Psych Levels, Pivots, and Trendlines - Resurrected | Page 78 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #1,541
  • Dec 29, 2008 3:23am Dec 29, 2008 3:23am
Some more examples from eur/usd this morning. Bear in mind that the entry points are fairly discretionary; in other words, it's up to each individual trader.
The third example on this chart didn't work out too well, and perhaps should have been ignored due to the close proximity of the xx.50 psych-line, and the fact that the 13ema was starting to flatten out. Again, purely discretionary.
Attached Image (click to enlarge)
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  • #1,542
  • Dec 29, 2008 5:13am Dec 29, 2008 5:13am
Here's an example of a different method of entry involving a break-out from a consolidation position. The rectangle shows how price decided to take a breather along the xx.80 psych-line. After a while it broke through the highest point of the consolidation, and I've pin-pointed two possible entries, dependant on whether you're an aggressive or a conservative trader. Before the break-out, although price was going sideways, both the 13ema and the 34ema were still rising, which in themselves gave a good indication that price would eventually continue with the trend. And so it proved.
Attached Image (click to enlarge)
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  • #1,543
  • Dec 29, 2008 11:50pm Dec 29, 2008 11:50pm
Eyevoltage, You are really doing a marvelous work here. I am enjoying you presentations. Thanks for that. I have searched for the indicators you used but was able to see only FXPIVOT. Please can you direct me to the indicators you used as I pointed out on the graph.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd132.gif Size: 36 KB
  • #1,544
  • Dec 30, 2008 2:50am Dec 30, 2008 2:50am
Quoting pcworks
Eyevoltage, You are really doing a marvelous work here. I am enjoying you presentations. Thanks for that. I have searched for the indicators you used but was able to see only FXPIVOT. Please can you direct me to the indicators you used as I pointed out on the graph.
Thank you for your kind comments, mate, and I'm glad that you're getting some benefit from my charts.

The yellow dotted line is a 13ema and the magenta line is a 34ema. I use these purely and simply because they're fibonacci numbers, and seem to work very well for me. If you're using the MT4 platform, click on "navigator" in the toolbar over the chart and drag "moving average" onto the screen.
As for the horizontal lines you're asking about......the green lines are psych-lines produced by the "sweetspots" indicator, which I'll attach below. The orange-red dotted lines are my own lines I've added for the xx20 and xx80 lines, which are also psych-lines. You'll have to add them manually as and where you need them.
Hope this helps.
Attached File(s)
File Type: ex4 SDX-SweetSpots1[1].ex4   3 KB | 312 downloads
  • #1,545
  • Dec 30, 2008 7:35am Dec 30, 2008 7:35am
Under navigation I choose ma from indicator list. I guess am right. I also selected exponential from the drop down box under MA METHOD. In the the APPLY TO, what do I choose from the drop down box.
Then in the FXPIVOTS indicator, it is at three weeks by default. Do I have to change anything on it. Thanks for your guidance.
Attached Image (click to enlarge)
Click to Enlarge Name: eurousd.gif Size: 49 KB
  • #1,546
  • Edited 8:28am Dec 30, 2008 8:23am | Edited 8:28am
Quoting pcworks
Under navigation I choose ma from indicator list. I guess am right. I also selected exponential from the drop down box under MA METHOD. In the the APPLY TO, what do I choose from the drop down box.
Then in the FXPIVOTS indicator, it is at three weeks by default. Do I have to change anything on it. Thanks for your guidance.
In APPLY TO it's usually defaulted to CLOSE, so leave it at that. If it isn't, then change it to CLOSE. FXPIVOTS can be changed to anything you like, mate. I usually have it at around 50, so that I can backtest that far back without having to change things all the time.
Hope that helps.

Edit: I notice that the price on your chart goes to 5 decimal places. In cases like that, it's a waste of time using the sweetspot indicator, as the lines are too close together. I'm not aware of any solution to this problem, other than deleting the indicator and manually inserting the lines basing them on 4 decimal places.
Either that, or find a broker who has MT4 with 4 decimal places!!
  • #1,547
  • Jan 2, 2009 5:01am Jan 2, 2009 5:01am
.....and a very happy new year to you all.

This example on 5m cable this morning shows how a little patience can be very beneficial. As you can see, three candles formed right on the 13ema, signifying a lot of indecision, before a bearish engulfing candle formed. An aggressive trader would have entered at the next candle perhaps, but the 1.4550 psych-line area had proved a strongish support previously, so a more conservative entry would have been where I've indicated, just under the low of the previous swing low. A very short (5-10m) period of consolidation followed on the 1.4520 psych-line, before another drop to the main 1.4500 psych-line - a good place to exit.
Attached Image
  • #1,548
  • Jan 2, 2009 9:40am Jan 2, 2009 9:40am
Quoting eyevoltage
.....and a very happy new year to you all.

