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Pivot Specifically

  • #61
  • Aug 9, 2009 8:36am Aug 9, 2009 8:36am
This is interesting. A year or so ago an Oanda scalper said that anytime he could grab 5 pips off the EUR/GBP he'd take it as the pip value was the best. Now it seems I have found how to play this pair.

Question: after establishing the pivot lines on the daily TF, do you move to the 3hr/4hr TF to monitor the price action? I quickly rescanned the above posts and didn't see this addressed directly. thank you
  • #62
  • Edited 7:06am Aug 10, 2009 6:12am | Edited 7:06am
All times are CDT US (-5GMT) USD/JPY with Oanda -

PP =97.25 Sell Stop @ 97.23, filled @ 05:36. Closed manually for +10 @ 06:05. Price was beginning to stall and a 14 period ATR was 11 so I took the money and ran!

I hope there is more to come, thanks Jhig

07:03 - gave it all back, maybe one should avoid the NY open for 10-15 minutes. Dead even so far.
  • #63
  • Aug 12, 2009 9:23am Aug 12, 2009 9:23am
Just took a short on break of Daily PP. Do you pay any attention to Weekly and Monthly Pivots? I see Weekly R1 and Monthly PP at 8577.
  • #64
  • Aug 13, 2009 6:18am Aug 13, 2009 6:18am
Hello

Yesterday's short was a loser. I guess the Monthly PP and Weekly R1 were relevant. You can see price hit a brick wall there and then headed North.

I took a short today on break of 8600 and PP [second time] down to S1.

P
  • #65
  • Aug 13, 2009 10:59am Aug 13, 2009 10:59am
I'm back from my trading vacation! I'm excited I took the vacation this week as I see hardly any movement on my pair E/G.

Vacation is over, back to profitability!
  • #66
  • Aug 13, 2009 12:29pm Aug 13, 2009 12:29pm
Quoting piprac
All times are CDT US (-5GMT) USD/JPY with Oanda -

PP =97.25 Sell Stop @ 97.23, filled @ 05:36. Closed manually for +10 @ 06:05. Price was beginning to stall and a 14 period ATR was 11 so I took the money and ran!

I hope there is more to come, thanks Jhig

07:03 - gave it all back, maybe one should avoid the NY open for 10-15 minutes. Dead even so far.
I traded a little that day too. Pivots were close to each other that day (something like 10 pips apart). I took a SELL order off of the PIVOT and closed out on the first S/R level for a 10 pip profit.
  • #67
  • Aug 13, 2009 12:36pm Aug 13, 2009 12:36pm
Quoting pi piper
Hello

Yesterday's short was a loser. I guess the Monthly PP and Weekly R1 were relevant. You can see price hit a brick wall there and then headed North.

I took a short today on break of 8600 and PP [second time] down to S1.

P
I saw that! It looks like E/G may be in a range til the end of the week. I will monitor the pair but will probably not trade it. Fridays are ranging days for this pair so I will be looking forward to next week before I place a trade.
  • #68
  • Aug 14, 2009 2:24am Aug 14, 2009 2:24am
Hello

I just grabbed a quick Long at 8616 [previous H1 bar High] up to R1. Done for the day.

P
  • #69
  • Aug 18, 2009 11:43am Aug 18, 2009 11:43am
Sorry guys for being absent for the past week.

I took a vacation from trading last week and this week, GFT must of changed something on their platform because I'm getting connection errors when connecting to their platform with my Blackberry (DealBook Mobile Blackberry). I've also tryed connecting using DealBookWeb and that too has quote visability problems. So I missed yesterday's action and kicking myself as I missed this mornings action. Anyway, as soon as GFT work out the kinks, I will be back in play.

On that note, in the near future I would like to discuss the many other ways to use pivots; such as pivot counter trading. I taught a friend about pivots and he found even more usage out of using them by applying counter-pivots trading techniques. He's become very successful in using this technique.

Sit tight!
  • #70
  • Aug 18, 2009 6:48pm Aug 18, 2009 6:48pm
Good news! Gft has released a fix for my Blackberry problem. So I'll be back on the trading wagon.
  • #71
  • Aug 18, 2009 7:27pm Aug 18, 2009 7:27pm
Hello jhig,I also trade the eur/gbp exclusively(I do peek @ the eur/usd and the beast gbp/jpy) but mainly the eur/gbp for the same reason you trade it more bang for the pip !!! $1=$1.76 and I only shoot for 10 pips per day=$176 per day.I just read the whole thread and it does not mention the time frame you trade from,I trade off the 5 min chart,thanxs.PS: KEEP THE PIPS COMIN !!!!!!!!
  • #72
  • Aug 19, 2009 2:36am Aug 19, 2009 2:36am
I have been sat waiting for some movement on EUR GBP but dont like the look of it. I did take a long [half of normal position size] on break of previous H1 candle but didn't like the lack of movement so closed it. I will leave it today. I hope you have the Weekly PP on your chart at 8576.

I did bank some money yesterday with the news at 9:30. I was short from around 9:15 with the break down of previous H1 low and set my TP order at S1.

P
  • #73
  • Aug 19, 2009 2:41am Aug 19, 2009 2:41am
Quoting pi piper
I have been sat waiting for some movement on EUR GBP but dont like the look of it. I did take a long [half of normal position size] on break of previous H1 candle but didn't like the lack of movement so closed it. I will leave it today. I hope you have the Weekly PP on your chart at 8576.

