Psych Levels, Pivots, and Trendlines - Resurrected | Page 263 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,241
  • Oct 14, 2010 4:40am Oct 14, 2010 4:40am
EU - still like the look of this to short from here...confluence of FXI pivot R3 and FudoPiv Weekly R3, plus 15min indecision and a retest of the TL from earlier...high counter trend probability, down to the 50 psych perhaps? (Rhetorical).
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  • #5,242
  • Oct 14, 2010 4:54am Oct 14, 2010 4:54am
Quoting sidefx
EU - still like the look of this to short from here...confluence of FXI pivot R3 and FudoPiv Weekly R3, plus 15min indecision and a retest of the TL from earlier...high counter trend probability, down to the 50 psych perhaps? (Rhetorical).
...short EU, 4079..initial sl 4103, 1st tgt 4058.
  • #5,243
  • Oct 14, 2010 5:44am Oct 14, 2010 5:44am
Quoting sidefx
Hi EV, great thread and keen to get to grips with the way you (and others here) trade...i'm currently short EU from this setup, i struggle a bit with exits but i guess that will come with experience...many thanks for your continued posts
Many thanks for your posts and charts. One piece of advice until you get into the swing of it....stick to acumen's mantra.......if price is above the MPL, look only for longs....if below the MPL, look only for shorts. There are times when you will miss what looks like a good trade, but for the time being, stick with the trend. More high-probability than contratrend trades, mate. Look for bounces off the lines in the direction of the current trend....definitely a safer way to trade, IMHO.
Hope this helps.
  • #5,244
  • Oct 14, 2010 5:44am Oct 14, 2010 5:44am
Quoting sidefx
...short EU, 4079..initial sl 4103, 1st tgt 4058.
1st target hit (4058), stops to b/e and next tgt daily R2 (4047).
  • #5,245
  • Oct 14, 2010 5:46am Oct 14, 2010 5:46am
Quoting eyevoltage
Many thanks for your posts and charts. One piece of advice until you get into the swing of it....stick to acumen's mantra.......if price is above the MPL, look only for longs....if below the MPL, look only for shorts. There are times when you will miss what looks like a good trade, but for the time being, stick with the trend. More high-probability than contratrend trades, mate. Look for bounces off the lines in the direction of the current trend....definitely a safer way to trade, IMHO.
Hope this helps.
Great, thx for the advice!...MPL..M??? Pivot Level?
  • #5,246
  • Oct 14, 2010 5:50am Oct 14, 2010 5:50am
Cable from the open........blue squares indicate safest places to trade from. MPL = Main Pivot Line.
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  • #5,247
  • Oct 14, 2010 5:57am Oct 14, 2010 5:57am
Quoting eyevoltage
MPL = Main Pivot Line.
Thank you.
  • #5,248
  • Oct 14, 2010 6:26am Oct 14, 2010 6:26am
Quoting sidefx
1st target hit (4058), stops to b/e and next tgt daily R2 (4047).
Taken profit on final lots @66.
  • #5,249
  • Oct 14, 2010 6:50am Oct 14, 2010 6:50am
Entered this one after the small pull-back to R1 (blue square). Happy to exit just above the mid-point with 14 pips.
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  • #5,250
  • Oct 14, 2010 6:51am Oct 14, 2010 6:51am
Quoting sidefx
Taken profit on final lots @66.
Nicely done, mate!
  • #5,251
  • Oct 14, 2010 2:59pm Oct 14, 2010 2:59pm
hi ev,

thank you for you wonderful posts. it really sheds a new perspective on trading. anyhow, im sure you are aware that support/resistance/pivots can be very subjective and complicated depending on the gmt, broker, etc...

can you please share what you use for your support/resistance/pivot lines? along with, which broker you use?


thank you very much.
  • #5,252
  • Oct 14, 2010 3:36pm Oct 14, 2010 3:36pm
Due to the unpredictablity of my domestic life, I have to trade as and when the opportunity arises. Which is why my posts are sometimes at "strange" sort of times. I have to literally watch the computer "in passing" a lot of the time, and jump in and out as time permits.
Luckily, time permitted this one on the 15m eur/jpy. A really sweet doji forming on a mid-point line followed by a HL caught my attention, and it was all systems go just after the next candle formed. Nearly three quarters of an hour produced less than 20 pips, but nevertheless, a very satisfying trade.
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  • #5,253
  • Oct 14, 2010 3:48pm Oct 14, 2010 3:48pm
Quoting samk090905
hi ev,

thank you for you wonderful posts. it really sheds a new perspective on trading. anyhow, im sure you are aware that support/resistance/pivots can be very subjective and complicated depending on the gmt, broker, etc...

