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Pivot Point with Money Management Strategy

  • #181
  • Aug 22, 2007 3:07am Aug 22, 2007 3:07am
makes sense. making sure that i understand the system correctly. thks

Quoting Olaha
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.
  • #182
  • Aug 22, 2007 3:14am Aug 22, 2007 3:14am
made those 9 pips.

Quoting Olaha
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.
  • #183
  • Aug 22, 2007 3:21am Aug 22, 2007 3:21am
Yes...9 pips can be a lot of money if you buy 1 million.
If your trade 10 pips everyday with 1 million also enough for the day.
That whats banks did it!



Quoting gtketum
made those 9 pips.
  • #184
  • Aug 22, 2007 3:27am Aug 22, 2007 3:27am
Look for this new PP at hourly.
from r1 to r3 is about 37.
Attached Image (click to enlarge)
Click to Enlarge Name: PP summary 4.jpg Size: 108 KB
  • #185
  • Aug 22, 2007 3:38am Aug 22, 2007 3:38am
this is where i have another question. sorry for all the questions.

price is around 1.9850, and PP = 1.9841, R1 = 1.9861. price has not yet traded above R1. in this case what do we do? do we enter immediately price touches R1 or do we have to wait for price to cut pass R1 and then do the whole retrace thing again before we enter?
thanks

Quoting Olaha
Look for this new PP at hourly.
from r1 to r3 is about 37.
  • #186
  • Aug 22, 2007 3:41am Aug 22, 2007 3:41am
Morning Olaha, and traders. Olaha, I'm starting to understand it a lot more, thank you so much for taking the time yesterday to answer all my questions . My question now becomes, say we enter at R1, then the PP updates, what do we do then?

a) Follow the old PP chart.
b) use the new PP chart.

??
  • #187
  • Aug 22, 2007 3:50am Aug 22, 2007 3:50am
We must wait until the price test the R1 and retrace. When the price back to R1 than we enter if the retracement is above the pivot.


Quoting gtketum
this is where i have another question. sorry for all the questions.

price is around 1.9850, and PP = 1.9841, R1 = 1.9861. price has not yet traded above R1. in this case what do we do? do we enter immediately price touches R1 or do we have to wait for price to cut pass R1 and then do the whole retrace thing again before we enter?
thanks
  • #188
  • Aug 22, 2007 3:56am Aug 22, 2007 3:56am
No...we have to follow the new target only.

Let say you already entered buy at R1. The next hr.. the PP change than you just need to update you take profit level to the new figure. If you happy with the earlier target than leave it. But the SL you should follow the new PP levels.


Quoting S-Deuce
Morning Olaha, and traders. Olaha, I'm starting to understand it a lot more, thank you so much for taking the time yesterday to answer all my questions . My question now becomes, say we enter at R1, then the PP updates, what do we do then?

a) Follow the old PP chart.
b) use the new PP chart.

??
  • #189
  • Aug 22, 2007 3:56am Aug 22, 2007 3:56am
Quoting Olaha
Look for this new PP at hourly.
from r1 to r3 is about 37.
Range is 37 pips. So if you do enter do you take your profit at R2 then again at R3 or do you still take it at 20 pips? Then 17pips for the 2nd profit?
  • #190
  • Aug 22, 2007 3:58am Aug 22, 2007 3:58am
The 8:56 GMT candlestick hit a low of 1.9827 - would you consider that testing the S1? (1.9825) or does it have to hit the 1.9825 to "test" it, right now it is retracing back to PP
  • #191
  • Aug 22, 2007 4:00am Aug 22, 2007 4:00am
Currently the price already break the pivot level at hourly.
For short term the price became weak or reverse.
If the price want to reverse... let the price test the S1 first.
Lets wait and see.
If this doesn't happen for the next hour... I close my window and go to shopping...he... he... he..
  • #192
  • Aug 22, 2007 4:03am Aug 22, 2007 4:03am
If the range is 37..
I will take target 1 = 20
target 2=17


I think.. you are good now...



Quoting S-Deuce
Range is 37 pips. So if you do enter do you take your profit at R2 then again at R3 or do you still take it at 20 pips? Then 17pips for the 2nd profit?
  • #193
  • Aug 22, 2007 4:05am Aug 22, 2007 4:05am
Let the price touch S1 first and see where the retracement happen. make sure the retracement below 1.9841


Quoting S-Deuce
The 8:56 GMT candlestick hit a low of 1.9827 - would you consider that testing the S1? (1.9825) or does it have to hit the 1.9825 to "test" it, right now it is retracing back to PP
  • #194
  • Aug 22, 2007 4:06am Aug 22, 2007 4:06am
Olaha, you only trade the GBP/USD? How many trades a day do you average with this method?
  • #195
  • Aug 22, 2007 4:13am Aug 22, 2007 4:13am
I just trade GBP/USD only.
Most of the time I trade once. If the market active, I trade max 2 times.
Try to focus 1 pair and don't over trade.


Quoting S-Deuce
Olaha, you only trade the GBP/USD? How many trades a day do you average with this method?
  • #196
  • Aug 22, 2007 4:17am Aug 22, 2007 4:17am
price went down to 9829 and then shot back up on my platform, so looking at the 4 hr PP which is 9819 and R1 which is 9833, i think that was a buy trade there. R3 is 9855, so the range is about 22pips.

Quoting Olaha
Let the price touch S1 first and see where the retracement happen. make sure the retracement below 1.9841
  • #197
  • Aug 22, 2007 4:17am Aug 22, 2007 4:17am
Do you ever trade the daily pivot? if yes - what time frame do you use?
  • #198
  • Aug 22, 2007 4:19am Aug 22, 2007 4:19am
Quoting gtketum
price went down to 9829 and then shot back up on my platform, so looking at the 4 hr PP which is 9819 and R1 which is 9833, i think that was a buy trade there. R3 is 9855, so the range is about 22pips.
I saw that too =) was thinking the same thing. I hope you are right, cuz that means I would be too. lol
  • #199
  • Aug 22, 2007 4:33am Aug 22, 2007 4:33am
Seems... the price is everywhere.... i might stop from now..
I don't see any trend at this moment.

For long term... still bullish.
May be tmrw then we can see the clear bullish.
  • #200
  • Aug 22, 2007 4:36am Aug 22, 2007 4:36am
If you want to use daily pivot... look for 3 hrs and 1 hr chart.
Normally.. I use daily for active market... esp like NFP or major news.
because this news release give a big range.


Quoting S-Deuce
Do you ever trade the daily pivot? if yes - what time frame do you use?
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