Psych Levels, Pivots, and Trendlines - Resurrected | Page 131 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #2,601
  • May 6, 2009 4:50am May 6, 2009 4:50am
Quoting eyevoltage
On my screen, I have 6 charts; 2 each of gbp/usd, eur/usd and eur/jpy. Three of them are set up as a pivot point display, and the other three are set up as a psych-line display. The point is that no screen is overloaded with all sorts of lines, so that if I'm in a trade using psych-lines, I can keep an eye on what's happening regarding the pivot point situation, and vice-versa.
With regard to your question......yes, the doji was situated sort of straddling the psych-zone, but the chart below showed it as forming just above the S2 line. If price...
Excellent explanation, EV, thank you VERY MUCH!! Precise, practical and logical. I like you "keep it simple" approach (a lot)!

When you say "chart with psych-lines", do you mean an indi which draws the lines at xx20 and xx80? Which one is that?
One Chart is Worth Ten Thousand Words.
  • #2,602
  • May 6, 2009 5:08am May 6, 2009 5:08am
Quoting Forex007
Excellent explanation, EV, thank you VERY MUCH!! Precise, practical and logical. I like you "keep it simple" approach (a lot)!

When you say "chart with psych-lines", do you mean an indi which draws the lines at xx20 and xx80? Which one is that?
I'm attaching the Sweetspot indicator I use, mate. You can customise it any way you please, and I've found it to be very useful. Some of the default readings are xx33 and xx66, but I just changed them to 25 and 75.
Hope this helps!
Attached File(s)
File Type: mq4 SDX-SweetSpots_v5.2.mq4   12 KB | 358 downloads
  • #2,603
  • May 6, 2009 5:17am May 6, 2009 5:17am
Quoting eyevoltage
I'm attaching the Sweetspot indicator I use, mate. You can customise it any way you please, and I've found it to be very useful. Some of the default readings are xx33 and xx66, but I just changed them to 25 and 75.
Hope this helps!
Muy gracias!
One Chart is Worth Ten Thousand Words.
  • #2,604
  • May 6, 2009 6:58am May 6, 2009 6:58am
Quoting Forex007
Excellent explanation, EV, thank you VERY MUCH!! Precise, practical and logical. I like you "keep it simple" approach (a lot)!

When you say "chart with psych-lines", do you mean an indi which draws the lines at xx20 and xx80? Which one is that?
007, is it your kids in front of the screen today? u sounded just like u never heard of psych zones and u r a newbie to FX and FF
  • #2,605
  • May 6, 2009 7:47am May 6, 2009 7:47am
...this seems to hv become a pattern
now on hourly charts..
again that ornamental symmetrical head..
can it be called a H&S at all with such distrophic shoulders?
Attached Image (click to enlarge)
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  • #2,606
  • May 6, 2009 7:55am May 6, 2009 7:55am
Quoting coaster
...this seems to hv become a pattern
now on hourly charts..
again that ornamental symmetrical head..
can it be called a H&S at all with such distrophic shoulders?
Change over to a line chart, and it's probably a small double-bottom. Seeing as it's all closing prices on there, the DB is probably nearer the truth.
Just my opinion, of course.
  • #2,607
  • May 6, 2009 8:04am May 6, 2009 8:04am
Quoting eyevoltage
Change over to a line chart, and it's probably a small double-bottom. Seeing as it's all closing prices on there, the DB is probably nearer the truth.
Just my opinion, of course.
very much so...
did u trade anything apart from euryen today, EV?
i tried to play a fibo trade in cbl but unsusseccfully..
off topic.. isn't this ridiculous that they get so excited abt unemployment fig being -495 instead of -645 expected?
  • #2,608
  • May 6, 2009 8:13am May 6, 2009 8:13am
Quoting coaster
very much so...
did u trade anything apart from euryen today, EV?
i tried to play a fibo trade in cbl but unsusseccfully..
off topic.. isn't this ridiculous that they get so excited abt unemployment fig being -495 instead of -645 expected?
No, eur/jpy only today so far, mate. I considered entering a trade on the 15m eur/usd earlier, but I had one eye on the news, and the possible impact it would have, so I stayed out. Pity, really, 'cos it ended up going in the direction I thought it would anyway! Oh well, them's the breaks.
Re your comment about employment figures.......ridiculous or not, the consequences of the figures published have the potential to lose the likes of us a lot of money, so one has to be alert at all times!!
  • #2,609
  • May 6, 2009 8:25am May 6, 2009 8:25am
Quoting coaster
007, is it your kids in front of the screen today? u sounded just like u never heard of psych zones and u r a newbie to FX and FF
Mine is too young for trading yet (one year next week).

