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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,241
  • Aug 6, 2009 5:50am Aug 6, 2009 5:50am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
of course ....and I pirated ~30 pips from the bounce off the S2 / 6825 confluence......now for a short siesta.....zzzzzzzzzz

*picks himself up off floor*

Well, what can I say, that's what confidence can do. I am most impressed. Experience will no doubt cast such confidence.

Or perhaps it's the power of coffee and chocolate biscuits?

... *heads out to purchase coffee and chocolate biscuits*
  • #3,242
  • Aug 6, 2009 5:54am Aug 6, 2009 5:54am
Quoting Yuppie
*picks himself up off floor*

Well, what can I say, that's what confidence can do. I am most impressed. Experience will no doubt cast such confidence.

Or perhaps it's the power of coffee and chocolate biscuits?

... *heads out to purchase coffee and chocolate biscuits*
whoops - I forgot to say that I've just been working for the top guy of one of the world's largest chocolate conglomerates.......gotta keep their profits up so that they can pay my Captain's Fees.......
Trading Levels with WRBs
  • #3,243
  • Aug 6, 2009 6:19am Aug 6, 2009 6:19am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
whoops - I forgot to say that I've just been working for the top guy of one of the world's largest chocolate conglomerates.......gotta keep their profits up so that they can pay my Captain's Fees.......

Ah, yes, the S.S. Yum-Yum...
  • #3,244
  • Aug 7, 2009 12:05am Aug 7, 2009 12:05am
GM all - my apologies for this 1 min chart that I've already posted in the 1 min thread - but I know you guys will get the picture

I was busy posting and so missed the last sell signal on the confluence of the 6750 and 150 ema ( 5m 30 ema).....but I mustn't get greedy...I'm learning patience and now keeping more pirated pips in MY bank.....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #3,245
  • Edited 2:13am Aug 7, 2009 12:57am | Edited 2:13am
Keep pip collecting but do be careful today. Lots of important news items so too much emotion & unpredictability. I wont be trading on any FX, indices or oil. Need to let dust settle. Interesting watching PPs & fibs. Checking last night on GBPUSD & oil this morning, daily & 1 hour fibs are more reliable than PPs, but maybe because PPs are more variable due to different times that traders use. I havent yet set mine to what is recommended on this thread.

Having read many of the early pages of this thread I have to quickly say well done to all. Outstanding work & a really good thread. Unlike other threads this seems to be friendly & helpful, & with no personal agendas.

I have been working on PPs for some weeks & have been trying to finalise some 1 hr trades on GBPUSD indices & oil so I dont have to watch the screen every minute.

I have added weekly fibs to forex charts in the last couple of weeks & across all currencies (looking for daily trend indicators) & have been amazed at the correlations, so to find this thread with a bunch of you who are doing the same over intraday scalping is a real bonus.

Many thanks for the early input on candle interpretation. This may be my missing link to timing entries.

Is everyone still on 15 min charts or have you found the need to reduce to 5 min due to the nature of current trading?
  • #3,246
  • Aug 7, 2009 2:39am Aug 7, 2009 2:39am
Quoting Barry Cade
Keep pip collecting but do be careful today. Lots of important news items so too much emotion & unpredictability. I wont be trading on any FX, indices or oil. Need to let dust settle. Interesting watching PPs & fibs. Checking last night on GBPUSD & oil this morning, daily & 1 hour fibs are more reliable than PPs, but maybe because PPs are more variable due to different times that traders use. I havent yet set mine to what is recommended on this thread.

Having read many of the early pages of this thread I have to quickly say well done to all. Outstanding...
Hi Barry

Welcome

As there are no other "regulars" present I'll give you my thoughts.....agreed, its Freaky Friday and NFP too!

The best thread I ever read on PP was by The Dove Alliance a couple of summers ago - he trades exclusively off PP, whereas most here also use the Sweet Spots too. You need to set your pivots for 5pm NY time - there are posts about this in this thread and also the time adjustable indicator.

Personally, I have 15m and 5m charts open on different monitors and around FO / LO drill down to the 1 min as I posted earlier - I also use the Chin Breakout Alarm which is easily set and thus I dont have to watch all the time either!

I do also use fibs, although as they are subjective rather than objective IMO there are of lesser value than PP and SS, so I dont often bother to pull them - my Mk 1 eyeball usually gets the area to within a couple of pips!

Good luck

Islander
Trading Levels with WRBs
  • #3,247
  • Aug 7, 2009 2:51am Aug 7, 2009 2:51am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
Hi Barry

Welcome

As there are no other "regulars" present I'll give you my thoughts.....agreed, its Freaky Friday and NFP too!

The best thread I ever read on PP was by The Dove Alliance a couple of summers ago - he trades exclusively off PP, whereas most here also use the Sweet Spots too. You need to set your pivots for 5pm NY time - there are posts about this in this thread and also the time adjustable indicator.

Personally, I have 15m and 5m charts open on different monitors and around FO / LO drill down to the 1 min as I posted earlier...

Islander,

Which thread did Dove Alliance mainly post in. I remember looking at it some time ago.

I see he started his own thread - is this the one you are referring to?


Magnus
  • #3,248
  • Aug 7, 2009 3:31am Aug 7, 2009 3:31am
Quoting Yuppie
Islander,

Which thread did Dove Alliance mainly post in. I remember looking at it some time ago.

I see he started his own thread - is this the one you are referring to?


