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Pivot Specifically

  • #21
  • Jul 31, 2009 3:23am Jul 31, 2009 3:23am
I mainly trade the EUR GBP and use Pivots. Today was difficult as I was short and then price borke through the Pivot and hit my stop. I waited and it went back down below the Pivot so I entered Short again. I was hoping to get a run down to R1 but got out before then - ie just before writing this. So what do EUR GBP traders think about stop placement and which TF chart do you use?
  • #22
  • Jul 31, 2009 11:02am Jul 31, 2009 11:02am
Quoting mannai70
Jhig,

First of all thanks for sharing this strategy. It is very much appreciated.

I was wondering which instrument or pair would be the best one to trade using this strategy. You mentioned the USD/JPY being one that obeys pivots and S/R levels quite well and the E/G as well. Which pair is better in your opinion.

Another thing was, do we use the pivots and resistances from the previous day for the day that we are to trade on. Also are the pivots and resistance points from the website that you provided in the first post accurate and could those...

Mannai,

Most pairs that isn't correlated with USD are good candidates for Pivot trading. I'm in the process of researching and posting those pairs that obey pivots and S/R levels. My broker offers 120 pairs and I don't have the time to reasearch all of them but so far the one's I found are:

Eur/Gbp - (my favorite pair)
Usd/Jpy
Eur/Chf
Aud - (most of the Aud crosses)
Nzd - (most of the Nzd crosses)

At the moment, Eur/Gbp is my favorite pair for the reason of pivots. I've recently started watching Usd/Jpy and the Aud crosses. Most of the Major pairs I found follows pivots less often than most other pairs. during low volitale moments, those pairs will follow pivots and S/R levels but during volatile moments, you will get a lot of false signals or fakeouts. Forget about trading Gbp/Jpy or Gbp/Chf using the the Pivot system. Those pairs are too volatile.


Now, I use the previous day's HIGH, LOW, OPEN & CLOSE for my Pivot Levels and S/R's. The website FXSTREET is very reputable and accurate. I use their pivot information daily. I will vouch for that site's accuracy as I personally use the information they provide. Also, maheswara provided, GLOBAL-VIEW, is another great site that houses not only pivots info but an array of market information on any selected pair. Global-View's pivots looks to be in line with FxStreets pivot info.
  • #23
  • Jul 31, 2009 12:42pm Jul 31, 2009 12:42pm
Quoting Rednose
Hello Jhig,
I just started trading with Pivot points and it has been for me the best of my decisions, I use some other tools too like S/R historical levels and Fibīs.
I have some questions on you:

Do you use Pivot points oriented on your time zone or do you use GMT as Open/Close?
Do time zones settings make a relevant difference?

Sorry about my poor English grammar but it is not my mother language.

Thank you for this thread and for sharing your experience.

Regards.
Red.

I use pivots on the standard GMT timeframe. When the Asian market opens, I look to adjust my current pivots from yesterdays to the new OPEN CLOSE session. For me and my trading, timeframes zones is not relevant.
  • #24
  • Jul 31, 2009 10:29pm Jul 31, 2009 10:29pm
Quoting Jhig
Mannai,

Most pairs that isn't correlated with USD are good candidates for Pivot trading. I'm in the process of researching and posting those pairs that obey pivots and S/R levels. My broker offers 120 pairs and I don't have the time to reasearch all of them but so far the one's I found are:

Eur/Gbp - (my favorite pair)
Usd/Jpy
Eur/Chf
Aud - (most of the Aud crosses)
Nzd - (most of the Nzd crosses)

At the moment, Eur/Gbp is my favorite pair for the reason of pivots. I've recently started watching Usd/Jpy and the Aud crosses. Most of the Major...
Maybe i got lucky but i waited for g/chf to come back today & touch the pivot to go long. It did & made a nice 50 pips. But i agree g/j is way to volatile. I've noticed if you concentrate on a few pairs you can get a feel of where they will be moving.
  • #25
  • Aug 1, 2009 10:54am Aug 1, 2009 10:54am
Quoting ferndog
Maybe i got lucky but i waited for g/chf to come back today & touch the pivot to go long. It did & made a nice 50 pips. But i agree g/j is way to volatile. I've noticed if you concentrate on a few pairs you can get a feel of where they will be moving.
Congrads on the 50 pip profit!!!
I trade only one pair and had to let the others go. It was a bit too much at times, monitoring 4 pairs. I I took all 4 of my pairs through a "process-of-elimination" and narrowed it down to one. I chose Eur/Gbp because it was the most profitable and easiest to trade.
  • #26
  • Aug 2, 2009 1:05pm Aug 2, 2009 1:05pm
Quoting Jhig
I use pivots on the standard GMT timeframe. When the Asian market opens, I look to adjust my current pivots from yesterdays to the new OPEN CLOSE session. For me and my trading, timeframes zones is not relevant.
Thank you jhig,

I got hooked with AK`s observations about "quarter pivots" did you notice that too?

regards.