This example on 5m cable this morning shows how a little patience can be very beneficial....
Nice set up EV keep them coming I am right here watching them like a hawk. Looking forward to a year full of pip harvesting
He that is from above is above all.
  • #1,549
  • Jan 5, 2009 2:36am Jan 5, 2009 2:36am
Happy New Year Guys! Just got back home on the 3rd. Great charts EV!

Here's a trade that I just finished with in EURJPY. Traded the breakout of the diagonal channel. .. My exit was a bit early.
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Life is a journey... So is trading.
  • #1,550
  • Jan 5, 2009 2:54am Jan 5, 2009 2:54am
hi ev and fx.

happy new year.

been lurking in your thread for awhile.

great stuff.

love your posts.

please keep them coming.

  • #1,551
  • Jan 5, 2009 3:01am Jan 5, 2009 3:01am
GM - now that I'm at least 20 kilos heavier than last year I'm on my new pips diet for 2009.....

My latest 1 min set up that I use around FO / LO caught this move beautifully......from the Swissy's rally I'm thinking that the Brits bought the Dollar and trashed the Euro....I took partial profits at the 3800 level and closed the remainder in the spike thru the 700 level.....http://www.forexfactory.com/images/icons/icon10.gif
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #1,552
  • Jan 5, 2009 6:07am Jan 5, 2009 6:07am
Quoting Islander
GM - now that I'm at least 20 kilos heavier than last year I'm on my new pips diet for 2009.....

My latest 1 min set up that I use around FO / LO caught this move beautifully......from the Swissy's rally I'm thinking that the Brits bought the Dollar and trashed the Euro....I took partial profits at the 3800 level and closed the remainder in the spike thru the 700 level.....http://www.forexfactory.com/images/icons/icon10.gif
Excellent trade Islander!
Life is a journey... So is trading.
  • #1,553
  • Jan 5, 2009 6:09am Jan 5, 2009 6:09am
Quoting paghandum
hi ev and fx.

happy new year.

been lurking in your thread for awhile.

great stuff.

love your posts.

please keep them coming.

Happy new year too kababayan! .. I hope you could join us here.
Life is a journey... So is trading.
  • #1,554
  • Jan 5, 2009 6:29am Jan 5, 2009 6:29am
.....and great to see you all back again!

Nice trades from fx1 and Islander and welcome to paghandum. Hope you stay awhile, mate!
  • #1,555
  • Jan 5, 2009 6:54am Jan 5, 2009 6:54am
Thanks EV! Nice to see to you too. I'm currently short on EURJPY from 127.20 after a breakdown of a symmetrical triangle. TP is just above the confluence of S1-126.52 and psyche level-126.50. SL is at BE.
Life is a journey... So is trading.
  • #1,556
  • Jan 5, 2009 7:16am Jan 5, 2009 7:16am
Quoting fx1dr3r
Thanks EV! Nice to see to you too. I'm currently short on EURJPY from 127.20 after a breakdown of a symmetrical triangle. TP is just above the confluence of S1-126.52 and psyche level-126.50. SL is at BE.
Yep, I see it, mate. Currently hovering around the 1.2680 psych-line. Nice one!
  • #1,557
  • Jan 5, 2009 7:17am Jan 5, 2009 7:17am
Thanks guys.....after that great move down I took a couple of hours off - I do find it difficult to sit on my hands, so that way I remove any temptation!

I came back to find another clear rejection of a level - this time the 700 - so I took another short - and also in cable as Swissy was heading north again.

Now the confluence of S1 and the 550 level is acting as support, so I've closed out and will wait to see what the New York traders do....

From my higher TF charts I see that we have a the 50% retrace of the December rally at 1.3523 and I also have a fib expansion at 499, so IF there is a pull back into the 600 / 650 area it will be a great area for another short....TWT http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #1,558
  • Jan 5, 2009 7:19am Jan 5, 2009 7:19am
These are from the swissy 1m chart over the last hour and a half or so. Three nice examples of how the 13ema comes in very handy at identifying Trend Continuation opportunities.

Edit: Ignore the times on the bottom of the chart. This broker is GMT-5.
Attached Image (click to enlarge)
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  • #1,559
  • Jan 5, 2009 7:35am Jan 5, 2009 7:35am
Hi guys, lovely trades as always. Have a cracker 2009.
  • #1,560
  • Jan 5, 2009 7:44am Jan 5, 2009 7:44am
Quoting eyevoltage
These are from the swissy 1m chart over the last hour and a half or so. Three nice examples of how the 13ema comes in very handy at identifying Trend Continuation opportunities.

Edit: Ignore the times on the bottom of the chart. This broker is GMT-5.
Hi EV - I'm now using the T3MA from Jungle Lion's thread - I like it because it gives a smoother line, whilst tracking close to price - its here if you'd like to try it......
Attached Image (click to enlarge)
Click to Enlarge Name: jan 5 chf 1m 1300.gif Size: 16 KB
Attached File(s)
File Type: mq4 T3MA.mq4   3 KB | 404 downloads
Trading Levels with WRBs
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