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Peter Bain's Pivot Strategy

  • #1
  • First Post: Feb 23, 2006 4:43am Feb 23, 2006 4:43am
Hi All;
I wonder if anybody can brief me about Peter Bain's pivot strategy, its methodology, success and if anybody have peronal experience with pivot points.

Thanks
  • #2
  • Feb 23, 2006 11:43am Feb 23, 2006 11:43am
Hi,

His strategy include:
1. Pivots points S2 to R2 and mid lines (M1-M4)
2.MACD divergence
3. Trend lines
4. chart patterns : hamer, spining top, railway track, double top i bottom
5.Diffrerent time frames
6.price projection
5. timing - london open/lose, news time, ny open, etc.

There are 21 factors. See attached pic.


His mentorship program is the best I've ever found. Every day (Tue-FRI) he is talking about price action , general section and Q&A.

On his site are lot of educational staff, video tutorails etc.
He organize workshops in US,Canada, UK, and Australia (with Chris Lori CTA).
Worshops also are great.

I think that his course and especialy mentorhisp programm is worth every $ you pay.

Regards,

Andrew

P.S. Sorry for my english - I'm from Poland.
Attached Image
  • #3
  • Feb 23, 2006 12:53pm Feb 23, 2006 12:53pm
Quoting abedewi
Hi All;
I wonder if anybody can brief me about Peter Bain's pivot strategy, its methodology, success and if anybody have peronal experience with pivot points.

Thanks
abedewi,

My only concerns about Peter's strategy is twofold. 1) It's a day-trading, scalping strategy, and 2) he concentrates on the euro to the exclusion of everything else.

The good points, though, are that he insists on market discipline through placing of stops and he gets you to focus on pattern recognition for trades.

The pivot points you can calculate yourself using the "camarilla equation". Do a google search and you will find the equation out there somewhere in cyberspace. Back in the 80's and 90's, guys would sell these to locals on the floor for the various markets they traded.
vegas
  • #4
  • Feb 24, 2006 3:34am Feb 24, 2006 3:34am
Quoting vegas
abedewi,

My only concerns about Peter's strategy is twofold. 1) It's a day-trading, scalping strategy, and 2) he concentrates on the euro to the exclusion of everything else.
Hi Vegas,



1) It's day trading of course but not scalping in my opinion. For newbis he recommended 20 pips target but for more experienced traders targets based on technicals and are between 30 - 75 pips (on euro).
He wrote in his course something like "Don't scalp, currencies tranding well".
Obviously it depends how one defined "scalping".

2) In his opinion trader should specialise in one currency (at least at the begining) - but last time he spoke not only about euro but often about cable too.

By the way, Vegas thank You for sharing your ideas and experience, thanks for "Vegas Welth Builder" and Your help. As You said "What goes around, comes around".

Regards,

Andrew
  • #5
  • Feb 24, 2006 3:40am Feb 24, 2006 3:40am
I've taken a couple of courses. Started a little over a year ago. I never signed up for Peter Baines course... yet, I am still receiving charts, and analysis information from him on a weekly basis, got some yesterday. Not even the courses I took do that.

If you want to be "taught" Forex by someone, have the money to invest in a course, and don't wanna spend the initial time finding it all for yourself...you can do worse than Peter baine, imho.

Pivot points are just another good analytical tool. They are not the end all, be all strategy that is often times hyped. I know, that's how I first started, with Pivot point strategies.

I just recommend, you continue your education once you've learned the basics through someone like him. Too many, me included...walk out of those courses thinking "now, I know what to do...time to make money."

And lose their shirts...like I did.

One course is NOT all you need. So don't end your education, or start your "real money" trading...as soon as you end some course. It's a much longer, and harder road, than those courses lead you to beleive. But, they can be a good place to start, for some. Bain is prolly better than most.

Look into James16 private forum here as well.
  • #6
  • Feb 24, 2006 7:59am Feb 24, 2006 7:59am
SouthernFried,
You absolutly right. One course is not all one need (but it could be one of many things ).
Someone said that good trader must "lost their shirt" first to understand that trading it's not only fundamental or technican but also psychology, discipline, thinking in probabilities, money managemet and many other things. Goal is to be cosistent winner. Education should never stop.

By the way I lose my shirt too .

Regards

Andrew
  • #7
  • Feb 24, 2006 9:32am Feb 24, 2006 9:32am
Southern, Andrew et al,

As a fully paid up registered Fellow of "The Empty Wardrobe" club [shirt, shoes, shorts and everything else] I agree whole heartedly with what you are saying.

I look at it this way. When I was paying my dues, I was probably paying them to the patient, wise old farts of the day, while I was running in and out of the market feeling that if I was ever going to make this work, I had to be 'In the Market'. Not True. Never Forget there are 3 trades. Long, Short & Aside.

I too have paid good money for courses that improved my skills. Some of them only but a smidgen. Were they worth it? That's relative, but I still have little flashes of a little tidbit of info [good or bad] that I picked up at a course here or there just before I pull the Trigger. So I believe they do fill out your Trading Character [style]

In retrospect, I presently feel that one of the most important areas of my studies was programming language. Not so I could be a qualified software programmer [which I'm not], but at least then I could lay down my own trading "Rules of Engagement" which was/still is the sum total of all I've learned along the way.

