My Pivot Point Trading

This is a system using the daily charts. I will use g/y, g/u & g/chf. I will look for trades after 5pm est. Basically if price is above the pivot we buy & below we sell. We TP at first R1 or S1 & place SL at other R1 or S1. So for today we buy g/u at 1.6760 with TP at 1.6860 & SL 1.6630. Sometimes you have to stretch the SL a little to give it some room. G/y buy at 150.80 TP at 151.80 SL 149.40. G/chf. G/chf sell 1.6885 TP at 1.6825 SL at 1.6960.

So basically what your saying is. If the price is above pivot you enter a long trade and if it's below pivot you enter a short trade? Are there any other rules governing entry? i.e. any indicators to confirm momentum or lack of, or dynamic trend lines like falling/rising resistance or support levels?

Thanks for your help

Jeremy

When the price opens above the pivot go long & vice versa. This is done at 5pm est when the new daily candle opens. No other indicators are used. g/chf made profit today but the other ones are losers. What i have noticed is that if one day all of them are winners especially g/u & g/y, then the next day you might want to stay away or keep a close eye on the trades because they might go against you. Today was a perfect example because yesterday both g/u & g/j were winning trades & today no luck.

Update on the trades. Bad day
g/u -130
g/j -140
g/chf +60

Total -210

will watch your journal and follow your strategy.
very interesting....

thanks for the positive words jiva. So here are todays trades. No where to go but up after yesterday.

g/u long at 1.6745 TP 1.6810 SL 1.6630
g/j long at 150.35 TP 151.15 SL 149.20
g/chf long at 1.6870 TP 1.6935 SL 1.6780

Be careful today because we have some news later coming out of gb