Psych Levels, Pivots, and Trendlines - Resurrected | Page 182 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD

Similar Threads

Adr, psych levels, demand & supply trading 15 replies

Standard Pivots and Fibonnaci Pivots? 9 replies

EUR/USD 5min - Trendlines and Pivots 379 replies

Important psych levels 1 reply

Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies

Attachments: Psych Levels, Pivots, and Trendlines - Resurrected
Exit Attachments

Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,621
  • Aug 21, 2009 4:28am Aug 21, 2009 4:28am
Quoting Yuppie
Thanks again EV.

Wouldn't normally take such a counter-trend trade, but after seeing you trading the same pattern a couple of days ago on the same pair - I thought I'd give it a punt...

(your trade was more with-trend though)
EJ likes fibs so being counter trend if you had the fib level good target for a quickie.
Attached Image (click to enlarge)
Click to Enlarge Name: ej 5 min.gif Size: 24 KB
  • #3,622
  • Aug 21, 2009 4:48am Aug 21, 2009 4:48am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Vantage
EJ likes fibs so being counter trend if you had the fib level good target for a quickie.

Wow... that is a lot of lines...

I've drifted away from Fibs, pivots, etc Vantage.

I have started to find my own stride in watching pure price.

I'm trying it like this for now. I used to have .50 and .00 levels as a must but have even done away with these. P&L will tell all in the end...


Magnus
  • #3,623
  • Aug 21, 2009 5:01am Aug 21, 2009 5:01am
Guys (& gals), I am trying to verify data on different indicators. This morning Islander said his GU pp was at 509. Mine is SDX-TzPivots_v4.1 on Alpari MT4 & shows 519.

Ive also done the calcs on spreadsheet myself for different timeframes. 2.00BST PP is at 510, 00.00 and 22.00 both show 521.

By comparison I set this up on ICM and although the platforms will naturally have slightly different prices, Ive got a 20point disparity in S1 compared to the manual calc using their own HLC !!! Maybe the indi is flawed. Certainly this disparity is too big to use.

Would any of you mind posting your current PP R1 & S1 figures & which indi you are using.

Appreciate your help.
  • #3,624
  • Aug 21, 2009 5:22am Aug 21, 2009 5:22am
Pivot and S1 showing as well as the start time I use, you can compare candles to see where your platform starts. Daily pivots from the pivots indi where you can adjust start times to these and weekly monthly from pivot multitime frame.

This squashed up 5 min does give you a really good idea of how well these pivots work for me.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 5 a.gif Size: 19 KB
Attached File(s)
File Type: ex4 Pivots.ex4   22 KB | 259 downloads
File Type: mq4 Pivot Points Multitimeframe.mq4   45 KB | 359 downloads
  • #3,625
  • Aug 21, 2009 5:25am Aug 21, 2009 5:25am
Quoting Barry Cade
Guys (& gals), I am trying to verify data on different indicators. This morning Islander said his GU pp was at 509. Mine is SDX-TzPivots_v4.1 on Alpari MT4 &...
Barry, my R1 is 6591 and my S1 is 6435 Same indy as yours.
Also, on another chart, I have MultiPivots V2......R1 same.....S1 6434.

Any help?
  • #3,626
  • Aug 21, 2009 5:47am Aug 21, 2009 5:47am
Can't help but say this, I've been focusing heavily on trading trend and bounces from pivots, round numbers etc (all those lines on my charts). Now when I do in 4 days what I typically do in a month I'm prepared to take notice.

It really took a while to sink in, trade with the trend, trade bounces from key points (fibs, pivots, round numbers etc) in that trend.

Thanks to the stalwarts in this thread and Islander for the wonderfully simple concept of trading levels.
  • #3,627
  • Aug 21, 2009 5:51am Aug 21, 2009 5:51am
Quoting eyevoltage
Barry, my R1 is 6591 and my S1 is 6435 Same indy as yours.
Also, on another chart, I have MultiPivots V2......R1 same.....S1 6434.

Any help?
Thx EV. More mystifying. My S1 is at 6462. Miles away. Others though are similar. Ive close & reopened. Same result. Worrying. I will watch how pricing reacts & probably do manual calcs for oil & indices to try & identify the culprit!

