Psych Levels, Pivots, and Trendlines - Resurrected | Page 264 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,261
  • Oct 18, 2010 4:20am Oct 18, 2010 4:20am
Quoting Vantage
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.
Very nice, mate. Thanks for that. Demonstrates my personal mantra very nicely.

LESS IS MORE!

  • #5,262
  • Oct 19, 2010 2:12am Oct 19, 2010 2:12am
Simple support and resistance in cable.
What else do you need ?

s/r @65, entry at 55, exit at 30
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Donīt live for working, but work for living.
  • #5,263
  • Oct 19, 2010 2:26am Oct 19, 2010 2:26am
Quoting matsf
Simple support and resistance in cable.
What else do you need ?

s/r @65, entry at 55, exit at 30
Hello, me old mate. Nice to see you again. Lovely chart and nice trade. Any chance of some more in the near future?
Hope all is well with you and yours.
  • #5,264
  • Oct 19, 2010 2:41am Oct 19, 2010 2:41am
The next s/r-zone in cable is @40.
But e/u and g/u īs greater trends are long,
so iīll be careful with this now.
Weīll see whatīs happening with price action.
Might go long, if s/r-level breaks ?
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Donīt live for working, but work for living.
  • #5,265
  • Oct 19, 2010 3:39am Oct 19, 2010 3:39am
hello house,i took a short earlier on gbpusd this morning,i went short at 1.5852 and closed at 1.5827,baged in 25 pips,i think thats something,i got out of my short on eurusd.I am still with the buyers on this 2 pairs but i am looking at the weekly for both pairs,if this week candle can close or breach 1.3974,then i can start thinking serious sell,for gbpusd,i just hope this week can close below 1.5983,hence, i am still with the buyers in this pairs. I think i will also like to say this,recently i discovered that the psychology of trading is much more important than anyother thing when it comes to trading.when i say the psychology i mean,patience,your emotions,greed and stuffs.I used to take money from people to trade before,i used to make loads of losses but recently i started with what i can lay my hand on,and i tell you i have been doing fine,you know,when i used to trade for people,i am always anxious and curios for nothing,always having it at the back of my mind that i have to deliver and at the end of it all,loads of losses but now,i trade for myself,most times i take two trade or a trade or sometimes i just stay away from the market depending on the rythm,and i discovered in the last 3 weeks,i have taken 15 trades,13 were positive and 2 just negative. I think thats a lot of credit,and i came to the conclusion that psychology is so important in trading.Just feel i should share this and i hope it helps someone. Positive pips to you all this week.
  • #5,266
  • Oct 19, 2010 5:58am Oct 19, 2010 5:58am
Morning, folks.
Cable threw up these possibilities earlier today.....three of them before I managed to crawl out of bed, but I managed to grab something from the last one.
As you can see, watching a pull-back and drawing a small TL can reap benefits. Just connect the swing low to the next HL and then just wait and see. The chart says it all, really.
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  • #5,267
  • Oct 19, 2010 6:26am Oct 19, 2010 6:26am
15m cable again with another trade in the same vein as last time.
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  • #5,268
  • Oct 19, 2010 6:41am Oct 19, 2010 6:41am
I went the other way by trading swissy on the pullback to the fib 50 line. old resistance, and the moving averages.
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  • #5,269
  • Edited 8:05am Oct 19, 2010 7:47am | Edited 8:05am
Quoting mdowd
I went the other way by trading swissy on the pullback to the fib 50 line. old resistance, and the moving averages.

Nice trade, mate......which MA's are you using? A lovely set-up for that last one!
  • #5,270
  • Oct 19, 2010 8:17am Oct 19, 2010 8:17am
I didn't take this one due to being called away from the computer, but it's a nice example of a symmetrical triangle, which usually indicates a trend continuance. Always worth looking out for. I like looking for TL patterns, as they've proved to be very effective.
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  • #5,271
  • Oct 19, 2010 9:02am Oct 19, 2010 9:02am
Using your old moving averages
  • #5,272
  • Oct 19, 2010 3:29pm Oct 19, 2010 3:29pm
Quoting Musashi
as far as i'm concerned eu is pointing down right now...
Hi Musashi,

I see you are using range bars. I've tried some options for generating range bars in metatrader but nothing quite satisfactory yet.

would you kindly attach your range bar indicator/script/ea and the red/blue indicator that appears on your chart.

Thank you.
cheers.
  • #5,273
  • Oct 19, 2010 5:11pm Oct 19, 2010 5:11pm
Quoting acumen
If you are interested on how I trade this system check out this link.

http://www.thefxpivotpoint.com/Videos.htm

Download the Pivot Point System and give it a look. (Be patient - small pipe)

Nothing novel.

It's all 'out there' - I simply combine the three when I trade.
acumen,

I've just started with reading the thread.
The video referred to by you in your quoted post #2 is missing at that link.
Kindly give me the currently valid link so that I can follow the system better.

Or, if you have a written document explaining your trading approach, that would be fine too.

Keep up the good work.

Thanks.
Cheers.
  • #5,274
  • Oct 19, 2010 6:51pm Oct 19, 2010 6:51pm
Quoting pgd
acumen,

I've just started with reading the thread.
The video referred to by you in your quoted post #2 is missing at that link.
Kindly give me the currently valid link so that I can follow the system better.

