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Pivot Point with Money Management Strategy

  • #321
  • Aug 28, 2007 12:08am Aug 28, 2007 12:08am
Yes that was a good system but the this pivot more accurate and can help me to make a good trade with discipline.

Pivot system give me more trade rather than the previous system.

In my platform.. they name it as Full Stochastic 5,3,3
In my system, I have Full, Fast and Slow Stochastic.
If you use Oanda broker, you will see this.
I don't know about others.


Quoting Rodrigo
Dear Olaha,

I would like to ask you some questions. Why did you change the first system to the “Pivot Point with Money Management Strategy?” I was getting good results with the first system and I was surprised how accurrate the fibo levels were and the stochastic and RSI worked well.
I am sure that this Pivot Point system works well too.
Is this system more accurate and profitable than the previous one? Or does it give more trading opportunities during the day?
The stochastic that you use is it stochastic slow or fast?
Thank you

Rodrigo.
  • #322
  • Aug 28, 2007 12:30am Aug 28, 2007 12:30am
I'm going for lunch...
Will be back shortly...

Just send any question,
I'll answer by then...
  • #323
  • Aug 28, 2007 1:19am Aug 28, 2007 1:19am
Hi Olaha,

Thank you. OK so it is if full stochastic. Yesterday I played with your system and I made some pips on GBP/USD and GBP/JPY. I hope that it was not just a coincidence . I hope that it was because I followed all the rules.
So the price was below daily PP, 4hPP and 1hPP so I expected that the price would go down. I was waiting for the moment when the price would reach the first 4 hour support (4hS1). When it happened the price stopped there for a moment and returned toward 4hPP. It did not reach the 4hPP so it was a good sign that it would go back to 4hS1.
The price was moving up and down between the 4hS1 and a halfway to 4hPP (did not touch the 4hPP). I observed the Stoch 5,3,3 on 15 M chart. Both curves %K and %D crossed first (somewhere above 50) and then 5 EMA crossed the Stochastic but first it crossed the %K. Was it OK? If the EMA crosses the %K can it be considered as a confirmation?
Then the price hit the 4hS1 again and when it continued to 4hS2 I entered the trade.
Did I do it right? In a case like this does the stochastic 5,3,3 have to cross above 50 and go down on 15M chart? Does the stochastic 14,3,3 on 1h chart do the same or it does not matter? And is it enough if the EMA crosses the %K only? This is one thing I am not quite sure about.

Rodrigo.
  • #324
  • Aug 28, 2007 1:53am Aug 28, 2007 1:53am
Yeah - Olaha, do you think you could give an explanation of what you look for on the Stochiastic and the EMA?
  • #325
  • Aug 28, 2007 2:19am Aug 28, 2007 2:19am
Olaha, you short @ 2.0051?
  • #326
  • Aug 28, 2007 2:28am Aug 28, 2007 2:28am
Quoting Rodrigo
Hi Olaha,

Thank you. OK so it is if full stochastic. Yesterday I played with your system and I made some pips on GBP/USD and GBP/JPY. I hope that it was not just a coincidence . I hope that it was because I followed all the rules.
So the price was below daily PP, 4hPP and 1hPP so I expected that the price would go down. I was waiting for the moment when the price would reach the first 4 hour support (4hS1). When it happened the price stopped there for a moment and returned toward 4hPP. It did not reach the 4hPP so it was a good sign that it would go back to 4hS1.
The price was moving up and down between the 4hS1 and a halfway to 4hPP (did not touch the 4hPP). I observed the Stoch 5,3,3 on 15 M chart. Both curves %K and %D crossed first (somewhere above 50) and then 5 EMA crossed the Stochastic but first it crossed the %K. Was it OK? If the EMA crosses the %K can it be considered as a confirmation?
Then the price hit the 4hS1 again and when it continued to 4hS2 I entered the trade.
Did I do it right? In a case like this does the stochastic 5,3,3 have to cross above 50 and go down on 15M chart? Does the stochastic 14,3,3 on 1h chart do the same or it does not matter? And is it enough if the EMA crosses the %K only? This is one thing I am not quite sure about.

Rodrigo.
Seems... U understand the system.

Actually... we don't have really consent on the technical indicator.
The most important is the Pivot and the money management.
The indicator is came at last.
I use the indicator is for confirmation.
I enter and exit the trade according to the Pivot only.
For confirmation, than I look at the stochastic for retracement.
For you all information, Technical analysis is legging indicator.
So don't focus so much about it.
Don't worry about where the line cross and etc.
You can use the standard studies how to use the stochastic.

