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Pivot Point with Money Management Strategy

  • #161
  • Aug 21, 2007 6:48am Aug 21, 2007 6:48am
If you are daily trader, you can wait 4 to 8 hours trading... you can take 4 hrs pivot.
If you are short term, just few hours trader like 1 to 2 hrs trader than use 1 hr pivot


Quoting S-Deuce
Don't understand, because for exit strategy you said use 4 hour R1,R2,R3? (for bullish)

Quote from 1st post:
Exit Strategy;

For buy - use 4 hours PP level (R1,R2,R3) for exit level,
For sell - use 4 hours PP level (S1,S2,S3) for exit level.
  • #162
  • Aug 21, 2007 6:58am Aug 21, 2007 6:58am
In this case... the price still move in the range.
I'm waiting for the 4 hrs pivot. This may give a big move soon if the price remain above 1.9814. The price already tested at R1 - 1.9868.
So if the price remain above 1.9814, just wait for the break R1 to enter.
I just make order on R1 at this moment.
Attached Image
  • #163
  • Aug 21, 2007 7:00am Aug 21, 2007 7:00am
Quoting Olaha
In this case... the price still move in the range.
I'm waiting for the 4 hrs pivot. This may give a big move soon if the price remain above 1.9814. The price already tested at R1 - 1.9868.
So if the price remain above 1.9814, just wait for the break R1 to enter.
I just make order on R1 at this moment.
How'd you make an order on R1? the 4 Hour R1 hasn't been hit yet. Most recent High is 1.9866
  • #164
  • Aug 21, 2007 7:05am Aug 21, 2007 7:05am
In my chart already reach that price. So just wait the price break at R1.
Look at my attachment.


Quoting S-Deuce
How'd you make an order on R1? the 4 Hour R1 hasn't been hit yet. Most recent High is 1.9866
Attached Image (click to enlarge)
Click to Enlarge Name: Chart 1.jpg Size: 233 KB
  • #165
  • Aug 21, 2007 7:12am Aug 21, 2007 7:12am
Quoting Olaha
In my chart already reach that price. So just wait the price break at R1.
Look at my attachment.
Well if it alreayd hit 1.9868 then why didn't you enter? Do you wait for the candle to close above 1.9868 with the body of the candle, and not just the wick?
  • #166
  • Aug 21, 2007 7:22am Aug 21, 2007 7:22am
As I say earlier... let the price test the price at R1 first. Then see the retracement... make sure the retracement doesn't came back at the Pivot point. Currently the pivot is 1.9814.

Currently the price already hit the Pivot level. Means...the price is weak..
I close all my order.



Quoting S-Deuce
Well if it alreayd hit 1.9868 then why didn't you enter? Do you wait for the candle to close above 1.9868 with the body of the candle, and not just the wick?
  • #167
  • Aug 21, 2007 7:26am Aug 21, 2007 7:26am
Quoting Olaha
As I say earlier... let the price test the price at R1 first. Then see the retracement... make sure the retracement doesn't came back at the Pivot point. Currently the pivot is 1.9814.

Currently the price already hit the Pivot level. Means...the price is weak..
I close all my order.
**Sorry if I'm asking too many questions, but it seems you have been extremely successful and I just want to pick your brain as much as possible =p**

Okay, so you ALWAYS let it test R1 or S1, then wait for a retracement back to Pivot level. If it does NOT hit the pivot level and goes back up to R1 or S1, then when it hits the R1 or S1 - you enter the market then?
  • #168
  • Aug 21, 2007 7:30am Aug 21, 2007 7:30am
May be now.. we look for bearish.


Follow-up the hourly pivot;
Let the price test at S1 - 1.9797
Make sure the retracement below 1.9822.
Take profit up to R3 1.9722
  • #169
  • Aug 21, 2007 7:33am Aug 21, 2007 7:33am
Yes... that is correct... remember the money management is important.
Money management make the different in your trading strategy towards success.

Quoting S-Deuce
**Sorry if I'm asking too many questions, but it seems you have been extremely successful and I just want to pick your brain as much as possible =p**

Okay, so you ALWAYS let it test R1 or S1, then wait for a retracement back to Pivot level. If it does NOT hit the pivot level and goes back up to R1 or S1, then when it hits the R1 or S1 - you enter the market then?
  • #170
  • Aug 21, 2007 7:36am Aug 21, 2007 7:36am
Okay, now since we are watching the 15m Time Frame. The Stoch is 5,3,3 and the EMA is 5? When you trade off the Hourly Pivot do you use 15m TF? When you trade off the 4 Hour Pivot do you use 15m TF or 60m TF?
  • #171
  • Aug 21, 2007 7:45am Aug 21, 2007 7:45am
If I trade 4 hrs pivot... I use 15 minutes chart TF.(Stoch 5,3,3 and EMA 5)
If I trade hourly pivot... I use 1 minutes chart TF. (Stoch 5,3,3 only)


Quoting S-Deuce
Okay, now since we are watching the 15m Time Frame. The Stoch is 5,3,3 and the EMA is 5? When you trade off the Hourly Pivot do you use 15m TF? When you trade off the 4 Hour Pivot do you use 15m TF or 60m TF?
  • #172
  • Aug 21, 2007 7:48am Aug 21, 2007 7:48am
I have to go now...
I don't want to trade anymore.
I will take another trade tmrw.
Any question... I will answer by tmrw.

