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Daily Pivot Point Trades

  • #41
  • Dec 14, 2011 11:58am Dec 14, 2011 11:58am
Quoting BongaBonga
Thanks guys for posting some results! Glad to hear of your success.

If you don't mind my asking; what 15 pairs did you use, and why?
EUR/USD, EUR/JPY, EUR/CHF, EUR/AUD, EUR/CAD, EUR/GBP, GBP/USD, GBP/JPY, GBP/CHF, GBP/AUD, GBP/CAD, USD/JPY, USD/CHF, USD/CAD, AUD/USD

Why? Any particular reason, just for testing your system with EUR, GBP and USD pairs.......
  • #42
  • Dec 14, 2011 11:59am Dec 14, 2011 11:59am
Quoting ronnierott
I wasn't as brave as you.

Just the 2 pairs for me - G/U & E/U.

E/U - No trade
G/U - +107
Itīs just a demo, so really easy to be brave.....
  • #43
  • Dec 14, 2011 12:26pm Dec 14, 2011 12:26pm
I believe USDJPY as well as AUDUSD would benefit from a 1700EST daily cutoff. That would require further testing.
  • #44
  • Dec 14, 2011 2:24pm Dec 14, 2011 2:24pm
Quoting Caillou
Just finished my 1š test day (manually).

15 pairs, TP/SL at R1/S1, close all at the end of London Session.

EUR/AUD: -56
EUR/CAD: -3
GBP/USD: +108
GBP/JPY: +33
GBP/CHF: +52
GBP/CAD: +40

Total: +174 pips, not bad at all.

Good R:R, no indicators, one trade a day..........
Hi there,

Can you please post the averege pips on the stop loss? I`m curious how many pips is the risk in regard to the +174 pips on the green.

@ bonga bonga - I just wanted to say thank you for sharing this system.

Regards
  • #45
  • Dec 14, 2011 2:33pm Dec 14, 2011 2:33pm
Quoting necre
Hi there,

Can you please post the averege pips on the stop loss? I`m curious how many pips is the risk in regard to the +174 pips on the green.

@ bonga bonga - I just wanted to say thank you for sharing this system.

Regards

The G/U trade risk was 71 points.
  • #46
  • Dec 14, 2011 2:53pm Dec 14, 2011 2:53pm
Thanks for this thread Bonga, I have a couple of questions. I hope they aren't too much stupid ...

What TF did you use to trigger a trade ?
What is the your start date ? Example, if I live in GMT+1 zone ? I mean, do we need to look for DPP at 1H before London open for example ?
Money Management, what % did you used for you lot size ? Always same lot size ?
What happens if we are in a trade more than one day ? The DPP will change for the next one, do we need to close it if we're in profit before end of the trading period ?

Thanks, just to keep that fresh to produce en EA out of it ...

CHeers,
L
#### Follow me at @LioH_ on Twitter ... ####
  • #47
  • Dec 14, 2011 3:31pm Dec 14, 2011 3:31pm
Quoting necre
Hi there,

Can you please post the averege pips on the stop loss? I`m curious how many pips is the risk in regard to the +174 pips on the green.

@ bonga bonga - I just wanted to say thank you for sharing this system.
T
Regards
Hi,

For each pair, SL= Pivot - R1 or Pivot - S1. R:R is really good, I'm just curious about % wins.

Cheers
  • #48
  • Dec 14, 2011 4:40pm Dec 14, 2011 4:40pm
Let me know if i have this right. At midnite eastern time i calculate the pivot points which i can get at Oanda automatically. Then let's say on gpd/usd the pivot is 1.5500 and price opens at 1.5490 so i place a pending order to go short at the pivot 1.5500 with SL at R1 and no TP. Then i will close the order right b4 the US session correct?
  • #49
  • Dec 14, 2011 5:10pm Dec 14, 2011 5:10pm
Quoting ferndog
Let me know if i have this right. At midnite eastern time i calculate the pivot points which i can get at Oanda automatically. Then let's say on gpd/usd the pivot is 1.5500 and price opens at 1.5490 so i place a pending order to go short at the pivot 1.5500 with SL at R1 and no TP. Then i will close the order right b4 the US session correct?
Oanda uses midnight EST for their server time, so if you use them for your broker then great, you don't need to look elsewhere. If you don't use Oanda, or want to make it even easier then you can use any number of online pivot calculators. (I personally use forexticket)

You have the pending order correct. You can chose a TP of one of the pivot levels as well.

IF the trade hasn't triggered by around the US session, I cancel it, the risk gets higher the less time there is. But if it did take then just let it go until the close of London.

For a purely mechanical system that's all there is to it. I would recommend though that you create a pre-trade review to see if there's anything that would hamper your chance of success (NFP for example)
  • #50
  • Dec 14, 2011 5:20pm Dec 14, 2011 5:20pm
Quoting lhDT
Thanks for this thread Bonga, I have a couple of questions. I hope they aren't too much stupid ...