Or, if you have a written document explaining your trading approach, that would be fine too.

Keep up the good work.

Thanks.
Cheers.

As far as I know, the link you quoted to acumen's videos is now permanently disabled. However, he posts videos on a regular basis on YouTube. If you get on YouTube, and do a search for "thefxpivotpoint" (his username), you'll find all his videos on this subject. There's currently 58 (I think) very informative videos to watch.

Go here to watch the first one......

Inserted Video


  • #5,275
  • Oct 20, 2010 10:43pm Oct 20, 2010 10:43pm
Quoting eyevoltage
As far as I know, the link you quoted to acumen's videos is now permanently disabled. However, he posts videos on a regular basis on YouTube. If you get on YouTube, and do a search for "thefxpivotpoint" (his username), you'll find all his videos on this subject. There's currently 58 (I think) very informative videos to watch.

Go here to watch the first one......

http://www.youtube.com/watch?v=mS7yZxnZH9Q

eyevoltage,

Thanks.

I watched that video. it's on money management and trade management. I will watch the others one by one as I find time.

however, what I am looking for right now, is a set of rules that are applicable to the trades being taken in this thread. I'd like to set those rules into an unambiguous checklist and use it for making entries. that way, nothing of importance is missed out plus the checklist will help build a useful trade log for post trade analysis to detect slips and eliminate them in future.

I realise that s/r levels, candle reversal patterns, pivots, psyche levels etc. are being applied to assess upcoming direction of price but it's still not coming together for me in a logical and exhaustive sequence. perhaps, it's because I do not share the trained eye of people like yourself and others here. I should think some others who are following this thread have the same difficulty.

It would benefit all if you kindly compile and put up a set of rules / checklist that one should follow. then, even the trades being posted will lead to a better understanding for readers like me and the effort you are so selflessly putting in will impart so much more benefit.

thanks again.
cheers.
  • #5,276
  • Oct 21, 2010 1:23am Oct 21, 2010 1:23am
Quoting pgd
eyevoltage,

Thanks.

I watched that video. it's on money management and trade management. I will watch the others one by one as I find time.

however, what I am looking for right now, is a set of rules that are applicable to the trades being taken in this thread. I'd like to set those rules into an unambiguous checklist and use it for making entries. that way, nothing of importance is missed out plus the checklist will help build a useful trade log for post trade analysis to detect slips and eliminate them in future.

I realise that s/r levels,...
Don't forget trend lines and EV pretty much looks for those patterns in a trend eg good angle and separation on ema's although those seem to have gone for now.
  • #5,277
  • Oct 21, 2010 2:29am Oct 21, 2010 2:29am
Quoting Vantage
Don't forget trend lines and EV pretty much looks for those patterns in a trend eg good angle and separation on ema's although those seem to have gone for now.
vantage,

what's EV?
thanks
  • #5,278
  • Oct 21, 2010 2:34am Oct 21, 2010 2:34am
Quoting pgd
vantage,

what's EV?
thanks
The man - eyevoltage!!
  • #5,279
  • Oct 21, 2010 2:36am Oct 21, 2010 2:36am
Quoting pgd
Hi Musashi,

I see you are using range bars. I've tried some options for generating range bars in metatrader but nothing quite satisfactory yet.

would you kindly attach your range bar indicator/script/ea and the red/blue indicator that appears on your chart.

Thank you.
cheers.
I don't think he can, its a paid for product that cannot be freely distributed.
  • #5,280
  • Oct 21, 2010 4:22am Oct 21, 2010 4:22am
Quoting pgd
eyevoltage,

Thanks.

I watched that video. it's on money management and trade management. I will watch the others one by one as I find time.

however, what I am looking for right now, is a set of rules that are applicable to the trades being taken in this thread. I'd like to set those rules into an unambiguous checklist and use it for making entries. that way, nothing of importance is missed out plus the checklist will help build a useful trade log for post trade analysis to detect slips and eliminate them in future.

I realise that s/r levels,...
Thanks for the post. Acumen's original method was based around pivot points, psych-lines and trendlines, as you're aware. During the life of this thread, various people have demonstrated how they adapt this style to their own way of trading. I have to admit that along the way, I've tried using his method from different perspectives i.e. trading only pivots, trading only psych-lines, introducing a couple of EMA's into the equation and seeing how that turned out etc etc.
The one constant in all this experimenting was candlestick patterns and, to an increasing extent lately, price patterns.
Just lately, I've been using only pivot points and mid-points to trade, along with trendlines. I'm not putting psych-lines on the charts, but rather just being aware of them in a given situation. Having taken EMA's off for a while, I'll probably put them back on, because there's no doubt as to their value in showing the current price direction and coming in handy for additional points of S/R.
As we're all aware, nobody knows what price is going to do next. So with this method, it's a watch and wait situation. Seeing a possible opportunity developing and waiting to see if comes to fruition, according to your own specifications.
To sum up, acumen's method is basically: look for longs when price is above the Main Pivot Point, and look for shorts when price is below the MPP. After that, it's all about price action around the different S/R levels that you've set down on your chart and acting accordingly.
I hope this makes sense to you, mate, and I do urge you to watch acumen's videos on YouTube.
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