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Daily Pivot Point Trades

  • #61
  • Dec 14, 2011 9:02pm Dec 14, 2011 9:02pm
Quoting wolfeman
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
http://www.forexfactory.com/showthread.php?t=5538

This is a adjustable daily pivot indicator. I don't use it though. I have an indi that plots lines that are then moved each new day. I use oanda so I never bothered to find an adjustable one.

Worst case, you can plot them until you find something. If you do, let us know. (Sorry if that doesn't help)
  • #62
  • Dec 15, 2011 2:40am Dec 15, 2011 2:40am
Quoting Caillou
Hi,

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

Cheers
Do you enter when price touch the pivot or only when it close
If during the day prices don’t touch either S1 or R1 do you let open the position
To the next day or you get a time limit
Do you enter 1hiur before London and 1 h before NY? that’s correct?
Which time frames do you use?
  • #63
  • Dec 15, 2011 2:45am Dec 15, 2011 2:45am
Quoting tranco
Do you enter when price touch the pivot or only when it close
If during the day prices don’t touch either S1 or R1 do you let open the position
To the next day or you get a time limit
Do you enter 1hiur before London and 1 h before NY? that’s correct?
Which time frames do you use?
Hi,

BongaBonga has already answered some of your questions, I´m just following his instructions:

1.- I enter when price touches the pivot.
2.- I close all positions at London close.
3.- I use Oanda, at 6h00 (Frankfurt time) I enter my orders.
4.- No matter the TF, price will touch the pivot or not in any TF.....

Cheers
  • #64
  • Dec 15, 2011 2:58am Dec 15, 2011 2:58am
Quoting Caillou
Hi,

BongaBonga has already answered some of your questions, I´m just following his instructions:

1.- I enter when price touches the pivot.
2.- I close all positions at London close.
3.- I use Oanda, at 6h00 (Frankfurt time) I enter my orders.
4.- No matter the TF, price will touch the pivot or not in any TF.....

Cheers
What about bounce back or retracement ? It usually happens in the first two hours. Isn't it more safe to have a few pips away from the pivot before entering a trade ?
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  • #65
  • Dec 15, 2011 3:05am Dec 15, 2011 3:05am
Quoting Caillou
Hi,

BongaBonga has already answered some of your questions, I´m just following his instructions:

1.- I enter when price touches the pivot.
2.- I close all positions at London close.
3.- I use Oanda, at 6h00 (Frankfurt time) I enter my orders.
4.- No matter the TF, price will touch the pivot or not in any TF.....

Cheers
thnks
I asked for time frame in case if you enter or exit with candle close
  • #66
  • Dec 15, 2011 3:08am Dec 15, 2011 3:08am
Quoting lhDT
What about bounce back or retracement ? It usually happens in the first two hours. Isn't it more safe to have a few pips away from the pivot before entering a trade ?
Maybe, I don´t know yet, I´m only testing "raw" version for now.

Today a bad start: with CHF pairs, my demo goes for now -149 pips, let´s wait till the end.....
  • #67
  • Dec 15, 2011 3:44am Dec 15, 2011 3:44am
Quoting Caillou
Maybe, I don´t know yet, I´m only testing "raw" version for now.

Today a bad start: with CHF pairs, my demo goes for now -149 pips, let´s wait till the end.....
Also in E/U !!
It break Daily pivot around 8:30am almost hit R1 (11pips) and then goes back and break again the DPP but down this time.
What to do ? Renter again with a sell ??
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  • #68
  • Dec 15, 2011 4:02am Dec 15, 2011 4:02am
Quoting lhDT
Also in E/U !!
It break Daily pivot around 8:30am almost hit R1 (11pips) and then goes back and break again the DPP but down this time.
What to do ? Renter again with a sell ??

I'm liking this strategy.

Wake up, set trades then off to work - How set and forget should be.

Still a bit undecided about TP levels still though.
  • #69
  • Dec 15, 2011 4:03am Dec 15, 2011 4:03am
Quoting BongaBonga
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?


Yeah it takes positions well my friend ! but in every tick i have removed this one , the other is easy to to resolve if u wish
Attached File(s)
File Type: mq4 Daily Pivot Point Trader_v2.mq4   3 KB | 672 downloads
  • #70
  • Dec 15, 2011 4:04am Dec 15, 2011 4:04am
Quoting ronnierott
I'm liking this strategy.

Wake up, set trades then off to work - How set and forget should be.

Still a bit undecided about TP levels still though.
Well the thing is if I follow the strictly the rules, price doesn't hit R1 resulting in a big loss for today ...
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  • #71
  • Dec 15, 2011 4:05am Dec 15, 2011 4:05am
Quoting ronnierott
I'm liking this strategy.

Wake up, set trades then off to work - How set and forget should be.

Still a bit undecided about TP levels still though.

i'am on your side bro
  • #72
  • Dec 15, 2011 10:19am Dec 15, 2011 10:19am
Hi,

I have to go out, so today, for now, -297 pips......

