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Trading Price Pivots

  • #581
  • Sep 8, 2011 1:25am Sep 8, 2011 1:25am
Quoting Chantalb
One of my trades on AUDCAD is close to your entry.
Last month I got stopped often on many trades because I was getting caught in the whipsaw just before price went in my initial direction. So this time around I decided to place my stops not at the high of the PP + 10 but above the main supply zone +10. In the case of AUDCAD the D1 supply is between 1.05553 & 1.05072 ===> SL=1.05655

CB

How did you define the supply zone?
  • #582
  • Sep 8, 2011 8:59am Sep 8, 2011 8:59am
Quoting porfirio
hello chantalb

I am not in aus-cad ... touch my sl ... I prefer to take a small loss compared to the potential reward and then re-enter to get a big win if they do not go to the first ... I usually get it first but sometimes not so ... lp in this way the balance will always be time for me
I know what you mean. I sometimes use a time stop i.e. a move that is based on a certain price structure shouldn't take too long to get under way. For instance AUDCAD even though it is right in the heart of D1 supply/over priced it is not moving as we would want it to. Supply and demand looks to be in balance for the moment on the daily. Sooner or later this equation will break; I am more biased to the down side. But nobody knows, right?... Anything can happen.
  • #583
  • Edited 9:42am Sep 8, 2011 9:10am | Edited 9:42am
Quoting AlienFrog
Hi, Chantalb.
Have I got it?
Perfectly

The only thing I’d suggest is to have mid fib levels as well, since Fib is nothing more than a measuring tool, why not complete the missing levels . You can chose from two sets depending on whether you prefer to use 76.4 or 78.6 levels. The bolds in the first are the mid fibs and the underlined are very important to me. I actually just longed EJ off of 89.3
0-11.8-23.6-30.9-38.2-44.1-50-55.9-61.8-69.1-76.4-88.2-100
0-11.8-23.6-30.9-38.2-44.1-50-55.9-61.8-70.2-78.6-89.3-100
  • #584
  • Sep 8, 2011 9:28am Sep 8, 2011 9:28am
Quoting BongaBonga
How did you define the supply zone?
Supply or demand zones are simply areas where price has fallen out of balance. It is an area where you have more sellers than buyers for supply and vice versa for demand. In the charts I have color coded the zones. In the H1 chart the latest supply zone from yesterday should normally take us back down. We are right back into this zone, however if for some reason price shoots out of the zone then this zone becomes inverted supplyèNew Demand.
Hope this helps,
CB
Attached Image(s) (click to enlarge)
Click to Enlarge Name: imbalance pts.gif Size: 45 KB
Click to Enlarge Name: latest h1 neg imb.gif Size: 39 KB
  • #585
  • Edited 9:48am Sep 8, 2011 9:45am | Edited 9:48am
Oh, I understand what you mean now. Instead of a Support / Resistance line you made it into a variable sized zone based around those lines.

Thanks for the thorough explanation!



I'm still getting my sea legs so to speak but I hope to contribute my own charts to this thread soon.
  • #586
  • Sep 8, 2011 11:42am Sep 8, 2011 11:42am
Quoting Chantalb
Originally Posted by AlienFrog http://www.forexfactory.com/images/buttons/viewpost.gif
Hi, Chantalb.
Have I got it?


Perfectly
Cool! Thanks for the fib levels, too. I'm not sure I want to enter yet, as it still has a little bearish momentum. I'll try to watch it though -I'm at work which makes it hard!
Luck occurs when preparation meets with opportunity.
  • #587
  • Sep 8, 2011 2:58pm Sep 8, 2011 2:58pm
HELLO CHANTALB
I also see AUS-CAD DOWN ... BUT WAIT A LITTLE TO ENTER
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  • #588
  • Sep 9, 2011 5:20am Sep 9, 2011 5:20am
Entering into areas of support ... Be careful there the next day if produced by opponents triangles
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  • #589
  • Sep 12, 2011 2:06am Sep 12, 2011 2:06am
Friday sell a-c.... Today tsl
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  • #590
  • Sep 12, 2011 8:54am Sep 12, 2011 8:54am
Hello Chantalb and everyone.

I've been reading through all pages and I really like the trading system as it looks very simple and easy to plan the trade. I would like to master this system and want to be a profitable trader.

I have a question. To qualify the price pivot high/low, does the third candle needs to close above (Price Pivot Low) /below (Price Pivot High) the low of the second candle (middle of the candles.)?

I would like to join this thread and hope to learn together.

Thank you.

Chublet
  • #591
  • Sep 13, 2011 3:32am Sep 13, 2011 3:32am
Quoting Chublet
Hello Chantalb and everyone.

