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Eur/Usd scalping inspired by Shakesfx

  • #541
  • Feb 23, 2009 10:17am Feb 23, 2009 10:17am
Quoting petelearning
Buy back at 1.2768 (sell price 1.2766) for +40 profit. Im off out now

Todays results:

1st lot: +10, +10, +10 = +30
2nd lot: +10, 0, +40 = +50

Total +80 for 1 hours work woop woop
Awesome trading, Pete! I've had a great day too. I made 107 pips in about an hour and a half. I was using Jesse Livermore style pivotal points (not pivot point) on the 1-min and 5/10-sec charts. I finally exited around the same price as you when it bounced off the daily pivot point (not pivotal, this time, hehe). I think I'm starting to get the hang of this!
  • #542
  • Feb 23, 2009 11:50am Feb 23, 2009 11:50am
Quoting mathematician
Awesome trading, Pete! I've had a great day too. I made 107 pips in about an hour and a half. I was using Jesse Livermore style pivotal points (not pivot point) on the 1-min and 5/10-sec charts. I finally exited around the same price as you when it bounced off the daily pivot point (not pivotal, this time, hehe). I think I'm starting to get the hang of this!
Excellent M!


So you agree with the Livermore quote in my sig?

Between this thread and Shakes' thread there is a lot to follow and learn. Really nice to have them both going strong!
  • #543
  • Feb 23, 2009 1:30pm Feb 23, 2009 1:30pm
Quoting FXSurfer
Excellent M!


So you agree with the Livermore quote in my sig?

Between this thread and Shakes' thread there is a lot to follow and learn. Really nice to have them both going strong!
Yes, I definitely agree with the quote in your signature. These pivotal points (and other key price levels, such as daily pivot points, and the previous day's high, low, and close) provide some of the best areas for an entry. There's almost always some tradable action around them. I can see what Livermore means when he says it's a golden field for personal research: Do you like more confirmation or do you want to anticipate a continuation and enter on a pullback? Do you like to take the first move, or do you prefer to wait for the first correction?

I've read a good deal of Wyckoff's tape trading book, which is a book from 1910. When you read the words of traders like Wyckoff and Livermore from so long ago, it's amazing how it still rings true today. They talk about the very same problems, challenges, and patterns that we see and feel in the markets today. Imagine that, there's such a gap in the technology from then compared to today. Wyckoff was talking about when the ticker tape becomes hard to read (I take that to mean that is was running out of ink!). Today we have price quotes broadcast all over the world via the Internet! That's proof that the markets truly are driven by human behaviour and that human behaviour does not change.

P.S. I usually post on this thread because I only trade EURUSD right now.
  • #544
  • Feb 23, 2009 2:52pm Feb 23, 2009 2:52pm
hi pete, been following your journal as well as shakes' own and I must say that this is intriguing to me even though I might not get it. To shake yourself of everything that you might have been taught (Stripping off indicators etc) and to just watch price. Now I noticed that your style is similar to that of shakes' own in that you pay more attention to S/R and trade off of that. What I wanted to know is what do you look for in price movement.

I know that shakes says that he has a hard time explaining it and that you need a lot of screen time to understand it. I have no problem with that but I would like to know what does one look for? is it that you look at how many ticks up vs. how many ticks down and determine it from there? The wycoff book describes tape reading through the use of volume. since we cannot get accurate volume quotes on forex, it makes it difficult. If I could get to understand what to look for, I think that might help people understand how to trade in this manner.

I have attempted to do this method on my own as well by just watching the clicks etc. Have no clue however when to hold, when to switch etc. IS there any way you could show a chart or 2 to explain it a little better?

Thanks for your time and help. take care.
  • #545
  • Feb 25, 2009 12:53am Feb 25, 2009 12:53am
Quoting mathematician
Awesome trading, Pete! I've had a great day too. I made 107 pips in about an hour and a half. I was using Jesse Livermore style pivotal points (not pivot point) on the 1-min and 5/10-sec charts. I finally exited around the same price as you when it bounced off the daily pivot point (not pivotal, this time, hehe). I think I'm starting to get the hang of this!
Hi math,

Good to see you having some success with pivotal points... how far back are you looking to identify pivotal points on your charts ? When price returns to one of these points, when do you look to enter ... breakout, breakout and then pullback or any other way ?
  • #546
  • Feb 25, 2009 7:17am Feb 25, 2009 7:17am
Quick few trades today:

Sell 1.2796
  • #547
  • Feb 25, 2009 7:24am Feb 25, 2009 7:24am
S/L hit -15 each.
  • #548
  • Feb 25, 2009 7:56am Feb 25, 2009 7:56am
Sell 1.2814
  • #549
  • Feb 25, 2009 8:00am Feb 25, 2009 8:00am
Clsoe trade at 1.2810 (buy back 1.2812) for +2 profit on each