Did you buy at failed bounce off PP at 540 or are you waiting for bounce off 50?
  • #3,628
  • Aug 21, 2009 6:14am Aug 21, 2009 6:14am
Quoting Barry Cade
Thx EV. More mystifying. My S1 is at 6462. Miles away. Others though are similar. Ive close & reopened. Same result. Worrying. I will watch how pricing reacts & probably do manual calcs for oil & indices to try & identify the culprit!

Did you buy at failed bounce off PP at 540 or are you waiting for bounce off 50?
You might have the settings different from mine, mate. I'm sure you mentioned summat like that.

Edit: Sorry...forgot to mention that I haven't traded at all today....been too busy with other things....I keep getting a lot of PM's for one thing and they need answering!!!
  • #3,629
  • Aug 21, 2009 6:46am Aug 21, 2009 6:46am
Quoting Vantage
Can't help but say this, I've been focusing heavily on trading trend and bounces from pivots, round numbers etc (all those lines on my charts). Now when I do in 4 days what I typically do in a month I'm prepared to take notice.

It really took a while to sink in, trade with the trend, trade bounces from key points (fibs, pivots, round numbers etc) in that trend.

Thanks to the stalwarts in this thread and Islander for the wonderfully simple concept of trading levels.

Thanks V - when I too just stick with these basics I do much better - even looking at the higher TFs can IMO hinder trading off the lower TFs as we are looking mainly for ~ 50 pip moves and these are only minor pull backs for a higher TF and of little importance - thus the higher TF is largely irrelevent.
Trading Levels with WRBs
  • #3,630
  • Aug 21, 2009 6:53am Aug 21, 2009 6:53am
Quoting Islander
There's plenty of important levels in cable around the 6500 level - todays open at 503, the DP at 519 and the 525 level.....I'm watching the Euro as long as 4300 holds I'm selling cable in the 6500 area......this last € news was more in line with expectations, so lets see if we get pull backs....TWT

I had to go out and now looking at my 15 min chart I see that the 7:30 gmt candle that spiked up above the 6500 level was a wide range solid candle with very high volume - i.e. loads of buying.......the subsequent 3 candles pulled back to the area of the 50% fibo, 475 level AND the 5m 30 ema before taking off - a truly classic retrace and buy signal.....
Trading Levels with WRBs
  • #3,631
  • Aug 21, 2009 7:44am Aug 21, 2009 7:44am
Quoting Islander
even looking at the higher TFs can IMO hinder trading off the lower TFs as we are looking mainly for ~ 50 pip moves and these are only minor pull backs for a higher TF and of little importance - thus the higher TF is largely irrelevent.
This struck me yesterday when I mentioned that 1hr was a gravestone doji. Actually not much relevance as a confirmation would take an hour, & in this type of trading the trades you guys are great at would have disappeared.

Reassuring that the Pip Pirate has this opinion.

I will still continue to use higher TFs for s/r. eg currently GU at 20 day MA & 38% fib from high 5/8 to low 17/8. Todays opening at 50 day ma, so in retrospect with last 2 days being small range bear candles, moving against this today was probably unlikely. But then again, do we care as long as a trend?

Like V said earlier. It will sink in.
  • #3,632
  • Aug 21, 2009 7:56am Aug 21, 2009 7:56am
Quoting Vantage
Pivot and S1 showing as well as the start time I use, you can compare candles to see where your platform starts. Daily pivots from the pivots indi where you can adjust start times to these and weekly monthly from pivot multitime frame.

This squashed up 5 min does give you a really good idea of how well these pivots work for me.
V helpful. Its actually why I want the pivots more accurate than they are & why I created a spreadsheet to calc at different e.o.d. times. At the start of this thread Acumen said he preferred NY close so I have been trying this & comparing to my previous. However when the indicators calculate incorrectly, which they are doing, its a reet bugger, as is indis that calculate Sunday trades for bthe PPs on Mon. Useless!

I used to calculate pps every day for a no. of currencies. Chews up too much time, & I dont like getting up even earlier! I just want consistency.
  • #3,633
  • Aug 21, 2009 9:12am Aug 21, 2009 9:12am
OK guys I'm finished for the week - and in fact the next few weeks as I have a lot of other work to do and little if any time for posting - a great weekend and many pips next week to you all......
Trading Levels with WRBs
  • #3,634
  • Aug 21, 2009 9:15am Aug 21, 2009 9:15am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
OK guys I'm finished for the week - and in fact the next few weeks as I have a lot of other work to do and little if any time for posting - a great weekend and many pips next week to you all......

