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Candlestick and Pivot Point Day Trading Strategy 3 replies

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Simple Candlestick-Pivot Method

Quoting G33maroon
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.
Thank you G3 for your kind words.

S/R trading is very discretionary in my opinion. As I use these levels on futures, I prefer to fade the first test of the day. I concur with you, once there's a consolidation on a level and therefore multiple test, it becomes quite dangerous and volatile. I personally had a tendency long time ago to pull the trigger out of balance. I just resolve this dilemma to place stop orders fading the level and managing the trading with trailing stops. That way I remove any emotion from the trade.

I believe S/R are powerful as many institutions are watching these levels and planning their trades accordingly.

Peace
Peace
Quoting feb2865
Thank you G3 for your kind words.

S/R trading is very discretionary in my opinion. As I use these levels on futures, I prefer to fade the first test of the day. I concur with you, once there's a consolidation on a level and therefore multiple test, it becomes quite dangerous and volatile. I personally had a tendency long time ago to pull the trigger out of balance. I just resolve this dilemma to place stop orders fading the level and managing the trading with trailing stops. That way I remove any emotion from the trade.

I believe S/R are powerful as many institutions are watching these levels and planning their trades accordingly.

Peace
You are welcome, feb. what i said is sincere from the heart. The thiing about S/R level you mentioned is true. many observe it and therefore it is very powerful. These places are where people with the real money is hiding or targeting, either in futures, forex etc.

my best regards.
I am bored..
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.
This test of Daily Pivot was good for 40 pips.
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another winner on this system today for 100 pips. unfortunately, i bailed out with just 50 when it looked like a reversal. there was also a good setup on EUR that netted some pips.
Quoting natejax
another winner on this system today for 100 pips. unfortunately, i bailed out with just 50 when it looked like a reversal. there was also a good setup on EUR that netted some pips.
I think you're referring to this, am I right?
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I'm a money magnet! Thank You, Thank You, Thank You!
Quoting drmahathir
I think you're referring to this, am I right?
thats right.
Quoting nomask
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)
Hello,
Just wondering what time frames do you use?
Thanks,
AT
Quoting AmeriTrini
Hello,
Just wondering what time frames do you use?
Thanks,
AT
Hour chart
Another +100 pip move yesterday. Enter short at the opening of the candle marked with the blue line after the previous candle shows reversal
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I'm a money magnet! Thank You, Thank You, Thank You!
Interesting thread. I'm keeping my eye on the charts with this system. Any updates? How's everyone doing for February? We know January was a good month. any 1 year bac tests? Thanks, Paris
natejax and others,

do you want to exchange ideas about coming up signals with this system in here or using some messenger?
Quoting jasius
natejax and others,

do you want to exchange ideas about coming up signals with this system in here or using some messenger?
If there is a thread for signals I'm interested also.
Hey guys, i am all for collaboration and wonder why people on here don't do it more often. this is BY FAR, the best method i am currently using for my trading. i am currently watching 8 pairs but could certainly do more. we tried to start a signal thread but nobody really participated. i am on skype if anyone uses that. the way i do it now is i will take signals during waking hours for most of the pairs but i have price alerts for GJ so i can watch what happens when a pivot gets hit.

there was another trade on GJ for 100 pips today if anyone caught it. i have had some good ones on CAD and EURO also.
I do check this thread almost everyday, but i find it difficult to understand because i am a newbie...u can attract people to the thread by posting signals...as soon as it is time so we newbies can benefit...Pls what is the next available trade to go into?
Quoting natejax
Hey guys, i am all for collaboration and wonder why people on here don't do it more often. this is BY FAR, the best method i am currently using for my trading. i am currently watching 8 pairs but could certainly do more. we tried to start a signal thread but nobody really participated. i am on skype if anyone uses that. the way i do it now is i will take signals during waking hours for most of the pairs but i have price alerts for GJ so i can watch what happens when a pivot gets hit.

there was another trade on GJ for 100 pips today if anyone caught it. i have had some good ones on CAD and EURO also.
Starting a thread usually fades away since initially people start using method and then leave for some reason. Let's not create a separate thread. However, for quickness we should use some instant messaging technique. Skype is forbidden in my university, but I can use Yahoo messenger

Two is a company already, no commitments, not regrets, nobody has to stay in forever. Or we could use this thread with its initiators permission. I am in US, Central time

BTW, how are other pairs with this technique, Natejax?
Quoting natejax
Hey guys, i am all for collaboration and wonder why people on here don't do it more often. this is BY FAR, the best method i am currently using for my trading. i am currently watching 8 pairs but could certainly do more. we tried to start a signal thread but nobody really participated. i am on skype if anyone uses that. the way i do it now is i will take signals during waking hours for most of the pairs but i have price alerts for GJ so i can watch what happens when a pivot gets hit.

there was another trade on GJ for 100 pips today if anyone caught it. i have had some good ones on CAD and EURO also.
Hi Nate,

I take it you've applied this pivot methodology to other pairs outside of the G/J? If so, what pairs have you tried and what is your experience so far?
ill start posting signals as i see them. i have traded this with GJ, EU, UCAD, and AUDUSD. there were great signals on UJ, USDCHF and cable all in the past day. i missed some though or passed them up. i am somewhat picky. sometimes i just trade around the pivots without the candle signals also.
Quoting natejax
ill start posting signals as i see them. i have traded this with GJ, EU, UCAD, and AUDUSD. there were great signals on UJ, USDCHF and cable all in the past day. i missed some though or passed them up. i am somewhat picky. sometimes i just trade around the pivots without the candle signals also.
Do you use anything besides Skype for instant messaging?
for you guys that are trying to learn. look at my charts here and see if you can identify the all the signals and see how many winners you get. for pairs other than GJ, i use the next closest pivot as the profit target. i won't take a signal if a candle has gone too far from the pivot point either. (so you would not see me take an engulfing pattern in some cases. i also don't usually take them on the middle pivot point unless there was a big move to get there. i do jump in early sometimes, especially if it an S/R2 or S/R3 line and price has gone past it and is starting to come back.
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i actually do not use Stop loss but use small positions and triple up past next pivot if it goes against me.. this may sound risky but i have the capital and i reserve the right to punt on a position but have not had to do so yet.
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