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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,301
  • Oct 29, 2010 8:11am Oct 29, 2010 8:11am
Hello Eyevoltage

Have been reviewing my trading strategy for EU and GU and realised that I had been neglecting pivot points which is a shame because they served me so well in the early days.

Have done a quick search here on FF and to be honest, they seem to come in for a bit of a kicking. I realise that you like them, and if I look back on the charts EU in particular seems to work with them well.

Any views?
  • #5,302
  • Oct 29, 2010 9:18am Oct 29, 2010 9:18am
I forgot to ask do you use UK time pivots 12.00-12.00?

Cheers
  • #5,303
  • Oct 29, 2010 2:14pm Oct 29, 2010 2:14pm
Quoting reflex
Hi EV

Can you help me out by telling me what you would have done here please.

On GU we came down to a key area (two previous H1 swing highs) and around the DP.
I was short at the time from the wedge Breakout pullback on the 15min LH but was watching for PA to confirm exit of trade I didn't want to exit without PA confirmation on this trade incase 15880-70 area couldn't hold as support becasue next stop for me was 15825.

The exit signal was the bull flag breakout (blue line) but the reason I didn't go long at the bull flag breakout was becasue...
Sorry for the delay, Reflex, but I was out all afternoon....domestic chores.....you know the score!!

I tend to trade what I see, mate, or not, as the case may be. I'm only interested in what's happening on the TF I'm on, so I wouldn't have been aware of what you saw on the 1H chart. The flag was just a retrace to the MPP before setting off north again, so yes, I probably would have taken it. How long I would have stayed in is another question. The following consolidation would probably have seen me off with a BE, to be honest!

Hope that makes sense, mate. Have a good weekend.


Edit: Yes, my pivots change at midnight, mate.
  • #5,304
  • Oct 29, 2010 2:28pm Oct 29, 2010 2:28pm
Quoting Delite
Hello Eyevoltage

Have been reviewing my trading strategy for EU and GU and realised that I had been neglecting pivot points which is a shame because they served me so well in the early days.

Have done a quick search here on FF and to be honest, they seem to come in for a bit of a kicking. I realise that you like them, and if I look back on the charts EU in particular seems to work with them well.

Any views?
It's true that there are traders on FF who criticize Pivot Points. There are others who slag Candlestick patterns off, and yet others who think that Fibonacci numbers are just a load of rubbish. Nothing will ever change their minds, which is fair enough, but you mustn't accept what they say until you've personally tried these different things out.
The only way to judge a methodology is to get it up on the screen and put some study time in. If at the end of your studying and analysis, you're not convinced, then that's fair enough. You can then move onto something else.
Bottom line......try them out, give them a chance, look at lots of charts that other traders post and see what their results are like.

Once you find something that works for YOU, then you're on your way, regardless of what others might tell you.
Good luck.
  • #5,305
  • Oct 29, 2010 2:59pm Oct 29, 2010 2:59pm
Quoting eyevoltage
Sorry for the delay, Reflex, but I was out all afternoon....domestic chores.....you know the score!!

I tend to trade what I see, mate, or not, as the case may be. I'm only interested in what's happening on the TF I'm on, so I wouldn't have been aware of what you saw on the 1H chart. The flag was just a retrace to the MPP before setting off north again, so yes, I probably would have taken it. How long I would have stayed in is another question. The following consolidation would probably have seen me off with a BE, to be honest!

Hope that makes...
Thanks alot EV makes perfect sense.

In hindsight the area we were at on the H1 was a great place for longs along with the possible LO fakeout down to the DP this should have been enough for me to ignore the H1 and go with the 15min.

Have a good weekend and cya next week.

Cheers.
Reflex.
  • #5,306
  • Oct 29, 2010 7:42pm Oct 29, 2010 7:42pm
EV hey buddy sorry not been able to post for a while, Ive been trying out pivot points in the Indian Stock Market and it works 80%!
  • #5,307
  • Nov 1, 2010 6:57am Nov 1, 2010 6:57am
Hi EV

I just took 17pips on this one a flag breakout target was only 85 becasue I have no idea on direction Gu will take today.

I'm trading the 15min now I think 5min was to fast for a new trader like me I am finding it alot more relaxing more time to think ect.

Cheers
Reflex.
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  • #5,308
  • Edited 7:08am Nov 1, 2010 7:05am | Edited 7:08am
Quoting reflex
Hi EV

I just took 17pips on this one a flag breakout target was only 85 becasue I have no idea on direction Gu will take today.

I'm trading the 15min now I think 5min was to fast for a new trader like me I am finding it alot more relaxing more time to think ect.

Cheers
Reflex.
Nice one, mate. 1.6085 is just above the R1 line on my chart. As for direction, price has been ranging between R1 and the mid-point line since the start of play. The start of the NY session will give us more clues, but I'd be surprised if it went much higher than it's done this morning.

