Can anyone recall such a strategy posted or anyone that uses one?
Are all the strategies MA'S etc?
Are all the strategies MA'S etc?
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Quoting jest1081Dislikedi trade using pivots
for cable and euro i use gmt 0
for yen i use gmt 9 it works for meIgnored
Quoting goodthingsDislikedI actually looked at a about 4 months of the mathematical pivot points based on the days high low and close for the gbpusd and saw no real significance with them...QUOTE]
This is a moving pivot line on daily chart. Can you see the real significance of it now? You can make money on this alone just trading once per day.Ignored
Quoting draycoDislikedTo me pivot points don't make any sense in the forex market. Too many different sessions and too many different open, high, low and closing values among the many different dealers charts for daily or weekly, etc.
If pivots are to have a significant power and darn near everyone comes up with totally different pivot points, then where exactly is the value to them?Ignored
Quoting goodthingsDislikedI actually looked at a about 4 months of the mathematical pivot points based on the days high low and close for the gbpusd and saw no real significance with them. Unless they were by a fib point which is often the case . For me yesterday my daily pivot for the gbpusd was 1.9580 and the 38.2 fib was 1.9592. So the pound after the close of the day (for my charts it is 6pm eastern) bounced between low of 9554 and the high of 9587 and then once it broke past the the 38 fib it took off for 80 pips are so. Its nice to use time with a pivot for instance the London session opens at 3am. That was a perfect set up with it staying away from the 38.2 fib and then breaking after 3am. But to be honest I was in a short and got stopped out but I seen it coming and hoping it wasnt going to break the 38.2 fib. Just ratteling on because I learned another good lesson for the second or third time. Hope this can help.Ignored
Quoting goodthingsDislikedI actually looked at a about 4 months of the mathematical pivot points based on the days high low and close for the gbpusd and saw no real significance with them...QUOTE]
This is a moving pivot line on daily chart. Can you see the real significance of it now? You can make money on this alone just trading once per day.Ignored
Quoting LeugimpDislikedat times I exclusively trade pivot points as they give me such accurate signals for quick pips. ALthough many people claim they are useless in forex, I truly believe that people use them the wrong way. If using daily pivots, it is the daily close in relation to the pivot that has meaning. If above it, buyers won for the day, and chances are that they will win again tomorrow. I don't try and trade daily pivots because the swings are too big for my bankroll. Hence I use the same formula to create a pivot point indicator on any timeframe. Then I also have another Pivot Point indicator for that same time frame, but instead of it being 1 bars worth, it will be 55 bars worth. If looking at the 1hr chart, this would mean a 55 hr pivot. What is great about this for a 55 hr pivot is that it is dynamic and updates every hour so that you arent staring at a level that is no longer important. It is interesting to see how the different pivots interact with each other, and so I have also created a Pivot Point Convergence Divergence indicator that measures the difference between the two. Within this indicator, I have added standard deviation bands that let me know when a bubble may be forming between the actions of longer term traders and shorter term traders. It is very good at picking up reversals. Finally, just to clean it up, I reverse engineer those bands to overlay on price the price level where the Small term Pivot will be too far from the mid to long term.
Lastly, I'll share one or two relatively easy setups for me using the 1 period pivot. Wait for the market to move. When it begins to stall closing above below above below the pivot, we have the "war" between buyer and seller. The first close above or below that range that is created, go with it. exit half on 10 pips and exit remainder at close below pivot.
Next setup is when price is thrusting(at least 8 consecutive bar close above pivot). Close below, close above, close below - go short. stop loss relative high, and tp will be risk*2 on half, the rest will be at close on other side of pivot. Same reversed for long trade.
Anyway, hope this helps - Oh yeah i use 150 tick charts for these setups. Keeps losses pretty small and lots of times winners will exceed 35-40 pips.Ignored
Quoting philmcgrewDislikedHow can pivot points be a self fullfilling prophecy if none of you can agree on the time, time zone, or the forumula? Also, where is the forex "floor" that all of the floor traders walk around on? I suspect pivot points in forex are no more accurate than randomly generated horizontal lines; sometimes price will reverse and sometimes it will go through.Ignored