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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,281
  • Aug 10, 2009 4:36am Aug 10, 2009 4:36am
Quoting eyevoltage
Nice trade, although as you say, a CT. Were you knocking around earlier, around 8.15am, for that beautiful shooting-star? That formed right inside the 13/34 ema zone and you can see the result! I don't monitor the indices, but I might in future!
Not sure of significance of 13/34ema but will watch if they work for you. Tip of star also hit the 100ema. I have been monitoring Dax for a few weeks to collect some pips on 1 hr tradesat 8, 13.00 & 15.00. Need to be careful as it moves quickly at 8-9.00gmt & can retrace. Usually makes 10-30 pips once moved out of high/low of 7.00am bar. My conclusion is that Trade direction needs to be in sync with FTSE &/or Wall St, otherwise it could burn. It DOESNT need to be in direction of 20 or 50 EMAs & can crash through at this time. It does however tend to retrace back to high/low when in a trend before taking off.

I wasnt watching this morning as tied up with car problem.
  • #3,282
  • Aug 10, 2009 5:12am Aug 10, 2009 5:12am
Quoting Barry Cade
Not sure of significance of 13/34ema but will watch if they work for you. Tip of star also hit the 100ema. I have been monitoring Dax for a few weeks to collect some pips on 1 hr tradesat 8, 13.00 & 15.00. Need to be...
Thanks for the info, mate. I only commented on the DAX because of Yuppie's involvement with it......I never check the indices out, preferring to stick with Forex.
The 13/34ema combo is something which, for me, works quite well, especially on GU and EJ. It was actually Islander who put me on to the 34ema many moons ago, and I added the 13ema to it.
That's the beauty of all these little "aids".......you can sort of throw them up in the air, and see what happens. Sometimes (most times,obviously), the result is crap, but the odd time brings a sort of "Ah-HA!!" moment, as you probably know.
Hope your car problem's sorted now, mate.
  • #3,283
  • Aug 10, 2009 5:56am Aug 10, 2009 5:56am
Thx. Car sorted. More a logistics issue & a partner who was late for work & short of fuel!!!

Interesting that you trade EJ. I did some quick work last week as I thought a Jap cross would be good to trade as big movements & probably better in afternoons here in Sceptered (now sceptic) Isle ? or is that just my acidic Manc humour? Broker margin at IG is only 2 on EU but 3 on U & 6 on G, so EU looked least risky for scalping.

What has been your experience using these PP Psych & fib principles, & why did you choose EJ?
  • #3,284
  • Aug 10, 2009 6:33am Aug 10, 2009 6:33am
Quoting Barry Cade
Thx. Car sorted. More a logistics issue & a partner who was late for work & short of fuel!!!

Interesting that you trade EJ. I did some quick work last week as I thought a Jap cross would be good to trade as big movements & probably better in afternoons here in Sceptered (now sceptic) Isle ? or is that just my acidic Manc humour? Broker margin at IG is only 2 on EU but 3 on U & 6 on G, so EU looked least risky for scalping.

What has been your experience using these PP Psych & fib principles, & why did you choose EJ?
That's your acidic Manc humour, mate, but I know what you mean.........just don't get me started on the UK of today. You'll be here forever!

I watch 3 pairs, mate. EU, GU and EJ, but of the three, I prefer EJ, with GU a close second. I can't seem to get away with EU, for some reason....it just doesn't seem to work well with me. I watch it, but rarely trade it.

As far as spreads are concerned.....I don't use a broker as such....I prefer to spread bet, because we're permitted to do that here in the UK. The company I use, has spreads of 2 on each of my pairs, so that's pretty good. I also like the EJ because the action is very similar to GJ but with smaller spreads and therefore smaller risk.

My experience with PP, Psych-lines and Fibs can literally be summed up by just scanning through my posts on this thread. Acumen's principles were a revelation to me, and as a result, his K.I.S.S mantra has become my guiding light.

Hope that answers your questions, mate?
  • #3,285
  • Edited 7:37am Aug 10, 2009 7:15am | Edited 7:37am
I guess you guys will have seen the Higher (OK only by 2 pips!) Low off todays S1 level.....I've taken a small long and am waiting to see IF Swissy drops under its 800 level and Euro holds above its 4200 level.....both will help this trade, so lets hope the early NY guys agree.....

Edit: they didnt - so I reversed to a short when the 30 ema broke.....
Trading Levels with WRBs
  • #3,286
  • Aug 10, 2009 7:24am Aug 10, 2009 7:24am
Thx for the info. Much appreciated. We could have a right old rant together, & bore everyone else. In fact I wanted to change my handle from Barry.. (as in barricade) to rantmeister, but it would have meant logging in again as new member.

