NEWEST UPDATE 8/13/09

This method has been reworked and is best understood here http://www.forexfactory.com/t/102967...-system-1.html

The “set and forget pivot net” system

I have been trading forex for about a year now and I found that ‘picking bottoms or tops’ is my sure-fire method of making my broker money.

The less I tinker in the market the better I do.

I DO USE STOP LOSSES. I have had plenty of the no Stop Loss kool-aid and it tasted good for a while, but eventually the poison killed my account. Unless you have a huge account or are willing to trade where 1 pip = $0.01 then it’s not worth your time. You can make money doing it, but it will take a long time and you’ll have plenty of sweating to do.

On to my system (I’ll leave my opinions to my blog).

This is a set and forget system. Used on

At 00:00 EST/23:00 CST (my time) / 4:00 GMT calculate the daily PP. I use Oanda and that is when they begin a new daily candlestick. Oanda also has a function where you can easily add the daily PPs. Though for some reason the S1and R1 is usually 1-2 pips further out from the actual PP and the S2 and R2 are 2-3 pips further. I cannot figure out why. So if you know please let me know, but so far I’ve used their PPs and they have always worked. Cancel all orders by 11:00 EST the following day. Usually orders triggered with one hour to go in the London/US market overlap do not have much movement.

Calculate the distance between R1 and R2 and then multiply the distance by .667.

For example if the distance between R1 and R2 is 50 pips then the multiplied distance would be 33.3.

So you have R2-R1=X Then X*.667=Y

X=TP and Y=SL

This works the same way for S1 and S2.

The set ups are on Monday, Tuesday and Wednesday evening.

The reason for this is Tuesday, Wednesday and Thursday night have the best movement. I have found that trading on Sunday, Monday and Friday for this system provides poor results.

Calculate what percentage of your account you wish to risk (I recommend no more than 1-2%) and divide that by the SL. That will tell you how much each pip should be worth. It will also provide an outcome of Risk:Reward of 1:1.5 (in a perfect world without spreads it would be 1:1.5 but tends to actually come out as 1:1.30-1.45)

Update:

1) I will leave both orders open for any given pair until 11:00 EST. There are times when the market will give you TWO TPs, TWO SLs and sometimes both a SL and TP. In the end they balance out and this is after all a Set and Forget system. I really do try to forget it until it's time to check again.

2) If an order has been triggered and is still live after the London market closing AND the current price is halfway to the TP I would then move my SL to break even.

The way you decide to set these up are ONLY if the previous day’s closed candle movement is less than the previous weeks daily movement average. (Do not count Sunday in the weekly average)The reason I leave out Sunday is I have found it is usually a corrective day or has very small movement which makes for very small PPs on Monday and they are just not very accurate.

One more tweaking detail.

I add 2 pips to the spread to each entry and exit position. But I leave the SL at the same spot. It saves me the frustration of those days when the price action tags the S1 or R1 and fully retreats.

Here is my formula:

R2-R1=X

X*.667=Y

R1 + 2 pips = BUY

R2 – 2 pips = TP

Y – R1= SL

Money Management

Y=1-2% of account

All formulas are the opposite when using S1 and S2.

Below is a screenshot of this trading system.

The previous day’s movement from HH to LL was 112.2 and the previous week’s average was 137.9. Therefor the previous night’s only valid signal was for EU.

I set a Sell signal at 1.46652 with a SL of 1.46952 and a TP at 1.46272.

I also set a BUY signal at 1.47823 which was on another account. Pictured below. It was obviously not triggered. The TP was at 1.48494 and the SL was at 1.47329

I hope this helps some people. I scoured the internet looking for set and forget systems and found one that I made myself to work just as well or better than most. It’s all price action and uses one of the very few predictive indicators. The old school Pivot Point.

Since this is the first system I have shared I’m sure there are some details I have left out, but I will do my best to make

This is my thanks to everyone on this forum and all the information I have learned here at FF.

-blueace-

This method has been reworked and is best understood here http://www.forexfactory.com/t/102967...-system-1.html

**UPDATED on 9-20-08**The “set and forget pivot net” system

I have been trading forex for about a year now and I found that ‘picking bottoms or tops’ is my sure-fire method of making my broker money.

