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4 hour pivot points?

  • #1
  • First Post: Dec 25, 2009 9:21pm Dec 25, 2009 9:21pm
I want to know 2 things about pivot points:


1) I want to know does market respect 4 hour pivot points?

I have analysed daily pivot/Support/Resistance points and it seems market do respect those points...not sure if the same thing happens with 4 hour pivot points?

2) Lets suppose daily pivot point in eur/usd is 1.4400..Now the opening price is 1.4390..and that mean the bias for the day is short.

The problem in using pivot point trading is that price keeps crossing over pivot point randomly thus generating false signals? any tips on how to use pivot points successfully?

Happy Holidays to fellow traders.
  • #2
  • Dec 26, 2009 12:55am Dec 26, 2009 12:55am
Quoting kingfisher
I want to know 2 things about pivot points:


1) I want to know does market respect 4 hour pivot points?

I have analysed daily pivot/Support/Resistance points and it seems market do respect those points...not sure if the same thing happens with 4 hour pivot points?

2) Lets suppose daily pivot point in eur/usd is 1.4400..Now the opening price is 1.4390..and that mean the bias for the day is short.

The problem in using pivot point trading is that price keeps crossing over pivot point randomly thus generating false signals? any tips on how...
Hi Kingfisher,

Merry Christmas! I have found that daily pivot points work best as take profit targets for me. I use weekly pivot levels as areas of potential trend reversals. Anything less than daily pivot levels produces false signals.

Combining pivot levels with fibonacci levels works well. Hope this helps.
  • #3
  • Dec 26, 2009 5:33am Dec 26, 2009 5:33am
Quote
Hi Kingfisher,

Merry Christmas! I have found that daily pivot points work best as take profit targets for me. I use weekly pivot levels as areas of potential trend reversals. Anything less than daily pivot levels produces false signals.

Combining pivot levels with fibonacci levels works well. Hope this helps.

Hi Fxpilot,

Merry xmas. Thanks buddy for the answer.

But dont you think asian traders, european traders and american traders will have their own pivot points based on previous day trading?
  • #4
  • Dec 26, 2009 9:10am Dec 26, 2009 9:10am
Quoting kingfisher
... any tips on how to use pivot points successfully?
Yeah, just use the daily pivots and don't overcomplicate things...
FUBAR...
  • #5
  • Dec 28, 2009 8:50pm Dec 28, 2009 8:50pm
Daily pivot points are also giving false signals leading to SLs.
  • #6
  • Dec 28, 2009 9:10pm Dec 28, 2009 9:10pm
Quoting kingfisher
Daily pivot points are also giving false signals leading to SLs.
Or maybe Operator error?

Nothing is Absolute and anything and everything must always be used with discretion based on experience with an Uncaring and Unforgiving Market that can quickly make hash out of any rigid "formula"...
FUBAR...
  • #7
  • Dec 28, 2009 10:50pm Dec 28, 2009 10:50pm
Quoting ak4x
Or maybe Operator error?

Nothing is Absolute and anything and everything must always be used with discretion based on experience with an Uncaring and Unforgiving Market that can quickly make hash out of any rigid "formula"...

Hi ak4x

Beautifully spoken.

My favorite line in "Trading in The Zone" by Mark Douglas "Be rigid in our rules, flexible in our expectations"

Rufus

ps. ak4x was in trapper creek Alaska last Month. Could have yelled a howdy to you
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #8
  • Edited Dec 29, 2009 12:02am Dec 28, 2009 11:10pm | Edited Dec 29, 2009 12:02am
Quote
Or maybe Operator error?

Nothing is Absolute and anything and everything must always be used with discretion based on experience with an Uncaring and Unforgiving Market that can quickly make hash out of any rigid "formula"... http://cdn.forexfactory.com/images/smilies/peace.gif

I am using pivot point data from actionforex. It works quite well. Around 1 hour ago, eur/usd stopped at 1.4351 exactly at S1 and from there bounced back to current 1.4373.

