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Trading Price Pivots

  • #161
  • Jun 21, 2011 6:59am Jun 21, 2011 6:59am
hope you have luck friend ... but I think you get in early ...
  • #162
  • Jun 21, 2011 7:16am Jun 21, 2011 7:16am
Quoting Chantalb
Yes nicely done, I see you have your stop below you pivot low on 1hr… this is another way of placing stops. But since I trade longer term and got burned many times by placing my stops in such areas (as in below/above 1hr PP) only to see price resume into my direction, I decided to place them based on daily.
[color=black][font=Verdana]IB, since you are trading an upswing you fib should start from the low and extend to the high… you have it reversed. In the correct projection, from low to high, the 1hr pivot...
You right regarding the fibo.

Regarding the SL I know is safer below the daily, but the RR is not that great. For a 100 pips risk, I need to make 300 pips for a decent RR.
Specially when I am against the "trend" and I am risking only 20 pips, as soon as I gain them I move my SL to BE and if I get it right I can make 200 pips and that for me will be I sign that I am doing well.

IB
  • #163
  • Jun 21, 2011 7:28am Jun 21, 2011 7:28am
Chantalb

For divergence, try the cfp indicator. Is a derivative of the ccfp. I found it very powerful.

More info:
http://articles.mql4.com/484

IB
Attached File(s)
File Type: mq4 CFP.mq4   14 KB | 398 downloads
  • #164
  • Jun 21, 2011 7:41am Jun 21, 2011 7:41am
Quoting il brigante
sorry here the pics.
On the daily, the confirmation candle not closed yet, so how is it possible to apply fibs to pivot low and the said candle?
Regards
  • #165
  • Jun 21, 2011 8:45am Jun 21, 2011 8:45am
gbp-usd...sell
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd.----gif.gif Size: 34 KB
  • #166
  • Jun 21, 2011 9:42am Jun 21, 2011 9:42am
Quoting howard
On the daily, the confirmation candle not closed yet, so how is it possible to apply fibs to pivot low and the said candle?
I believe that IB has modified the method to suit his trading style. He takes it off of D1 bullish engulfing bars… when he comes back, he will probably explain it to you further…
  • #167
  • Jun 21, 2011 9:49am Jun 21, 2011 9:49am
Quoting porfirio
gbp-usd...sell

I think you did not wait for the close of that confirmation candle before entering the trade, because if you had you would have seen it to be a weak bearish one. Also the supposed to be PP candle was a very strong bullish one, I don’t see any rejection of the 38.2 fib…

Guys in order of importance and strength: 61.8% followed by 50% and lastly the 38.2%

I don’t even look at 23.6%!

Chantal
  • #168
  • Jun 21, 2011 9:55am Jun 21, 2011 9:55am
Good Trade today. I make today the FIB from the High to the Low of yeserdays candle. Then from the same high yesterday to the Low of the 16th, the 5 C Low. At 1.6168 the 50%Fib and the 61% FIB are on the same level. A pinbar touched today this Level, a very good Entry, still running....
  • #169
  • Jun 21, 2011 9:59am Jun 21, 2011 9:59am
Quoting il brigante
You right regarding the fibo.

Regarding the SL I know is safer below the daily, but the RR is not that great. For a 100 pips risk, I need to make 300 pips for a decent RR.
Specially when I am against the "trend" and I am risking only 20 pips, as soon as I gain them I move my SL to BE and if I get it right I can make 200 pips and that for me will be I sign that I am doing well.

IB
Well RR is something else… I don’t recall even mentioning anything about an RR. The reason being; I don’t think the market gives a fit about what kind of RR we set… It will just do what it wants to do. But then again to each their own money management
  • #170
  • Jun 21, 2011 10:00am Jun 21, 2011 10:00am
Quoting il brigante
Chantalb

For divergence, try the cfp indicator. Is a derivative of the ccfp. I found it very powerful.

More info:
http://articles.mql4.com/484

IB
Thanks a lot, will check it out when I have some more time
  • #171
  • Jun 21, 2011 10:25am Jun 21, 2011 10:25am
Entry 1,6191, SL 1,16165, Risk 26 Pips,

What do you think Chantalb ?
  • #172
  • Jun 21, 2011 1:49pm Jun 21, 2011 1:49pm
i re-read back through the thread and i couldnt find and explanation as to what you meant by currency meter? is that the rsi you use?
  • #173
  • Jun 21, 2011 3:50pm Jun 21, 2011 3:50pm
Quoting howard
On the daily, the confirmation candle not closed yet, so how is it possible to apply fibs to pivot low and the said candle?
Read #148

IB
  • #174
  • Jun 21, 2011 4:00pm Jun 21, 2011 4:00pm
Went Long eurjpy, risked 38 pips, gained my risk, SL moved to BE.

On the hourly price retraced only to 23.6 %, but my pattern closed above the major line 115.

IB
  • #175
  • Jun 21, 2011 4:02pm Jun 21, 2011 4:02pm
pics
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy daily.jpg Size: 200 KB
Click to Enlarge Name: hourly.jpg Size: 218 KB
  • #176
  • Jun 21, 2011 5:38pm Jun 21, 2011 5:38pm
the truth is I do not understand anything this thread ... must be my English ... I will continue with my strategies

luck to all and thank you.
  • #177
  • Jun 21, 2011 6:10pm Jun 21, 2011 6:10pm
...i'll be testing a short from this level after some further confirmation.
Attached Image (click to enlarge)
Click to Enlarge Name: EU2206111hra.GIF Size: 176 KB
  • #178
  • Jun 21, 2011 6:21pm Jun 21, 2011 6:21pm
for my three pairs are .... SELL .... eu-usd...gbp-usd ... usd-japy .....

will wait a few days to see if I have reason ... if s so, delve more into the strategy that I find very good

I'm looking formation PRICE PIVOTS in D1 and W1

Saludos
  • #179
  • Jun 21, 2011 6:49pm Jun 21, 2011 6:49pm
sorry.... only eu-usd and gbp-usd... are the ones I've studied
  • #180
  • Jun 22, 2011 3:47am Jun 22, 2011 3:47am
Quoting Chantalb
I think you did not wait for the close of that confirmation candle before entering the trade, because if you had you would have seen it to be a weak bearish one. Also the supposed to be PP candle was a very strong bullish one, I don’t see any rejection of the 38.2 fib…

Guys in order of importance and strength: 61.8% followed by 50% and lastly the 38.2%

[color=black][font=Verdana]I don’t even...
Chantalb

What about 78.6%?
Did you enter any trades since the beginning of the week?

IB
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