Not just ranting about UK but having studied markets, I now suspect all sorts of conspiracies to cover up Gvmt economic lies & suspect US Gvmts manipulation of markets via Wall St cronies in megabanks to bleed the system (who should have been allowed to evaporate rather than being supported...no coincidence, & nor is it that they quoted mega profits. Who made the mega losses then?). Anyway... best to trade in same direction & small timeframes!

I use IG as I only spread bet. Looks like they are being greedy on some currencies. Cant complain as their platform is SO much better than the others.

Ive just added your MT4 settings that I downloaded from an old link in Trading for a Living.

A couple of questions if I may.
1) how do I adjust times for the PP calculation?
2) what is "use H1H2L1L2"?
3) what does changing from "false" to "true" achieve?
4) if there is a quick answer what are fib pivots?

I now know what M1 etc refers to! I know these as S or R0.5, 1.5 etc. Helps me understand everyone!
  • #3,287
  • Aug 10, 2009 7:53am Aug 10, 2009 7:53am
Quoting Islander
I guess you guys will have seen the Higher (OK only by 2 pips!) Low off todays S1 level.....I've taken a small long and am waiting to see IF Swissy drops under its 800 level and Euro holds above its 4200 level.....both will help this trade, so lets hope the early NY guys agree.....

Edit: they didnt - so I reversed to a short when the 30 ema broke.....

I closed after both Euro and Swissy spiked to mid pivot levels and cable didnt quite make it down to its MS2 ~6575......but still a new low for today....
Trading Levels with WRBs
  • #3,288
  • Aug 10, 2009 8:14am Aug 10, 2009 8:14am
Quoting Barry Cade
Thx for the info. Much appreciated. We could have a right old rant together, & bore everyone else. In fact I wanted to change my handle from Barry.. (as in barricade) to rantmeister, but it would have meant logging in again as new member.

Not just ranting about UK but having studied markets, I now suspect all sorts of conspiracies to cover up Gvmt economic lies & suspect US Gvmts manipulation of markets via Wall St cronies in megabanks to bleed the system (who should have been allowed to evaporate rather than being supported...no coincidence,...
1) I assume you want to experiment with different GMT +/- readings. If so, then double-click the "0" and make it, for example -5 or +2, or whatever time zone you want.
2) "use H1H2L1L2" is for when you want to use Camarilla Pivots, which I won't go into here......far too involved. Google it for more info. Until you find out what they're all about, leave them alone for now.
3) If you double-click "false" or "true", you'll get a little drop down menu with those two words on. You can choose which one you want with regard to whether you want that particular display on your chart or not.
4) As far as fib pivots are concerned, again, they're too much to go into here. As before, Google them and see what you can find. You can, of course, experiment by making them "true" and seeing how they compare with ordinary pivots. You might find you prefer them....some people do.

Hope that helps, mate.
  • #3,289
  • Aug 10, 2009 9:10am Aug 10, 2009 9:10am
Quoting eyevoltage
1)...
Big help thx. May look up fib pivots as I strongly believe in fib's.

Are you on -5 then to coincide with US close? If so, how do you manage Mondays as the calcs will take into consideration weekend trading & small ranges? eg the PPs on my chart are very close together using -5 & many bars take up the full range between PPs.

Also, as my MT4 is on Euro time, it is 1hr ahead. Struggling to get brain around effects. Do I therefore need to make an additional 1 hr adjustment?

Funnily enough, my current pps have proved good S/r points today, but in the past I havent noticed a close correlation.

Really like the display box showing current & prev days range. Ive wanted that info for some time! Highly recommended for anyone new to trading.
  • #3,290
  • Aug 10, 2009 9:26am Aug 10, 2009 9:26am
Quoting Barry Cade
Big help thx. May look up fib pivots as I strongly believe in fib's.

Are you on -5 then to coincide with US close? If so, how do you manage Mondays as the calcs will take into consideration weekend trading & small ranges? eg the PPs on my chart are very close together using -5 & many bars take up the full range between PPs.

Also, as my MT4 is on Euro time, it is 1hr ahead. Struggling to get brain around effects. Do I therefore need to make an additional 1 hr adjustment?

Funnily enough, my current pps have proved good S/r points today, but...
I keep my setting at GMT. I use two MT4 platforms to monitor what's going on, one of which is GMT+2 and the other GMT. Seriously, the difference between prices is so insignificant, it's not worth worrying over. You can really do your head in trying to cover all variables, mate, so I decided quite a while ago to stop buggering about with the settings and just leave them. Not the purist's view, I know, but WTF, it works for me!
  • #3,291
  • Aug 10, 2009 10:01am Aug 10, 2009 10:01am
ok thx
Gotta do what works.