Magnus
Yes, the one he started before leaving FF to work with his own group - it was 2 years ago ~ July - I was invited, but unable to join as I was sailing.....by now others may have expanded on his work in other FF threads.....I'm told that this one is useful, but I've not looked at it....Pivot Specifically".......by Jhig
Trading Levels with WRBs
  • #3,249
  • Aug 7, 2009 3:49am Aug 7, 2009 3:49am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Cheers Islander....
  • #3,250
  • Aug 7, 2009 3:55am Aug 7, 2009 3:55am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
S&P trade.

Entered on break of Bearish Engulfing.

Exit at BE (30 mins 'til NFP... and I ain't toying with that thing )


Magnus
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  • #3,251
  • Aug 7, 2009 3:56am Aug 7, 2009 3:56am
Ive been using 5 min H1 & daily for some time. I will start using 15 min as Acumen originally stated that the elephants use these. As they are the main influencers, best to tag along.

Thanks for the PP info. Ive downloaded the files to add to MT but havent added them yet. Good prompt. It will be interesting to compare as Ive not been convinced of pp usefulness on GBP or EURUSD on timeframes less than 1 hr. US close may solve this, although I need to understand more about MT4 technicalities.

Ive been trying to create a system of hourly trading that uses fib & pps as S/R but realise I need to return to trade scalps to keep income up whilst trying to find a reliable trading system that avoids the insanity & stress of minute to minute trading!

Try plotting fibs from a higher timeframe onto your charts. Unbelievably accurate imo. Daily US light oil has traded off 3 this morning. Ive only just started plotting fibs on oil in addition to pp's as my MT4 doesnt include commodities or indices & is an expensive add-on, so have plotted on IG Index account, which whilst not very good, is still useful.

Any ideas on an MT broker/supplier that includes indices & oil for free?
  • #3,252
  • Aug 7, 2009 4:28am Aug 7, 2009 4:28am
Quoting Barry Cade
Any ideas on an MT broker/supplier that includes indices & oil for free?
You could try ICM. I've just checked on my chart, and it offers numerous indices, plus crude, silver, copper, gold and gas. As for Forex, it offers a whole heap of different pairs.

Cheers
  • #3,253
  • Aug 7, 2009 5:08am Aug 7, 2009 5:08am
Quoting eyevoltage
You could try ICM. I've just checked on my chart, and it offers numerous indices, plus crude, silver, copper, gold and gas. As for Forex, it offers a whole heap of different pairs.

Cheers

Thanks for that. I will check out.

Also, whilst you are logged in. many thanks for all your input to this thread. Invaluable. The time and effort you have put in have been brilliant, and your explanations patient & exemplary. You are a star!

Many moons ago you stated you were from M/cr. I guessed that you are now in Cumbria? I am from Sale in S. M/cr, but have been living in Surrey & Sussex for over 20 years now. The weather is better!

Cheers too. Boddingtons would be good.
  • #3,254
  • Aug 7, 2009 5:26am Aug 7, 2009 5:26am
Quoting Barry Cade
Thanks for that. I will check out.

Also, whilst you are logged in. many thanks for all your input to this thread. Invaluable. The time and effort you have put in have been brilliant, and your explanations patient & exemplary. You are a star!

Many moons ago you stated you were from M/cr. I guessed that you are now in Cumbria? I am from Sale in S. M/cr, but have been living in Surrey & Sussex for over 20 years now. The weather is better!

Cheers too. Boddingtons would be good.
Thanks for your nice comments, Barry.......I like to help out, as and when I can.

Yes, I'm an exiled Manc, like yourself. We might have been neighbours, mate, as I'm from Stretford!! What's more, after serving in HM forces back in the 60's, I lived down in Surrey for a few years before moving back oop north again. (West Cumbria). Plus, it seems we're BOTH fans of Boddie's!

Stick around, mate.....some good blokes on here, and yes, it does tend to be quite friendly.

All the best.
  • #3,255
  • Aug 7, 2009 8:35am Aug 7, 2009 8:35am
Blimey EV. I was born there. Lived at the back of cricket ground & went to St Hildas primary school. Left for Sale when I was 7.

Hope youve made some pips today, unless you are just like me, simply watching periodically awaiting the madness to evaporate.
  • #3,256
  • Aug 7, 2009 9:11am Aug 7, 2009 9:11am
Quoting Barry Cade

Any ideas on an MT broker/supplier that includes indices & oil for free?
Apparently odlsecurities also.

Cheers.
  • #3,257
  • Aug 8, 2009 4:36am Aug 8, 2009 4:36am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts


http://lolcat.com/pics/threadlovercat.jpg
  • #3,258
  • Aug 9, 2009 10:23pm Aug 9, 2009 10:23pm
Quoting Vantage
Apparently odlsecurities also.

Cheers.
Much appreciated. I will check out.
  • #3,259
  • Aug 9, 2009 10:24pm Aug 9, 2009 10:24pm
Quoting Yuppie


http://lolcat.com/pics/threadlovercat.jpg
Like it lots
  • #3,260
  • Aug 9, 2009 11:24pm Aug 9, 2009 11:24pm
GM all - half an hour before FO I took a sell as after failing to break above the 6717 earlier high, price broke down under the 30 ema at 6709, exiting on the spike down to the confluence of todays open level and the MS1 level ~ 6670.

Later I bought the spike down to Friday's low ~the 6650 level for a hit and run 15 pips...a nice start to the week.....http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
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