Sit and wait
  • #550
  • Feb 25, 2009 8:09am Feb 25, 2009 8:09am
buy 1.2820 (Sell prioce 1.2818)
  • #551
  • Feb 25, 2009 8:11am Feb 25, 2009 8:11am
could be a breakthrough of previous support/resistance level (it brokethrough this price this morning around 7am)
  • #552
  • Feb 25, 2009 8:12am Feb 25, 2009 8:12am
TP was hit on 1st lot, move S/L on 2nd lot to B/E i.e sell price 1.2820
  • #553
  • Feb 25, 2009 8:13am Feb 25, 2009 8:13am
S/L hit at 1.2820 for +0
  • #554
  • Feb 25, 2009 8:29am Feb 25, 2009 8:29am
Sell 1.2798
  • #555
  • Feb 25, 2009 8:36am Feb 25, 2009 8:36am
TP of +10 on 1st lot, move S/L to B/E i.e sell price 1.2796 (buy back price 1.2798) on 2nd lot
  • #556
  • Feb 25, 2009 10:27am Feb 25, 2009 10:27am
Quoting Willowgal
Hi math,

Good to see you having some success with pivotal points... how far back are you looking to identify pivotal points on your charts ? When price returns to one of these points, when do you look to enter ... breakout, breakout and then pullback or any other way ?
Basically it depends on the 1-min chart. I just look for obvious pivotal points that can be seen on the 1-min chart. Sometimes it's 15-min back, sometimes it's an hour and a half or more. Sometimes you might even need to check a longer timeframe chart because the 1-min chart is moving into what looks like new territory from its limited history.

By the way, I use bar charts, not line charts. Maybe I'll switch to line, but not yet.

For the purposes of the following descriptions, let's assume price has been trending down, then pulled back up part way. Finally it turned back down in the direction of the main trend. Price is now coming down to the low just before the pullback, i.e. we are at the pivotal point.

Breakouts (meanins a continuation of the main trend, down in this case) are easier to play than bounces, in my opinion. I usually take the first breakout, but sometimes that's not wise. I do not yet have a good way to determine when I should wait for a pullback or just take the first breakout. That's something I have to research and experiment with.

For bounces (meaning bouncing off the pivotal point and back towards the pullback, essentially forming a double bottom in this casse), usually there's some consolidation near the pivotal point, so I usually wait for a breakout of that consolidation to the upside. Actually I don't really like the bounces at all. They're much harder. For one, you're fighting the main trend. Also, there are many tiny S/R micro pivotal points on the retracement back towards the pullback since price has already been there recently.
  • #557
  • Feb 25, 2009 10:39am Feb 25, 2009 10:39am
Quoting mathematician
Basically it depends on the 1-min chart. I just look for obvious pivotal points that can be seen on the 1-min chart. Sometimes it's 15-min back, sometimes it's an hour and a half or more. Sometimes you might even need to check a longer timeframe chart because the 1-min chart is moving into what looks like new territory from its limited history.

By the way, I use bar charts, not line charts. Maybe I'll switch to line, but not yet.

For the purposes of the following descriptions, let's assume price has been trending down, then pulled back up part...
Would someone be kind enough to post a chart showing a pivotal point in action please. Many thanks.
every Saint has a past. Every Sinner has a Future
  • #558
  • Feb 25, 2009 11:14am Feb 25, 2009 11:14am
Quoting turnip15
Would someone be kind enough to post a chart showing a pivotal point in action please. Many thanks.
Here you go. For more information about it, go to Shakes' thread and find a post by the user "seba." He gave a link to a website about Jesse Livermore and his "pivotal points."

EDIT: Here's the link: http://www.jesse-livermore.com/price-patterns.html
Attached Image (click to enlarge)
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  • #559
  • Feb 25, 2009 2:48pm Feb 25, 2009 2:48pm
Quoting mathematician
Here you go. For more information about it, go to Shakes' thread and find a post by the user "seba." He gave a link to a website about Jesse Livermore and his "pivotal points."

EDIT: Here's the link: http://www.jesse-livermore.com/price-patterns.html
Hi math

Many thanks for both the answer and also the chart after that.

Your bit about the daily pivot point makes a lot of sense why you went short rather than looking for a bounce.

Nice 1
  • #560
  • Feb 26, 2009 3:04pm Feb 26, 2009 3:04pm
Quoting mathematician
Here you go. For more information about it, go to Shakes' thread and find a post by the user "seba." He gave a link to a website about Jesse Livermore and his "pivotal points."

EDIT: Here's the link: http://www.jesse-livermore.com/price-patterns.html
Brilliant example. Thanks for taking the time to post it.
every Saint has a past. Every Sinner has a Future
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