I did bank some money yesterday with the news at 9:30. I was short from around 9:15 with the break down of previous H1 low and set my TP order at S1.

P
I tried to trade E/G but the slow pace messed up my "internal clock" for trading E/U and other more liquid pairs....

I think I can understand why those who trade E/G do so exclusively.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #74
  • Aug 19, 2009 3:08am Aug 19, 2009 3:08am
Quoting The Fool
I tried to trade E/G but the slow pace messed up my "internal clock" for trading E/U and other more liquid pairs....

I think I can understand why those who trade E/G do so exclusively.
I trade EUR GBP exclusively. Today is slow even for EUR GBP.
  • #75
  • Aug 19, 2009 3:18pm Aug 19, 2009 3:18pm
I trade E/G exclusively because of it's profit potential over other pairs. For the most part, a trader could grab 30 pips a day off E/G. One (maybe 2) days a week, E/G makes a 100 pip move. Now picture 100 pip move in the right direction and I able to pocket almost a $2000. For those who think's that is not a lot of money, that is profit for one day. Picture profiting that once a week for a month. And if you miss those 100 pip days, you should still be able to profit $2000 a week trading 30 pips a day on a full account. If you trade E/G full lots, and using the Pivot system correctly, then there is no reason to trade other pairs. Because I don't know about you guy, but I don't know anyone making an average of $8000, pre-taxed monthly. Take today for instance, E/G experienced a 30-40 pip move for this morning ... and that is an average daily price action movement for E/G.
  • #76
  • Aug 19, 2009 3:36pm Aug 19, 2009 3:36pm
Quoting Jhig
I trade E/G exclusively because of it's profit potential over other pairs.
Hey, to each his own, I suppose. I have not given up on E/G & continue to watch it, I just have not yet developed the skill that may be needed to switch back and forth between "slow" and "fast" pairs. There are lots of people cleaning up trading the geppy, too, and I won't touch that one either - too scary.

The approach to trading using pivots, however, and fortunately, is not limited to a single pair...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #77
  • Aug 20, 2009 5:29pm Aug 20, 2009 5:29pm
Quoting The Fool
Hey, to each his own, I suppose. I have not given up on E/G & continue to watch it, I just have not yet developed the skill that may be needed to switch back and forth between "slow" and "fast" pairs. There are lots of people cleaning up trading the geppy, too, and I won't touch that one either - too scary.

The approach to trading using pivots, however, and fortunately, is not limited to a single pair...
Pivots are not limited to a single pair. In fact, most if not all pairs follow pivots at one time or another ... but some more than others. Which is the reason I chose to trade E/G and not Eur/Usd.

E/U was a hit-&-miss for me trading with pivots. E/G was consistant in profits when used with pivots. U/J was consistant with profits but at times of high volatility totally disrespected and ignored the pivot levels and S/R. For personal and profitable reasons I chose to trade E/G exclusively.
  • #78
  • Aug 20, 2009 5:44pm Aug 20, 2009 5:44pm
Pivots can be very powerful, simple strategy for any traders to follow. The most simplest pivot strategy I know is to take-away the S/R levels and to just focus on the pivot. This can be done without any charts.

For Example:
Step 1: Apply the pivot to a chart (for you chart traders) or just remember what the pivot price is.
Step2. Trade in the direction away from the pivot. If price action is over the pivot a BUY should be in order and if price action is below the pivot a SELL should be in order.
Step 3. Once price action has stop and reversed a bit or price momentum has slowed, EXIT/CLOSE OUT position.
Step 4. Enjoy profits earned!

Its a no frillz, low maintentance strategy that works on all pairs ... even the volatile ones. Give it a test drive on any pair and remember to apply your pivots at the beginning of a session. ANd remember, not counter-trend trading which means, do not trade on any price action if price is heading back in the direction of the pivot.

Now, there! The simplest form of pivots for all who keeps contacting me for a simple solution.

;(
  • #79
  • Aug 20, 2009 7:34pm Aug 20, 2009 7:34pm
Quoting Jhig
Pivots can be very powerful, simple strategy for any traders to follow. The most simplest pivot strategy I know is to take-away the S/R levels and to just focus on the pivot. This can be done without any charts.

For Example:
Step 1: Apply the pivot to a chart (for you chart traders) or just remember what the pivot price is.
Step2. Trade in the direction away from the pivot. If price action is over the pivot a BUY should be in order and if price action is below the pivot a SELL should be in order.
[i]Step 3. Once price action...

so for example if u/j is at 94.00 right now and on myfxstreet, the pivot is 94.1933, does that mean i should go short since the price is under the pivot? that seems a bit too easy.....
and how do you know if price is heading back int he direction of the pivot if it ranges 10-20 pips back and forth?
  • #80
  • Aug 22, 2009 8:43am Aug 22, 2009 8:43am
Quoting Jhig
Pivots can be very powerful, simple strategy for any traders to follow. The most simplest pivot strategy I know is to take-away the S/R levels and to just focus on the pivot. This can be done without any charts.

For Example:
Step 1: Apply the pivot to a chart (for you chart traders) or just remember what the pivot price is.
Step2. Trade in the direction away from the pivot. If price action is over the pivot a BUY should be in order and if price action is below the pivot a SELL should be in order.
[i]Step 3. Once price action...
Ok, any pair but what TF did you finally use for this "pivot only" strategy?
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