15 Minute Trig Trading W/Pivots

Hey Guys, I have been working on this for awhile now and I am now to the point where input is appreciated and needed. I call it Trig Trading with pivots. You work the Triangles until the price moves out. If there is no test then you adjust another Triangle in. Here is an example of how it looks on the 15 Min Timeframe. There is a formula that I use and can tell 80% of the time if the bounce will be good.

The following chart shows the G/U 15 min and the current action should be limited in the the DarkTurquoise Triangle and the Orange trendline channel markers. This is a waiting time now and I am waiting for the price to come to either of the white X's

Jim

The formula I use is what I call long (Compounding Long Wicking). Using this formula at all lines of support and resistance will give you an 80% or better success rate of the bounce. Below is an example of what we are looking for.

Chart #1 we are wating mode and we see the price approaching an already defined UTL, ( See White Arrow ). We wait for a touch.

Chart #2 shows a touch and we need to apply the Simple formula to see if we got a good chance of a bounce long. The wick of the candle touching the line has to be longer than the previous wick, ( See White Arrows. If the formation exsists, we have a grat chance of going long here with a very tight stop. Target will be next line of resistance or support. In this case a 21 pip target with a 12 pip stop, I would be pulling half my profit here and moving stop to B/E.

Chart #3 shows a trendline break where I pull half off, however. You can see where the price came back and TESTED, The top of the line which is now support and formed a green candle which I would add my half back on. There is that word again, TESTED, I am a huge believer in these words, TESTED, FAILED, RESISTANCE and SUPPORT.

This trade is 48 pips long now with profit pulled and added. Keep in mind, pivot points rule the roost. If you hit one before the trendline, my advice is to get out.

Jim

Notice the Black arrows, the formula does work. The wicks are opposite and the short one is hitting the line. So you stay out of the short. And by the way, common sense plays a big part so if you have none, goodby.

Jim

Here is another example and the price is sitting on a buy signal, albeit, its Sunday and the entry would be 92.50 with a stoploss at 92.44 and a T/P at 92.63 but probably could go all the way to M3 Mid pivot. But its only an example and I do not advise trading this unless it gaps down.

Jim

Here is a sell signal on E/U

Good Luck on your new thread NENE...

Geppyg

Thanks, Geppy

Congratulation Nene for a good thread & something new to us . Hope it will help a lot to us . will try understand how works .
thanks for the good works,
fontu

woah..

I am shorting this

Watching these areas for bounce on G/U.

Up 38 on this trade

+49

Great thread, I love trading the 15 min for short term & this looks like an enhancement on what I do. The only thing, I don't get how you draw the triangles. Could you provide a wider chart or more explanation as to how you define your triangle points?

Hi Nene,

Great thread here again. This methode is similar to mine. I don't use any indicators also, only trend line support & resistance and price action. I give a lot of importance to the the candle formation too.

I see that you have started different thread, I have read all of them. You really did a great job...

I've trief to post a reply on your scalping thread but I don't no why, my post does not appearhttp://cdn.forexfactory.com/images/icons/icon9.gif. i was wondering if you still use this methode to scalp the market.

Thanks,
Mel

Wonderful technique, I am ready to backtest.