Psych Levels, Pivots, and Trendlines - Resurrected | Page 251 | 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

  • #5,001
  • Apr 21, 2010 4:33am Apr 21, 2010 4:33am
Quoting eyevoltage
Thanks for the congrats, mate, but you're about 30 years too late as far as I'm concerned!

The new arrival is over at Forex007's residence!

Nice to hear from you though! Hope you are keeping well.
One Chart is Worth Ten Thousand Words.
  • #5,002
  • Apr 21, 2010 10:31am Apr 21, 2010 10:31am
Quoting eyevoltage
Thanks for the congrats, mate, but you're about 30 years too late as far as I'm concerned!

The new arrival is over at Forex007's residence!
Well that's kind of what I thought (the 30 year thing...) but then again, my father-in-law was born in the early 1890's and was 65ish when my wife was born....

Congrats to Forex007 then!!!

Now where'd I leave my teeth???
FUBAR...
  • #5,003
  • Apr 21, 2010 10:55am Apr 21, 2010 10:55am
Quoting ak4x
Well that's kind of what I thought (the 30 year thing...) but then again, my father-in-law was born in the early 1890's and was 65ish when my wife was born....

Congrats to Forex007 then!!!

Now where'd I leave my teeth???
Just goes to show, mate. You can't keep a good man down!!
  • #5,004
  • Apr 21, 2010 1:44pm Apr 21, 2010 1:44pm
Quoting ak4x
was 65ish when my wife was born....
That's also true for some people (i.e. they are 65 when their wives are born)

--

Thank you, akx4!
One Chart is Worth Ten Thousand Words.
  • #5,005
  • Apr 27, 2010 12:07pm Apr 27, 2010 12:07pm
Yes, it's me again.
Just thought I'd post these few trades I took during the course of the day.

Number 1 was as a result of the pull-back to the 13/34ema zone, with an exit around the MS2 line as price started pulling back again.
Number 2 was after said pull-back, with this exit as price looked like retreating from the vicinity of the S2 line.
Number 3 was just below the MS3 line after a long period of consolidation before price dropped through the S2 line and pulled back to the 13ema. I exited as price nudged through the S3 line, a bit prematurely, to be honest.

So there we are. Today's activity on 5m cable.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1035.gif Size: 20 KB
  • #5,006
  • Apr 28, 2010 3:32am Apr 28, 2010 3:32am
[quote=eyevoltage;3676111
So there we are. Today's activity on 5m cable.
[/QUOTE]

Nice trades, EV! I can see some change of style (that chart was zoomed out more than your previous ones).

P.S. I cannot see you exact entry points - if you read that Al Brooks' book, you'll find some great examples of such trades with interesting entry timing technique.
One Chart is Worth Ten Thousand Words.
  • #5,007
  • Apr 28, 2010 6:35am Apr 28, 2010 6:35am
Quoting Forex007
Nice trades, EV! I can see some change of style (that chart was zoomed out more than your previous ones).