I have a question. To qualify the price pivot high/low, does the third candle needs to close above (Price Pivot Low) /below (Price Pivot High) the low of the second candle (middle of the candles.)?

I would like to join this thread and hope to learn together.

Thank you.

Chublet
You are welcome to join us here. It is very simple, for a pivot high we are looking for a bearish price configuration and for a pivot low a bullish configuration. The stronger that configuration the better i.e. let's say you have a pivot high and the confirmation candle is a bullish one we ignore that setup because we are looking for confirmed weakness. However if the range of the confirmation candle is very wide I also ignore it because price tends to rotate back to the mean of that range b4 continuing if it does.
Hope this helps,
CB
  • #592
  • Sep 13, 2011 3:51am Sep 13, 2011 3:51am
EURAUD bounces off daily demand and also RN (round #) 1.30000 also giving us a pivot low. Blue area is the latest d1 demand zone and green is that just before it but they both overlap (this is the gold zone in between green and blue). This is not a prime setup because we have very strong supply level ahead (in Tomato)... So if I do take this trade, tomato area will be tp1 then RN (1.35000) tp2... We'll see....
It looks like it is setting up strongly in zone 3 which is not exactly the zone of my preference...
Attached Image(s) (click to enlarge)
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  • #593
  • Sep 13, 2011 4:07am Sep 13, 2011 4:07am
Because this is my least favorite zone to enter (as in zone 3) I will wait for a retest of the red TL and enter around there if I see bullish configuration and strength
Attached Image (click to enlarge)
Click to Enlarge Name: euraud 15.gif Size: 38 KB
  • #594
  • Sep 13, 2011 5:17am Sep 13, 2011 5:17am
Quoting Chantalb
Because this is my least favorite zone to enter (as in zone 3) I will wait for a retest of the red TL and enter around there if I see bullish configuration and strength

What do you mean by zone 3? I assume you are referencing the quadrants formed by the two intersecting trendlines, but what is that tool officially called (the zones)?

Thanks!
  • #595
  • Sep 13, 2011 5:23am Sep 13, 2011 5:23am
I did not get the bounce I was waiting for. Price just broke through the blue TL. However we are at an area where I expect price to rotate back lower. Three possibilities come in for me, the first is price going back to retest the red TL, second go much lower and give a good retrace and third if demand is very strong it might just blast through the white rectangle after testing the breakout of the blue TL.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud h1 bounce.gif Size: 37 KB
  • #596
  • Sep 13, 2011 5:35am Sep 13, 2011 5:35am
Quoting BongaBonga
What do you mean by zone 3? I assume you are referencing the quadrants formed by the two intersecting trendlines, but what is that tool officially called (the zones)?

Thanks!
Zone 3 refers to post 592 second chart where I have highlighted three entry zones by preference from 1 to 3 where 3 is my least favorite. It has nothing to do with the area of intersecting TLs, it is simply an area of H1 demand. If it is not clear please say so and I will attempt another explanation.
Thanks,
CB
  • #597
  • Sep 13, 2011 5:45am Sep 13, 2011 5:45am
Perfect explanation, CHANTALB

E-C ... EXIT in a few days, maybe tomorrow ... start forming a triangle against
Attached Image (click to enlarge)
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  • #598
  • Sep 13, 2011 6:08am Sep 13, 2011 6:08am
I am also looking at EURCAD it is setting up nicely. I am also looking at EURGBP, EURNZD & USDCAD. However here I would like to point out that EN does not look like a prime setup and needs to go a little lower to meet stronger D1 demand. It could be a very quick move i.e. spikes the area and jump, we’ll see. USDCAD is a tricky one, we bounced off parity for a potential down move BUT we are at monthly demand. Looks like supply on D1 but I will pass unless I get a very convincing counter trend setup or a long setup with the monthly view…

In the chart EURAUD (5m) bounces lower from the white rectangle area drawn earlier… let’s see what happens.
Cheers,
CB
Attached Image (click to enlarge)
Click to Enlarge Name: euraud 5m bounce.gif Size: 40 KB
  • #599
  • Sep 13, 2011 6:36am Sep 13, 2011 6:36am
Quoting Chantalb
Zone 3 refers to post 592 second chart where I have highlighted three entry zones by preference from 1 to 3 where 3 is my least favorite. It has nothing to do with the area of intersecting TLs, it is simply an area of H1 demand. If it is not clear please say so and I will attempt another explanation.
Thanks,
CB

Sorry, it's been a long night for me. I thought you had made up some new trendline interpretation.
  • #600
  • Sep 13, 2011 7:01am Sep 13, 2011 7:01am
Quoting BongaBonga
Sorry, it's been a long night for me. I thought you had made up some new trendline interpretation.
Hey no prob
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