Quoting Lou GDislikedVery clever Antra - how did you get the two RSI's into the same chart window (I'm assuming that's MT4 I'm looking at)?Ignored
Old Benjamin was right
Open Trade near Pivot line (Pivot Point) 14 replies
Help with daily pivot, weekly pivot on MT4 3 replies
Adaptive RSI & Pivot Point Moving Average, anyone? 1 reply
RSI Daily Pivot Point System v2.0 192 replies
Pivot point reference point? 7 replies
Quoting Lou GDislikedVery clever Antra - how did you get the two RSI's into the same chart window (I'm assuming that's MT4 I'm looking at)?Ignored
QuoteDislikedI'm usually a pretty quick study on the rules of methods but after reading through post#1 ten or so times I find that I'm just not understanding it. No offense to the author who has been kind enough to share his work, but would someone who understands the method please explain it briefly (perhaps with a simple example)? Maybe I just need to see the rules rephrased in someone else's words...
Quoting forexdanofsaDislikedHas anyone noted the gbp/usd pivot point from 1/8, the number would be 1.9391, however since the rsi is flat is anyone going to go long on this.Ignored
Quoting dave1964DislikedI hope I have this right, to determine a max high or low a bar closes and the previous bar is lets say is lower than todays bar, then todays bar closes and the next bar also is lower, so our day 2 bar would be a high point? Then we would use the low end of the day 2 bar as our target number to sell plus the spread? So should we be looking at 3 bars to determine our projections?
Thanks.Ignored
QuoteDislikedHey kharvell,
Thanks for sharing your system. I must have the same broker as fjfx, because I'm in on the same signal. The magic number was hit right after the close of yesterday's bar.
QuoteDislikedVery clever Antra - how did you get the two RSI's into the same chart window (I'm assuming that's MT4 I'm looking at)?
QuoteDislikedI'm usually a pretty quick study on the rules of methods but after reading through post#1 ten or so times I find that I'm just not understanding it. No offense to the author who has been kind enough to share his work, but would someone who understands the method please explain it briefly (perhaps with a simple example)? Maybe I just need to see the rules rephrased in someone else's words...
Thank you,
Lou G
You're not alone Lou, I'm struggling to grasp it also - someone please help with an annotated diagram!
1-Identify a pivot high bar on daily chart, that is a bar which has a bar on each side with lower highs
2-Short set-up is break of the low of the pivot high bar, if:
a) RSI 10 is hooking down from 70 level and crossed 60 level OR
b) if RSI has not reached 70 level, it has crossed 50 level
Initial stop is above the high of the pivot bar or 100 pips whichever is less.
Stepped stops are above the high of previous day's bar when a daily bar closes.
There is no set target, exit on stop-out.
The reverse applies to long entries with the exception that spread should be added to the trigger level which is top of the pivot low bar.
The method has nothing to do with calculated daily pivot lines.
I hope this clarifies.
QuoteDislikedQuote:
Hey kharvell,
Thanks for sharing your system. I must have the same broker as fjfx, because I'm in on the same signal. The magic number was hit right after the close of yesterday's bar.
First and foremost, thank YOU for thanking ME! Secondly, I'm happy to see that you have spotted the pivot, and you are checking the signal to make sure it qualifies. I still haven't gotten a BUY yet for cable, but that's not to say you didn't make the right trade! It looks as though it might range for a little bit, but we'll see what happens I guess! Good luck to you
Quoting kharvellDislikedIt has just occurred to me why, you are in this trade and I am not! The answer is that I do not include Sundays in my data, and I believe that is where your low pivot has happened.. Let me know if I am right on this!Ignored
Quoting kenmaniaDislikedNo, my daily chart from InterbankFX has the Friday, January 5th low of 1.9264, the next (regular) daily bar I used was Monday, January 8th's, which had a low of 1.9262- only 2 pips lower- but still technically a low-pivot bar, no?
My guess is that you're not in the trade because your broker's data was just slightly different.
I know two pips on a daily is like a freckle on an elephant's butt- but I really wanted to test this thing out.
kenIgnored
Quoting kharvellDislikedfjfx,
I'm supposing that we have different brokers, but essentially, you have the fundamentals of my system to a T! The recent minimum I have for GBP/USD is 1.9248 and the magic # is around 1.945. However, the RSI for one DID NOT go to 30, so it DOES NOT qualify, we will see in the future whether or not we missed out or not! If it is to go above 50 within the next couple of days, then we will buy! I will post when and IF I enter a long trade!
Hope this helps! Good luckIgnored
Quoting kharvellDislikedAlright then
Same drill as always, but these are actual trades not hypothetical:
Red Lines: Max/Min
Yellow Lines: Magic #
Purple Lines: Me checking the RSI
Down arrows: Sell positions start
Up arrows: Buy positions start
Red Circles: Stop loss hit
Unfortunately, My graphs are littered with dots and arrows from when I used to trade on short term, so I can only offer you this AUD/JPY graph.
Hope it helps,
KevinIgnored
Quoting fjfxDislikedHi Kevin
Thanks for your example on AUD/JPY. I think I fully understand your
entry triggers, but could you kindly clarifiy your stepped stop loss.
In your example, you
Short Aug/JPY on 4 Jan; so initial stop loss is High of 3 Jan
Then, as soon as 4 Jan candle closes, you move stop to High of 4 Jan.
Again, as soon as 5 Jan candle closes, you move stop to High of 5 Jan
Am I correct so far??
Then, on 8th Jan, shouldn't you be stopped out at the High of 5 Jan??
(as compared to your "red circle on 8 Jan)
Next, how about the Long trigger?
You now use the High of 8 Jan + spread as the magix no trigger?
So, you entered long on 9 Jan? Correct?
Apologies in advance, but I'm trying to follow your thought process.
Thanks
fjIgnored
Quoting kenmaniaDislikedHi kharvell, me again.
Could you explain how you came up with an entry for short on cable at 1.9334? I'm missing it.Ignored
QuoteDislikedYes, I usually just add the spread to a recent minimum or maximum on daily, and that's my target. I also use RSI to tell me if it's a good time to buy or sell.
Quoting kenmaniaDislikedHi kharvell, me again.
Could you explain how you came up with an entry for short on cable at 1.9334? I'm missing it.Ignored
Quoting kenmaniaDislikedOkay, I saw this on the Daily Cable Analysis thread-
I was under the impression that the rule was to trade at the end of a pivot bar? I can see that yesterday's bar was a pivot, but the current bar? How can it be determined a pivot so early in the day?Ignored
Quoting kharvellDislikedWell Ken,
We've found that we all get different #'s with different brokers.. I use OANDA, and they are telling me that January 9th produced a high of 1.9456, so I'm using the low of 1.9342 plus some as a # to get in.. Here's a picture for you:
I remember you saying you're long correct?Ignored
Quoting kharvellDislikedAhhh you make a good point.. I guess you could say that I'm betting that an outside bar won't occur. By this I mean, that if it makes a lower low, then it more than likely won't make a higher high..
Adding a bit more risk... Typically, I will check throughout the day, but as I will be driving all day tomorrow, it's not going to happenIgnored