Psych Levels, Pivots, and Trendlines - Resurrected | Page 194 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #3,861
  • Sep 16, 2009 3:36am Sep 16, 2009 3:36am
Quoting bksujal
hey guys i had this question for all of u who trade pivots do u really follow the principle if price is below the central pivot then short and vice versa if above central pivot?
Like Barry Cade says, same do same dont.

I prefer do that, but if i get strong signal, i don't

If I do, i say this trade "textbook trade"
  • #3,862
  • Sep 16, 2009 3:39am Sep 16, 2009 3:39am
Quoting masut
This indi from acumen.
Ironic that we are on his thread! If I remember, this indi doesnt have facility to change time of close? Anyway, I will try it.
  • #3,863
  • Sep 16, 2009 3:42am Sep 16, 2009 3:42am
Quoting bksujal
hey masut thnx for posting i was looking for tht. Am gonna start rading with pivots seeing how successful a tool it is for many traders.
u're welcome.
Acumen says many big dog trader use pivot like this.

Prefer attach this indicator at MT4 broker demo that NY close as open day like Alpari or MIG.
  • #3,864
  • Sep 16, 2009 3:46am Sep 16, 2009 3:46am
Quoting masut
This indi from acumen.
Thanks

@ bksujal .... personally, I pay more attention to the action of the 30 ema as a filter for my trades rather than a blanket "long above and short below the DP" and even with the 30ema, it has to be ignored in sideways chop - i.e. when its flatish like this morning.

So far today, its clearly "Sell the 6500 area" - and I just did again in that news spike http://www.forexfactory.com/images/icons/icon12.gif - and "Buy the 6450 area"

The problem is that this is "subjective trading" and it does taken a few thousand hours to learn.....http://www.forexfactory.com/images/icons/icon11.gif
Trading Levels with WRBs
  • #3,865
  • Sep 16, 2009 3:46am Sep 16, 2009 3:46am
Quoting Barry Cade
Ironic that we are on his thread! If I remember, this indi doesnt have facility to change time of close? Anyway, I will try it.
)

Maybe becauze acumen never posting again in this thread.
I saw he use this indicator to scalp at 1min TF.
  • #3,866
  • Sep 16, 2009 3:50am Sep 16, 2009 3:50am
Quoting Islander
Thanks

The problem is that this is "subjective trading" and it does taken a few thousand hours to learn.....http://www.forexfactory.com/images/icons/icon11.gif
I'll try with you as mentor here...
  • #3,867
  • Sep 16, 2009 3:51am Sep 16, 2009 3:51am
Quoting eyevoltage
An early one for me on 5m cable after a Bullish Piercing Pattern formed smack on the xx50 psych-line. Strictly speaking, going long UNDER the Pivot isn't usually recommended, but I waited to see if price would head above the high of the BPP candle. Once it did, I was in, and then out again after price started retreating back to S2. A good start to the day.
Hi EV, I noticed on this chart u did not take into account any of the EMAs(13&34), how often do u do this?and what informed this decision.

Thanx always
He that is from above is above all.
  • #3,868
  • Sep 16, 2009 3:52am Sep 16, 2009 3:52am
Quoting Islander
Thanks

@ bksujal .... personally, I pay more attention to the action of the 30 ema as a filter
What time frame 30 ema?

Just 5min or higher too
  • #3,869
  • Sep 16, 2009 3:57am Sep 16, 2009 3:57am
Quoting masut
What time frame 30 ema?

Just 5min or higher too
Just on the 5m - or a 150 if you ever drop down to the 1 min - the simplest rule is "buy when price is above the 5m 30 ema and sell when its under it" .....its very good at picking up the pull backs - just look at my earlier chart and that textbook sell at the grey circled red arrow - confluence with the 6475 sweet spot too!
Trading Levels with WRBs
  • #3,870
  • Sep 16, 2009 4:04am Sep 16, 2009 4:04am
Quoting masut
u're welcome.
Acumen says many big dog trader use pivot like this.

Prefer attach this indicator at MT4 broker demo that NY close as open day like Alpari or MIG.
Agreed, IMO it can only be used on brokers like these working on GMT +2 - i.e. European Time.....
Trading Levels with WRBs
  • #3,871
  • Sep 16, 2009 4:08am Sep 16, 2009 4:08am
Quoting masut
u're welcome.
Acumen says many big dog trader use pivot like this.

Prefer attach this indicator at MT4 broker demo that NY close as open day like Alpari or MIG.
I use Alpari on one of my computers. Ive added it to EU. Positions od indis is slightly different to the ones I am happiest with but its interesting to see prev pivots.

