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Pivot Specifically

  • #41
  • Aug 5, 2009 3:14pm Aug 5, 2009 3:14pm
Quoting pip pirate 2
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...

I tend to shy away from charts and prefer to play with pure price action. I have tried one pivot indicator that was written for DealBook360 charts. I stopped using it. Calculating pivots myself or using on of the websites give (fxstreet.com) I found was more accurate than the indicator. Pirate, if you have something or an indicator that works ... by all means, use it!!! Profit is profit.
  • #42
  • Aug 5, 2009 3:18pm Aug 5, 2009 3:18pm
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 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.
Hey Fool,
I calculate my Pivots at the beginning of the Asian session and/or when Wellington/Auckland New Zealand open because that is the beginning of a new trading day for the world. So, at the end of the US session, you can either get the Open, High, Low, and Close numbers at the end of the New York/US session or visit on of those pivots site mentioned in the first post of this thread.
  • #43
  • Aug 5, 2009 3:27pm Aug 5, 2009 3:27pm
Quoting Jhig
Hey AK, Sorry to hear you left the Eur/Usd thread...

EU Redux ... I'm there!!!
Don't be, I'm not...

Welcome anytime...
FUBAR...
  • #44
  • Aug 5, 2009 3:43pm Aug 5, 2009 3:43pm
Quoting ferndog
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!
Cha ching indeed! Ferndog congrads on today's success. I wasn't so luck today. Yesterday, E/G didn't move much and today it didn't move at all. Which was expected as this is normal for the E/G pair. If it doesn't move one day, expect not a lot of movement the next day. The pivots will tell the story. If they are too close together, expect low volatility on that pair for the day.
  • #45
  • Aug 5, 2009 3:48pm Aug 5, 2009 3:48pm
Quoting Jhig
Cha ching indeed! Ferndog congrads on today's success. I wasn't so luck today. Yesterday, E/G didn't move much and today it didn't move at all. Which was expected as this is normal for the E/G pair. If it doesn't move one day, expect not a lot of movement the next day. The pivots will tell the story. If they are too close together, expect low volatility on that pair for the day.
I just started watching E/G and this is going to take some time to get used to - coming over from E/U its like a downshift from 4th right into 1st gear...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #46
  • Aug 6, 2009 8:18am Aug 6, 2009 8:18am
I got in short today on break of congestion area at around 8470 down to S1. I had to wait till after 11am. I was ready to pack in for the day prior to the BOE announcement. Just goes to show that thinking is not required and can be detimental when you have a mechanically based system you are following.
  • #47
  • Aug 6, 2009 10:56am Aug 6, 2009 10:56am
Quoting The Fool
I just started watching E/G and this is going to take some time to get used to - coming over from E/U its like a downshift from 4th right into 1st gear...
E/G takes some time to get use to ... especially if you are use to trading a high volatile, fast moving price action. E/G can be slow at times but it makes up for that by offering more dollar for the pip. For example:

If I trade 1 LOT (100,000) - Eur/Usd = $10.00 per move (or pip)
Eur/Usd x 100 pips = $1,000

If I trade 1 LOT (100,000) - Eur.Gbp = $17.00 per move (or pip)
Eur/Gbp x 100 pips = $1,700

Eur/Gbp makes up for it's slowness by giving more bang for the buck. In addition, this pair tends to have days where it will spike 100-200 pips. Such as today.
  • #48
  • Aug 6, 2009 11:00am Aug 6, 2009 11:00am
Quoting pi piper
I got in short today on break of congestion area at around 8470 down to S1. I had to wait till after 11am. I was ready to pack in for the day prior to the BOE announcement. Just goes to show that thinking is not required and can be detimental when you have a mechanically based system you are following.
I got in at 0.8484 (pivot). Just exited my position at 0.8562 (S/R level) for a nice 80 pip profit for the day. The BOE announcement caught me by surprise and I decided to hold my BUY positions when priced hit three S?R levels.

It's been a good morning!!!
  • #49
  • Aug 6, 2009 11:24am Aug 6, 2009 11:24am
Hi Jhig,

How you doing? I hope you are catching some pips yourself!

I got a question in order to improve my learning about trading pivots.

Do you pull the trigger right at the opening of your trading session

Up PP = Buy

down PP = sell

or you wait till price touches one of the S/R to react to those?

I´m not sure if I made myself clear on this Question.Sorry about ma English.

I´ll thank you for your time answering to this.

Best regards.

