Has anyone put together an EA for this strategy yet?
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 179 replies
Pivot point reference point? 7 replies
QuoteDislikedHey Kevin,
Closed my EUR/JPY for +155 pips.
Thanks for the help.
QuoteDislikeda suggestion,
post the trades with:
date and value of entry
stop loss
date and value of exit
and any observation about some discrection, if any, about the trade (something outside of the rules - why you entered, why you exit,...).
On this way we can compare and study the trades of each other.
DislikedI have no realized gains but unrealized gains are decent. Feel free to post your trades for comments and criticisms
My trades:
Long GBP/USD @ 1.9643 S/L 1.9633 = 94 pips
Long AUD/JPY @ 94.87 S/L 95.07 = 82 pips
Long USD/JPY @ 120.68 S/L 120.32 = 58 pips
Long USD/CHF @ 1.2521 S/L 1.2416 = -46 pips
Net Unrealized pips = 188Ignored
DislikedWoke up to a pleasant surprise this morning:
Long GBP/USD @ 1.9643 S/L 1.9633 = 115 pips
Long AUD/JPY @ 94.87 S/L 95.07 = 112 pips
Long USD/JPY @ 120.68 S/L 120.32 = 99 pips
Long USD/CHF @ 1.2521 S/L 1.2416 = -17 pips
Net Unrealized pips = 309
With future trades, I will try to be more specific.. SorryIgnored
DislikedKevin Your system looks great and your back test numbers are incredible. Is the current trade you have in the pound based on the candle on 1-15-07? Did you also have a long trade in the pound starting on 1-12-07 that was stopped out on 1-15-07? I am just reading about your system today and I hope I am not asking stupid questions?
Thanks,
Tim4kayeIgnored
DislikedKevin You are right about brokers differences. I use Interbank FX and the close numbers are slightly different but I see where you are coming from. I do like the simplicity of this system and I specifically like being able to review the numbers in the evening at 00:00 GMT. I, like most people still have a day job, which often prohibits me from following the markets the way I need to. Most systems (I have paid big bucks for two of them) do require staying in front of your trading station all day or all night (London open).
Thank you so much for sharing your knowledge and I appreciate your patience.
Tim4kayeIgnored
DislikedIt is nice to only HAVE to look once a day. I still get the urge to keep an eye on things.. I'm only a 19 year old college kid working part time, but I think this is what I want to do for a living, so I'm kind of putting all my eggs in one basket here . But anyway, I'm glad you think this will work for you! My only advice would be to make sure you KNOW pivots, because they are the most important thing here. Keep checking back because I will post my trades as I go, and you can see if you're getting the idea!
Cheers,
KevinIgnored
DislikedAlright guys and gals,
I have a question for you.. Given the success I'm having with my system, I'm planning on increasing my leverage. My experience with risk is limited to only putting up 5% of my account, and other than that my knowledge is rather admittedly weak. Currently I am trading at 20:1 and want to move up to 40:1 or 50:1. Historically, I have learned that leverage is BAD, but it seems as though if you win enough, it couldn't possibly be BAD.
Any thoughts on what I should do?Ignored
DislikedKevin,
I'm new to your system but not to Forex in general, so here's my 2 pips worth regarding your question.
My advice would be to stick to low leverage trading. The goal in Forex is to stay in the game long-term.
If memory serves me correctly, I believe you said your average trade in backtesting netted you well over 100 pips. I'm not sure if you fully realize the power of your system . . . most traders only dream of those kind of gains on a consistent, repeatable basis, so low-leverage trading will still allow your account to grow significantly each year.
High-leverage trading may seem attractive in some respects, but consider what it might do to your trading discipline. Even a great system like yours may go through rough patches at times. Since you suggest a 100-pip stop loss to start, high-leverage trading can cut into your equity quickly during a series of losses. When that happens, how will you handle it psychologically? it can be extremely difficult to maintain your discipline when a good trade comes around, i.e. the tendency may be to close a great trade prematurely just because of the previous losses.
Think of low-leverage trading as a "get rich slow" method. It may not be as attractive as "get rich quick", but it's much more certain.
If this advice seems sound to you, but you just can't get higher-leverage trading out of your mind, here's another suggestion: Your backtesting yielded the most pips with the GBP/USD pair. Try confining your higher leverage to that pair only and see how it works for you. In the end, though, I'm sure you would find that most long-term successful traders would highly recommend low-leverage trading.
By the way, on the one hand, I want to say congratulations on your current trades. On the other hand, for those of us new to your system, I'm anxious for some new pivots to form so we can get into the game too!
One final addendum . . . the suggestion in a previous post to document your trades a little more precisely was right on the mark. It will help those of us new to your system to see the trades through your eyes.Ignored
DislikedKevin,
You seem to have your head squarely on your shoulders, so I'm sure you'll do well with whatever decision you make regarding leverage.
I hope the newbies looking for a trading system will give serious thought to the Daily Pivot system before they fry their brains trying to learn to scalp 5 pips on a 1-minute chart, or applying multiple indicators to a chart and trying to make sense of it, etc. Believe me, I've tried most of them and it quickly leads to burnout.
Your system is basic, yet very powerful, and your profit claims can easily be verified with some quick backtesting. Once you have the basics down, it's easy to see with a quick glance if you're in a new trade zone. Best of all, at least for me, it allows a life outside of trading. A few minutes a day can lead to some really outstanding profits using your system. Admittedly, I say that without having placed a trade using the system yet, but I have traded Forex extensively, and as mentioned, this is an easy system to backtest in order to verify results.
So newbies, set up a demo account where you trade this system exclusively so you can see the results, ask Kevin your questions (he seems to answer every post), and give his system a shot. It may end your search for a way to trade profitably. That's what it's all about!Ignored
DislikedHi,
a example of trade:
candle 2 is the high pivot, candle 3 passed down the magic number (yellow line)
IF you take the trade after close candle 3 - on the close price (supposing you are checking once a day the graphs) you will get a 100 pip stop loss.
RSI just passed down 50 (48,55) on the close candle 3.
Kharvell did you see this trade on your backtests (GPB USD - 25.07.2006)? Something wrong or it is OK. This should be a lost trade that we could not avoid? Loose is also part of the game.
http://img150.imageshack.us/img150/3...ipiovt15ly.jpgIgnored
DislikedHey WodWave,
What's your RSI set at(Open, Close, Median, etc.)? I ask this because using Oanda, the RSI does not confirm that trade on July 25th. It dips to about 53.38, and I believe Oanda uses close.
Ignored