Psych Levels, Pivots, and Trendlines - Resurrected | Page 63 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,241
  • Nov 5, 2008 5:41am Nov 5, 2008 5:41am
Quoting Islander
LOL FX1 - I was using the same triangle / wedge on GU - one was also present on UJ and thus GJ too - I traded GJ.

There was also a super move in GJ off the 55.50 level right up to the 57.50 level.....

Great trades Islander!
Life is a journey... So is trading.
  • #1,242
  • Nov 5, 2008 5:57am Nov 5, 2008 5:57am
My only trade today so far, and it's been a cracker! I was monitoring all morning just out of interest, but I didn't have time to sit and watch. I saw this one developing as price was meandering along the 13ema line. I waited for price to go above the PP, and then entered just above the high of the previous candle. My original target was the .20 psych-line, but it just kept going, and I just jumped ship when it started retreating from the .80 psych-line. As I type this, price has carried on up to the mid-point line at 1.6018.
By the way, fx1, you've had some very nice trades yourself today, mate, as has Islander it seems. Nice to see.
Attached Image
  • #1,243
  • Nov 5, 2008 6:00am Nov 5, 2008 6:00am
Bought after price crossed above the tweezer top at the higher swing low and 50% retracement, after finding support at 1.5850. Second buy is after the break upwards of the symmetrical triangle. TP was placed and hit just below the confluence of psyche level-1.6000 and a visual support area below MR1.
Attached Image
Life is a journey... So is trading.
  • #1,244
  • Nov 5, 2008 6:03am Nov 5, 2008 6:03am
Quoting eyevoltage
My only trade today so far, and it's been a cracker! I was monitoring all morning just out of interest, but I didn't have time to sit and watch. I saw this one developing as price was meandering along the 13ema line. I waited for price to go above the PP, and then entered just above the high of the previous candle. My original target was the .20 psych-line, but it just kept going, and I just jumped ship when it started retreating from the .80 psych-line. As I type this, price has carried on up to the mid-point line at 1.6018.
By the way, fx1, you've had some very nice trades yourself today, mate, as has Islander it seems. Nice to see.
Nice trade EV! Looks like we were on the same trade. Different analysis but similar results!
Life is a journey... So is trading.
  • #1,245
  • Nov 5, 2008 6:33am Nov 5, 2008 6:33am
Quoting fx1dr3r
Nice trade EV! Looks like we were on the same trade. Different analysis but similar results!
Thanks, mate, and this is a follow-on trade. After such a steep rise in price, it's often well worth trading the retracement down to the ema, and this is a good example of this type of opportunity. The dragon-fly doji, followed by such a large harami candle prompted me to trade this one, but I had to wait until price was just under the 1.6000 psych-line before I entered. Price then crept down until it finally rested on the 13ema, which is when I hurriedly jumped ship!
Attached Image
  • #1,246
  • Nov 5, 2008 6:57am Nov 5, 2008 6:57am
Eyevoltage,

Do you have an indicator that places the ..20 & ..80 psych lines on your chart? I have the "sweetspots" indicator but was wondering if there is an indicator that includes the ..20/80's. Thanks.
  • #1,247
  • Nov 5, 2008 8:18am Nov 5, 2008 8:18am
Quoting Rialto
Eyevoltage,

Do you have an indicator that places the ..20 & ..80 psych lines on your chart? I have the \"sweetspots\" indicator but was wondering if there is an indicator that includes the ..20/80's. Thanks.
No, sorry, mate. I don't know of an indicator that will put the .20 and .80 psych-lines on, so I have to do it manually, I'm afraid. I've often thought it must be an easy task for one of our code writers to undertake, so I guess we're both hoping that one of those esteemed gents will read this and do the business!
  • #1,248
  • Nov 5, 2008 8:21am Nov 5, 2008 8:21am
Cable made a higher swing low, a 61.8% retracement and formed a hammer. Bought after price crossed above the high of the hammer. TP was placed and hit just below MR1.
Attached Image
Life is a journey... So is trading.
  • #1,249
  • Nov 5, 2008 8:29am Nov 5, 2008 8:29am
Quoting fx1dr3r
Cable made a higher swing low, a 61.8% retracement and formed a hammer. Bought after price crossed above the high of the hammer. TP was placed and hit just below MR1.
That's a nice trade, fx1. You do seem to be able to spot these fib chances in abundance, whether it's on 5m or 15m. What's your secret, mate? Are you monitoring 5m on one screen and 15m on another? Or do you constantly switch back and forth? Looking at your trades for today, mate, it looks like a champagne supper for you and yours tonight! Well done.
  • #1,250
  • Edited 9:01am Nov 5, 2008 8:49am | Edited 9:01am
Quoting eyevoltage
That's a nice trade, fx1. You do seem to be able to spot these fib chances in abundance, whether it's on 5m or 15m. What's your secret, mate? Are you monitoring 5m on one screen and 15m on another? Or do you constantly switch back and forth? Looking at your trades for today, mate, it looks like a champagne supper for you and yours tonight! Well done.
.. Thanks EV! I have both M5 and M15 charts side by side on my screen. I prefer to trade on the chart that shows clearer and smoother moves like consecutive lower upper-shadows and lower-shadows on a downtrend, and vice-versa on uptrends. I prefer to trade trend continuations and the occasional trend breakout.
Life is a journey... So is trading.
  • #1,251
  • Edited 10:42am Nov 5, 2008 10:04am | Edited 10:42am
Hi guys! Here's the Sweetspots indy with added xx20 and xx80 levels.
Attached File(s)
File Type: mq4 SweetSpots.mq4   5 KB | 420 downloads
Life is a journey... So is trading.
  • #1,252
  • Nov 5, 2008 10:18am Nov 5, 2008 10:18am
Can someone PLEASE show me how to enter all the input levels properly and in the right order in MT4 for the fib extensions thru 161.8 and below 0.0?

