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Simple Candlestick-Pivot Method

  • #141
  • Jan 26, 2008 8:14pm Jan 26, 2008 8:14pm
For Entries : "İf the price had a nice big move until any pivot points...." is really useful for a very high probability trade.

For Exits : It helps to watch for approaching Fibo/Pivot levels especially on UJ and then on GU.
  • #142
  • Jan 27, 2008 4:47pm Jan 27, 2008 4:47pm
Quoting SA_Node
For Entries : "İf the price had a nice big move until any pivot points...." is really useful for a very high probability trade.

For Exits : It helps to watch for approaching Fibo/Pivot levels especially on UJ and then on GU.
Hey SA: I hadn't thought about your points about looking at the U/J and G/U with the pivots but you are right, that can make a difference. Will add it to the system.
  • #143
  • Jan 27, 2008 8:20pm Jan 27, 2008 8:20pm
have any of you guys looked at other currencies for this method? i tried to visually go back on my charts but the pivot lines get all messed up and i can't see what is going on. so far GJ seems to be working as advertised
  • #144
  • Jan 27, 2008 10:02pm Jan 27, 2008 10:02pm
Quoting natejax
have any of you guys looked at other currencies for this method? i tried to visually go back on my charts but the pivot lines get all messed up and i can't see what is going on. so far GJ seems to be working as advertised
Natejax: I agree and am only using it to trade with g/j. Will look at others but not trade with this setup.
  • #145
  • Jan 28, 2008 6:48am Jan 28, 2008 6:48am
was this a buy? i saw the potential set up but slept through it because the price did not have much room to reverse on. it hit the 100 pips. i really was not sure about this set up. did anyone take this?
  • #146
  • Jan 28, 2008 6:50am Jan 28, 2008 6:50am
dasfs
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  • #147
  • Jan 28, 2008 8:45am Jan 28, 2008 8:45am
I am going to guess that this would not have been a trade by NoMasks standard:

"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."

This was why I did not take the trade, though i could not remember he had explicitly stated that criteria. I don't think the single hourly bear candle was sufficient for " a nice big move".. in any case, it looks like we may have a nice short setup coming at the next hour
  • #148
  • Jan 28, 2008 9:23am Jan 28, 2008 9:23am
i was stopped out at break even on that last one
  • #149
  • Jan 28, 2008 9:25am Jan 28, 2008 9:25am
Hi Natejax

Could you post the indicator for the high/low little grey kites that you have on your screen shot.

Thanks

Mister ED
  • #150
  • Jan 28, 2008 9:33am Jan 28, 2008 9:33am
Ed that is BIll Williams Fractals and you should have it in MT4. if not i will post it
  • #151
  • Jan 28, 2008 9:38am Jan 28, 2008 9:38am
Quoting natejax
Ed that is BIll Williams Fractals and you should have it in MT4. if not i will post it
Got it.

Thanks

Mister ED
  • #152
  • Jan 28, 2008 10:38am Jan 28, 2008 10:38am
Quoting natejax
Ed that is BIll Williams Fractals and you should have it in MT4. if not i will post it
Natejax: It's amazing what you can learn everyday. Thanks for the fractals and I too will see how it works.
  • #153
  • Jan 28, 2008 10:49am Jan 28, 2008 10:49am
Pip Pirate, are you watching the chart now? wondering about this candle if it closes red? would this be a valid sell? it is on the line but we were just here and it did not breech the high from before..

edit: after more thought i am really not sure about this one. its not a pin bar or other strong reversal signal. probably won't take it.
  • #154
  • Jan 28, 2008 11:11am Jan 28, 2008 11:11am
Quoting natejax
Pip Pirate, are you watching the chart now? wondering about this candle if it closes red? would this be a valid sell? it is on the line but we were just here and it did not breech the high from before..

edit: after more thought i am really not sure about this one. its not a pin bar or other strong reversal signal. probably won't take it.
Natejax: As I am always tweeking my systems, I am now trying to only watch the g/j. This US session that was hard as the euro ran 50 pips. I think with all these indicators (I use dollie's system and OZ's AC indicator also), I feel that if I would just focus on the g/j I could make plenty of pips every week since I am full time. I have been looking at the M5 - H4 to look for the smoothest charts. Just need to jump in. That would have been a good sell as you can see that the peaks, on the M15, at 14:15GMT, 15:45, and 16:30. Each of the highs are lower than the previous one so it looks like it would go short. I missed it as I was playing around with the fractuals.
  • #155
  • Jan 28, 2008 11:19am Jan 28, 2008 11:19am
yeah i noticed the peaks, but as far as strictly following NoMasks system, i don't think it met the criteria. i hope he comes back around to clarify some of these things.
  • #156
  • Jan 29, 2008 1:32pm Jan 29, 2008 1:32pm
i am surprised there is not more interest in this thread with the incredible results the system seems to get. in any case, no signal today . i have my chart set now with an alerter at the pivots so i can get woken up if there is a trade.
  • #157
  • Jan 29, 2008 2:10pm Jan 29, 2008 2:10pm
I follow sometimes this thread as pivot points are a must whenever I go intraday. Allow me (witha all respect to nomask) to clarify some stuff.