What TF did you use to trigger a trade ?
What is the your start date ? Example, if I live in GMT+1 zone ? I mean, do we need to look for DPP at 1H before London open for example ?
Money Management, what % did you used for you lot size ? Always same lot size ?
What happens if we are in a trade more than one day ? The DPP will change for the next one, do we need to close it if we're in profit before end of the trading period ?

Thanks, just...
TF is daily. One pending order is placed before london opens. Midnight EST is 0500GMT, so for you at 6am you would look at the pivots and set your trade.

For lot size I stick to a standard size. I would pick a size that on average only risks 1-2%. Average SL is around 60 pips.

I close my trade out at the end of the london session. After that price will drift back towards the DPP and eat away profits.
  • #51
  • Dec 14, 2011 5:53pm Dec 14, 2011 5:53pm
Bongo: If you are really interested in the 'beyond PP' then go
to [email protected] . Charles Drummond spend over half a
century developing the Point and Line....Drummond Geometry.
The whole thing about the pivot point...is that it's imprisoned
within the 1/3 range. And it's the close that determines where
the point ends up. Your R's and S's is nothing but a line from
the H and L thru the pivot point and extended . In other words
it's a tangent line. What Charlie D. (Charles Drummond) did was
take the Cartesian Coordinate of the market and worked in his
5-1, 5-2, 5-9 lines...including his 6's...which are the same
principles involved in the pivot point. Please don't try to drill
me further on this subject. Ted Hearne at [email protected] can
give further details on this subject if you're interested.
ciao,
Tonyj
  • #52
  • Dec 14, 2011 6:32pm Dec 14, 2011 6:32pm
can u explain why have u used sell and buy limit orders ?!
a stupid one is asking !
  • #53
  • Dec 14, 2011 6:40pm Dec 14, 2011 6:40pm
Quoting shahrooz67
can u explain why have u used sell and buy limit orders ?!
a stupid one is asking !
Because we expect the price to go higher towards the pivot before returning on its original trend down. (Flip for buy orders)
  • #54
  • Dec 14, 2011 6:49pm Dec 14, 2011 6:49pm
and i think the expert u have u have uploaded contains several problems , i do my best to resolve them. here 4:20 am , i need some rest too ,

happy pipin
  • #55
  • Dec 14, 2011 7:14pm Dec 14, 2011 7:14pm
Quoting shahrooz67
and i think the expert u have u have uploaded contains several problems , i do my best to resolve them. here 4:20 am , i need some rest too ,

happy pipin
It has 2 problems: it tries to make an order every tick and it uses your broker's server time s the daily cutoff. Both have been identified

It produces orders correctly though. What problem are you having?
  • #56
  • Dec 14, 2011 8:28pm Dec 14, 2011 8:28pm
Hello Bonga..! Thanks for this easy system. It seems to me that the limit orders are rarely triggered. Why not just open the trade with the opening of the new daily candle? What is your input on this?
  • #57
  • Dec 14, 2011 8:37pm Dec 14, 2011 8:37pm
Quoting The7
Hello Bonga..! Thanks for this easy system. It seems to me that the limit orders are rarely triggered. A quick visual backtesting brought me to this conclusion.What is your input on this?
I hope you don't take this wrong but you must have done something wrong. It almost always touches the pivot. These past few days with the EURUSD has been an exception, but it is a pretty abnormal market.
  • #58
  • Dec 14, 2011 8:43pm Dec 14, 2011 8:43pm
Quoting BongaBonga
I hope you don't take this wrong but you must have done something wrong. It almost always touches the pivot. These past few days with the EURUSD has been an exception, but it is a pretty abnormal market.

Ok here is my chart. The green arrow shows the first candle of the day (which is 1 hour in this case)..Just like in most cases price does not trigger the limit order.What am I doing wrong?
Attached Image (click to enlarge)
Click to Enlarge Name: ej.jpg Size: 65 KB
  • #59
  • Dec 14, 2011 8:49pm Dec 14, 2011 8:49pm
Hey Bonga, cool thread. Thanks for all your research, it has rekindled my interest in trading evenings (I live in California)

An indi that would plot the lines would be so cool for manual trading. I have one here that I have been trying to change the start hour from 0 to 4- with no luck. I can't do much with code.

Can someone tell me how to do this? It would be a big help. Thanks
Attached File(s)
File Type: mq4 BucPivot_V1.2_Day.mq4   8 KB | 529 downloads
  • #60
  • Dec 14, 2011 8:50pm Dec 14, 2011 8:50pm
There will be times when it doesn't hit the daily pivot. You showed a chart of one of those times.

Think about it this way: If price rarely hits the pivot then price would have to basically trend ALL the time.
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