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Pivot Trading

  • #44,521
  • Jul 10, 2024 10:24am Jul 10, 2024 10:24am
EG could also be worth watching around GDP tomorrow. Would like to see it lower before buying.
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Successful trading is intrinsic to risk management and discipline
  • #44,522
  • Jul 10, 2024 10:56am Jul 10, 2024 10:56am
It's also cool to look at UJ heading towards R61 + H4/D1 resistance.... if the PA reacts it could give a good downward movement, even more so than the previous week the price did not sustain the rise, if this week the process repeats we will have a good bearish movement.

H4:
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W1 previous:
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  • #44,523
  • Jul 10, 2024 1:40pm Jul 10, 2024 1:40pm
UC - Could be interesting. 4H pb due to close.
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Successful trading is intrinsic to risk management and discipline
  • #44,524
  • Jul 11, 2024 6:12am Jul 11, 2024 6:12am
Quoting nittohanns
GU could be entering a sell zone again. However, GBP GDP Thurs and USD CPI and PPI Thurs/Fri to be aware of. {image}
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Successful trading is intrinsic to risk management and discipline
  • #44,525
  • Jul 11, 2024 9:45am Jul 11, 2024 9:45am
Good to follow… ADR reached at R78…
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  • #44,526
  • Jul 11, 2024 9:49am Jul 11, 2024 9:49am
Quoting hubo29
Também é legal ver o UJ indo em direção à resistência R61 + H4/D1... se o PA reagir pode dar um bom movimento de baixa, ainda mais que na semana anterior o preço não sustentou a alta, se essa semana o processo se repetir teremos um bom movimento de baixa. H4:{image} W1 anterior: {image}
I lost this trade..USD IPC movement…
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  • #44,527
  • Jul 11, 2024 11:08am Jul 11, 2024 11:08am
In short GU
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Successful trading is intrinsic to risk management and discipline
  • #44,528
  • Jul 11, 2024 5:13pm Jul 11, 2024 5:13pm
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY(£)H4.png Size: 20 KB
Successful trading is intrinsic to risk management and discipline
  • #44,529
  • Jul 11, 2024 5:23pm Jul 11, 2024 5:23pm
Quoting nittohanns
In short GU{image}
What about EG?
Never let success get to your head; never let failure get to your heart.
  • #44,530
  • Jul 11, 2024 5:35pm Jul 11, 2024 5:35pm
Quoting raskar
{quote} What about EG?
Almost there
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Click to Enlarge Name: EURGBP(£)H4.png Size: 21 KB
Successful trading is intrinsic to risk management and discipline
  • #44,531
  • Jul 11, 2024 5:53pm Jul 11, 2024 5:53pm
Quoting nittohanns
{quote} Almost there {image}
I see. Thnx
Never let success get to your head; never let failure get to your heart.
  • #44,532
  • Jul 12, 2024 12:02am Jul 12, 2024 12:02am
Quoting nittohanns
{quote} Almost there {image}
When I try to reproduce your charts, usually the pivot levels are pretty close in agreement with yours. I expect small differences based on broker feeds varying by a few pips, especially weekly Open and Close prices which can jump wildly (at Close) or until settling down (at Open).


My Weekly pivots match your USDJPY, and GBPUSD charts fairly close, but my EURGBP chart is wildly different. There is some (partial) evidence that your levels might be still presenting the *previous* weekly Pivots rather than the current set. Do the levels on your EG chart update and change if your switch the Timeframe away from H4 and then back? If yes, your indicator isn't properly written to update whenever new bars come in. If no change, then any idea why my EG chart pivots are so different, yet my UJ and GU pivots nearly match your charts?

UJ, H1, with the current Weekly pivots extending back in time:
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UJ, H1, with each set of Weekly pivots changing every week:
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EG, H1, with each set of Weekly pivots. My chart's current weekly pivots are no where near yours! (??)
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GU, H1, with each set of Weekly pivots. The current week matches your GU chart.
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  • #44,533
  • Jul 12, 2024 2:42am Jul 12, 2024 2:42am
Quoting pips4life
{quote} When I try to reproduce your charts, usually the pivot levels are pretty close in agreement with yours. I expect small differences based on broker feeds varying by a few pips, especially weekly Open and Close prices which can jump wildly (at Close) or until settling down (at Open). My Weekly pivots match your USDJPY, and GBPUSD charts fairly close, but my EURGBP chart is wildly different. There is some (partial) evidence that your levels might be still presenting the *previous* weekly Pivots rather than the current set. Do the levels on...
Thanks for pointing this out, I have checked the pivots on https://www.actionforex.com/markets/...-pivot-points/ and they are indeed off. I have tried downloading other pivot files (Davits Pivot V3.2 Auto) and changed the time zone as per one of Davit's post back in 2017 but it doesn't seem to have any impact. I will continue to try and find a way of rectifying this but haven't got the answer here and now.
Successful trading is intrinsic to risk management and discipline
  • #44,534
  • Jul 12, 2024 7:56am Jul 12, 2024 7:56am
Quoting 1pipperhour
Looks like Japan is all talks and no action. It would take a lot of money to drop that thing. UJ was at those levels in 1986 Any idea what it does to this country? Especially for export?
Pocket money

https://www.forexfactory.com/news/12...n-intervention
  • #44,535
  • Jul 12, 2024 1:47pm Jul 12, 2024 1:47pm
Quoting pips4life
{quote} When I try to reproduce your charts, usually the pivot levels are pretty close in agreement with yours. I expect small differences based on broker feeds varying by a few pips, especially weekly Open and Close prices which can jump wildly (at Close) or until settling down (at Open). My Weekly pivots match your USDJPY, and GBPUSD charts fairly close, but my EURGBP chart is wildly different. There is some (partial) evidence that your levels might be still presenting the *previous* weekly Pivots rather than the current set. Do the levels on...
Well spotted. I also have different levels to the one shared by @nittohanns

