I'm trying to figure it out. when price hits support 1, how do you know that it will hold? Or how do you know it won't. what is a method i can use to correctly buy at the proper support or sell at the proper resistance?
thanks
thanks
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DislikedI'm trying to figure it out. when price hits support 1, how do you know that it will hold? Or how do you know it won't. what is a method i can use to correctly buy at the proper support or sell at the proper resistance?
thanksIgnored
DislikedYou never know for sure, but most often it will...I would say about 70% of time form my experiences. What I do is wait till gets 3-7 pips above or below pivot to enter. And set a relatively tight stop loss. I use 10-15 for sl.Ignored
DislikedYou never know for sure, but most often it will...I would say about 70% of time form my experiences. What I do is wait till gets 3-7 pips above or below pivot to enter. And set a relatively tight stop loss. I use 10-15 for sl.Ignored
DislikedUhm.. Do you have some statistics on that? I really don't think that's correct - if it is, I'll add pivot point as one of my automated systems because 70% possibility on this market is VERY high.
[I might run a small test later to see how many times the price actually bounces and how many times it penetrates]Ignored
DislikedI'm trying to figure it out. when price hits support 1, how do you know that it will hold? Or how do you know it won't. what is a method i can use to correctly buy at the proper support or sell at the proper resistance?
thanksIgnored
DislikedTry reading John L. Person's Forex Conquered. I have been trading a similar style to him for sometime now and it has been successful. Others may disagree but this book is a good read. Hope it helps guys.
Ignored
DislikedI spent quite a bit of time backtesting Person's pivot system, and it wasn't profitable.
I don't believe pivots work.Ignored
DislikedI'd take a look at some of my posts.
I make a good living trading pivot points and nothing else.
mIgnored
DislikedI spent quite a bit of time backtesting Person's pivot system, and it wasn't profitable.
I don't believe pivots work.Ignored
Disliked"I make a good living trading pivot points and nothing else."
That part is probably stretching it.
I use other tools also... fibs... S/R... psych levels... I should have said... pivots primarily.
MikeIgnored
DislikedIF you are going to use pivots alone, then I suggest that you read through the Dove Alliance's old thread - its was either July last year, or the year before.
You might also find this thread of interest - we use pivots and physcological levels aka sweet spots.
http://www.forexfactory.com/showthread.php?t=98028Ignored