Red.
  • #27
  • Aug 2, 2009 9:48pm Aug 2, 2009 9:48pm
I have the e/g short right now & it's working great right now +25 pips. Trying to hit 0.8502.
  • #28
  • Aug 4, 2009 8:21am Aug 4, 2009 8:21am
Quoting Rednose
Thank you jhig,

I got hooked with AK`s observations about "quarter pivots" did you notice that too?

regards.

Red.
Oh yeah! AK was the person who taught me about half and quater pivots. When I used his quater pivots method with my own, I couldn't be stopped, profitably that is.

For those who are wondering, ak4x is a FF member that frequents the Eur/Usd thread. He/she has a great method and ideas on pivots, half pivots, and quarter pivots. I'm not sure if he/she started a thread explaining the strategy used, but if you take a look at some of his/her past Eur/Usd thread post, some quarter pivot tips are explained. You may have to search back a few months to a year.
  • #29
  • Aug 4, 2009 8:36am Aug 4, 2009 8:36am
Quoting ferndog
I have the e/g short right now & it's working great right now +25 pips. Trying to hit 0.8502.
Hi ferndog,
Keep up the good work! Keep up with the pivot strategy. It is a proven system used by many traders. As a testiment, you see for yourself that it can be profitable. Good Job! Keep posting your successes!

I profited about 70 pips yesterday off of Eur/Gbp. at the beginning of its London session, it sold and moved away from the pivot, broke through one S/R level before stopping at another. When price bega bouncing back, heading back in the direction of the pivot, I knew the day was over as I do not counter-trend trade. So, all-in-all it was a good proftable Monday.

Today, Tuesday, is a different story. Price is in a tight 20 pip range so I'm not expecting much action for the remander of the day. In another two hours, I'll call it a day if price continues to range.
  • #30
  • Aug 4, 2009 9:24am Aug 4, 2009 9:24am
Hello Jhig,

I was wondering if you could clarify on the entry of a trade. I know we use the pivot for the entry but what kind of clarification do you wait for to go short or long. If you can would you be able to post a screenshot of a trade example.

I understand that exiting a trade at or near a S/R level is the best bet. If I'm wrong anywhere please correct me.

Thanks
Mannai
  • #31
  • Aug 4, 2009 11:15am Aug 4, 2009 11:15am
There was a trade on EUR GBP today from 8510 above but I missed it because I too got bored with the lack of action. Was worth 15 pips which is 1.5:1 with a stop on the pivot around 8502.
  • #32
  • Edited 9:06pm Aug 4, 2009 12:08pm | Edited 9:06pm
Quoting Jhig
Oh yeah! AK was the person who taught me about half and quater pivots. When I used his quater pivots method with my own, I couldn't be stopped, profitably that is.

For those who are wondering, ak4x is a FF member that frequents the Eur/Usd thread. He/she has a great method and ideas on pivots, half pivots, and quarter pivots. I'm not sure if he/she started a thread explaining the strategy used, but if you take a look at some of his/her past Eur/Usd thread post,...
!!!

Flattery will get you anything... (some thoughts on pivot trading)

...on the he/she thing above, some Bozo dropped in on the girls thread a couple nights ago and somehow mistook me for one of our kicka$$ cuthroat Girl Traders here and demanded that we (the girls) make him a cup of tea!!! Rest assured... I appreciated his sideways compliment in confusing me with one of them, but we're talking about the likes of Antra, Jade, Patience, and others, and Confusing me with the likes of them only proves how screwed up he is/was.

But Seriously, finding out that someone was actually able to use any of that pivot stuff is the best thing...

Let me once again tho give a huge Nod to Dove Alliance who got ME started on basic pivot strategy here way "back in the day" of the Glory Days of the UJ thread, may it R.I.P. That provided the Foundation for much of how I trade today. I'm especially grateful for the unique twist he added of the significance of the Central Pivot, something that eventually became an indispensable part of my trading strategy ((and discussed in detail in my posts))

I especially like where jhig said "When I used his quater pivots method with my own, I couldn't be stopped..." No one has it all, but finding what works for you and then "owning it" will go a very long ways towards moving you Forward.