Good Luck!
  • #173
  • Aug 21, 2007 11:00pm Aug 21, 2007 11:00pm
wow just finished reading this thread. this is great, no lagging indicators to deal with. i think i understand the trade concept. will have to put it in practice today when london opens. will trade today and hope Olaha will be there to guide us along.
thanks

Quoting Olaha
I have to go now...
I don't want to trade anymore.
I will take another trade tmrw.
Any question... I will answer by tmrw.

Good Luck!
  • #174
  • Aug 22, 2007 1:47am Aug 22, 2007 1:47am
Look at this example for early today.

This is good trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: PP summary 22:8.jpg Size: 105 KB
Click to Enlarge Name: Today Chart.jpg Size: 227 KB
  • #175
  • Aug 22, 2007 1:48am Aug 22, 2007 1:48am
Yes.. I will be on this thread today.
I will try to help as much I can.
Just ask question.



Quoting gtketum
wow just finished reading this thread. this is great, no lagging indicators to deal with. i think i understand the trade concept. will have to put it in practice today when london opens. will trade today and hope Olaha will be there to guide us along.
thanks
  • #176
  • Aug 22, 2007 2:11am Aug 22, 2007 2:11am
so based on this, let me see if i can call the trades and please correct me if im wrong on this.

right now the price is around 1.9850

it is clearly above all pivot points.

4 hr PP = 1.9819 and R1 = 1.9833. so if the market opens we will wait for price to move below 1.9833 and without touching 1.9819, if price retrace to R1, then we enter at R1.

1 hr PP = 1.9821 and R1 = 1.9829. so we wait for market to retrace below 1.9829 and then without touching 1.9821 when price comes back to R1 we enter.

so those are the trades i see for the 4 hr and 1 hr. my question now is what happens when we refresh and those values for PP and R1 change, do we keep referencing our old values or just abandon everything and look at the new numbers? how do we react to the new values?

thanks

Quoting Olaha
Look at this example for early today.

This is good trade.
  • #177
  • Aug 22, 2007 2:25am Aug 22, 2007 2:25am
I think... you can be a good student. You understand the system now.
You just need to learn to be a discipline student.. to follow the rule and be master on the money management.

If the value change.... we have to change our order also. It could be +/-. Thats why we must check the value of PP every hour.

Quoting gtketum
so based on this, let me see if i can call the trades and please correct me if im wrong on this.

right now the price is around 1.9850

it is clearly above all pivot points.

4 hr PP = 1.9819 and R1 = 1.9833. so if the market opens we will wait for price to move below 1.9833 and without touching 1.9819, if price retrace to R1, then we enter at R1.

1 hr PP = 1.9821 and R1 = 1.9829. so we wait for market to retrace below 1.9829 and then without touching 1.9821 when price comes back to R1 we enter.

so those are the trades i see for the 4 hr and 1 hr. my question now is what happens when we refresh and those values for PP and R1 change, do we keep referencing our old values or just abandon everything and look at the new numbers? how do we react to the new values?

thanks
  • #178
  • Aug 22, 2007 2:33am Aug 22, 2007 2:33am
In this case now... we can't do anything.
We have to wait for new value.
May be we have to take the next hour value.
In case the price break 1.9855 we can place our take profit level up to 1.9900 at R1 Daily (If the break happen before the next hour).
Attached Image (click to enlarge)
Click to Enlarge Name: PP summary 3.jpg Size: 108 KB
  • #179
  • Aug 22, 2007 2:50am Aug 22, 2007 2:50am
definitely need to be disciplined to make it in this business.

1 hr PP = 1.9829, R1 = 1.9837 at 07:00 GMT

price retraced to 1.9836 and there was a bullish cross of stoch (5,3,3) below 50 line. so i entered at 1.9840.
R3 = 1.9849, so i used that as TP. this is all based on 1 hr pivot levels. my SL is set 3 pips below PP, so it is 1.9826. Am i doing this right?




Quoting Olaha
I think... you can be a good student. You understand the system now.
You just need to learn to be a discipline student.. to follow the rule and be master on the money management.

If the value change.... we have to change our order also. It could be +/-. Thats why we must check the value of PP every hour.
  • #180
  • Aug 22, 2007 2:59am Aug 22, 2007 2:59am
Yes that is correct... good example but look back at the figure. Enter at 1.9840 and exit at 1.9849... just about 9 pips. That is not worth to take. This is westing time to trade. Try look for a big move, about 20 to 40 pips.
Sometimes even 1 hr pivot give about 20-60 pips. That is the sign that the market is active. If the pivot figure is small is mean that the market is slow. Take note of this.


Quoting gtketum
definitely need to be disciplined to make it in this business.

1 hr PP = 1.9829, R1 = 1.9837 at 07:00 GMT

price retraced to 1.9836 and there was a bullish cross of stoch (5,3,3) below 50 line. so i entered at 1.9840.
R3 = 1.9849, so i used that as TP. this is all based on 1 hr pivot levels. my SL is set 3 pips below PP, so it is 1.9826. Am i doing this right?
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