I was not sure what EV meant, i.e. whether he drew the level by hand or had then drawn via indi.
One Chart is Worth Ten Thousand Words.
  • #2,610
  • May 6, 2009 8:57am May 6, 2009 8:57am
This trade followed a classic little pull-back from the psych-line, before continuing downwards. The black line signifies the support line I needed price to get under before entering the trade. The target was always going to be the 20/25 psych-zone, and I bailed out as price started reversing (and before the news at 15.00).
Attached Image
  • #2,611
  • May 6, 2009 9:18am May 6, 2009 9:18am
Quoting eyevoltage
This trade followed a classic little pull-back from the psych-line, before continuing downwards. The black line signifies the support line I needed price to get under before entering the trade. The target was always going to be the 20/25 psych-zone, and I bailed out as price started reversing (and before the news at 15.00).
EV (what's "Eyevoltage", btw?) - what was more important with that trade: psych level or confirming PA (Bearish Engulfing)?
One Chart is Worth Ten Thousand Words.
  • #2,612
  • May 6, 2009 1:23pm May 6, 2009 1:23pm
Quoting Forex007
EV (what's "Eyevoltage", btw?) - what was more important with that trade: psych level or confirming PA (Bearish Engulfing)?
Definitely the psych-line. There had been two pushes down through the xx50 psych-line which had both been rejected. I therefore reasoned that if there was another push down, and it was strong enough to pierce the lows of the two previous candles, then there was every chance it would keep on going downwards. Happily, that's what happened. To be honest, I never took the "bearish engulfing candle" into consideration, purely and simply because I considered it irrelevant as it didn't occur at the top of a move.

As for my username..........it's a play on words from a track by the best damn rock 'n' roll band in the world.

"AC/DC !!!!"

  • #2,613
  • May 6, 2009 1:37pm May 6, 2009 1:37pm
Quoting eyevoltage
Definitely the psych-line. There had been two pushes down through the xx50 psych-line which had both been rejected. I therefore reasoned that if there was another push down, and it was strong enough to pierce the lows of the two previous candles, then there was every chance it would keep on going downwards. Happily, that's what happened. To be honest, I never took the "bearish engulfing candle" into consideration, purely and simply because I considered it irrelevant as it didn't occur at the top of a move.

As for my username..........it's a...
Thank you, EV, for the explanation.

AC/DC - I always thought they were heavy metal, but here's what Wikipedia says: "Although the band are commonly classified as hard rock, and considered pioneers of heavy metal, they have always classified their music as "rock and roll".

Did you get to see them live?
One Chart is Worth Ten Thousand Words.
  • #2,614
  • May 6, 2009 6:17pm May 6, 2009 6:17pm
Quoting Forex007
Thank you, EV, for the explanation.

AC/DC - I always thought they were heavy metal, but here's what Wikipedia says: "Although the band are commonly classified as hard rock, and considered pioneers of heavy metal, they have always classified their music as "rock and roll".

Did you get to see them live?
Unfortunately, no. However, my youngest lad went to see them last week in Birmingham, where they were headlining with The Answer as support.
I've been a big fan since the 70's when they formed. They just get better and better, IMHO. Yes, they've always considered themselves to be pure rock 'n' roll, and that's just the way their fans like them!
  • #2,615
  • May 7, 2009 1:31am May 7, 2009 1:31am
I was an early bird today and so caught the higher low before FO and then watched as price stopped at the confluence of yesterday's high and the 5150 level.....I then sold and took more pips on the drop to the 5125 area.....http://www.forexfactory.com/images/icons/icon12.gif

BOE and ECB rates announcements later this morning, so at last we may get some volatility back into the market....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #2,616
  • May 7, 2009 4:13am May 7, 2009 4:13am
A small ascending triangle initiated this trade. Entry was delayed until the xx50 psych-line had been broken, and exit was as price started retreating from the xx00 psych-line. My initial target was the 75/80 psych-zone, but price sailed right through.
Attached Image
  • #2,617
  • Edited 9:53am May 7, 2009 8:52am | Edited 9:53am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Thought this was interesting. Don't really drill down to the 1-min (anymore )

But this shows how candle action can work even on the 1-min.

The picture explains it - ***.20, harami, etc...

The MAs seem to be holding well also.


Magnus
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  • #2,618
  • May 7, 2009 10:23am May 7, 2009 10:23am
Quoting eyevoltage
A small ascending triangle initiated this trade. Entry was delayed until the xx50 psych-line had been broken, and exit was as price started retreating from the xx00 psych-line. My initial target was the 75/80 psych-zone, but price sailed right through.
One Chart is Worth Ten Thousand Words.
  • #2,619
  • Edited 6:04am May 8, 2009 6:02am | Edited 6:04am
Good morning chaps,

I've been scalping GBPUSD this morning for a few pips here and there prior to the news release later on today. I've also started using the xx20 and xx80 psych lines, which so far I haven't really paid much attention to.

Attached are a couple of trades from this morning...

The first is long above the bullish engulfing candle that closed above 1.5020 - traded up to the 1.5050/pivot area.

The second trade was short below the shooting star that closed below 1.5050 - traded down to the 1.5020 area.

The third trade was a (not perfect) hammer, long back up to 1.5050 - didn't quite make it there so closed out at 1:1 (seemed to be a bit of a battle going on so I decided to stop that one short - in profit though!).

Edit: PS... Since posting the 1.5050 target was hit!
Attached Image (click to enlarge)
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  • #2,620
  • May 8, 2009 7:38am May 8, 2009 7:38am
Buy buy buy above this freaking huge hammer!!!!




Just kidding!
Attached Image (click to enlarge)
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