The less I tinker in the market the better I do.

I DO USE STOP LOSSES. I have had plenty of the no Stop Loss kool-aid and it tasted good for a while, but eventually the poison killed my account. Unless you have a huge account or are willing to trade where 1 pip = $0.01 then it’s not worth your time. You can make money doing it, but it will take a long time and you’ll have plenty of sweating to do.

On to my system (I’ll leave my opinions to my blog).

**UPDATE!**This is a set and forget system. Used on

**2**pairs.**EU, GU.**It uses one of the few predictive indicators the Pivot Point. The system has been updated to only use two recommended pairs. EU and GU. The system used to include GJ, EJ and UJ, but after 7 months of forward testing I have concluded that the risk involved with the other three pairs outweighs their potential profits.At 00:00 EST/23:00 CST (my time) / 4:00 GMT calculate the daily PP. I use Oanda and that is when they begin a new daily candlestick. Oanda also has a function where you can easily add the daily PPs. Though for some reason the S1and R1 is usually 1-2 pips further out from the actual PP and the S2 and R2 are 2-3 pips further. I cannot figure out why. So if you know please let me know, but so far I’ve used their PPs and they have always worked. Cancel all orders by 11:00 EST the following day. Usually orders triggered with one hour to go in the London/US market overlap do not have much movement.

Calculate the distance between R1 and R2 and then multiply the distance by .667.

For example if the distance between R1 and R2 is 50 pips then the multiplied distance would be 33.3.

So you have R2-R1=X Then X*.667=Y

X=TP and Y=SL

This works the same way for S1 and S2.

The set ups are on Monday, Tuesday and Wednesday evening.

The reason for this is Tuesday, Wednesday and Thursday night have the best movement. I have found that trading on Sunday, Monday and Friday for this system provides poor results.

Calculate what percentage of your account you wish to risk (I recommend no more than 1-2%) and divide that by the SL. That will tell you how much each pip should be worth. It will also provide an outcome of Risk:Reward of 1:1.5 (in a perfect world without spreads it would be 1:1.5 but tends to actually come out as 1:1.30-1.45)

Update:

1) I will leave both orders open for any given pair until 11:00 EST. There are times when the market will give you TWO TPs, TWO SLs and sometimes both a SL and TP. In the end they balance out and this is after all a Set and Forget system. I really do try to forget it until it's time to check again.

2) If an order has been triggered and is still live after the London market closing AND the current price is halfway to the TP I would then move my SL to break even.

The way you decide to set these up are ONLY if the previous day’s closed candle movement is less than the previous weeks daily movement average. (Do not count Sunday in the weekly average)The reason I leave out Sunday is I have found it is usually a corrective day or has very small movement which makes for very small PPs on Monday and they are just not very accurate.

One more tweaking detail.

I add 2 pips to the spread to each entry and exit position. But I leave the SL at the same spot. It saves me the frustration of those days when the price action tags the S1 or R1 and fully retreats.

Here is my formula:

R2-R1=X

X*.667=Y

R1 + 2 pips = BUY

R2 – 2 pips = TP

Y – R1= SL

Money Management

Y=1-2% of account

All formulas are the opposite when using S1 and S2.

Below is a screenshot of this trading system.

The previous day’s movement from HH to LL was 112.2 and the previous week’s average was 137.9. Therefor the previous night’s only valid signal was for EU.

I set a Sell signal at 1.46652 with a SL of 1.46952 and a TP at 1.46272.

I also set a BUY signal at 1.47823 which was on another account. Pictured below. It was obviously not triggered. The TP was at 1.48494 and the SL was at 1.47329

I hope this helps some people. I scoured the internet looking for set and forget systems and found one that I made myself to work just as well or better than most. It’s all price action and uses one of the very few predictive indicators. The old school Pivot Point.

Since this is the first system I have shared I’m sure there are some details I have left out, but I will do my best to make

This is my thanks to everyone on this forum and all the information I have learned here at FF.

-blueace-