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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,401
  • Nov 22, 2010 3:24pm Nov 22, 2010 3:24pm
Quoting shiko
No EV, I am actually in Canada. I am up late when London opens , LOL. Have been trading this way for about a year.

I was actually referring to Vantage's post, mate. He's in South Africa. You'll be around 5 hours behind the UK, right?
  • #5,402
  • Nov 22, 2010 3:25pm Nov 22, 2010 3:25pm
Quoting Vantage
You can have a look at this pivots indi it has an adjustable start time. If you are trading London anything starting in and around midnight gmt will work well.

You can use the PP multitime for W and M pivots, especially weekly pivots also important.
Thank you Vantage, I am actually trading Oanda, so, software is not very useful. I have always been drawing pivots manually, but after reading posts here i have no idea if I am actually trading right pivot points.
Could you guys have a look at those 2 sites I have posted. Which one is correct for London time?
  • #5,403
  • Nov 22, 2010 3:26pm Nov 22, 2010 3:26pm
Quoting Vantage
Hi EV
Got a late call and couldn't sleep, security guys in estate where we stay saw gate was open and phoned. Big storm must have stuffed something up. Scared about going jogging in 4 and half hours time no doubt. Got up and made some tea. So I'm off again now.

Off topic do you know how Everton did against Sunderland??
Draw.....2-2

Everton scores first....Sunderland scored twice and the Toffees got a late equalizer.
  • #5,404
  • Nov 22, 2010 3:27pm Nov 22, 2010 3:27pm
Quoting eyevoltage
I was actually referring to Vantage's post, mate. He's in South Africa. You'll be around 5 hours behind the UK, right?
I guess that's correct. I am getting up at 2:00 a.m. EST here which is Frankfurt open time to have some coffee and check where the price is and all s/r areas around and get ready for London open. London open here is 3:00 a.m. EST so, I guess it is 5 hours difference.
  • #5,405
  • Nov 22, 2010 3:30pm Nov 22, 2010 3:30pm
Quoting shiko
Thank you Vantage, I am actually trading Oanda, so, software is not very useful. I have always been drawing pivots manually, but after reading posts here i have no idea if I am actually trading right pivot points.
Could you guys have a look at those 2 sites I have posted. Which one is correct for London time?
Thanks EV for score.

Shiko 9pm gmt is fine, anything from there would be fine. 9-11 pm I mean.

I would suggest you consider a mt4 demo to make use of feebie stuff thats available for charts and you can trade from Oanda if you like. Loading fibs manually ouch!
  • #5,406
  • Nov 22, 2010 3:30pm Nov 22, 2010 3:30pm
Quoting shiko
I guess that's correct. I am getting up at 2:00 a.m. EST here which is Frankfurt open time to have some coffee and check where the price is and all s/r areas around and get ready for London open. London open here is 3:00 a.m. EST so, I guess it is 5 hours difference.
So you'll be what? Toronto area?
  • #5,407
  • Nov 22, 2010 3:34pm Nov 22, 2010 3:34pm
Quoting Vantage
Thanks EV for score.

Shiko 9pm gmt is fine, anything from there would be fine. 9-11 pm I mean.

I would suggest you consider a mt4 demo to make use of feebie stuff thats available for charts and you can trade from Oanda if you like. Loading fibs manually ouch!
I am always with Oanda, but checks S/R areas and draw Fibs on MT4. So, I still do not get it. Should I use pivots as per Action Forex or Mataf?
You probably mean that both Action Forex and Mataf is ok?
I just moved to very small live account which I always trade when things go not so good or I am doing something new. Real money is not same as demo
  • #5,408
  • Nov 22, 2010 3:34pm Nov 22, 2010 3:34pm
Quoting eyevoltage
So you'll be what? Toronto area?
Exactly, I am from GTA area North york actually.
  • #5,409
  • Edited 3:45pm Nov 22, 2010 3:41pm | Edited 3:45pm
Quoting shiko
Exactly, I am from GTA area North york actually.
Lucky guess!

The mt4 platform I use is actually GMT+2, mate, and is almost spot on with the MATAF readings. You can see on MATAF how you can change the GMT settings and get the different readings?
I don't bother....I've used this pivot indicator for quite a while now and it's been great......price reacts to the different pivots very well indeed.

Edit: I think that Vantage was suggesting that you open up an MT4 demo just so you don't have to draw the pivots manually. I don't think he was suggesting you actually trade on it.
  • #5,410
  • Nov 22, 2010 3:45pm Nov 22, 2010 3:45pm
Quoting eyevoltage
Lucky guess!