P.S. I cannot see you exact entry points - if you read that Al Brooks' book, you'll find some great examples of such trades with interesting entry timing technique.
Thanks, mate. No, my style is still much the same, but I had to zoom out so that I could show all trades in one go, so to speak.
I didn't pin-point the entry points, as I think they should be fairly obvious by now to anybody who's read through this thread.
Sorry, mate...."Al Brooks book"? I'm not familiar with this one.
How's the little 'un doing?
  • #5,008
  • Apr 28, 2010 6:57am Apr 28, 2010 6:57am
Quoting eyevoltage
Thanks, mate. No, my style is still much the same, but I had to zoom out so that I could show all trades in one go, so to speak.
I didn't pin-point the entry points, as I think they should be fairly obvious by now to anybody who's read through this thread.
Sorry, mate...."Al Brooks book"? I'm not familiar with this one.
How's the little 'un doing?
Hi EV
I am lurking in your thread not finished yet,but I will.Coul I asked about psych.levels(No).In begining this thread was psych levels,like 20,50,80,then changed to 25,50,75, why that change?Sorry for asking if is explained already somewhere in this thread ,just curios as I reading old posts and also try to keep with new as well.
Thanks in advance for answear.
  • #5,009
  • Apr 28, 2010 7:14am Apr 28, 2010 7:14am
Quoting Fxfighter
Hi EV
I am lurking in your thread not finished yet,but I will.Coul I asked about psych.levels(No).In begining this thread was psych levels,like 20,50,80,then changed to 25,50,75, why that change?Sorry for asking if is explained already somewhere in this thread ,just curios as I reading old posts and also try to keep with new as well.
Thanks in advance for answear.
Hi Fxfighter and welcome.
Don't read too much into the slight variations in the psych-levels. The main ones are xx00 and xx50. Lesser ones are sometimes quoted as xx80 and xx20, and other times as xx75 and xx25. I tend to view these particular variations of xx20/xx25 and xx75/xx80 as "zones" rather than exact points. However, I do stress that this is MY way of viewing psych-lines, mate.
Hope that explains things for you.
  • #5,010
  • Apr 28, 2010 7:42am Apr 28, 2010 7:42am
Quoting eyevoltage
Hi Fxfighter and welcome.
Don't read too much into the slight variations in the psych-levels. The main ones are xx00 and xx50. Lesser ones are sometimes quoted as xx80 and xx20, and other times as xx75 and xx25. I tend to view these particular variations of xx20/xx25 and xx75/xx80 as "zones" rather than exact points. However, I do stress that this is MY way of viewing psych-lines, mate.
Hope that explains things for you.
Thanks EV,
Yes I understood,they are zones and not exactly points.Anaway I don't to take this as price must stop in this zones etc but I can see price reacts. a lot in this zones.
Ones again,thank you your posts specially with charts are great!!!
  • #5,011
  • May 7, 2010 12:22pm May 7, 2010 12:22pm
Hello Traders, i write a Pivot Point EA that could be interesting for you. Read Topic -> http://www.forexfactory.com/showthre...42#post3705542
  • #5,012
  • May 13, 2010 2:21am May 13, 2010 2:21am
Good to have a statutory holiday...

Simple s/r-trading.
Entries and exits as shown with arrows.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 16 KB
Donīt live for working, but work for living.
  • #5,013
  • May 13, 2010 3:51am May 13, 2010 3:51am
Quoting matsf
Good to have a statutory holiday...

Simple s/r-trading.
Entries and exits as shown with arrows.
Nice to see you've not lost your touch, old chap!

Enjoy your holiday.
  • #5,014
  • May 13, 2010 3:55am May 13, 2010 3:55am
Thank you ev !!

And the next one.
Fascinating...

I exited this trade too early, thatīs my mistake again and again...
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 17 KB
Donīt live for working, but work for living.
  • #5,015
  • May 20, 2010 8:13am May 20, 2010 8:13am
Hi everyone, I've been following this thread and first of all I have to say thanks to all the regular contributors, you guys ALMOST make it look easy.

I would like to take a crack at your analysis process and would appreciate the feedback if any of you get a chance.

Here is an example on the 5M EU chart:

Direction - During the London session after the asian close there is a clear downward trend with LHs and LLs. The DP was crossed with very little resistance. I believe there is a strong case for a short.

Entry - First off there is resistance at 1.2350 which leads you to believe that this level is relevant to the market, then the price comes back to bounce this psych level, and you have 3 confluencing factors:
1 - 30 EMA
2 - Trendline
3 - 1.2350

So I believe the experts on here where would say, wait for the price to hit 1.2350 and then come under it, your entry would be placed there.

