At what point do you call a point as breached? When the candle close is above the point, the main body is above the line, or when the entire candle (tail and all) has no contact with the line? Any help please would be appreciated. Thanks.
How do you plot pivot points? 6 replies
How do YOU calculate Pivot Points? 20 replies
DislikedAt what point do you call a point as breached? When the candle close is above the point, the main body is above the line, or when the entire candle (tail and all) has no contact with the line? Any help please would be appreciated. Thanks.Ignored
Dislikedwhat time are you guys using for the pivot calculations? forex is ambiguous because of its 24 hour nature. ive always used the start of the asian session but im interested to hear what you guys are using.Ignored
Dislikedwhat time are you guys using for the pivot calculations? forex is ambiguous because of its 24 hour nature. ive always used the start of the asian session but im interested to hear what you guys are using.
DislikedHere is my question, is there a standard rule of thumb, sort of, that if the price is rising on a daily chart but maybe falling on one of the hourly charts, does one chart, generally over rule the others, based on the trading times mentioned above?Ignored
Midnight is the most important one to me since I dont trade the asian session much.
If I want to trade Asisa I shift the calculations depending on the time.
My first calculations are based on 1700 EST.
After 8pm EST I use calculations based on 1900 EST and for the european opening I use calculations based on midnight EST
I usually leave the midnight calculations on until the end of day (1700).Ignored
DislikedIn my opinion midnight eastern seems to be the most accurate to calculate pivots except for any JPY pairs which should be calculated at the opening of the asian session. From my experience so far this has worked the best for me.Ignored
Dislikedprice is price is price. a chart is a history of price. and it charts the same price no matter what time frame you are viewing it in. there is no magic in a chart, its just price. hourly bars show you what the price did every hour, minute charts show you whats happening every minute. they are just different sunglasses for looking at price. much like indicators are (and why you will often hear me tell people that there is no magic in indicators).
so the answer to your question is no, there is not a rule of thumb. what you will want to do is choose a time scale that fits your trading horizon. if you are a day trader (hold positions less than 24 hours) you will want to look at 5min or 1 hour bars because that gives you decent resolution into the price movements. if you are a long term trader you will want to use daily bars because the hourly movements are pretty much irrelevant when you are holding positions for a year.Ignored
Dislikedinteresting stuff. i like how you are shifting the time to fit when you trade. have you ever put any of this into code or are you trading it all discretionary?Ignored
DislikedINTERVAL CHARTING -(Inventor, Professor 4X) is used to correlate as many prices as possible to identify strong resistance and support lines. Compare time scale Bollinger Bands, Hband/resistance-Lband/support, the more that match or correlate the stronger the indicator. To find the trend go to the furthest chart out, Daily, and proceed all the way to the shortest term (1 min.) to find the best entry with the assumption all time intervals have a follow the leader mentality, the chart or time scale above always influences chart below. To stay one step ahead of possy when entering you can assume that if the 30 min broke with momentum and the 1 hr stoc's is below 20 that it will reverse as well. etc etc etc. Also on the daily stoc's when the point differential is greater than 15 between the current market price and moving avg price, its is great indicator of direction for at least next pip move. Rule of Thumb, take the difference of two and muliply it by ten to give you next target of support or resistance based on direction of current trend. Once you identify, resistance and support, this is very strong for tight stops and minimizing losses. Rule of Thumb: Multiply Time Scale by 5 to give time for the Stochastic Slow to go from 80 overbought to 20 oversold and visa versa. Example: 1 hr. = 5 hrs., 2 hr. = 10 hrs., Daily = 5 days., etc. Works best on time scales past 15 min. Only guide not fact.Ignored
DislikedI am a discretionary trader. No automation (haven't found a good way to automate my trading yet).
The only automated thing I have is an indicator that automatically calculates and plots the pivots for me based on time input.Ignored