15m..... GJ A harami/hammer candle just above S1. Entry after the break of the 50sma. Entry and exit as indicated.{image}
Psych Levels, Pivots, and Trendlines - Resurrected
UC trade, engulf, PP as support {image}
- #10,247
- Jul 6, 2015 8:35am Jul 6, 2015 8:35am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Hi, I've read the Acumen old thread and I'm new to this thread however I've been studying PA for relatively sometime now, I'm not a profitable trader yet but I take trading very very seriously. I never tried PPs before and seems like a perfect fit for intraday direction and TP areas. Anyways, hope the more experienced traders don't mind my newbish questions so here it goes: 1- How many pairs do you monitor and how you treat correlation? 2- Breakout trades are taken using pending orders? And where do you set the SL for those type of entries? Fixed...
Go back through the thread and absorb yourself in as many charts as you can, and you'll see that we all have our own little ways. Last but not least, if there's anything about the method that you're not sure about, then ASK!!! 
Best of luck, fuzz.
{quote} Welcome, fuzz. Number one rule. Don't try to complicate things. This is a very simple method, using the reaction of price at each pivot and mid-point level. All I use are the pivots and mid-points, plus a 50sma. I monitor 6 pairs at any one time, and that's what's good for me. Correlation is something I never bother about, TBH. Set your SL wherever common sense tells you. Oh, and yes, I LOVE candlestick patterns. I've tried to learn as much as I can about them, and they've been very good to me!
- #10,249
- Jul 6, 2015 2:25pm Jul 6, 2015 2:25pm
Nice trades EV and FXNIK.
FXNIK, that CAD trade was 25 candles long, wow. my nerves would be shot!
Welcome FUZZ.
Like they said, look at the charts and you will find some good info.
Candlestick patterns around pivots have been good to me as well, (especially engulfing signal) since I have started trading this way my trading has gone through the roof.
I only trade 1 pair EUR/USD and usually only 1 trade per day for a 20 pip profit.
Cheers
Coastie
FXNIK, that CAD trade was 25 candles long, wow. my nerves would be shot!
Welcome FUZZ.
Like they said, look at the charts and you will find some good info.
Candlestick patterns around pivots have been good to me as well, (especially engulfing signal) since I have started trading this way my trading has gone through the roof.
I only trade 1 pair EUR/USD and usually only 1 trade per day for a 20 pip profit.
Cheers
Coastie
{quote} Welcome, fuzz. Number one rule. Don't try to complicate things. This is a very simple method, using the reaction of price at each pivot and mid-point level. All I use are the pivots and mid-points, plus a 50sma. I monitor 6 pairs at any one time, and that's what's good for me. Correlation is something I never bother about, TBH. Set your SL wherever common sense tells you. Oh, and yes, I LOVE candlestick patterns. I've tried to learn as much as I can about them, and they've been very good to me!
{quote} Thanks for the quick reply EV, I'll study the thread and try to absorb as much as I can before bothering you guys with questions that probably have already been answered before
- #10,253
- Jul 7, 2015 1:17am Jul 7, 2015 1:17am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
{quote} Can I Ask u, why u don't use correlation ??? I am using correlation time to time, coz some pairs moving in the same direction, like GU and GJ, EU and EJ.
C'est la vie.
{quote} Fxn, I understand your curiosity regarding my attitude towards correlation. TBH, I have enough on my plate dealing with ONE trade, because I can't always be at the computer, due to my wife's disabilities. Therefore, I deliberately keep to one trade at a time, quite simply because it makes life easier for me. C'est la vie.
- #10,255
- Jul 7, 2015 1:50am Jul 7, 2015 1:50am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
Nice trades EV and FXNIK.
{quote} Welcome in to club mate !!! What u will find here will change ur trading and ur life
I'm going thru the old posts and performing some backtests and I notice the information presented is really informative and enjoyable
. I wonder why acumen has disappeared, he stroke me like a decent character, anyone has his old videos to share?regards Fuzz
- #10,259
- Jul 7, 2015 4:24am Jul 7, 2015 4:24am
{quote} {quote} Thanks Guys, I'm going thru the old posts and performing some backtests and I notice the information presented is really informative and enjoyable
https://www.youtube.com/user/thefxpivotpoint
Cheers
Coastie