Pivot Candle Strategy

Hi Factory,

I would like to discuss about a strategy I found during a Google research. An other pinbar/PP stuff well described :

http://strategy4forex.com/forex-stra...ot-candle.html

I like this strategy because :

- It's about using "Hammer" & "inverted Hammer" candlestick patterns near a pivot point.
- EMA filter to be in the trend.
- SL under the last candle wick, it makes sens.
- Multiple TPs (can be better, I've some ideas like putting a TP on the next pivot point).
- Use the same strategy on different Time Frames (H4, M15) on pivot points daily AND Weekly.

I'm actually looking on charts for a visual backtesting.

it definitely worth to check it out.

thank you,
Wal

hey i think thats basically what the james16 chart thread is all about u should head on over there and have a read

regards damien

and i advise removing the link or the moderators will

regards damien

remove the link ? Any issues with that ?

its to another trading site im pretty sure its a no no i could be wrong

regards damien

Anyway, it's a very interesting strategy, I loved to read your opinion.

Wal,

All these sights...James16, Nial Fuller, and the one you've linked are all variations on the same theme, PRICE ACTION, or candle stick patterns. They have all made up their cute little names and get very irrate if you point out that the Japanese have been using these methods for well over 100 years.

It is tried and true and works well whether you use pivot points, fibonacci levels, or your own hand drawn support/resistance. I suggest you purchase Steve Nisson's book Japanese Candlestick Charting Techniques and give that a thorough read. ALL the "neat" techniques INCLUDING pivot points/fibonacci levels are in there. The book is WAY less than a membership to any of these sights and filled with much more information than you'll get there.

In addition, there are many members right here on FF that use these techniques successfully and can help with questions you may have...again for far less than you'll pay one of those sights. Use your education funds wisely. Get your information straight from the source.

Good Luck