Thanks again for your posts and insights Islander...

Take it easy...


Magnus
  • #3,635
  • Aug 21, 2009 9:16am Aug 21, 2009 9:16am
Quoting Islander
OK guys I'm finished for the week - and in fact the next few weeks as I have a lot of other work to do and little if any time for posting - a great weekend and many pips next week to you all......
Have a gr8 break & many thx for your help this last 10 days (daze?).
  • #3,636
  • Aug 22, 2009 4:57am Aug 22, 2009 4:57am
Quoting Barry Cade
V helpful. Its actually why I want the pivots more accurate than they are & why I created a spreadsheet to calc at different e.o.d. times. At the start of this thread Acumen said he preferred NY close so I have been trying this & comparing to my previous. However when the indicators calculate incorrectly, which they are doing, its a reet bugger, as is indis that calculate Sunday trades for bthe PPs on Mon. Useless!

I used to calculate pps every day for a no. of currencies. Chews up too much time, & I dont like getting up even earlier! I just want...
Each to his own but I find these pivots opening times to be pretty amazing and would recommend them to anyone. Have a look at the following charts, I hate to use the phrase 'to the pip' but heck this is pretty stunning so if the shoe fits ........... Anyway definitely worth having a go. Its not just the pivots but the fibs based on y's range and prev days high/low, todays open. All work well and can be used from the 1 pivot indi. Why do fibs from y's range work? Probably because all the big boys have them, I've always doubted interday fibs I just can't imagine the big boys drawing fibs on say a 50 pip move to see whats going, much more likely IMO to be working from main levels.

Now thanks to Islander instead of waiting 10-15 pips whatever for a 5 min candle to close buying off the levels has brought a dramatic increase in profitability (especially when following the trend).

Cheers Islander looking forward to your return.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej 5.gif Size: 20 KB
Click to Enlarge Name: ej 2.gif Size: 18 KB
Click to Enlarge Name: ej 3.gif Size: 17 KB
  • #3,637
  • Edited 1:00am Aug 24, 2009 12:58am | Edited 1:00am
Quoting Vantage
..............
V appreciate your help, esp as you were live at the w/end! I am a big believer in PPs & Fibs (& vol) which is how I found this thread. V exciting. I have been fighting the world on my own, so custom indis on MT4 are new to me (since joining thread). Just trying to find ones that I am comfortable with but a bit frustrated with large variations across differnt systems at the mo.

Pivots from y range are new as Ive always used prev major high & lows. Looking at 1 min a la Islander is a big bonus as you can see setups so much earlier, those extra pips are vital when looking for small moves.

What do you mean by 1 pivot indi?
  • #3,638
  • Aug 24, 2009 1:11am Aug 24, 2009 1:11am
V - another point. I have now added your above indi so I can compare on both my systems. I like the idea of weekly & monthly pps. However I did try weekly pps on oil some months ago & only found them of value on Mon/Tues, after which they "wore out".

What is your experience with them?
What periods are they based upon? Rolling 30 day & rolling 7 day?
  • #3,639
  • Aug 24, 2009 1:22am Aug 24, 2009 1:22am
Quoting Barry Cade
What do you mean by 1 pivot indi?
Just that the pivot indi has pivots (daah), t's open and prev days high/low, fibs on y's range all 'in one' indi. Both gu and ej love fibs based on y's range from my experience.

Also as you can change the pivot start time it doesn't matter when your platform starts its day, thats vital for trading UK session.
  • #3,640
  • Aug 24, 2009 1:25am Aug 24, 2009 1:25am
Quoting Barry Cade
V - another point. I have now added your above indi so I can compare on both my systems. I like the idea of weekly & monthly pps. However I did try weekly pps on oil some months ago & only found them of value on Mon/Tues, after which they "wore out".

What is your experience with them?
What periods are they based upon? Rolling 30 day & rolling 7 day?
Sorry can't help on oil never traded it.

Uses calender week/month.
4 traders viewing now