R:R is good, but for now, % wins not. Let´s see a few more days.....
  • #73
  • Edited 1:55pm Dec 15, 2011 12:37pm | Edited 1:55pm
Lots to respond to, hope I get it all!

This is a one trade a day sort of thing. Set your pending order and let it go. If you want to trade daily pivots intraday then you would look for a confirming reversal signal on a bounce. I would recommend the 15min TF, just trade it like any other S/R strategy.

Shahrooz, thanks for the updated EA! I'll give it a try. I've been busy with finals this week so I didn't get very far on it. (Using a smartphone to post on FF is surprisingly easy...)

If the trade doesn't execute by the US Open or shortly after that the risk of failure goes up quite a bit. That means Europe waited 4-5 hours to test the pivot and were either unable to decide on a trend or they did and you missed the boat (rare, but it happens).

Pivots are valid for 24 hours, there is no long term memory in the market for them. If on those occasions where the price gets near the R1/S1 but doesn't touch and you are there to see it you might want to just bail on the trade while you still have pips. It depends though on time of day and price action.

Don't chase the market! If you thought it was a sell day and it turns out to be a buy day, your analysis was wrong and any trades you make would be without reason or purpose.

CHF pairs were going to be volatile today, they had a pretty big news report day. I personally would have stayed out for that reason. I hope you don't take that as "handwaving" away a loss. I know they do occur. This was just a good example of one of those days to stay out. It could have gone your way, but its a coin flip at that point.
  • #74
  • Dec 15, 2011 12:41pm Dec 15, 2011 12:41pm
Well ... thanks for that explanation it's really clear.
Today was a bad one, let's see tomorrow !
Thanks !
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  • #75
  • Dec 15, 2011 5:49pm Dec 15, 2011 5:49pm
Quoting The7
Just like in most cases price does not trigger the limit order.What am I doing wrong?
Common dude, it's not the "MOST CASES" - You showing example of a very strong trend down, just

a collapse down I shoud say, what this have to do with the basic things we

were talking about here?

In 10 % of the times you'll probably miss the trades

(in case of the strong trends and not lose money at least)

and in other 90% of the times you going to have advantage using those

rules described on page 1, got it?

Quoting BongaBonga
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.
Exactly: 10/4
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  • #76
  • Dec 15, 2011 8:53pm Dec 15, 2011 8:53pm
Quoting SkyzerFX
I have a feeling that by setting Stop Loss at S1 Or R1 without TP set, in many

cases you going to be wiped out in the Range Market, perhaps (bullish example) by setting SL

at S1 and Setting TP at R1 could balance your win-loss into some

favorable %.
Skyzer I just wanted to re-respond to this post of yours and say that I am warming up to the idea of the R1/S1 as the TP level. I even did some math for it and made a chart.

How I did the calculation: If the day was a win then it recorded the R1 - Pivot as the profit assuming the High was higher than R1. If not it recorded High - Pivot (not best but it made for quick math, remember >77% of trades hit R1/S1)

Losses still used R1/S1.

Mathwise the Pips went from "Best Case" 11000 (best case was high/low of the day) to 8900 with an R1/S1 target. That 8900 is a much more accurate number since it had a repeatable TP.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD DPP Growth R1S1.jpg Size: 191 KB
  • #77
  • Dec 15, 2011 9:03pm Dec 15, 2011 9:03pm
Well, this is embarassing, There appears to have been an error with my spreadsheet, I was using the wrong column for the Pips lost calculations. Good news is it has helped tremendously!


For example, in 2011 I reported pips lost originally as 8547. With the proper calculation that is now 4900. That also means the best case was 15,227 instead of 10,886.

The quick study I did with the R1/S1 as the TP target IS correct though!



I do apologize, this is rather embarrassing. That is what happens when you start copying and pasting formulas with Excel. A good life lesson.


EDIT: If you would like to look at my spreadsheet and use it for your own calculations, please PM. I have only had 2 people ask for it.
  • #78
  • Dec 16, 2011 4:16am Dec 16, 2011 4:16am
Quoting BongaBonga
Skyzer I just wanted to re-respond to this post of yours and say that I am warming up to the idea of the R1/S1 as the TP level. I even did some math for it and made a chart.

How I did the calculation: If the day was a win then it recorded the R1 - Pivot as the profit assuming the High was higher than R1. If not it recorded High - Pivot (not best but it made for quick math, remember >77% of trades hit R1/S1)

Losses still used R1/S1.

Mathwise the Pips went from "Best Case" 11000 (best case was high/low of the day) to 8900 with an R1/S1 target....

Bonga,

Are these figures based only on G/U?? Or are they G/U & E/U combined??

Regards
  • #79
  • Dec 16, 2011 4:22am Dec 16, 2011 4:22am
We wait our programmers to finish with the EA and then we are going to back test it for the past 10 years performance to see if its worth or no
  • #80
  • Dec 16, 2011 5:27am Dec 16, 2011 5:27am
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Results GBP/USD 01-01-2009 -- 30-11-2011
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