Hey greg,Im been having alot of problems with my pivot points value today. Im comparing my auto pivot to actionforex, and also to yours. A small difference in the CPP, but huge difference in the R1 & S1, S1 pivot on your last chart shows 150.240. Mine is at 150.472. While actionforex is in the middle @ 150.390. that is almost a 23 pip difference. I also notice as the further the S&R level goes out, the value is drastically different. Im really not sure what to trust anymore.
As I've posted before, I believe all the pivot points put out by vendors work, even with variances in pivot prices between them. I've tinkered with several, looked at others. I like the actionforex.com, daily pivots (standard) best, although I'm using auto pivots right now. Other traders will have a different preference, maybe can/will advise you.
Nice trade on the last one Greg, you managed to catch that little bull run. I arrived home about 20mins late. Still in consolidation at the moment waiting for the right setup, Got caught out for the last time trading within consolidation, have made a pledge to myself not to trade in consolidation, ill leave that for the scalpers! Hoping there is a breakout soon, London opens in 2 hours so maybe, just maybe! good luck.
When you choose a S/R level to shoot for...do you use the S1/R1 at the time of the entry? Or do you wait for the daily pivot to update if the trade takes a full day?
For example...the target I had yesterday at entry has dropped 50 pips on todays daily pivot (R1)
Hi pilotui, A good question, although I'm not sure I'm understanding it. First of all, my trades don't take a full day (with rare exceptions). My trades are sometimes entered during Asian session, but most often pre-London/London Open, and usually closed (not always) within three or four hours, or sometimes toward the U.S. session. I consider a new session having started when the new pivots come out. The pivots I'm currently using come out at 4:00pm (pdt), U.S. Actionforex.com daily pivots come out around 2:30-3:00 (pdt), U.S. What I am interested in is where the price is in relation to the new CPP (central pivot point), i.e., above or below, and of course whether the overall (or intraday) is trend up or down. Once I've spotted a probable setup, I look for a pivot target of a least 100 pips from my entry. I'm interested in capturing the momentum within that. The strategy I use works in trending markets. It doesn't work in ranging markets unless price is ranging (with momentum) 100 pips or better. Hope this helps.
Hi pilotui,
[b][i][color=#0000ff]A good question, although I'm not sure I'm understanding it....
Ignored
Greg, thanks for the answer back. I guess the system that I use is very similar to your's but I only use 4H candles...so in my case I opened a trade on Wed @ 7AM and closed it Thursday at 3PM...so the R1 had changed significantly.
Recently came across this thread and have just finished reading through your past posts. It's taken quite a few hours but was well worth the effort. Lots of good ideas and information hidden away in the posts, much better that way than writing a list of rules!
Thanks for taking so much time to post such detailed analysis, I've found it very beneficial and look forward to your future posts.
Hi Chris, Thank you for the great feedback. Quite so, I prefer sharing my strategy, thinking and trade analysis on given trades, which of necessity have to be reasonably flexible to accomodate given market conditions. This session was certainly no exception. Cheers, Greg
the gbp/jpy seems extremely flat of late and the daily range is as low as i have seen it - though i've only been trading about 18 months. It is barely ranging 100pips in a day whereas it's average is normally up over 250pips i thought. So even previously when gbp/jpy wasnt trending you could still find opprtunities within the large intray-day range.
I know no one has a crystal ball but do you think this is just a flat period or is it a sign of the future. Do you think that 100pip opportunities will continue, so should i just be more patient, bide my time and wait for the opportunities and for things to pick up.
Well, I can still measure 100 pips opportunties between support and resistance areas, but of course that never guarantees price will reach the 100 pips target.
There was approx. 100 pips to be had from the consolidation area just above the CPP to R2 pivot this afternoon/evening. Intraday trend has been up (1 hr chart) since S1/150.05.
See 4 hr chart. Prior to current uptick, there was a several day downtrend from 153.16 to approx. 150.00.
With the incredible track record you've been having, I'm sure you've captured a chunk of these moves.
Just another note worth mentioning, daily ranges on all risk proxies (S&P 500, eurostoxx, etc) have contracted lately, so it would make sense to see G/J follow suit. Once things start to heat up in equity land, I'm sure we'll see the yen crosses return to their 2-3% intraday moves again.
