Psych Levels, Pivots, and Trendlines - Resurrected | Page 314 | Forex Factory

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Psych Levels, Pivots, and Trendlines - Resurrected

  • #6,261
  • Feb 22, 2011 6:17am Feb 22, 2011 6:17am
And here's an almost identical one on the EJ. I should have taken this one!
Attached Image
  • #6,262
  • Feb 22, 2011 6:31am Feb 22, 2011 6:31am
Quoting Islander
GM all - a nice sell off in Asia, I guess brought on by the problems in the Middle East.

We didnt need an indy to see that the second push down was on lower momentum and there were clear entries off the 5 min chart.

I find it better not to "screen watch" and I'm often researching or even in another room. To remind me to take a look, I found an alarm that sounds at the open of each new candle for the appropriate TF - I use the 15m. I can post it if anyone's interested.
Islander,

what settings do u use for:

CII
THVTrix v6

thanks.
  • #6,263
  • Feb 22, 2011 7:11am Feb 22, 2011 7:11am
Quoting medici
Muchas Gracias
De nada mi amigo
Trading Levels with WRBs
  • #6,264
  • Feb 22, 2011 7:14am Feb 22, 2011 7:14am
Quoting pgd
Islander,

what settings do u use for:

CII
THVTrix v6


thanks.
The standard ones for both, I just clean CII up a little by settinging the range min / max to a round number and I put on the levels as I'm researching their use - that's also the reason for having both indies up http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #6,265
  • Feb 22, 2011 7:44am Feb 22, 2011 7:44am
Quoting Islander
NP and also, here's the link to the little thread where Xaphod kindly modified it........not that you need his help!

http://www.forexfactory.com/showthread.php?t=281667

I'm having trouble trying to upload the sound file, so you may have to download it from the link in the thread and convert it to a wave file - easy for a trader of your expertise http://www.forexfactory.com/images/icons/icon12.gif
Alternatively, there's a little freeware program available, called Timeleft, which you can use to give you a periodic audio reminder. You can fully customize the alarm (both sound and period length). I prefer using this program instead of a custom indicator, as I can set the alarm to go off right before a candle closes. This way you're back at the charts when the candle actually closes, which enables you to get in on a fast price move in time, whereas you might be (too) late if you only get back to your charts after the candle has already closed.


You can download it for free here:

http://www.timeleft.info/


Edit: The way to get the alarm to go off right before the candle closes is of course to activate the countdown at the moment you want to receive the alarm, e.g. 20 seconds before a candles closes. This way you'll get an alarm 20 seconds before any new candle closes.
It's not about how much you make, it's about how much you don't lose.
  • #6,266
  • Feb 22, 2011 7:57am Feb 22, 2011 7:57am
Quoting Dhb

You can download it for free here:

http://www.timeleft.info/

Thankyou, nice one.

Just got back in after being out for most of day. Picture perfect hl/lh's today on eu and ej. Oh well theres always tomorrow.
  • #6,267
  • Feb 22, 2011 8:32am Feb 22, 2011 8:32am
Islander,
vantage,
eyevoltage

is that a reversal setting up on EJ?
If yes, would a proper entry be below that last trough (on M5) sitting on mS1?

thanks.
  • #6,268
  • Feb 22, 2011 8:39am Feb 22, 2011 8:39am
Quoting pgd
Islander,
vantage,
eyevoltage

is that a reversal setting up on EJ?
If yes, would a proper entry be below that last trough sitting on mS1?

thanks.
Difficult to say what's happening at the moment. Everything's moving sideways right now, mate.
  • #6,269
  • Feb 22, 2011 9:10am Feb 22, 2011 9:10am
Firstly - Barry, thanks for your answer re longer term pivots.

Secondly, you have a great thread here. There are a handful on FF which are true gems, and this is one!

Thirdly - some more thoughts on pivots please! This morning both GU and EU had dropped to their DS3 levels by LO. Is it considered good practice to take a long at these levels? Obviously EU seemed to bounce off WS1 and then retrace all the way back to the DP, however GU has spent all day trapped between WP and DS2.

Basically, once the out limits have been reached, if there are signs of a move in the opposite direction is it okay to take the trade?

Thanks in advance
  • #6,270
  • Edited 10:50am Feb 22, 2011 9:36am | Edited 10:50am
Quoting Delite
Firstly - Barry, thanks for your answer re longer term pivots.

