Several months back, I came upon a trading system that is based on Hourly Pivot lines.
This system simply places BUY at every S3, S2, S1 support lines and SELL at every R3, R2, R1 lines. SL and TP are all up to the trader to decide. Back then, I dont have SL. Without SL, small positions left uncheck can ruin the whole account either via the SWAPs it pays the brokers or simply on pippage. It turned out to be a grid trading system similar to what the WTA were doing which I saw blew the account hands down. Though my trades went OK with profits, but without SL, I did not contunue using it further.
Revisiting this EA, I now placed SL and TP. Run it on several currency pairs and came up with some facinating results. The best i got was with GBPUSD when I have the SL=15, TP=25 for the month of April:
http://img266.imageshack.us/img266/3448/pivoteaaq0.gif
Running it from Jan 2007 shows just about the same result!
Unfortunately, its not doing ok for USDJPY, nor for EURUSD. either it simply dont work, or I need to find the optimum SL, TP for this one...
This system simply places BUY at every S3, S2, S1 support lines and SELL at every R3, R2, R1 lines. SL and TP are all up to the trader to decide. Back then, I dont have SL. Without SL, small positions left uncheck can ruin the whole account either via the SWAPs it pays the brokers or simply on pippage. It turned out to be a grid trading system similar to what the WTA were doing which I saw blew the account hands down. Though my trades went OK with profits, but without SL, I did not contunue using it further.
Revisiting this EA, I now placed SL and TP. Run it on several currency pairs and came up with some facinating results. The best i got was with GBPUSD when I have the SL=15, TP=25 for the month of April:
http://img266.imageshack.us/img266/3448/pivoteaaq0.gif
Running it from Jan 2007 shows just about the same result!
Unfortunately, its not doing ok for USDJPY, nor for EURUSD. either it simply dont work, or I need to find the optimum SL, TP for this one...
Attached File(s)
Pivot Point EA.ex4
5 KB

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