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Psych Levels, Pivots, and Trendlines - Resurrected

  • #5,421
  • Nov 23, 2010 3:39pm Nov 23, 2010 3:39pm
Quoting samk090905
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.

First time I've ever been called a "sage"!

1. Because I trade intraday, I use daily pivots. Some traders also include weekly and monthly, but I just stick to the daily ones.

2. It doesn't matter which session you trade. Pivots work 24 hours a day.

3. Can't answer this one because my knowledge of IBFX is zilch.

Hope this helps.
  • #5,422
  • Nov 23, 2010 3:41pm Nov 23, 2010 3:41pm
Check EU what price is doing at 1.3361 and we have 1.333. I set these 2 lines more than a month ago. it respect this level so far to the pip.
amazing
  • #5,423
  • Nov 23, 2010 3:45pm Nov 23, 2010 3:45pm
Quoting shiko
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.
Thank you for this clarification, mate, along with the colour of your pivots. Does Oanda enable you to write on the chart? Because that would be very helpful if you could.

Thanks again for the info.
  • #5,424
  • Nov 23, 2010 4:06pm Nov 23, 2010 4:06pm
Quoting eyevoltage
Thank you for this clarification, mate, along with the colour of your pivots. Does Oanda enable you to write on the chart? Because that would be very helpful if you could.

Thanks again for the info.
I actually have no idea if I can write on Oanda's chart. i will have to contact Oanda's desk. Otherwise, i actually prefer Oanda's platform to MT4. For day trading Oanda platform is perfect. very fast and little slippage.
  • #5,425
  • Nov 24, 2010 1:09am Nov 24, 2010 1:09am
crazy, I am waiting for some kind of pull back. it just not doing it even on 5 min.
  • #5,426
  • Nov 24, 2010 1:13am Nov 24, 2010 1:13am
it is not a normal trading conditions so, without pull back I would have no idea where my stop is. so, I am not trading. waiting. I do not envy dudes who went long on those support levels.
  • #5,427
  • Nov 24, 2010 1:20am Nov 24, 2010 1:20am
can either you guys post a good pivot indi?

ev:

is one pivot indi better than the other? if so, why?

thank you very much,
  • #5,428
  • Nov 24, 2010 1:25am Nov 24, 2010 1:25am
Quoting samk090905
can either you guys post a good pivot indi?

ev:

is one pivot indi better than the other? if so, why?

thank you very much,

I draw them manually from Action Forex or Mataf. From what I see they work fine.
  • #5,429
  • Nov 24, 2010 1:29am Nov 24, 2010 1:29am
Quoting samk090905
can either you guys post a good pivot indi?

ev:

is one pivot indi better than the other? if so, why?

thank you very much,
Have a look at page 1 of Vantages higher low lower high thread. Pivots indi has adjustable start time, some fibs, prev day high/low, days open and some othert goodies. Theres also a W, M pivot indi.
  • #5,430
  • Nov 24, 2010 2:59am Nov 24, 2010 2:59am
Quoting samk090905
can either you guys post a good pivot indi?

ev:

is one pivot indi better than the other? if so, why?

thank you very much,
samk, I use FXI Pivots allied with Pivot Mid-Levels. I like these basically because you can backtest with them. You'll find both in the attachments behind the paper-clip - top right hand side of this page.
  • #5,431
  • Nov 24, 2010 10:12am Nov 24, 2010 10:12am
thank you guys for the reply. clearly you guys are quite advanced. isn't there a pivot indi that isn't so involved?

so lets say i only trade the london session...which pivot indi do you guys recommend?

also, what should i set the "time" to for this particular indi for the lon session?

thank you very much,
  • #5,432
  • Nov 24, 2010 10:28am Nov 24, 2010 10:28am
Quoting samk090905
thank you guys for the reply. clearly you guys are quite advanced. isn't there a pivot indi that isn't so involved?

so lets say i only trade the london session...which pivot indi do you guys recommend?

also, what should i set the "time" to for this particular indi for the lon session?

thank you very much,
Use daily if you are not experienced with this type of trading until you get comfortable with the principles, spotting where to enter and planning where to exit. Adding weekly and monthly will add more complications and clutter your charts. They arent as strong an influence anyway, so at this stage I wouldnt be concerned about them.