I need a way to monetise these movements. You are very right- rigid formula will not work, one needs to dynamically manage and observe trades.

Thanks for your guidance..i know you and acumen are king in pivot trading, so it is nice to learn from experienced traders.
  • #9
  • Dec 28, 2009 11:18pm Dec 28, 2009 11:18pm
Quoting kingfisher
I am using pivot point data from actionforex. It works quite well. Around 1 hour ago, eur/usd stopped at 1.4351 exactly at S1 and from there bounced back to current 1.4373.

I need a way to monetise these movements. You are very right- rigid formula will not work, one needs to dynamically manage and observe trades.

Thanks for your guidance..i know you are acumen are king in pivot trading, so it is nice to learn from experienced traders.
Earlyer today took this screen shot. There was another hit on the Monthly S2 20 or 30 min. to the left that the picture did not pick up. It is remarkable how these pivots can enter into play.

Rufus
Attached Image (click to enlarge)
Click to Enlarge Name: monthly s2.gif Size: 27 KB
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #10
  • Dec 28, 2009 11:22pm Dec 28, 2009 11:22pm
Quoting kingfisher
i know you and acumen are king in pivot trading, so it is nice to learn from experienced traders.
Mike's the King, I'm just a lackey wanna be.

On the other hand, I'm not as grumpy as he is...
FUBAR...
  • #11
  • Dec 28, 2009 11:25pm Dec 28, 2009 11:25pm
Quoting Rufus
ps. ak4x was in trapper creek Alaska last Month. Could have yelled a howdy to you
Now THAT is an out of the way place to be at this time of year... I'm currently out of state tho, altho I was up there a couple months ago.

You made me homesick man....
FUBAR...
  • #12
  • Dec 29, 2009 12:05am Dec 29, 2009 12:05am
Quoting ak4x
Now THAT is an out of the way place to be at this time of year... I'm currently out of state tho, altho I was up there a couple months ago.

You made me homesick man....
My wife grew up there. I was up there to help her folks with some things.
It is some beautiful country. I was even able to log in and do a little trading.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #13
  • Dec 29, 2009 12:28am Dec 29, 2009 12:28am
Quote
arlyer today took this screen shot. There was another hit on the Monthly S2 20 or 30 min. to the left that the picture did not pick up. It is remarkable how these pivots can enter into play.

Rufus

Superb. I am playing with pivot data and i agree market respect it very much. I am observing daily and 4 hour pivot and market respect daily pivot quite well.
  • #14
  • Dec 29, 2009 12:33am Dec 29, 2009 12:33am
Quoting kingfisher
Superb. I am playing with pivot data and i agree market respect it very much. I am observing daily and 4 hour pivot and market respect daily pivot quite well.
I combine these pivots with trend lines and S/R levels. I have been happy with the results.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #15
  • Dec 29, 2009 1:46am Dec 29, 2009 1:46am
Hi Kingfisher - I suggest that you take a look at the posts made by The Dove Alliance a couple of summers ago in the UJ thread - he's an expert on the use of Daily Pivots set to 5pm EST

I still use then as per his instructions and you'll find loads of my posts in this thread - hope it helps - oh, I dont know about 4 hourly - which 4 hours would you use etc etc -

http://www.forexfactory.com/showthread.php?t=98028
Trading Levels with WRBs
  • #16
  • Last Post: Dec 29, 2009 3:13am Dec 29, 2009 3:13am
Quote
Hi Kingfisher - I suggest that you take a look at the posts made by The Dove Alliance a couple of summers ago in the UJ thread - he's an expert on the use of Daily Pivots set to 5pm EST

I still use then as per his instructions and you'll find loads of my posts in this thread - hope it helps - oh, I dont know about 4 hourly - which 4 hours would you use etc etc -

http://www.forexfactory.com/showthread.php?t=98028
__________________

Thanks Islander. Thats a nice thread.
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