After reading your post and comparing screenshots I think found the variable that makes my levels similar to nittohanns. On the Davit Pivot 3.2 indicator settings, I had the Broker's Candle set to True, I changed to false. That worked. See attached. Check if this works for you too?

@nittohanns Can you confirm you also have this setting to False?
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Never let success get to your head; never let failure get to your heart.
  • #44,536
  • Jul 12, 2024 7:27pm Jul 12, 2024 7:27pm
Quoting raskar
{quote} Bem visto. Eu também tenho níveis diferentes daquele compartilhado por @nittohanns Depois de ler sua postagem e comparar as capturas de tela, acho que encontrei a variável que torna meus níveis semelhantes aos de nittohanns . Nas configurações do indicador Davit Pivot 3.2, eu tinha o Broker's Candle definido como True, mudei para false. Isso funcionou. Veja em anexo. Verifique se isso funciona para você também? @nittohanns Você...
Thank you very much, I checked mine and it was "true"... now I changed it to "false" and compared the site's pivot points and everything worked fine.
  • #44,537
  • Jul 13, 2024 2:23am Jul 13, 2024 2:23am
I've found this pivot indicator thats posted in this thread also, is very very close to action forex.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4-pivots.png Size: 35 KB
Attached File(s)
File Type: ex4 Pivot_Voty.ex4   74 KB | 316 downloads
File Type: mq4 Pivot_Voty.mq4   36 KB | 391 downloads
  • #44,538
  • Jul 13, 2024 6:26pm Jul 13, 2024 6:26pm
Quoting nittohanns
{quote} Thanks for pointing this out, I have checked the pivots on https://www.actionforex.com/markets/...-pivot-points/ and they are indeed off. I have tried downloading other pivot files (Davits Pivot V3.2 Auto) and changed the time zone as per one of Davit's post back in 2017 but it doesn't seem to have any impact. I will continue to try and find a way of rectifying this but haven't got the answer here and now.
I don't particularly like the 'Davits Pivot V3.2 Auto' version, but even so, I fixed a minor bug that affected the open price when brokercandle=true (but it doesn't affect the default pivot method, (H+L+C)/3 ). I also added some comments in the indicator for how to set and verify the correct choice of brokercandle, and of the very important timeZoneOfData setting.

The choice of brokercandle = "false" *might* work, BUT you must carefully verify the right choice for timeZoneOfData. The default was -5, but I found that -6 was required. In 2 posts above, the user's choice was '0', but the only way to know what's right is to check on an H1 chart where does it draw the "Start" line. When correct, the Start line will be the first bar of the week, after the weekend gap. Unfortunately, the right answer might need changing per USA DST dates, but I don't know.

Just 1 post prior suggested to use 'Pivot Voty'. I actually prefer the way that it can show the correct pivot calculations for each Week (or Month or Day). However, the method it uses is exactly the same as 'brokercandle=true'. Therefore, it is the right tool and method for brokers using 'NY-7' timezone (also inaccurately called "GMT+2"). Almost all brokers that have 5 Daily-bars-per-week are this 'NY-7' timezone. (By the way, there is no way in MT4 to determine what is the actual broker timezone; one has to inspect the bars, and to observe YEAR-ROUND what hours it reports and when/if does it change DST).

I am fortunate to use broker feeds that (mostly) have 5-Daily-bars-per-week, and are the preferred 'NY-7' timezone. Therefore, using 'brokercandle=true' works just fine for me, or I can use the Pivot Voty indicator as well. Same pivots.

I don't endorse this indicator, but I made 1 simple bug fix and added some comments in the Input variables section to help users make the right choices.
Attached File(s)
File Type: ex4 Davits Pivot V3.2.1.ex4   46 KB | 490 downloads
File Type: mq4 Davits Pivot V3.2.1.mq4   30 KB | 654 downloads
  • #44,539
  • Jul 16, 2024 3:12am Jul 16, 2024 3:12am
EC could be approaching an interested sell off zone. However, would wait for the CAD CPI data later today.
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Successful trading is intrinsic to risk management and discipline
  • #44,540
  • Jul 16, 2024 3:45am Jul 16, 2024 3:45am
Quoting nittohanns
EC could be approaching an interested sell off zone. However, would wait for the CAD CPI data later today. {image}
Thank you nittohanns. I am also monitoring EA, EU and NU would you agree?
Never let success get to your head; never let failure get to your heart.
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