Having been prompted yesterday by your trades to look again at other currencies, I returned last night to some of my previous trading, with overnight setups on more than 20 currencies. These had stopped working on a sufficiently consistent basis. However, by plotting PPs rather than prev days highs & lows, & trading off bounces from these, they have worked blindingly well today. 5 out of 6 setups have worked really well. The other hasnt reached pp yet. EJ and UJ were 2 of these. Acumens pivots will make these easier to interpret.
  • #3,872
  • Sep 16, 2009 4:12am Sep 16, 2009 4:12am
OK - good pips banked so I'm taking a break till the plethora of US news starting at 8:30 edt - a little over 3 hours......BFN
Trading Levels with WRBs
  • #3,873
  • Sep 16, 2009 4:21am Sep 16, 2009 4:21am
Quoting pipaholic67
Hi EV, I noticed on this chart u did not take into account any of the EMAs(13&34), how often do u do this?and what informed this decision.

Thanx always
Yeah, there are times when I use them, and times when I don't. In this particular instance, I didn't use them because I was trading off a reversal on a psych-line and nothing else.
To be honest, MA's can sometimes cloud the issue, and at times like that, it's best to drop them. Other times, they can zero one in to a great trade. So what I do is NOT have them on the screen until a situation arises when they MIGHT improve one's judgement.
I know it probably sounds complicated, but I felt at one time I was becoming a slave to them, so now I prefer to use a bit of trader's discretion where MA's are concerned.
Hope that answers your question, mate.
  • #3,874
  • Sep 16, 2009 4:41am Sep 16, 2009 4:41am
Quoting Barry Cade
Acumens pivots will make these easier to interpret.
  • #3,875
  • Sep 16, 2009 4:54am Sep 16, 2009 4:54am
I've been reading the various comments re the FXI Pivots.

Personally, I like this indy, but the only time I use it is for backtesting. I use MultiplePivotsV2 to accompany my trading, as they give me the option of using Mid-Points, whereas FXI Pivots don't. IMO, Mid-Points are essential, as they've proved to me time and time again how powerful they are from the number of times that price has reacted to them.

If FXI Pivots had the facility of adding Mid-Points, I would use them all the time, but they don't, so I don't!
  • #3,876
  • Sep 16, 2009 5:04am Sep 16, 2009 5:04am
Quoting eyevoltage
I've been reading the various comments re the FXI Pivots.

Personally, I like this indy, but the only time I use it is for backtesting. I use MultiplePivotsV2 to accompany my trading, as they give me the option of using Mid-Points, whereas FXI Pivots don't. IMO, Mid-Points are essential, as they've proved to me time and time again how powerful they are from the number of times that price has reacted to them.

If FXI Pivots had the facility of adding Mid-Points, I would use them all the time, but they don't, so I don't!
I know you use Mid-point with success. Many trader used M point like Ak4x and cobrafx (20 and 80 psycho level). Usually they use TF below 15min.
  • #3,877
  • Sep 16, 2009 5:16am Sep 16, 2009 5:16am
Quoting masut
I know you use Mid-point with success. Many trader used M point like Ak4x and cobrafx (20 and 80 psycho level). Usually they use TF below 15min.
It seems that I'm in esteemed company, then! Can't go wrong if one follows those guys!
  • #3,878
  • Sep 16, 2009 5:29am Sep 16, 2009 5:29am
Quoting eyevoltage
I've been reading the various comments re the FXI Pivots.

Personally, I like this indy, but the only time I use it is for backtesting. I use MultiplePivotsV2 to accompany my trading, as they give me the option of using Mid-Points, whereas FXI Pivots don't. IMO, Mid-Points are essential, as they've proved to me time and time again how powerful they are from the number of times that price has reacted to them.

If FXI Pivots had the facility of adding Mid-Points, I would use them all the time, but they don't, so I don't!

Ive seen mid pivots as "reactive points" on so many currencies & to a lesser dgree on indexes, that they are essential.
  • #3,879
  • Sep 16, 2009 7:12am Sep 16, 2009 7:12am
My post in the VSA thread.....

I hope that others have noticed that the three highest volume 15 min candles in cable have all be shooting stars - i.e. they had long upside wicks above their bodies....thus plenty of suppy in the 6500 - 525 area.....it remains to be seen if this was profit taking / position squaring before the US data at 8:30 edit or if it was position building......Time Will Tell

So I sold the lower high at the retest of the 6525 level and took partials at the 6500 level, holding the remainder till nearer the news.....

Edit:.....my apologies to EV for some liberty in my candlestick definitions.....
Trading Levels with WRBs
  • #3,880
  • Sep 16, 2009 7:21am Sep 16, 2009 7:21am
Quoting Islander
My post in the VSA thread.....

I hope that others have noticed that the three highest volume 15 min candles in cable have all be shooting stars - i.e. they had long upside wicks above their bodies....thus plenty of suppy in the 6500 - 525 area.....it remains to be seen if this was profit taking / position squaring before the US data at 8:30 edit or if it was position building......Time Will Tell

So I sold the lower high at the retest of the 6525 level and took partials at the 6500 level, holding the remainder till nearer the news........

More closed at the 475 level, last portion still open......
Trading Levels with WRBs
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