Edit: Not to mention the news coming out at 12.30pm.....forgot to mention that!
  • #5,309
  • Nov 1, 2010 7:10am Nov 1, 2010 7:10am
Quoting eyevoltage
Nice one, mate. 1.6085 is just above the R1 line on my chart. As for direction, price has been ranging between R1 and the mid-point line since the start of play. The start of the NY session will give us more clues, but I'd be surprised if it went much higher than it's done this morning.
Cheers EV my pivots point indicator Never does the correct pivots on a monday I use igindex advanced charts so I have no idea where they are today. I could calculate them myself but not sure form what times 12pm thursday- 12pm sunday?

I also just took a short under the IB off the 75 level LH failed flag breakout.

Cheers

Edit: just closed that trade to be safe had no idea there was news out at 12.30 thanks for the warning.
  • #5,310
  • Nov 1, 2010 7:29am Nov 1, 2010 7:29am
Quoting reflex
Cheers EV my pivots point indicator Never does the correct pivots on a monday I use igindex advanced charts so I have no idea where they are today. I could calculate them myself but not sure form what times 12pm thursday- 12pm sunday?

I also just took a short under the IB off the 75 level LH failed flag breakout.

Cheers

Edit: just closed that trade to be safe had no idea there was news out at 12.30 thanks for the warning.
Keep an eye on FF's calendar page, mate. Most advisable.

Edit: Forgot to ask....how is it that your PP indicator doesn't do the correct readings on a monday? Trying to work around PP lines without knowing exactly where they are is asking for trouble, mate. Hope you don't mind my comments, but it's a bit risky, mate.
  • #5,311
  • Edited 7:50am Nov 1, 2010 7:36am | Edited 7:50am
Quoting eyevoltage
Keep an eye on FF's calendar page, mate. Most advisable.

Edit: Forgot to ask....how is it that your PP indicator doesn't do the correct readings on a monday? Trying to work around PP lines without knowing exactly where they are is asking for trouble, mate. Hope you don't mind my comments, but it's a bit risky, mate.
Haha I do every morning I just realized why I didn't think there was news I forgot the clocks went back so the news I thought was coming at 13.30pm was actually like you said at 12.30pm.

Thanks again.

I have no idea why it doesn't work when I put them on I get this on a monday Chart below.
I like to have them on so I know why prices are stoping somewhere or where they are likey to stop but they aren't involved in my trading plan at the moment they are more something I'm watching
So at the moment not having them on wouldn't affect my trading.

Forgot to say if you think that posting examples without pivots on is getting away from the point of the thread to much than I'm happy to only post examples involving pivots.

Cheers
Reflex.
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  • #5,312
  • Nov 1, 2010 8:07am Nov 1, 2010 8:07am
I was waiting for price to drop through the Main Pivot Line before considering an entry. The blue rectangle shows how price shortly retraced on the MPL before finally starting to drop. Entry as indicated, and the exit point was because, quite simply, I got fed up of waiting for it to drop any further! I thought it would at least get down to the mid-point line, but I lost patience with it in the end and bailed out.
Attached Image
  • #5,313
  • Nov 1, 2010 8:11am Nov 1, 2010 8:11am
Quoting reflex

Forgot to say if you think that posting examples without pivots on is getting away from the point of the thread to much than I'm happy to only post examples involving pivots.

Cheers
Reflex.
Well, whilst your charts are always welcome, mate, the thread is, as you infer, about working around pivot points, so any further examples of your PP trading
would be valuable additions.
  • #5,314
  • Nov 1, 2010 8:26am Nov 1, 2010 8:26am
Quoting eyevoltage
Well, whilst your charts are always welcome, mate, the thread is, as you infer, about working around pivot points, so any further examples of your PP trading
would be valuable additions.

No problem EV.

Cheers.
  • #5,315
  • Nov 2, 2010 3:42am Nov 2, 2010 3:42am
15m EU.

A bullish piercing pattern formed on the 34ema and the Main Pivot Line confluence. Entry and exit as shown.
Attached Image
  • #5,316
  • Nov 2, 2010 6:28am Nov 2, 2010 6:28am
Hi EV, inspired by your posts mate, thank you. Do you fancy the latest EU setup off the median pivot?...actually probably too close to R1?
  • #5,317
  • Edited 6:56am Nov 2, 2010 6:36am | Edited 6:56am
Quoting sidefx
Hi EV, inspired by your posts mate, thank you. Do you fancy the latest EU setup off the median pivot?...actually probably too close to R1?
With a pair of tweezer bottoms and the bull candle having strong momentum, who knows? TWT.



Edit: At present, getting held up by the xx75 psych-line.
  • #5,318
  • Nov 2, 2010 7:29am Nov 2, 2010 7:29am
A bullish flag formed right across the R1 line. Entry and exit as shown. These are simple set-ups that occur time and time again. Dead simple.
Attached Image
  • #5,319
  • Nov 2, 2010 7:31am Nov 2, 2010 7:31am
Hi eyevoltage,

I am also in the UK using Aplari UK. What pivots our you using. There our so many out there.
  • #5,320
  • Nov 2, 2010 7:38am Nov 2, 2010 7:38am
Quoting ukcool
Hi eyevoltage,

I am also in the UK using Aplari UK. What pivots our you using. There our so many out there.
I use the FXI Pivots along with a Pivot Mid-Level indicator. Both are in the attachments section (click on the paper-clip....top right of page).
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