move - I was a lttle slow on my entry, but just closed my longs on a limit order ar 135.00
Trading Levels with WRBs
  • #999
  • Oct 10, 2008 3:36am Oct 10, 2008 3:36am
Hallo guys

I will try this descending triangle. My long will my be stopped
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 11 KB
  • #1,000
  • Oct 10, 2008 3:47am Oct 10, 2008 3:47am
Quoting Happy68
Hallo guys

I will try this descending triangle. My long will my be stopped
OK, closed with little profit. After the trade was activ I changed the stop acc. the new setup.
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