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Simple Candlestick-Pivot Method

  • #121
  • Jan 21, 2008 8:13pm Jan 21, 2008 8:13pm
Quoting amlo77
TDK,

I am using the Auto-Pivot Indicator. Can you share your settings for the US session on MT4.

Thanks,

Amlo77
Amlo,

I'm using one of the two pivots attached on post #1. Both allow you to adjust the start time and based on my chart time I had to adjust 14 hours. So I change the "StartTime" under "inputs" to 14. So on my chart at 14:00 it's 08:00 EST.

I check out the auto-pivot and there's not an input setting to adjust for time. Maybe there is a way if you know how to program, which I have no idea. I'm just thankful that everyone is so kind and shares on this forum.

TDK
  • #122
  • Jan 22, 2008 11:55am Jan 22, 2008 11:55am
For the 1h-Pivot strategy in the GBP/JPY
it wasn't one of the best days today.

2 Losses of 50 pips at PP-Level and R1.

Anyone got a different performance?

Greets,
BennyFX
  • #123
  • Jan 22, 2008 12:19pm Jan 22, 2008 12:19pm
Quoting bennyFX
For the 1h-Pivot strategy in the GBP/JPY
it wasn't one of the best days today.

2 Losses of 50 pips at PP-Level and R1.

Anyone got a different performance?

Greets,
BennyFX
Benny: It is beneficial for all to post a chart with your question. I will try to post results and ask the group for help also. I personally am still getting used to the charts but am very excited. Here is a chart with two arrows: The first arrow is the big move at the open of the euro session. You can see that the previous candle hit support and there was some candles before that also stopped at that point. I should have noticed that when I went short before the session and lost pips. You can see by the second arrow that there was much support (without a pivot or S/R line) for many candles and then it went long as the US stock market opened. So I am seeing that it really important to look at the overall picture.
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  • #124
  • Jan 22, 2008 6:31pm Jan 22, 2008 6:31pm
Quoting pip pirate 2
Benny: It is beneficial for all to post a chart with your question. I will try to post results and ask the group for help also. I personally am still getting used to the charts but am very excited. Here is a chart with two arrows: The first arrow is the big move at the open of the euro session. You can see that the previous candle hit support and there was some candles before that also stopped at that point. I should have noticed that when I went short before the session and lost pips. You can see by the second arrow that there was much support (without a pivot or S/R line) for many candles and then it went long as the US stock market opened. So I am seeing that it really important to look at the overall picture.
I agree that you need to look at the overall picture. I tend to look for double tops/bottoms at key pivots levels or at major S/R for reversals. If you can confirm the DT/DB with a reverse candle and it occurs at these levels, you should have a high probability of making some pips.
  • #125
  • Jan 24, 2008 10:37am Jan 24, 2008 10:37am
Don't let this system go to the back pages. I am still working it out but I am very impressed with how simple it is.
  • #126
  • Jan 24, 2008 10:38am Jan 24, 2008 10:38am
I got a set of railroad tracks at the central pivot on EUR/USD in early london trading today. I confidently entered long for 51 pips targeting the the next pivot level. I have been doing this sort of trade instinctively for quite some time. Thanks for putting it into words and reminding me of the benefits of this trading style

Quote
Don't let this system go to the back pages.

Hi pip pirate.
I am all for helping out with teaching the system and taking this thread to the top where it belongs. Its P.A trading with a single leading indicator which is virtually naked trading that anyone can do
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  • #127
  • Jan 24, 2008 11:54am Jan 24, 2008 11:54am
on the gj, i have the year high pivot at 210.47 on my meta platform and the last two 1hr. candles have tested it, probably will see a bounce down to some extent.
Enter Signature
  • #128
  • Jan 24, 2008 8:56pm Jan 24, 2008 8:56pm
To all of you trading this system.

What time do you base your start of day for your pivots. Is it the start of the Asian session (because there is Yen involvement) or the start of the US (due to dollar involvement), or do you plot multiple sets of pivots? The difference between sets of pivots can sometimes be dramatic if there has been a large range previously.

I am keen on this system because it blends price action (which reflects what is really happening) and non-subjective levels of support/resistance (unlike trying to draw your own support lines etc). Neither are infalable on their own but together they can give a nice blend of certanty.

My back testing for 2007 shows thi to be a very profitable system, however it was much more difficult in 2006 due to the lower daily range. However the daily range has increased significantly over the last 6 months and appears to be holding steady. As long as this is the case I feel that the system should remain profitable.

I have concentrated on the GBPJPY but have looked at the EURJPY, but find this to be less successful. Anyone else have any opinions?

Mister ED
  • #129
  • Jan 24, 2008 11:32pm Jan 24, 2008 11:32pm
[quote=Mister ED;1819885]To all of you trading this system.

What time do you base your start of day for your pivots. Is it the start of the Asian session (because there is Yen involvement) or the start of the US (due to dollar involvement), or do you plot multiple sets of pivots? The difference between sets of pivots can sometimes be dramatic if there has been a large range previously.

I am keen on this system because it blends price action (which reflects what is really happening) and non-subjective levels of support/resistance (unlike trying to draw your own support lines etc). Neither are infalable on their own but together they can give a nice blend of certanty.

