Cable intraday trade +50
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Weekly COT report Analysis + Trade Ideas
- #4,561
- Oct 28, 2010 10:57am Oct 28, 2010 10:57am
- Joined Jul 2009 | Status: The Alchemist | 8,917 Posts
- #4,562
- Oct 28, 2010 1:23pm Oct 28, 2010 1:23pm
Don't know if you use floor pivots during your analysis, but your Cable short is also a solid bounce off of pivot resistance there, Shahab. 
I could never get pivots to work for me, but I recently found a pivot calculator where you can set the time at which the levels should be calculated, so that you can set it to 5 pm eastern, regardless of the timezone of your MT4 feed. It's amazing to see how often price reacts at these pivot levels when you use the correct time.
I could never get pivots to work for me, but I recently found a pivot calculator where you can set the time at which the levels should be calculated, so that you can set it to 5 pm eastern, regardless of the timezone of your MT4 feed. It's amazing to see how often price reacts at these pivot levels when you use the correct time.
It's not about how much you make, it's about how much you don't lose.
- #4,563
- Oct 28, 2010 1:52pm Oct 28, 2010 1:52pm
- Joined Jul 2009 | Status: The Alchemist | 8,917 Posts
Don't know if you use floor pivots during your analysis, but your Cable short is also a solid bounce off of pivot resistance there, Shahab.
I could never get pivots to work for me, but I recently found a pivot calculator where you can set the time at which the levels should be calculated, so that you can set it to 5 pm eastern, regardless of the timezone of your MT4 feed. It's amazing to see how often price reacts at these pivot levels when you use the correct time.
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Good to see you around.I sometimes take a look at daily/weekly/monthly pivot/S/R. Today, I didn't notice that but it's good to know that. For this particular trade, I only set a limit order at previous support level when I was drinking coffee then I went to my lecture and when I came back I closed the trade.
I think the best trick to use them is to have them all on screen, (daily/weekly/monthly) then whenever you see some confluence set you limit orders there as lots of people acting on them.
Btw, thanks for sharing these indi's.
- #4,565
- Oct 29, 2010 12:00am Oct 29, 2010 12:00am
Don't know if you use floor pivots during your analysis, but your Cable short is also a solid bounce off of pivot resistance there, Shahab.
I could never get pivots to work for me, but I recently found a pivot calculator where you can set the time at which the levels should be calculated, so that you can set it to 5 pm eastern, regardless of the timezone of your MT4 feed. It's amazing to see how often price reacts at these pivot levels when you use the correct time.
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- #4,566
- Oct 29, 2010 5:19am Oct 29, 2010 5:19am
Hi there,
Nah, it's actually nothing more than following the herd.
When NY closes, most traders consider the trading day to be over. Therefore, most of the people who use floor pivots, will calculate them based on a trading day that starts and finishes at the NY close. When it comes to indicators like fibs and pivots, you definitely want to be on the same page as the majority of people and see what they see.
Nah, it's actually nothing more than following the herd.
When NY closes, most traders consider the trading day to be over. Therefore, most of the people who use floor pivots, will calculate them based on a trading day that starts and finishes at the NY close. When it comes to indicators like fibs and pivots, you definitely want to be on the same page as the majority of people and see what they see.
It's not about how much you make, it's about how much you don't lose.
- #4,567
- Oct 29, 2010 7:01am Oct 29, 2010 7:01am
- | Commercial User | Joined Feb 2010 | 1,267 Posts
I agree, however my guess is that GMT pivots are used a lot too, and it makes perfect sense as well. The thing is, maybe the confluence of both of them could be cool. Never tried though.
Hi there,
Nah, it's actually nothing more than following the herd.
When NY closes, most traders consider the trading day to be over. Therefore, most of the people who use floor pivots, will calculate them based on a trading day that starts and finishes at the NY close. When it comes to indicators like fibs and pivots, you definitely want to be on the same page as the majority of people and see what they see.
Hello.
- #4,568
- Oct 29, 2010 10:17am Oct 29, 2010 10:17am
- Joined Jul 2009 | Status: The Alchemist | 8,917 Posts
Hi there,
Nah, it's actually nothing more than following the herd.
When NY closes, most traders consider the trading day to be over. Therefore, most of the people who use floor pivots, will calculate them based on a trading day that starts and finishes at the NY close. When it comes to indicators like fibs and pivots, you definitely want to be on the same page as the majority of people and see what they see.
- #4,569
- Oct 29, 2010 12:08pm Oct 29, 2010 12:08pm
Gutsy countertrend short there, Shahab. 
I find divergence works best when there's uninterrupted, consecutive highs/lows, not more than +/- 10 bars/candles apart. I've highlighted a nice example of what I mean. See the nice, uninterrupted RSI graph? It's like a W. These are the ones that are the most reliable, and often the beginning of a substantial price reversal, as was the case here as well.
I find divergence works best when there's uninterrupted, consecutive highs/lows, not more than +/- 10 bars/candles apart. I've highlighted a nice example of what I mean. See the nice, uninterrupted RSI graph? It's like a W. These are the ones that are the most reliable, and often the beginning of a substantial price reversal, as was the case here as well.
It's not about how much you make, it's about how much you don't lose.
- #4,570
- Oct 31, 2010 4:59pm Oct 31, 2010 4:59pm
- Joined Jul 2009 | Status: The Alchemist | 8,917 Posts
- #4,571
- Oct 31, 2010 5:01pm Oct 31, 2010 5:01pm
- Joined Jul 2009 | Status: The Alchemist | 8,917 Posts
- #4,572
- Oct 31, 2010 9:10pm Oct 31, 2010 9:10pm
- Joined Jul 2009 | Status: The Alchemist | 8,917 Posts
- #4,573
- Oct 31, 2010 9:17pm Oct 31, 2010 9:17pm
- Joined Jul 2009 | Status: The Alchemist | 8,917 Posts
Gutsy countertrend short there, Shahab.
I find divergence works best when there's uninterrupted, consecutive highs/lows, not more than +/- 10 bars/candles apart. I've highlighted a nice example of what I mean. See the nice, uninterrupted RSI graph? It's like a W. These are the ones that are the most reliable, and often the beginning of a substantial price reversal, as was the case here as well.
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