Stop - I would tuck in the SL behind the previous high at 1.2365

Exit - Your target could be the 1.2325/20 psych levels or 1.2315 which was the low of the session.
Attached Image (click to enlarge)
Click to Enlarge Name: chart_2010-05-20_01.gif Size: 31 KB
  • #5,016
  • May 31, 2010 8:37am May 31, 2010 8:37am
I have a question I hope someone helps me. If we start the day above pivot ,we are looking for long?? Or at "The time" we are above pivot ,we are looking for long??
  • #5,017
  • Jun 7, 2010 12:25pm Jun 7, 2010 12:25pm
Quoting Brb-Fraudin
I have a question I hope someone helps me. If we start the day above pivot ,we are looking for long?? Or at "The time" we are above pivot ,we are looking for long??

I believe the way acumen described it initially is that you relate the daily pivot with the price "at the time".

Which makes sense, right? If you consider that meanwhile you can have events that change the market bias (such as news and beginning/ending of sessions).


SC
  • #5,018
  • Jun 7, 2010 12:35pm Jun 7, 2010 12:35pm
Quoting Brb-Fraudin
I have a question I hope someone helps me. If we start the day above pivot ,we are looking for long?? Or at "The time" we are above pivot ,we are looking for long??
sorry man, I missed this post.

Yes, you are correct..in general. If we start the day and make a move above the pivot point, we are looking for price to make a move back down to the pivot point and go long when it touches or gets close and reverses.
We use confluence and not only pivot points but I would say the pp is the most powerful intra day.
You must keep in mind the longer TF's too of course so one little blip above and we are not going long EU atm..for example
  • #5,019
  • Jun 16, 2010 6:11am Jun 16, 2010 6:11am
Thank you for the help gentle men. Why is it hard to find a simple pivot point indicator same as Acumen using ?? All pivots I download display data for only 1 day with another stuff I don't want and I cant hide!

Is there an indi similar to acumen first posts. I uploaded similar one but it has no labels , and when I edit thickness of pivot line , it resets automatically when I change time frame.
Attached File(s)
File Type: mq4 Auto-Pivot Plotter V1-41.mq4   14 KB | 516 downloads
  • #5,020
  • Jun 23, 2010 7:07am Jun 23, 2010 7:07am
I've had one or two PM's asking about how to use psych-lines.

Basically, psych-lines are used in the same way as any other forms of support or resistance, like pivots, MA's and trendlines.

When price approaches one of these S/R lines, it will do one of a number of things.

1) It will bounce off the S/R and reverse.
2) It will push through the S/R and then reverse.
3) It will drive straight through the S/R.
4) It will push through the S/R and then retrace to test it before continuing
with the trend.
5) It will touch the S/R, retrace a little, and then push through the S/R,
continuing the trend.

Basically, those are the main actions of price at any S/R line, including psych-lines.

In my opinion, using these lines along with candlesticks can be a killer combination. You've got what amounts to pre-ordained support and resistance lines, giving clear points of potential high-probability trades. You've also got candlestick patterns, which, if watched carefully at these lines, will give strong indications of price's next action.

Have a look at the the chart to see what I mean. I didn't take these trades, but they're there to show the possibilities.

The first blue ellipse shows how price is repeatedly pushing against the xx75 psych-line, which is proving to be a very strong resistance. Eventually, price does manage to breach it after a candlestick reversal signal (a doji/hammer) reaches down and touches the 34ema/xx00 psych-line confluence. Entry and exit is clearly indicated.

The second blue ellipse shows how price this time is constantly pushing through and dropping back through the xx00 psych-line. Then, where the arrow is, a candlestick opens ABOVE the line and then closes below it, in effect, straddling the line. This is usually worth watching for the possibility of a bullish move, and on this occasion, turned up trumps. Again, entry and exit as shown.

The third ellipse indicates a very strong confluence formed by a pivot midpoint line and the xx25 psych-line. As can be seen, it proved to be a strong resistance. Eventually, after a three doji retracement, price DID manage to breach the xx25 psych-line, and a possible entry is indicated.

I hope this manages to answer a few questions regarding the use of psych-lines.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd1041.gif Size: 39 KB
27 traders viewing now