One thing that you miss is where to enter.
You should enter at S1 (after the retracement below the PP, than u should place an order at S1, and take profit at S3).

Don't forget about the money management.

My consent is money management.
If you master on this, you can see the different on your trading style.
  • #327
  • Aug 28, 2007 2:31am Aug 28, 2007 2:31am
Wait for retracement in 15 minutes chart



Quoting S-Deuce
Olaha, you short @ 2.0051?
  • #328
  • Aug 28, 2007 2:32am Aug 28, 2007 2:32am
Olaha, say we get new PP and S1/R1 at 7:00GMT, if price has already tested the 7:00gmt S1 BEFORE 7:00GMT - say 6:45GMT - does that count as testing S1? Or do we have to wait for price to hit S1 DURING the pivot point time then wait for retrace then hit S1 again?
  • #329
  • Aug 28, 2007 2:33am Aug 28, 2007 2:33am
Quoting Olaha
Wait for retracement in 15 minutes chart
Retrace to 2.0071, too much.
  • #330
  • Aug 28, 2007 2:37am Aug 28, 2007 2:37am
Now is short time bullish.
Look at 1 hr pivot.
Is abt 20 pips range.
We still look for bearish now.
Unless the price break the 2.0089,
Than we have to look for bullish.
I will inform latter.

Quoting Olaha
Wait for retracement in 15 minutes chart
  • #331
  • Aug 28, 2007 2:38am Aug 28, 2007 2:38am
Quoting Olaha
Now is short time bullish.
Look at 1 hr pivot.
Is abt 20 pips range.
We still look for bearish now.
Unless the price break the 2.0089,
Than we have to look for bullish.
I will inform latter.
If price were to retrace to around 2.0060, then hit 2.0064, you enter long?
  • #332
  • Aug 28, 2007 2:42am Aug 28, 2007 2:42am
That pivot still the same as previous hour.
So the test at S1 earlier consider as a testing.
Now.. we can place an order at S1.

Quoting S-Deuce
Olaha, say we get new PP and S1/R1 at 7:00GMT, if price has already tested the 7:00gmt S1 BEFORE 7:00GMT - say 6:45GMT - does that count as testing S1? Or do we have to wait for price to hit S1 DURING the pivot point time then wait for retrace then hit S1 again?
  • #333
  • Aug 28, 2007 2:44am Aug 28, 2007 2:44am
Quoting Olaha
That pivot still the same as previous hour.
So the test at S1 earlier consider as a testing.
Now.. we can place an order at S1.
Why would we place order at S1, didnt price just hit pivot?
  • #334
  • Aug 28, 2007 2:50am Aug 28, 2007 2:50am
Should be ok..

just 2.0070 at close price.


Quoting S-Deuce
Why would we place order at S1, didnt price just hit pivot?
  • #335
  • Aug 28, 2007 2:52am Aug 28, 2007 2:52am
Quoting Olaha
Should be ok..

just 2.0070 at close price.
hmm other day you said if price retrace close to pivot, you usually dont enter cuz price isnt strong enough. How come today should be ok?
  • #336
  • Aug 28, 2007 2:57am Aug 28, 2007 2:57am
Just look at the current price with the all Pivot level.
Is very strong bearish.
As long we get the clear direction, we are save.
The other day.. we are not sure the direction.


Quoting S-Deuce
hmm other day you said if price retrace close to pivot, you usually dont enter cuz price isnt strong enough. How come today should be ok?
  • #337
  • Aug 28, 2007 2:58am Aug 28, 2007 2:58am
Quoting Olaha
Just look at the current price with the all Pivot level.
Is very strong bearish.
As long we get the clear direction, we are save.
The other day.. we are not sure the direction.
okay.
  • #338
  • Aug 28, 2007 3:11am Aug 28, 2007 3:11am
hy,
just a short question
when will open the london and new york session in gmt time?
  • #339
  • Aug 28, 2007 3:12am Aug 28, 2007 3:12am
Quoting humor
hy,
just a short question
when will open the london and new york session in gmt time?
http://fxtrade.oanda.com/resources/fxmarkethours/
  • #340
  • Aug 28, 2007 3:18am Aug 28, 2007 3:18am
Tq S-Deuce...
You can be my assistant now...



Quoting S-Deuce
http://fxtrade.oanda.com/resources/fxmarkethours/
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