can you please share what you use for your support/resistance/pivot lines? along with, which broker you use?


thank you very much.
You're right about certain lines being subjective, but it's something that I've never really worried about. The pivot indicator I use now is FXI Pivots which changes over at midnight here in the UK, and I'm quite happy with the reaction of the prices of different pairs to the different S/R lines.
As for my broker......I don't use one, mate. I use one of the financial spread-betting firms instead.
If you look at the attachments behind the paper-clip at the top of the page, you'll see the FXI Pivot indicator along with the Pivot Mid-line indicator which I wouldn't be without!
Hope this helps, mate.
  • #5,254
  • Oct 14, 2010 4:09pm Oct 14, 2010 4:09pm
thank you for replying. would you mind sharing these two indi's?

incidentally, you dont use a broker? wow. how and why?

what is the advantage of not using one? and can anyone use one?

thank you very much

quote=eyevoltage;4097450]You're right about certain lines being subjective, but it's something that I've never really worried about. The pivot indicator I use now is FXI Pivots which changes over at midnight here in the UK, and I'm quite happy with the reaction of the prices of different pairs to the different S/R lines.
As for my broker......I don't use one, mate. I use one of the financial spread-betting firms instead.
If you look at the attachments behind the paper-clip at the top of the page, you'll see the FXI Pivot indicator along with the Pivot Mid-line indicator which I wouldn't be without!
Hope this helps, mate.
[/quote]
  • #5,255
  • Oct 14, 2010 4:31pm Oct 14, 2010 4:31pm
Quoting samk090905
thank you for replying. would you mind sharing these two indi's?

incidentally, you dont use a broker? wow. how and why?

what is the advantage of not using one? and can anyone use one?

thank you very much
Click the paper-clip symbol at the top right of the page. You'll see the indicators listed in the box that pops up. You can download from there.

I just prefer spread-betting, mate. Plus, there's no tax involved, because our Government classes spread-betting, whether for sports or financial markets, to be gambling. We no longer have a betting tax over here, so that's the reason I spread-bet my trades.

Spread-betting is legal here in the UK, but in many countries, it's not, and I know that the USA is one place where spread-betting is illegal, so I suspect that it's illegal in Canada as well, but you'll have to check that for yourself, mate.

Hope that helps.
  • #5,256
  • Oct 15, 2010 12:50am Oct 15, 2010 12:50am
Hi EV .
1st post here .
Looked only for short as price was bellow DP (40527) atm.
Saw res. as marked by white arrows bellow DP+4050 confluence.
In addition waited for price to break up TL
But .... stopped out -10
Comments are welcome
Tks
David
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  • #5,257
  • Oct 15, 2010 12:59am Oct 15, 2010 12:59am
Similar than with the EU trade .Looked for short trade.
Saw price failed to stay above mid-level , forming like a DT.
Waited for price to be bellow mid-level and to close bellow the up TL .
Doji off mid-lv + big bearish candle gave me the signal .
Stoped out -14.
David
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  • #5,258
  • Oct 15, 2010 3:57am Oct 15, 2010 3:57am
Quoting david4u
Hi EV .
1st post here .
Looked only for short as price was bellow DP (40527) atm.
Saw res. as marked by white arrows bellow DP+4050 confluence.
In addition waited for price to break up TL
But .... stopped out -10
Comments are welcome
Tks
David
I would have been a bit cautious at that TL break, David. If you look at the candles, it's not a nice strong break-DOWN, but it breaks sideways and then climbs a little, plus, the candles are very small, indicating indecision. I think I'd have stayed out of this one. Wait for the POSITIVE break-downs, or ups, as the case may be.
  • #5,259
  • Oct 15, 2010 4:06am Oct 15, 2010 4:06am
Quoting david4u
Similar than with the EU trade .Looked for short trade.
Saw price failed to stay above mid-level , forming like a DT.
Waited for price to be bellow mid-level and to close bellow the up TL .
Doji off mid-lv + big bearish candle gave me the signal .
Stoped out -14.
David
Yes, the doji and the bearish candle are usually good indications of a nice reversal. However, because that strong bearish candle straddled the TL, it would have been prudent to wait for some sort of confirmation of a bearish move before entering, mate. Of course, hindsight is a wonderful thing, and sometimes one can miss these things. The lesson here is to wait for some sort of confirmation before jumping in. The idea was good, David, but it's the little things that can come back and bite you in the arse!!
Hope this helps.
  • #5,260
  • Oct 18, 2010 3:49am Oct 18, 2010 3:49am
Missed the earlier lh's as shown. We did get the lh move at 5874 exit +24 when move below 5850 level stalled.

Posted elsewhere but thought you'd like the simplicity of this one.
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