I think I am right in saying that everyone uses a different indi because we all have different platforms. You have to be patient and experiment with a couple of indis to see which one suits you best. As an example, I use a different one for Indices (multiframe) than the ones I have on forex (SDX & I am also using Acumens original FXI as I can backtest with it).

As was said earlier in the thread, as long as the time is within a couple of hours around midnight GMT, its not mega important because the PPs are calculated on the closing time, and at that time of night the variations are only a couple of pips.
  • #5,433
  • Nov 25, 2010 1:31am Nov 25, 2010 1:31am
Quoting Barry Cade

I think I am right in saying that everyone uses a different indi because we all have different platforms. You have to be patient and experiment with a couple of indis to see which one suits you best. As an example, I use a different one for Indices (multiframe) than the ones I have on forex (SDX & I am also using Acumens original FXI as I can backtest with it).
I should have added, I am using MT4 via FXCM for indices and Alpari for forex
  • #5,434
  • Nov 29, 2010 2:19am Nov 29, 2010 2:19am
Couple of good trades around DP this morning.

GU
Entered after big engulfing candle bounce from DP. Hoped it would go down to MS1 but took the cautious target of 15592 as previous resistance there - a good decision.

EU
Entered a bit later than the above but for same logic. This time no reasons why it shouldn't hit MS1 - & it did. I'm out but price still heading south.
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  • #5,435
  • Nov 29, 2010 2:47am Nov 29, 2010 2:47am
Quoting zhdeef
Couple of good trades around DP this morning.

GU
Entered after big engulfing candle bounce from DP. Hoped it would go down to MS1 but took the cautious target of 15592 as previous resistance there - a good decision.

EU
Entered a bit later than the above but for same logic. This time no reasons why it shouldn't hit MS1 - & it did. I'm out but price still heading south.
Nice ones, zh........

Haven't been able to indulge this morning, due to other commitments, unfortunately.
  • #5,436
  • Nov 30, 2010 3:06am Nov 30, 2010 3:06am
I've been pretty busy this last couple of days, so trading has taken a back seat, so to speak.

I missed this one earlier (typical!), but I thought I'd post it as an example of one of a number of different set-ups to look for that make this method so good.

It's all about observation and patience, really. I've included the 13ema as well as the 34ema, and the blue rectangle indicates the "heads-up" shooting-star that preceded what would have been a lovely trade. After the SS, there was a pair of tweezer tops and then price dropped straight through the TL/Mid-point confluence. Entry just after the breach of the TL. Bailing out at the S1 line would have yielded around 50 pips or so.
Makes me sick!
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  • #5,437
  • Nov 30, 2010 6:21am Nov 30, 2010 6:21am
Again, a couple of examples from a chart simply containing psych-lines.

Two bearish flags producing what would have been two magnificent trades. I really hope that somebody cleaned up with these.
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  • #5,438
  • Dec 2, 2010 2:03am Dec 2, 2010 2:03am
This one from 15m EJ.

The classic doji reverse pattern right on the xx25 psych-line was the heads-up. I was pretty conservative with this one, waiting for the xx75 psych-line to be breached, and targeting the xx00 psych-line.
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  • #5,439
  • Dec 2, 2010 2:37am Dec 2, 2010 2:37am
Hi,

Took this break a few mins after the news.

(Was also looking for a 1M HL no wick, didn't get that but entered when I saw solid continuation above the TL - hence posting here and not on V's HL-LH thread).

I didn't feel hugely comfortable with this but post news activity carried it through quickly.

Thanks for your examples EV - they're very useful.

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  • #5,440
  • Dec 2, 2010 2:39am Dec 2, 2010 2:39am
EV
It's the same trade as yours but in EU .
Actually a 123 setup , BO of the previous H .
Target was RN 3200
Good for +34 pips

Regarding your trade (and mine)
do you see any reason for not entering earlier ...?
- TL breakout
- price above ema34 .... ema13
- above 110.50 ... above T's Open
Tks
David
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