Thanks TEB, i think i got it now, will be looking for 123 formations in line with the long term trend, should be interesting... Seems like a reasonable system, for now
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DislikedJust a small notice to the "universal look" of charts (like future charts):
1H and below charts look exactly the same on every single traders desk. But since most traders consider anything below 1H to be noise, 1H might be prefered TF for entries and exits. As someone here in forum said, any longterm profitable system should work also on 1H.
Btw for pivot points, you might wanna check GMT charts (i.e. interbank fx charts) , because majority of market movers are London (GMT) based. On those charts, pivots are good TP areas after the intraday trend, usually during morning London hours, has been set.Ignored
DislikedI see more misunderstanding about pivots on this thread than I knew existed.
What difference would it make if you plotted a pivot on an IBFX chart as opposed to anyone else's chart?
Regardless who's chart you are using, you can calculate the pivot based upon any 24 hour period you want.
For example, I can use 5PM EST time as the start and stop of my 24 hour day, regardless who's chart I'm using- or 0000 GMT or 0800 GMT or any other time I want.Ignored
DislikedI see more misunderstanding about pivots on this thread than I knew existed.
What difference would it make if you plotted a pivot on an IBFX chart as opposed to anyone else's chart?
Regardless who's chart you are using, you can calculate the pivot based upon any 24 hour period you want.
For example, I can use 5PM EST time as the start and stop of my 24 hour day, regardless who's chart I'm using- or 0000 GMT or 0800 GMT or any other time I want.Ignored
DislikedWhere do you get that the big boys are "adjusting" the pivot points to a certain time? We don't talk about what me or you are doing with pivot but what the market makers do. Of course you can set it to whatever time you want, but it is the observation of different times that tells you, which of the times works the best in what time. And from my observation, the GMT0 pivots work quite well at least till the NY session starts at 13.00GMT.
And i mentioned IBFX, because not every pivot point indicator can be adjusted (in fact, i have found only one and beside this adjusting, it was less comfortable to me as the other ones without this option).Ignored
DislikedHi TEB,
Nice method you have & yes it works. I have been trading 20+ yrs with 11 yrs in forex & I trained with a trader who now runs a fund. The first thing he introduced me to was the 200EMA & the use of Mov Averages. I have used a similar method starting with the 5M & going forward three time frames. When all agree enter. Adding the 1,2,3 makes it even better.
Is this a perfect system, NO as none are, but it is a very simple & concise method that will work. Will it work for all traders, NO. You can give ten traders a set of rules to a method & all ten will see something different. Case in point the the TURTLE TRADERS by Richard Dennis.
All said & done this is a nice simple method that will work. The 200 MA is on the minds of traders of all levels from the Banks & Funds on down to the retail trader. Is that their sole method, NO, but it is in the mix.
Thanks TED for another simple & chart clean method. Keep the ideas flowing & you just might find something for all TRADERS. Just my most humble views.
AceTraderIgnored
DislikedTeb
great system
can you recommend which TF`s are the best
daily - 4hr - 30 min?
weekly - 4hr - 30 min?
or any others that you think?
cheersIgnored
DislikedI am mostly looking at week, day, 4 hour
( was looking at month, week, day but thats a little long
but I think it would work for day trader need BIG BIG SL & TP)
esp. as the markets are all over the place right now
I find it very easy pickings with those 3 time
I normaly do 4 hour 1 hour 15 mins
But not right now
TEBIgnored
DislikedI don't know what you mean by adjust. You don't adjust the pivot, you calculate it.
Big boys, little boys and medium sized boys have no choice but to choose the time of their calculation.
There are several theories as to which time works best.
There are a number of pivot point indicators with selectable start times. I have three or four different ones.
I don't know what a "comfortable" indicator is. I've never heard of a comfortable indicator before.
You don't even need an indicator. You can calculate them in about two minutes and draw them on your chart with horizontal lines.Ignored
DislikedHi TEB,
Nice method you have & yes it works. I have been trading 20+ yrs with 11 yrs in forex & I trained with a trader who now runs a fund. The first thing he introduced me to was the 200EMA & the use of Mov Averages. I have used a similar method starting with the 5M & going forward three time frames. When all agree enter. Adding the 1,2,3 makes it even better.
Is this a perfect system, NO as none are, but it is a very simple & concise method that will work. Will it work for all traders, NO. You can give ten traders a set of rules to a method & all ten will see something different. Case in point the the TURTLE TRADERS by Richard Dennis.
All said & done this is a nice simple method that will work. The 200 MA is on the minds of traders of all levels from the Banks & Funds on down to the retail trader. Is that their sole method, NO, but it is in the mix.
Thanks TED for another simple & chart clean method. Keep the ideas flowing & you just might find something for all TRADERS. Just my most humble views.
AceTraderIgnored