Thanks.
  • #1,253
  • Nov 5, 2008 10:33am Nov 5, 2008 10:33am
Quoting d-e-f
Can someone PLEASE show me how to enter all the input levels properly and in the right order in MT4 for the fib extensions thru 161.8 and below 0.0?

Thanks.
Hi d-e-f! Just open the PROPERTIES dialog box of the fib retracement or expansion tool. Then add the fractional equivalent of the fibonacci levels at the LEVELS column. For example 0.236 for 23.6%. They don't have to be in sequence when you add them, MT4 will automatically arrange the levels. Then enter a description at the DESCRIPTION column. If you want to show the price value add the %& characters in the DESCRIPTION column.
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Life is a journey... So is trading.
  • #1,254
  • Nov 5, 2008 10:43am Nov 5, 2008 10:43am
Gonna call it a day guys! See you all tomorrow.
Life is a journey... So is trading.
  • #1,255
  • Nov 5, 2008 1:24pm Nov 5, 2008 1:24pm
Thanks fx1d,

I know where to input the values, I'm just suddenly confused about 'what values' to plug in so I can get the + and - fib value extensions as well?
(i.e -0.382, -0.681 etc)

I had all the correct values in my previous fib setup but made the mistake of asking for help with my demo acct so they cancelled me and I lost my previous setup.

Sorry for the basic question (all). I was just starting to get the hang of it when my fib strategy got thrown for a loop.
  • #1,256
  • Nov 5, 2008 3:10pm Nov 5, 2008 3:10pm
I got my answer after loking more carefully at your response, fx1d.

I also have a couple of negative entries that maybe someone could verify?
-0.382 38.2 %$
-0.618 61.8 %$

Are these valid input parameters? (below 0.0) or is it a moot point after breaching 0.0 (full cycle)?
  • #1,257
  • Edited 7:02pm Nov 5, 2008 4:01pm | Edited 7:02pm
Quoting d-e-f
I got my answer after loking more carefully at your response, fx1d.

I also have a couple of negative entries that maybe someone could verify?
-0.382 38.2 %$
-0.618 61.8 %$

Are these valid input parameters? (below 0.0) or is it a moot point after breaching 0.0 (full cycle)?
I use the negative entries you mention, but that's because I prefer to use them rather then the fib extensions. I've found that price reacts to these levels just the same as with the other fibs. People use the fibs in different ways. Fx1 uses his by turning it upside down, and there can't be much wrong with that approach judging by his very successful results. It's just the way he prefers to use them. I, on the other hand, prefer to use them the more conventional way, but placing extensions of my own rather than use the default ones provided by MT4. Below or above 0.0, depending on whether you're long or short, just add the usual levels but with a minus sign
in front, and as far as which levels to use, that's entirely up to you, mate. Some people only use 38.2, 50.0 and 61.8, whilst others much prefer to add the 76.4 and the 23.6 levels as well. It's all down to each individual trader in the end, mate.
Hope that helps a little.
  • #1,258
  • Nov 5, 2008 5:11pm Nov 5, 2008 5:11pm
Excellent thread , I'm slowly working my way through it. Many thanks to all contributors.

David
  • #1,259
  • Nov 6, 2008 1:33am Nov 6, 2008 1:33am
Here are a couple of trades. First trade is a buy after the retest of the low after the break upwards of the descending triangle. TP was hit just below the psyche level-1.5850. Second trade is a buy after the break upwards of the symmetrical triangle. TP was 2 bid points below psyche level-1.5900. Pulled the plug after price hesitated at the xx80 psyche level.
Attached Images
Life is a journey... So is trading.
  • #1,260
  • Nov 6, 2008 2:35am Nov 6, 2008 2:35am
Here's a trade which I just finished with. Looking at the candlestick chart it's a bit hard to see the Higher Swing Low. So I added a line chart for clarity. Cable made a higher swing low and a 76.4% retracement, tweezer bottom and hammer candle at the psyche level-1.5850. Bought after price crossed above the upper-shadow of the hammer candle. TP was placed and hit just below the confluence of CP and psyche level-1.5950.
Attached Images
Life is a journey... So is trading.
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