I have concentrated on the GBPJPY but have looked at the EURJPY, but find this to be less successful. Anyone else have any opinions?

Mister Ed


I just use the indicators as they are programmed and it doesn't matter what the session is. We all know what time this pair moves. I only use it on g/j as it doesn't seem to work well on other pairs. This world of forex is growing so fast that sometimes I don't care what happened years ago. I heard we are up to 3.5 Trillion a day now. Let's continue to help each other with this thread. I decided to go back to adding a 21EMA and 89EMA moving average just for the fun of it and it helps me stay in the trade. Always learning.
  • #130
  • Jan 25, 2008 12:20am Jan 25, 2008 12:20am
Quote
21EMA and 89EMA moving average just for the fun of it and it helps me stay in the trade
select moving averages could be included as dynamic support/resistance levels with this technique. When used in confluence with static support/resistance It provides an even higher probability trade set up. A confluence of support/resistence combining pivots, fibs, previous significant levels, trendline and a moving average or any combination of these, provides an entry level in advance of price testing that level. An entry can be made before it even shows up as a candle reversal. Even if it fails to reverse the move, such levels nearly always provide a tradeable bounce with a very tight stop. That is advanced level trading but I think this thread provides an excellent platform to reach for that level of expertise. meantime we can make plenty of pips trading candles and pivots while learning. Too optimistic? whose up for it?
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  • #131
  • Jan 25, 2008 3:34am Jan 25, 2008 3:34am
just had a valid sell signal
  • #132
  • Jan 25, 2008 7:51am Jan 25, 2008 7:51am
100 pips. i did have 2 losers earlier, but they were pretty big candles and probably not the best entries. also, it was a crazy week.
  • #133
  • Jan 25, 2008 7:53am Jan 25, 2008 7:53am
Quoting M.A.C.Doug
select moving averages could be included as dynamic support/resistance levels with this technique. When used in confluence with static support/resistance It provides an even higher probability trade set up. A confluence of support/resistence combining pivots, fibs, previous significant levels, trendline and a moving average or any combination of these, provides an entry level in advance of price testing that level. An entry can be made before it even shows up as a candle reversal. Even if it fails to reverse the move, such levels nearly always provide a tradeable bounce with a very tight stop. That is advanced level trading but I think this thread provides an excellent platform to reach for that level of expertise. meantime we can make plenty of pips trading candles and pivots while learning. Too optimistic? whose up for it?

Hey Doug, honestly, i am growing tired of watching indicators and looking for something a little more intellectually stimulating, so any charts you want to post to illustrate such techniques would be very welcome.
  • #134
  • Jan 25, 2008 8:53am Jan 25, 2008 8:53am
it looks like we might actually get a second signal on the same line within the same 12 hour period. not sure what the OP would do in this situation. i might pass on it
  • #135
  • Jan 25, 2008 9:33am Jan 25, 2008 9:33am
anyone else take that last trade. its moving towards the target.
  • #136
  • Jan 25, 2008 9:52am Jan 25, 2008 9:52am
Quoting natejax
anyone else take that last trade. its moving towards the target.
Natejax,

I took the trade it just hit my target for another 100 pips. Niceeee
  • #137
  • Jan 25, 2008 10:05am Jan 25, 2008 10:05am
i closed out at 80 pips because it was struggling to break through support. but i think it will hit the real target

EDIT: yep, it hit my original target. should have hung in there.
  • #138
  • Jan 25, 2008 10:28pm Jan 25, 2008 10:28pm
Quoting pip pirate 2
Benny: It is beneficial for all to post a chart with your question. I will try to post results and ask the group for help also. I personally am still getting used to the charts but am very excited. Here is a chart with two arrows: The first arrow is the big move at the open of the euro session. You can see that the previous candle hit support and there was some candles before that also stopped at that point. I should have noticed that when I went short before the session and lost pips. You can see by the second arrow that there was much support (without a pivot or S/R line) for many candles and then it went long as the US stock market opened. So I am seeing that it really important to look at the overall picture.
Hello pips pirate 2, pivot point in my chart looks a bit different. In between the 2 arrows, Daily pivot is supporting the candles.

jackt
Attached Image
  • #139
  • Jan 26, 2008 10:55am Jan 26, 2008 10:55am
Quoting natejax
Hey Doug, honestly, i am growing tired of watching indicators and looking for something a little more intellectually stimulating, so any charts you want to post to illustrate such techniques would be very welcome.
I had to smile at your comments. Since I am not there yet, I can only state what I have read about making big money trading. It's supposed to be boring. All the successful traders say that after a while, there is no emotion and it's not something fun, you see the moves, make the trades, bank the cash, and go on with your life. I don't know any other way than indicators or some type of edge. I look forward to only looking at the charts for maybe an hour a day, placing trades and playing golf and traveling the world.
  • #140
  • Jan 26, 2008 11:04am Jan 26, 2008 11:04am
Quoting jackt
Hello pips pirate 2, pivot point in my chart looks a bit different. In between the 2 arrows, Daily pivot is supporting the candles.

jackt
Thanks for the chart. Yes your pivots show a support line and that is different than my chart. The trend was to the up side and that is what I should have paid attention to anyway. Go with the trend! I really like the addition of the 21 and 89EMA's that I added and have learned a lot this past week.
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