Could you post your template, please; or tell which colours you used for background and candles. That combo looks great!
Psych Levels, Pivots, and Trendlines - Resurrected
- #2,521
- Apr 28, 2009 12:12pm Apr 28, 2009 12:12pm
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #2,522
- Apr 28, 2009 12:21pm Apr 28, 2009 12:21pm
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
I tend to set it to display the MM levels calculated from an hourly point of view and then trade those areas using 5 or 15m price action.
That particular hammer was kind of floating around in the middle so I wouldn't have traded it - however the next hammer that came along (see attached chart) pierced the xx80 psych level and would have been good for a quick counter-trend move back down to the 4/8 MM level (or down to the xx50 psych level, in a more traditional sense)....
As for the hammers (?Shooting Stars? - EV, could you help me out here please) - that's where I jumped the gun too early; I then took the 2nd one for the reasons you described
One Chart is Worth Ten Thousand Words.
- #2,523
- Apr 28, 2009 12:23pm Apr 28, 2009 12:23pm
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
One Chart is Worth Ten Thousand Words.
- #2,524
- Apr 28, 2009 12:26pm Apr 28, 2009 12:26pm
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
This template just includes the psych-lines, so if you want the Pivot Points, you can add them yourself. I have my screen split in half - top and bottom - with this template and psych-lines on top, and this template and moving averages on the bottom. That way, the charts don't get all clogged up with lines, and it's easy to just check above and below. The hardest work is flicking one's eyes up and down!! How hard can that be?
Greatly appreciated!Well, you saw some of my charts - I still have one "master template" ones where I can see ANYTHING of what I may want to see
Puts NASA's Space Centre to shame 
Not that I am proud of it - in fact, lately I am using more and more 2-3 diff. charts per pair per TF so that I can see just one "point of view" 
One Chart is Worth Ten Thousand Words.
- #2,525
- Apr 28, 2009 12:32pm Apr 28, 2009 12:32pm
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
This template...
One Chart is Worth Ten Thousand Words.
- #2,526
- Apr 28, 2009 12:33pm Apr 28, 2009 12:33pm
- Joined Nov 2008 | Status: You must obey the dance commander | 2,038 Posts
Thanks, Dan, that makes sense. I checked out - there is indeed a multi-TF version of MML which does what you said (i.e. takes into consideration SRs of any given TF).
As for the hammers (?Shooting Stars? - EV, could you help me out here please) - that's where I jumped the gun too early; I then took the 2nd one for the reasons you described
Dan
- #2,527
- Apr 28, 2009 2:55pm Apr 28, 2009 2:55pm
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #2,528
- Apr 29, 2009 1:10am Apr 29, 2009 1:10am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
How's things in sunny Russia?
- #2,529
- Apr 29, 2009 1:38am Apr 29, 2009 1:38am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
- #2,530
- Apr 29, 2009 2:55am Apr 29, 2009 2:55am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
- #2,531
- Apr 29, 2009 3:34am Apr 29, 2009 3:34am
How's things in sunny Russia?
Good morning everybody!
Sunny Russia? u must be kidding
.. sounds just like sunny Britain - comes same rare, esp here in the Urals.. The day before yest we had 5 short snowfalls during the day.. we say "yes, we had summer this year, but that day i was working"
check this out
- #2,532
- Apr 29, 2009 3:49am Apr 29, 2009 3:49am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Hey EV! Seems i quit seconds before
Good morning everybody!
Sunny Russia? u must be kidding
we say "yes, we had summer this year, but that day i was working"
check this out
Yeah, I must have just missed you.....I woke up early, couldn't get back to sleep, so I got up. I guess I'll suffer for it later!
- #2,533
- Apr 29, 2009 3:55am Apr 29, 2009 3:55am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
Here's the info I think you're after, Forex007......
Edit: Sorry about buggering up the start of the info, mate. I'm still not used to this Jingo thingy! Anyway, it's just referring to Candle 1, and I'm saying that, as far as I know, it doesn't have a designated name.
) star! Jingy - it takes a bot to get used to it, then you wonder how you did without it
One Chart is Worth Ten Thousand Words.
- #2,534
- Apr 29, 2009 4:04am Apr 29, 2009 4:04am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
One Chart is Worth Ten Thousand Words.
- #2,535
- Edited 4:20am Apr 29, 2009 4:07am | Edited 4:20am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
Hey EV! Seems i quit seconds before
Good morning everybody!
Sunny Russia? u must be kidding
we say "yes, we had summer this year, but that day i was working"
check this out
Nice ones.Also, note the Health and Safety hazard - unless that black "cable" running above the ground is a watering hose (for making ice skate rink, I guess).
One Chart is Worth Ten Thousand Words.
- #2,536
- Apr 29, 2009 4:18am Apr 29, 2009 4:18am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Islander touched a very good subject. Many "indicators" - such as Fibo, MM, MAs etc - have self-fulfilling prophecy. E.g. Fibo lines only work because many traders worldwide draw, see and use them; that's it, there is no magic or some hidden power behind Fibo numbers. If ALL traders stopped using Fibos, those levels will stop working (as they will cease to exist on all the charts).
Now that many brokers introduced the 5th decimal, let's start spreading the rumours that xx007 is THE level to watch. Just kidding, of course, but if that's what...
- #2,537
- Apr 29, 2009 4:25am Apr 29, 2009 4:25am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
By "traders", I'm assuming you're referring to the BIG boys who, quite literally, move millions (sometimes billions) of pounds per trade? It's not the likes of us that influence markets, with, let's face it, a few quid here and a few quid there. We ride on the back of those huge market forces. It's THEM that choose to observe the S/R lines that we hold so dear. Yes, if they stopped observing those lines, we'd quite possibly be up the proverbial creek!
That's why some hedge funds were shadowing housewives' trades at the peak of carry trade period.
But surely, the BIG BOYS are the one how move the market. However, FX is too big to be (easily) manipulated - and each BIG BOY has its own agenda, so "pooling" is not a frequent event.
One Chart is Worth Ten Thousand Words.
- #2,538
- Apr 29, 2009 4:42am Apr 29, 2009 4:42am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
The value of foreign currencies traded online by private Japanese citizens, including [007: mainly!] housewives, averaged $9.1 billion a day — almost a fifth of all foreign exchange trading worldwide during trading hours in Tokyo.