In my experience the most challenging thing about pivot points - S/R lines is the entry itself whenever the market is reaching a level. I have some suggestions for all of you

As the market normally fades (retraces) when it get (sometimes closer) to any significant level, you can go market as nomask suggest or have a pre-set (stop order) resting position, around 4-5 ticks (in case of forex) away from the level.

The advantages of going in with a market order on a candlestick formation is that you have certain level of assurance, besides a common behavior on the markets at the level. But a common mistake I've seen is the temptation of pulling the trigger before the candle closes. Another downfall is a bad fill due slippage/broker manipulation etc. Pulling the trigger (market order ) for some traders is a real pain as you tend to mess things up once you see the first sign of heat against your position.

I place resting orders against pivots S/R lines always....all the time. The risk is the same. Worst case scenario will be the market blasting off the pivot (breaking out) Whenever this happens, and I get stopped out I simply look to fade the other side of the pivot, no sweat.

If you could add to the mix some trailing stop settings @ 1 tick per move, that will definitely increase your odds.

Peace
Peace
  • #158
  • Jan 29, 2008 2:24pm Jan 29, 2008 2:24pm
i was going to ask you to show a chart to illustrate what you had said but then saw you have a thread so ill check that one out.

but could you elaborate a little? are you saying that you place sell stop orders several pips down from a resistance line (when price is already above the price point) and if it bounces back above, you would go long?

edit. sorry, it looks like that is what you said... low blood sugar and i need a nap!
  • #159
  • Jan 29, 2008 2:33pm Jan 29, 2008 2:33pm
Quoting natejax
i was going to ask you to show a chart to illustrate what you had said but then saw you have a thread so ill check that one out.

but could you elaborate a little? are you saying that you place sell stop orders several pips down from a resistance line (when price is already above the price point) and if it bounces back above, you would go long?
Lets asumme the market is trading below a level and momentum picks up toward that level. I'll have a resting order(short) 5 ticks below that level in order to fade the move

Fade - going against - counter move.

but in case that the makret keeps moving and breaks the level (obviously I will be stopped out ) then I will be looking to fade the other side (in this case long ) off the level.

Peace
Peace
  • #160
  • Jan 29, 2008 2:53pm Jan 29, 2008 2:53pm
Quoting feb2865
I follow sometimes this thread as pivot points are a must whenever I go intraday. Allow me (witha all respect to nomask) to clarify some stuff.

In my experience the most challenging thing about pivot points - S/R lines is the entry itself whenever the market is reaching a level. I have some suggestions for all of you

As the market normally fades (retraces) when it get (sometimes closer) to any significant level, you can go market as nomask suggest or have a pre-set (stop order) resting position, around 4-5 ticks (in case of forex) away from the level.

The advantages of going in with a market order on a candlestick formation is that you have certain level of assurance, besides a common behavior on the markets at the level. But a common mistake I've seen is the temptation of pulling the trigger before the candle closes. Another downfall is a bad fill due slippage/broker manipulation etc. Pulling the trigger (market order ) for some traders is a real pain as you tend to mess things up once you see the first sign of heat against your position.

I place resting orders against pivots S/R lines always....all the time. The risk is the same. Worst case scenario will be the market blasting off the pivot (breaking out) Whenever this happens, and I get stopped out I simply look to fade the other side of the pivot, no sweat.

If you could add to the mix some trailing stop settings @ 1 tick per move, that will definitely increase your odds.

Peace
feb,

Good point on pivot & SR. but just to add that i think not all pin bar candle can be a trigger because sometimes it is quite discretionary. best if it was formed during rally up or down. it maybe dangerous to take the pin bar if it has been consolidate for quite sometimes. i will look at length of the wick and its location to determine its quality. but these rules are not cast in stone.

sometimes, i think maybe wise to let it break the lowest or highest of candle as we are normally doing counter trend when there is a pin bar. triggering in the middle of a formed candle sometimes may result in loses.

just a view and peace to you.

p/s: i visited your thread sometimes, I have great respect to you.hope you will post more often.
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