Today GMT working.
  • #3,292
  • Aug 10, 2009 10:58am Aug 10, 2009 10:58am
Hi all,

Today my first trade, GU, on H1 channel down, than i looked for a possible entry to short cable on M5, it was on a bearish engulfing pattern 6620 and after a second bearish engulfing pattern again at 6631 , i just exit now at psych levels 6500...
i used M5 for my entry but for hold my position like this, i used the candles pattern on M15.
Attached Image (click to enlarge)
Click to Enlarge Name: trade 070709 n20.gif Size: 25 KB
Trade with the momentum
  • #3,293
  • Aug 10, 2009 3:13pm Aug 10, 2009 3:13pm
Quoting eyevoltage
1)...
I don't know about Camarilla Pivots but Fib Pivots are easy to understand if you have ever used a fib extension. In a nutshell if you draw a fib extension you have three points to identify. The high the low and where want to extend from. The high and low are yesterday's high low and you extend from today's pivot point. To get extensions in the opposite direction draw from low to high and extend from the pivot.
  • #3,294
  • Aug 11, 2009 12:35am Aug 11, 2009 12:35am
Quoting Tigertron
I don't know about Camarilla Pivots but Fib Pivots are easy to understand if you have ever used a fib extension. In a nutshell if you draw a fib extension you have three points to identify. The high the low and where want to extend from. The high and low are yesterday's high low and you extend from today's pivot point. To get extensions in the opposite direction draw from low to high and extend from the pivot.
Thanks for that. I will experiment.

Interesting that yesterdays low was at a 38% weekly fib 6427 (from high of 4/11/07) & bounced upto 6512 at 2am gmt where it is a 50% fib from low of 8/7/09 & also 76% at 6506 from low 30/7.
  • #3,295
  • Aug 11, 2009 1:05am Aug 11, 2009 1:05am
GM all - I'm short off this last failed attempt on the 6500 level - also a Lower High....the high was a red spinning top with increased volume...

Looking at the 15 min chart its interesting to see how the S/R levels since yesterday's low close to the 6425 SS have all been around other Sweet Spots....http://www.forexfactory.com/images/icons/icon12.gif------lol, guess where I'll be looking to TP....
Trading Levels with WRBs
  • #3,296
  • Aug 11, 2009 1:25am Aug 11, 2009 1:25am
Quoting Islander
GM all - I'm short off this last failed attempt on the 6500 level - also a Lower High....the high was a red spinning top with increased volume...

Looking at the 15 min chart its interesting to see how the S/R levels since yesterday's low close to the 6425 SS have all been around other Sweet Spots....http://www.forexfactory.com/images/icons/icon12.gif------lol, guess where I'll be looking to TP....

I agree. Looks a good trade but Im not in at moment as volumes are v low. If this is another lower high, I think you will be proved right & have a win
  • #3,297
  • Aug 11, 2009 1:31am Aug 11, 2009 1:31am
600 pip drop in 3 days, we all know the trend is your friend but how much further can we go without some decent correction.

For now we seem to be struggling at todays open and M pivot around 6475, I'll go with the flow but wouldn't be surprised to see some move up before further falls.

Of course I could be wrong .......................... wouldn't be the first time.

If we do go up a little and turn good places could be W S1 at 6533 or 50% y's range at 6574, we'll see.
  • #3,298
  • Aug 11, 2009 1:32am Aug 11, 2009 1:32am
Quoting Barry Cade
I agree. Looks a good trade but Im not in at moment as volumes are v low. If this is another lower high, I think you will be proved right & have a win
My first TP has already been hit and I've just sold again on the second spike towards the 6500 level.....a higher vol ~ shooting star
Trading Levels with WRBs
  • #3,299
  • Aug 11, 2009 1:36am Aug 11, 2009 1:36am
Quoting Vantage
600 pip drop in 3 days, we all know the trend is your friend but how much further can we go without some decent correction.

For now we seem to be struggling at todays open and M pivot around 6475, I'll go with the flow but wouldn't be surprised to see some move up before further falls.

Of course I could be wrong .......................... wouldn't be the first time.

If we do go up a little and turn good places could be W S1 at 6533 or 50% y's range at 6574, we'll see.
Sorry a chart for that.

No trades for me as yet Islander.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 1 b.gif Size: 13 KB
  • #3,300
  • Aug 11, 2009 1:50am Aug 11, 2009 1:50am
Quoting Islander
My first TP has already been hit and I've just sold again on the second spike towards the 6500 level.....a higher vol ~ shooting star
Well done. Theres too many contrary indicators across different timescales for me at the mo. All weak. Like V, I would rather wait until out of this small consolidation range & find a trend
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