Think about this. If you registered for a course next month at a cost of $n.nn, wouldn't you make sure that when you got there you were ready. Springbinders, pens, pencils caculator and all the rest of that stuff to take copious notes on all the information provided at that course. Then later go back over it again and again to pull out the diamonds that work for you.

Now ask yourself, Is the reason I'm not doing that at this forum [or any other] because it's free. Don't Sell the information on These Pages Short.[pun intended]

Get a fullsize notepad and find a permanent space for it on your workstation. When you see something/anything that makes you so much as raise an eyebrow, write it down. If it makes you think "That's a Buy !" Write it down with details including why you thought it was a Buy in it's own section of your notepad. Before long you will come to realize that the $2.00 or so you spent on the notepad was The Absolute Best Investment of your trading experience. But only if you go back over it again & again to find those diamonds.

You can constantly bounce around from this guys course to that guys strategy but if you don't start taking them apart and and reassembling them as a whole that works for you, then I wonder which/who's strategy you will be using next month?

Thanks for the shirt by the way.
  • #8
  • Feb 24, 2006 12:50pm Feb 24, 2006 12:50pm
Quoting Bemac
You can constantly bounce around from this guys course to that guys strategy but if you don't start taking them apart and and reassembling them as a whole that works for you, then I wonder which/who's strategy you will be using next month?
Very well said, dear sir! Very well indeed! Bravo!
  • #9
  • Feb 25, 2006 6:14am Feb 25, 2006 6:14am
Quoting Andrew_e
1) It's day trading of course but not scalping in my opinion. For newbis he recommended 20 pips target but for more experienced traders targets based on technicals and are between 30 - 75 pips (on euro).
Just some food for thought: if he could intraday 30-to-75 pips off the markets every day (even if it was just one day a week), he'd be a multimillionaire via compounding within 5 years. So, why would he be selling his "mastership" for 395 bucks, having to go through the mess of recording an online video every morning, etc?

My guess? he does not trade at all, he makes his living by selling his courses.

Beware of the commercial "mentors"...
  • #10
  • Edited 5:58am Feb 26, 2006 5:45am | Edited 5:58am
Quoting WTB
Just some food for thought: if he could intraday 30-to-75 pips off the markets every day (even if it was just one day a week), he'd be a multimillionaire via compounding within 5 years. So, why would he be selling his "mastership" for 395 bucks, having to go through the mess of recording an online video every morning, etc?

My guess? he does not trade at all, he makes his living by selling his courses.

Beware of the commercial "mentors"...
Not every day of course, not every trade is a winner as always in real world.
He is not selling signals, he is teaching how one himself could analyse and trade forex.
As I said I think that the most valuable part of his course is mentorship program.

I don't know if he's living selling courses, but think that it's ok to pay for someone's work if it is worth one's salt. Education is a bussines. He have taught me how to fish...

I agree "Be aware", but try, maybe it's not another "mentor" but Your's future Mentor (without quotes) ? If You don't play You don't win for sure. There is of course money back guarantee so risk is limited.

I don't know if he's trading forex every day, but as I wrote he organize workshops with Chris Lori - a CTA (Commodity Trading Advisor) and a full time professional currency trader and fund manager (Seaview Capital Inc.).

I wrote about my experience with him because of abedewi post.
I can recommended this course, but decision to buy it's not mine.

Regards,

Andrew

P.S. I'm not working for him. I recently ordered his course and enjoyed it much.
  • #11
  • Edited Apr 22, 2006 12:16am Feb 26, 2006 12:11pm | Edited Apr 22, 2006 12:16am
You just gotta luv this place, where else could you start you day with a quote like this one!
Quoting Bemac
As a fully paid up registered Fellow of "The Empty Wardrobe" club [shirt, shoes, shorts and everything else] I agree whole heartedly with what you are saying.
http://accrete.com/emo/ROFLOL.gif
  • #12
  • Last Post: Mar 23, 2006 6:41am Mar 23, 2006 6:41am
Quoting Andrew_e
Not every day of course, not every trade is a winner as always in real world.
He is not selling signals, he is teaching how one himself could analyse and trade forex.
As I said I think that the most valuable part of his course is mentorship program.

I don't know if he's living selling courses, but think that it's ok to pay for someone's work if it is worth one's salt. Education is a bussines. He have taught me how to fish...

I agree "Be aware", but try, maybe it's not another "mentor" but Your's future Mentor (without quotes) ? If You don't play You don't win for sure. There is of course money back guarantee so risk is limited.

I don't know if he's trading forex every day, but as I wrote he organize workshops with Chris Lori - a CTA (Commodity Trading Advisor) and a full time professional currency trader and fund manager (Seaview Capital Inc.).

I wrote about my experience with him because of abedewi post.
I can recommended this course, but decision to buy it's not mine.

Regards,

Andrew

P.S. I'm not working for him. I recently ordered his course and enjoyed it much.

The way I look at is "Show Me The Money". I bought his course a little more than a year ago. His AM Reviews were helpful. It got me back on track with tech. analysis. I was able to take some of his ideas about pivots and 123 bottoms and tops and MACD and I made much more in real dollars than the course cost. I do not care if he still trades, only if the info he provided worked. It did. I did not renew my membership to the AM Reviews, because I have moved on from what he can offer. In them he makes no appologies that he must rehash the same basic info, because he always has new members joining and tuning in for the first time. I simply got bored.

But I would very much recomend his course, for someone just getting started or like me, needed a kick in the rear.

thanks SMJ
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