The mt4 platform I use is actually GMT+2, mate, and is almost spot on with the MATAF readings. You can see on MATAF how you can change the GMT settings and get the different readings?
I don't bother....I've used this pivot indicator for quite a while now and it's been great......price reacts to the different pivots very well indeed.
Yes, it was time when I would just set limit order under/ above PP where there was confluence with some S/R and set take profit and leave. Pivots are indeed important levels for day trading. I have not day traded for few months so, got kinda rusty.
  • #5,411
  • Nov 22, 2010 3:46pm Nov 22, 2010 3:46pm
Quoting shiko
I am always with Oanda, but checks S/R areas and draw Fibs on MT4. So, I still do not get it. Should I use pivots as per Action Forex or Mataf?
You probably mean that both Action Forex and Mataf is ok?
I just moved to very small live account which I always trade when things go not so good or I am doing something new. Real money is not same as demo
One of them showed 9pm gmt as start time, thats fine but like I said anything 9-11 is ok, the candle sizes at that time are so small any differences will be small.

I use fxpro which is at the mo 10 pm gmt, thats correct to the pip so often (but then also out a little) so treat every pivot level as a zone a few pips either way.

Rather focus on candles, patterns and those general areas.

Just as an idea see how ej yesterday reacted to W R1 at the top and W M2 at the bottom. Look then for candles perhaps on lower time frames that will give you an entry.

Everything that you see is auto calc from the indis. Get yourself an mt4 demo, or move your account!!
Attached Image (click to enlarge)
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  • #5,412
  • Nov 22, 2010 3:52pm Nov 22, 2010 3:52pm
Quoting Vantage
One of them showed 9pm gmt as start time, thats fine but like I said anything 9-11 is ok, the candle sizes at that time are so small any differences will be small.

I use fxpro which is at the mo 10 pm gmt, thats correct to the pip so often (but then also out a little) so treat every pivot level as a zone a few pips either way.

Rather focus on candles, patterns and those general areas....

I actually have IB FX, with all set for GT time.
Yes, i was watching E/J too. I limit myself to 3 pairs for day tradng. G/U, E/U and E/J. used to trade G/J but it is not at the moment what it used to be until it breaks from this triangle on weekly tf.
  • #5,413
  • Nov 22, 2010 3:52pm Nov 22, 2010 3:52pm
Good looking chart. I see it happens all the time actually.
  • #5,414
  • Nov 23, 2010 12:19pm Nov 23, 2010 12:19pm
Quoting shiko
Good looking chart. I see it happens all the time actually.

made few trades today. all on Oanda platform. I cannot upload them directly here as they are too big but probably can post imageshack link.
1 lost. the rest were winners but closed one as a small loser thinking it's gonna hit my stop loser , have no idea why.


When market trends on 4H, I trade NighTmoves/Hector method but as there is practically no set ups according to that strategy I decided to dust off my day trading. i am really very rusty. Gotta practice again.

http://img44.imageshack.us/img44/1875/guoanda.png

Uploaded with ImageShack.us

http://img543.imageshack.us/img543/1707/ejoanda.png

Uploaded with ImageShack.us


http://img708.imageshack.us/img708/526/euoanda.png

Uploaded with ImageShack.us
  • #5,415
  • Nov 23, 2010 12:32pm Nov 23, 2010 12:32pm
http://img815.imageshack.us/img815/1707/ejoanda.png

Uploaded with ImageShack.us
  • #5,416
  • Nov 23, 2010 12:47pm Nov 23, 2010 12:47pm
Unfortunately had to leave before New york open. In hindsight I just say wow.
  • #5,417
  • Nov 23, 2010 2:47pm Nov 23, 2010 2:47pm
Quoting shiko
Unfortunately had to leave before New york open. In hindsight I just say wow.
Thank you for your charts, mate, but I'd appreciate it if you could clearly show the set-ups and your entry and exit points.
Maybe it's just me, but I've always thought the Oanda platform to be a very difficult platform to read compared to MT4.
  • #5,418
  • Nov 23, 2010 3:07pm Nov 23, 2010 3:07pm
seems like the both of you are the sages in this hood. i've always been confused with pivots. so:

 

  1. if im day trading(not very good i might add) what's the "best" to use? daily, weekly or monthly pivots?
  2. does it matter which session im using when using one of these pivot indis?
  3. i have ibfx and they have a built in daily and weekly pivot indi...is that inferior to the ones you guys are using?


thank you very much.

  • #5,419
  • Nov 23, 2010 3:26pm Nov 23, 2010 3:26pm
Quoting eyevoltage
Thank you for your charts, mate, but I'd appreciate it if you could clearly show the set-ups and your entry and exit points.
Maybe it's just me, but I've always thought the Oanda platform to be a very difficult platform to read compared to MT4.
Hi EV, will do next time. I actually think Oanda is much better than any MT4 especially when it comes to this style. I am not good at this style yet, so, my entries might be sloppy.

If you see brown small circle it is stop loss, if it is gree small circle it is take profit. and arrows, if I am short, it is arrow down and if I close trade manually it is arrow up and visa versa, and square means limit order.
  • #5,420
  • Nov 23, 2010 3:31pm Nov 23, 2010 3:31pm
purple line is Pivot Point, yellow lines are all R1,R2,R3,S1,S2,S3 and red lines are S/R lines.
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