Before I take up too much space here, I'm following this thread with great interest and hope, and I promise that those of you who dig down into all this will find some stuff you'll use forever. Shoot, I even look at Life and figure the pivots now... ((in conjuction with fibs of course...)) how weird is that?

I dare you to do the same...

ADD: In an effort to leave something useful behind here, I'll add that one of my current projects in this trading sabbatical I'm in right now is tweaking my charts and a few indi's to reflect my longtime and ever growing respect for the importance of using the Line style chart properly, especially in ranging markets... there's a Clue there (many of them in the EU thread).

Thank you Trout, PeterFM, and all of the Rest of the Best here...
FUBAR...
  • #33
  • Aug 4, 2009 9:38pm Aug 4, 2009 9:38pm
Anyone, i went to the website fxstreet.com and there are like 4 different sets of pivot points. Which one are we supposed to use. Thanks
  • #34
  • Aug 4, 2009 9:50pm Aug 4, 2009 9:50pm
Quoting rtiger29
Anyone, i went to the website fxstreet.com and there are like 4 different sets of pivot points. Which one are we supposed to use. Thanks
You'd be looking for the standard pivots on the daily TF I would imagine. I only answer here as jhig and the others seem to be offline atm...

If it helps you get started off tonite, I'm using the pivots that you can find here at this link (working fine btw)

Be aware I calculate mine from 5pm EST and I think the guys here are using 0:00 gmt, but like I said, it'll get you off and running for the time being...

check with the guys tomorrow and don't let me confuse anything...
FUBAR...
  • #35
  • Aug 4, 2009 10:05pm Aug 4, 2009 10:05pm
Quoting ak4x
Be aware I calculate mine from 5pm EST and I think the guys here are using 0:00 gmt, but like I said, it'll get you off and running for the time being...

...
Hi ak,

How did you arrive to using 5PM EST (New York close) as your close hour, instead of something else? - I know some traders use London close, some use 0:00 GMT. Seems like the best close to use would be what is used the most...whatever that is.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #36
  • Aug 4, 2009 10:46pm Aug 4, 2009 10:46pm
Does anyone on this thread use pivot indicators instead of charts. I have two that I like and work well, and would share if the leaders allow it. Nothing super secret. Just stole them from another pirate ship...
  • #37
  • Aug 5, 2009 2:35am Aug 5, 2009 2:35am
I was short EUR GBP on the break of the pivot but just got stopped out.
  • #38
  • Edited 9:09am Aug 5, 2009 8:42am | Edited 9:09am
Quoting The Fool
Hi ak, How did you arrive to using 5PM EST (New York close) as your close hour, instead of something else?
I'm unwilling to continue this here as I read early on that jhig uses the 0:00 start time and really did not intend to muddle the waters here over calculation times. He's already stated that the timeframes used are not relevant to his trading style... Everybody has to sort that out for themselves and I fully Respect that.

I do know the thread regulars here probably need to all be on the same page or this great little thread may go awry... that would be another loss to FF.

Quoting Jhig
..For those who are wondering, ak4x is a FF member that frequents the Eur/Usd thread.
Actually jhig, I have moved on from there due to the Chaos and you can always find me at the EU Redux thread I'm happy to pick this discussion up over there to keep this one free of distractions..
FUBAR...
  • #39
  • Aug 5, 2009 2:44pm Aug 5, 2009 2:44pm
Quoting ak4x
!!!

Flattery will get you anything...
Hey AK,
Will flattery get me an Aston Martin?
Thanks for holding it down while I was away! Sorry to hear you left the Eur/Usd thread. I left the thread because Eur/Usd produced way too many fake-outs, so I gave that pair up. When I decided to scrap all indicators/oscillators and Eur/Usd, I found a new profitable pair to trade(Eur/Gbp) utilizing your pivot half rules and the basic pivot rules in being consistantly profitable. Haven't looked back since. Count me in on your new EU Redux thread. I was thinking of trading Eur/Usd again and I'm glad to see a thread with knowledgeable people. EU Redux ... I'm there!!!
  • #40
  • Aug 5, 2009 2:50pm Aug 5, 2009 2:50pm
I think i made a nice trade today. Bought g/u as it dropped down to the pivot level after the bad morning news. So i bought at 1.6940 & got out at 1.7000 for a +60 pip profit. cha ching!
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