Rod.
  • #50
  • Aug 6, 2009 3:12pm Aug 6, 2009 3:12pm
Quoting Jhig
Cha ching indeed! Ferndog congrads on today's success. I wasn't so luck today. Yesterday, E/G didn't move much and today it didn't move at all. Which was expected as this is normal for the E/G pair. If it doesn't move one day, expect not a lot of movement the next day. The pivots will tell the story. If they are too close together, expect low volatility on that pair for the day.
Good job today on your trade. And regarding your post. This is exactly what i have been seeing. If the pivots are really close to each other, don't expect big moves. So when you have a day or two with hardly any movement get ready because it's just the calm before the big storm.
  • #51
  • Aug 6, 2009 4:20pm Aug 6, 2009 4:20pm
Quoting Jhig
I got in at 0.8484 (pivot).
Can I ask what got you in at the Pivot, as in what was your reason to go long there?

I normally only play one touch of S1 or R1 in any given day. So once its touched S1 or R1 I am done for the day. When I have tried playing a scenario like today where price has gone down and then moved back up to the pivot I am always undecided on going long from Pivot to R1 or short from Pivot back down to S1. This is why I would like to understand your reasoning if poss.

Thanks in advance and respectful nod in your direction for catching that move.
  • #52
  • Edited 5:09pm Aug 6, 2009 4:54pm | Edited 5:09pm
Anyone, what's BOE? And was this the reason for the big spike upwards this morning (E/G). Bank of England report? Thanks
  • #53
  • Aug 7, 2009 9:22am Aug 7, 2009 9:22am
Quoting Rednose
Do you pull the trigger right at the opening of your trading session

Up PP = Buy
down PP = sell
or you wait till price touches one of the S/R to react to those?
Hi Rod!
You are correct.
If price is below the Pivot = Sell
If Price is avobe the Pivot = Buy
Entry points are at your descretion as I don't know what currency pairs you trade, and that matters. My pair Eur/Gbp is dead on with pivots and doesn't have a lot of fakeouts so If my pair goes beyond a pivot level I will make in entry based on that volatility. If volatility is low, i may wait for price to go 10 pips past the pivot before I make an entry. If volatility is high I just may enter 1-2 pips after the pivot.
  • #54
  • Aug 7, 2009 9:46am Aug 7, 2009 9:46am
Quoting ferndog
Good job today on your trade. And regarding your post. This is exactly what i have been seeing. If the pivots are really close to each other, don't expect big moves. So when you have a day or two with hardly any movement get ready because it's just the calm before the big storm.
... and this week was the perfect example!
Eur/Gbp

Monday ... moderate price movement.
Tuesday ... Very low price movement
Wednesday ... No price movement
Thursday ... 100 pip spike.
Friday ... so far not much movement
  • #55
  • Aug 7, 2009 9:59am Aug 7, 2009 9:59am
Quoting pi piper
Can I ask what got you in at the Pivot, as in what was your reason to go long there?
I observed Eur/Gbp price action hoving below the pivot the pivot before the huge move. If you study that pair as I have, you develop a keen eye and predictability on how this pair moves.

I didn't know about the BOE report as I don't respond not trade the news. I was away of the report but was unaffected by its meaning. I'm more of a technical trader with an ear for news. So I didn't expect that BOE report to be in favor of the Eur.

When price jumped 5 pips over the pivot, I took an entry without the forsight and expectation of that 3 hour spike and because I followed my basic rules of Pivot trading, I was able to pocket 80 pips for the day.
  • #56
  • Aug 7, 2009 10:02am Aug 7, 2009 10:02am
Quoting rtiger29
Anyone, what's BOE? And was this the reason for the big spike upwards this morning (E/G). Bank of England report? Thanks
The BOA is the Bank of England. It's a similar party to the US Treasury Dept ... or the printers, owners, and money regulators.
  • #57
  • Aug 7, 2009 10:17am Aug 7, 2009 10:17am
Quoting Jhig
Hi Rod!
You are correct.
If price is below the Pivot = Sell
If Price is avobe the Pivot = Buy
Entry points are at your descretion as I don't know what currency pairs you trade, and that matters. ...
I trade the EUR/USD mostly, I decided to stay a while with it before I can diversify. I thank you a lot for your answer, Gonna kep in touch!
  • #58
  • Aug 7, 2009 2:31pm Aug 7, 2009 2:31pm
Quoting Rednose
I trade the EUR/USD mostly, I decided to stay a while with it before I can diversify. I thank you a lot for your answer, Gonna kep in touch!
You're welcome! Thank you for visiting my thread!
  • #59
  • Aug 7, 2009 3:26pm Aug 7, 2009 3:26pm
I missed out on todays profits. Decided to run errans and have brunch/lunch with friends instead of trading. Sort of kicking myself a bit at the moment. If pivot rules were followed another 60-70 pips would have been pocketed. All-in-all, I had a great morning and wouldn't have traded it in for the world.

It looks like Eur/Gbp retraced almost 100% of yesterday's gains. Not sure what to think of that as I've never seen this particular retracement model happen to Eur/Gbp.
  • #60
  • Aug 8, 2009 5:00am Aug 8, 2009 5:00am
thank you .
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