Simple Candlestick-Pivot Method

First of all i'd like to thank everyone who helped me improving my trading skillls..Although i've been following this great forum for a long time haven't posted anything yet..All i'm thinking by now its time to give something back to show my appreciations to everyone..
This method quite simple and very profitable...all we need to do is just observing candlestick patterns in on around the daily pivot,support and resistance points..when there is a nice trade setup we just enter the trade opening of a new 1 hour candle with
gbpjpy currency (1 hour char)
50 pips stop loss
100 pips target...And also i suggest that using break even when we have the position +50 pips in our favour..
This month( so far) gave me 950 pips..yes sounds crazy but its true..Sure you can backtest or forwardtest...

Entering a trade...İf the price had a nice big move until any pivot points then we observe the candlesticks..if there was a bullish movement we look for bearish pin bar or vice versa...You can easily understand the method When you look at the charts that"ll be posted very soon...
Good luck everyone...
any comments,questions are welcome

i added pivot indicator and a excel sheet that i made and used for backtesting ,forward testing or finding lot size for the next trade...you may find it handy...

i added another nice multi pivot points indicator posted by trendchaser (thx) if you want to check this method on larger time pivot points
settings:
pivotset=1 for daily 2 for weekly 3 for monthly pivots
daystarthout=i changed it 00:00 (in fxdd)

Thanks for the system and positive attitude.

Question, can you post the indicators and settings you use? Also, what pairs have you worked with?

Good Luck!

(you added the indicator after this post)

Although gj has higher spread then most of the other pairs its still my favourite currency..because of volatility and loyalty on candlestick patterns
I use a daily pivot indicator on 1 hr chart..so i always try to make it simple..

p.s(i"m a civil engineer and the first thing i"ve been taught at the university was "always think simple" no matter how much confusing problems you"re handling...)

Hmm. Using your posted Pivots indicator, my pivots don't match yours.

i am using this indicator on my fxdd mt platform..

Thanks very much for posting,

Q. Does the price have to penetrate or touch the adjacent Res or Sup level then reverse around it?

Q. What Candles do you look for?

Q. Do you consider the prevailing trend or is it a matter of if it going up then look for it to come down and vica versa?

Best

Red

I see. It's to do with the brokers time zone. You must be on GMT? Which brings up the age old question of what time zone should you use for calculating pivots? Depending on which time zone you are in, you can end up with drastically different pivot points.

to me its enough to see price touching pivot points..morning star and pin bar are my favourite reversal signals...if the main movement is downward i look for a reversal candle with opposite colour(upward)..
lets say we are in bearish movement (red) i consider only blue morning star or pin bar as a reversal..(so that means bearish movement lost and bulish just about to start)

i"ll try to point out more clear the candles in the next post..

that strategy based on the idea that gbpjpy currency"s pullbacks most of the times greater than 100-200 pips..so trend is not a big deal in this case..we already move our sl within the first 50 pips movement...

my time zone is gmt+2..which is same with the fxdd..

HI,

I discovered in the examples given that you enter on the formation of an evening star/morning star candlestick formation at/near the pivot points. Do you enter at the open of the third candle when the star is still in the formation stage or do you wait for it to complete its formation and enter?

Answers will be appreciated.

i marked some candles that i take as a reversal signal..

as the reversal candle (morning,evening star or pin bar) completes its form i take the trade by the opening of the new candle

Hi to all on this thread.I have been using a system like this for over a year live and it can be very profitable. The only way mine differs is that I use weekly and monthly pivots for entry/ exit more than daily pivots , I feel they are more accurate.Also as we have already heard on this thread ,my daily pivot calculated in the uk GMT are diff than some one in US etc.When you move to weely the pivots , they become more accurate to one another calculated anywhere in the world as the high and the low of the week will be the same in any time zone although the close will be diff for each zone. The monthly obviously has the closest pivots of the lot in any time zone and use the longest amount of data. The GBP/JPY does respect pivots accurately. This pair some times has extream spikes and 50 pips stoploss is not always enough. 100 pip and more runs are available most days. I watch the GBP/JPY 1 HR and the EUR/JPY (and some times the USD/JPY) at the same time for conformation on 2 screens both with pivots (NO other indicators , MAs, Stoch etc) When BOTH pairs stop at a (weekly/monthly)pivot ,or S1, S3, R1 R3 etc and turn, im in. I also use trend lines etc so I know where price will stall/ bounce etc.

although i am not a big fan of taking trade around the middle pivot points ( i prefer support and res lines)there was a nice big movement down and there is a completing 1 hr candle right now on gj that might be a good reversal signal which is just about to form on daily pivot line in 10 minutes.....if it doesnt change i"ll take this trade and see what happens...

it wasnt a perfect setup but already hit +50 and moved my sl to breakeven..now i'm in free ride..thats the part i love...

its been always nice to see getting succesfull on a real time trade and not being emberassed in front of the people
hit my target profit with 100 pips...

Yeh im in too at 210.53 long ,aiming for 212.20 ish . Weekly m3 at 212.46 on my chart so price will prob stall when it hits it (if it gets there first !)

hi pendennis..after you mentioned about trading on weekly and monthly pivot points now i started thinking why not..i'll take a look at it..thx...

Hi nomask ,trust me they work.the spike high to day at 212.40 is a bounce of the weekly M3 as I said in my last post , thats why im aiming for it .Ive locked in 100 pips so far. the EURJPY is trying to break monthly S2 now and GBPUSD is making new high for the day so it may pop up in a bit.

Out at 212.10 for + 150 pips . Wait for next signal now