Attachments: Psych Levels, Pivots, and Trendlines - Resurrected

Psych Levels, Pivots, and Trendlines - Resurrected

#8,241
Mar 22, 2013 4:49am Mar 22, 2013 4:49am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

Quoting david4u

Disliked

EV
how many pairs do you trade ?
do you look at other time frames except the 15m ?
how many screens do you have ?
my pivots are different than yours ...
my broker's time is London, and yours ? (is that the reason ?)
does it make any change in your opinion
tks
David

Ignored

Hi David.
I trade GU, EJ and EU, mainly, but look at one or two others from time to time (AU, UJ). I only trade either 5m or 15m charts. I only have the one screen, David, and have 4 charts on at any one time. As far as the pivots are concerned, I reckon you could drive yourself crazy trying to align one's pivots against somebody else's. Consequently, I don't even try, and concentrate instead on my own set-ups. I don't look for an exact touch of a pivot line....rather, I treat them as "zones", and this goes a long way towards compensating for the slight differences between different pivot indicators. Hope that makes sense.

#8,242
Mar 22, 2013 5:00am Mar 22, 2013 5:00am

david4u
| Joined Jan 2008 | Status: Trader | 511 Posts

Of course it does.
One last Q for today.

How do you decide if to enter a trade in 15 or 5 min ?
How/where do to place your SL ?
Do you have a fix number of pips ? depends if u have entered the 5/15 m ?
OR , do you set it above/below the last high/low ?
Thank you very much
David

Quoting eyevoltage

Disliked

. Hope that makes sense.

Ignored

#8,243
Mar 22, 2013 5:40am Mar 22, 2013 5:40am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

Quoting david4u

Disliked

Of course it does.
One last Q for today.
How do you decide if to enter a trade in 15 or 5 min ?
How/where do to place your SL ?
Do you have a fix number of pips ? depends if u have entered the 5/15 m ?
OR , do you set it above/below the last high/low ?
Thank you very much
David

Ignored

I regularly keep a watchful eye on both TFs, David. A set-up can sometimes show up as obvious on one of the TFs, but not on the other one, so it's worth checking each TF out periodically.
I can't really pin down a satisfactory answer for SLs, David, as each one depends on the nuances of a particular set-up. That last one, however, I set the SL just above the high of the engulfing candle, which seemed logical, but as I said, each set-up can present its own SL position. Just a question of being logical about it.
Hope that helps, brother.

#8,244
Mar 23, 2013 12:07am Mar 23, 2013 12:07am

snail69
Joined Jan 2010 | Status: Trader | 2,021 Posts

Yesterday EJ 5 mins. Some ideas on chart.

If nothing else, just LH or HL will do.

Attached Image (click to enlarge)

Click to Enlarge

Name: ej ev.gif
Size: 60 KB

#8,245
Mar 25, 2013 9:42am Mar 25, 2013 9:42am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

15m EJ.....

A good set-up after price came down to the Main Pivot level and tested for support before dropping through and then testing for resistance (blue ellipse). Price then started heading southwards again, offering a high-probability trade. Entry and exit as shown.

Attached Image

#8,246
Mar 26, 2013 11:05am Mar 26, 2013 11:05am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

After yesterday......

Today so far has been pretty disappointing. Maybe it was too much to expect a repeat of yesterday, but with prices so far on the 4 pairs I watch being mostly in the "chop zone", I'll just forget about it for today!! I'll be busy tomorrow with other things, unfortunately, but with Easter breathing down our necks, I don't think things will improve for us until next week. Anyway, time will tell.

#8,247
Edited 9:29am Mar 28, 2013 9:01am | Edited 9:29am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

15m EU........

A very impressive bullish engulfing candle (blue ellipse) formed on the confluence of the 13ema and the Main Pivot line in the MA zone, indicating a high-probability trade coming up. And so it proved. Entry and exit as shown.

Attached Image

#8,248
Mar 29, 2013 8:53pm Mar 29, 2013 8:53pm

adam777
| Joined Sep 2007 | Status: Trader | 304 Posts

Hi Eyevoltage

Would you personally also consider entering at A & B as per your edited chart ? ... and why? ... I'm just trying to pick your brains

Attached Image

WARNING: Don't follow me as I'm just learning

#8,249
Apr 1, 2013 4:46am Apr 1, 2013 4:46am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

Hi Adam.
Yes, that would have been a legitimate entry. I was away from the computer around that time, and missed the opportunity. As you've indicated, an entry at "A" after a nice bullish engulfing candle would have been the logical choice, with the target being the mid-point level. I wouldn't have entered at "B", Adam, because that combination was sort of "hanging" between the pivot points. With this method, it's what's happening around the pivot points that's important.
Sorry about the delay in replying, but I haven't been on this forum over the weekend.

#8,250
Apr 1, 2013 4:42pm Apr 1, 2013 4:42pm

adam777
| Joined Sep 2007 | Status: Trader | 304 Posts

Thank you for the feedback!

WARNING: Don't follow me as I'm just learning

#8,251
Apr 2, 2013 6:54am Apr 2, 2013 6:54am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

15m GU.....

I missed this one due to other commitments. The bearish flag formed across S1, and potential entry and exit are as indicated.

#8,252
Apr 2, 2013 6:58am Apr 2, 2013 6:58am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

Here's the chart. Sorry about that!

Attached Image

#8,253
Apr 2, 2013 6:13pm Apr 2, 2013 6:13pm

snail69
Joined Jan 2010 | Status: Trader | 2,021 Posts

Quoting eyevoltage

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Here's the chart. Sorry about that! {image}

Ignored

Also the outside bar up in the left corner is nice .

#8,254
Apr 3, 2013 3:06am Apr 3, 2013 3:06am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

Quoting snail69

Disliked

Also the outside bar up in the left corner is nice .

Ignored

I see what you mean, snail, but you have to remember we're dealing with candlesticks here. On a bar chart, that would indeed be an "outside bar". In candlestick terms, if I remember rightly, it's a "sash pattern".

#8,255
Apr 3, 2013 7:07am Apr 3, 2013 7:07am

eyevoltage
Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts

15m EU......

A strong retracement from the Main Pivot line to the midpoint line, where a hammer formed, followed by a doji, right across the midpoint line in the MA zone. Entry and exit as shown. SL under the low of the hammer.

Attached Image

#8,256
Apr 3, 2013 8:43am Apr 3, 2013 8:43am

snail69
Joined Jan 2010 | Status: Trader | 2,021 Posts

Quoting eyevoltage

Disliked

I see what you mean, snail, but you have to remember we're dealing with candlesticks here. On a bar chart, that would indeed be an "outside bar". In candlestick terms, if I remember rightly, it's a "sash pattern".

Ignored

Yeah did not know the name. Thanks.