Secondly, you have a great thread here....
Regardless of which R or S price is at, you have to watch the candlesticks closely and ascertain what they're doing. They might be setting up for a reversal or they might not. They might just blow right through without stopping. Look for any sign that they're in the process of setting up a recognizable reversal pattern or not. Focus on that and that only.
You may have noticed that I (and some others) use MAs. I use them for direction and additional S/R points, and they're handy for keeping on the right side of the market.
Additionally, if price reaches and passes the outer limits such as R3 and S3, then I forget about pivots and switch to psych-lines.
Please bear in mind that these are MY way of doing things. Others on here will do things differently in their own way.
Hope this helps.
  • #6,271
  • Feb 22, 2011 9:37am Feb 22, 2011 9:37am
Quoting Dhb
Alternatively, there's a little freeware program available, called Timeleft, which you can use to give you a periodic audio reminder. You can fully customize the alarm (both sound and period length). I prefer using this program instead of a custom indicator, as I can set the alarm to go off right before a candle closes. This way you're back at the charts when the candle actually closes, which enables you to get in on a fast price move in time, whereas you might be (too) late if you only get back to your charts after the candle has already...
Thanks, I'm trying it out on my laptop. However, it does seem that you have to re-activate the timer once its counted out its period and sounded its alarm. The indy is a set once and leave it running, which is what I prefer. Also, as I'm using the 5 min chart for entries, a few seconds delay aren't important.
Trading Levels with WRBs
  • #6,272
  • Feb 22, 2011 9:39am Feb 22, 2011 9:39am
Quoting eyevoltage
Regardless of which R or S price is at, you have to watch the candlesticks closely and ascertain what they're doing....
Hi - yes it helps! Thanks!

I use the 123 pattern as much as possible along with a few MA's (13, 34 and 200). I have always had pivots on my charts but they had somehow been put on the back burner. I think that combining HL, LH etc at these levels should be pretty effective.

Thanks also for the reference to psych levels. Another great point!
  • #6,273
  • Feb 22, 2011 9:45am Feb 22, 2011 9:45am
Quoting Delite
Hi - yes it helps! Thanks!

I use the 123 pattern as much as possible along with a few MA's (13, 34 and 200). I have always had pivots on my charts but they had somehow been put on the back burner. I think that combining HL, LH etc at these levels should be pretty effective.

Thanks also for the reference to psych levels. Another great point!
You're welcome.
  • #6,274
  • Feb 22, 2011 9:46am Feb 22, 2011 9:46am
Quoting Delite
Firstly - Barry, thanks for your answer re longer term pivots.

Secondly, you have a great thread here. There are a handful on FF which are true gems, and this is one!

Thirdly - some more thoughts on pivots please! This morning both GU and EU had dropped to their DS3 levels by LO. Is it considered good practice to take a long at these levels? Obviously EU seemed to bounce off WS1 and then retrace all the way back to the DP, however GU has spent all day trapped between WP and DS2.

Basically, once the out limits have been reached, if there are...
I have todays S3 in € at 3571 after yesterdays NR day and the fall off FO blew right thru it and on down to the green support area on my chart posted earlier. Later, S3 did act as resistance.

Cable has been a different matter, as it did respect its S3 area, but was difficult to trade for reasonable pips.

Now IF anyone can show me how we can reliably work out EARLY in Europe which one to trade, I'll be VERY interested......
Trading Levels with WRBs
  • #6,275
  • Feb 22, 2011 9:48am Feb 22, 2011 9:48am
Quoting Islander
I have todays S3 in € at 3571 after yesterdays NR day and the fall off FO blew right thru it and on down to the green support area on my chart posted earlier. Later, S3 did act as resistance.

Cable has been a different matter, as it did respect its S3 area, but was difficult to trade for reasonable pips.

Now IF anyone can show me how we can reliably work out EARLY in Europe which one to trade, I'll be VERY interested......

Oh, I was hoping one of you guys would be able to tell me that...!
  • #6,276
  • Feb 22, 2011 10:25am Feb 22, 2011 10:25am
entry: 113.59 (after trendline break and retrace).
exit : 113.39 (near mS2).
Attached Image (click to enlarge)
Click to Enlarge Name: ej-20110222-1.gif Size: 82 KB
  • #6,277
  • Feb 22, 2011 10:38am Feb 22, 2011 10:38am
Quoting eyevoltage
Regardless of which R or S price is at, you have to watch the candlesticks closely and ascertain what they're doing....
Ive found MAs really helpful as a result of this thread. I do like to trade on the right side of them. What has been really helpful is during a quick move, if I am not in on it, to let the MAs catch up. When price consolidates it does react around the themes of this thread. Looking for confluences with 13 and 34 emas as they catch up, and price bouncing off these is a great way to find 20 pip trades.

I further agree with Maestro EV about S3 and R3 - these points are where I look for reversals in indices (it normally doesnt gets that far, but did today!) and oil which regularly reverses from these pivots, although 80/20 psychs seem to be very reliable "resting" points.
  • #6,278
  • Feb 22, 2011 10:40am Feb 22, 2011 10:40am
Quoting pgd
entry: 113.59 (after trendline break and retrace).
exit : 113.39 (near mS2).
Good trade. First trade I saw as I got back home; and cursed at missing it!!! Oh and the 40 pips on GJ too. Grrrrrrrrrrrrrrr.
  • #6,279
  • Feb 22, 2011 10:47am Feb 22, 2011 10:47am
and the 50 pips on GU 15m following engulfing candle. Wish I hadnt seen these now. Theres been mega trades on oil (476 pip range, oh my god) and indices (50 pip trade, plus 30 pips from 4pm) that I missed this morning. What a day. I want to cry.

Hope you guys bagged yourselves some chunks of pips!
  • #6,280
  • Feb 22, 2011 10:54am Feb 22, 2011 10:54am
Quoting pgd
entry: 113.59 (after trendline break and retrace).
exit : 113.39 (near mS2).
Nice trade, pg.......you nailed that one perfectly!
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