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Daily pivot bounce

  • #61
  • May 7, 2015 1:40am May 7, 2015 1:40am
Morning Tell
No much retrace these days to the main Pivot. The euro is quite bullish at the moment so I believe instead of waiting for a pull-back to the main Pivot do you think would be a good idea waiting for a pull=back to the 4hr or even to the 1hr Pivot?
What I mean just guessing of course it seems that the Market has been discounted or at least is discounting the Greek Tragedy... and isfocusing instead on the good news coming from the rest of the European Community. Maybe yes maybe not Who knows?
  • #62
  • May 7, 2015 2:10am May 7, 2015 2:10am
Quoting ralfy
Morning Tell No much retrace these days to the main Pivot. The euro is quite bullish at the moment so I believe instead of waiting for a pull-back to the main Pivot do you think would be a good idea waiting for a pull=back to the 4hr or even to the 1hr Pivot? What I mean just guessing of course it seems that the Market has been discounted or at least is discounting the Greek Tragedy... and isfocusing instead on the good news coming from the rest of the European Community. Maybe yes maybe not Who knows?
In answer to your question Ralfy, and watching what's is happening now, it is often wise to wait. Changing the time frame doesn't move the market. The market has been reticent until 8. Now it moves.
Tellboy
  • #63
  • May 7, 2015 2:42am May 7, 2015 2:42am
Hi Tell
Guess what I had a pending order at 1.1330 just 4 pips away from the 4hr Pivot and the price did reach the 4hr pivot but just missed my order and went up again. This is not Your rule I understand but maybe can be an idea meaning when there is a strong bullish movement instead of waiting for the price to retrace all the way to the daily Pivot or near the 4hr or even 1hr Pivot retrace could do the trick.
I know one has to be disciplined and respecting the rule, just an idea!!
  • #64
  • May 7, 2015 3:27am May 7, 2015 3:27am
The market is teaching us this morning that other factors influence it. The GBP is weak today because of the election all day. AUD and NZD are weak, but CHF is strong today. Therefore the EUR is caught between and is therefore straddling a somewhat sideways move. Having said all that, price did pull back and rose at 8 am to give about 25 pips on USD, CAD and JPY. I m still learning to be patient and lost 40 pips on the retracement by entering too early. I therefore came of it it today breaking even. The problem to be avoided is the very strong temptation to enter when the first long bar shows upward movement. Wait, wait, wait. I am telling myself.
Tellboy
  • #65
  • May 7, 2015 4:35am May 7, 2015 4:35am
For all potential daily pivot traders, here is something else I have noticed about trading the EUR pairs using this method. They are showing a tendency to sometimes make a double dip pull-back towards the pivot and then rally upwards strongly at 10 am on the dot. Look at this example of EUR/JPY to illustrate the point. Where I only broke even this morning on the 7 to 8 am trades, this trade recovered £57 for me. So, when there is a stepped-up rising trend on the 30 m charts, and we miss out on early moves, wait until 09:45 and get in position for a good move. Notice also on the EUR/JPY chart that price stopped at the 13,600 mark without reaching the resistance level potted by the system. This is because '00 levels are used by traders as targets. So, set your take profit targets just below a '00 level. I'm done now for the day. See you in the morning.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR:JPY Thurs 7:6:15.jpg Size: 425 KB
Tellboy
  • #66
  • May 8, 2015 12:21am May 8, 2015 12:21am
Good morning pivot traders. This is how the picture looks this morning after all EUR pairs have changed direction to the downside overnight. All indicators are telling us to sell, but the trick is to get then entry right. Wait for the pull back around 7 am.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR pairs Fri 8:5:15.jpg Size: 723 KB
Tellboy
  • #67
  • May 8, 2015 3:50am May 8, 2015 3:50am
Well, here is the outcome of this morning's move. It would appear that the down move overnight was a bit too drastic, and rather than retrace to the daily pivot and continue the down move, price bounced off the support levels and retraced in a counter-trend rally. So, what is today's lesson? Wait until 7 am and if price has reached a support level go with the retracement.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR outcome 8:5:15.jpg Size: 791 KB
Tellboy
  • #68
  • May 8, 2015 4:03am May 8, 2015 4:03am
Quoting tellboy
Well, here is the outcome of this morning's move. It would appear that the down move overnight was a bit too drastic, and rather than retrace to the daily pivot and continue the down move, price bounced off the support levels and retraced in a counter-trend rally. So, what is today's lesson? Wait until 7 am and if price has reached a support level go with the retracement. {image}
Hi, think last time you were not looking at EUR/CHF, but rather EUR/AUD. I think the latter is better for reasons of correlation ... agree on the Pivot level:
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 2 KB
Fix up, trade sharp ...
  • #69
  • May 8, 2015 4:06am May 8, 2015 4:06am
Quoting Hickson
{quote} Hi, think last time you were not looking at EUR/CHF, but rather EUR/AUD. I think the latter is better for reasons of correlation ... agree on the Pivot level: {image}
Yes, you're right. I did make some pips on AUD, but I wanted to show the effects of the support levels. thanks for the input.
Tellboy
  • #70
  • Edited 5:24pm May 10, 2015 4:28pm | Edited 5:24pm
Stand by for a EUR downturn Guys.

Here are the charts for Monday morning's pivot bounce. You could choose any of these, or you could also look at EUR/NZD and EUR/GBP.

Attached Image (click to enlarge)
Click to Enlarge Name: Set up Mon 11:5:15.jpg Size: 793 KB


A very strong GBP gave the best performance with the EUR today. However, the charts below conform the prediction that the EUR would sell against all other currencies. The real trick is get the entry right. I cheated a bit (actually I cheated quite a lot) when I entered my short trades at midnight and set T/P targets at the first support level. Then you can follow the retrace up towards the pivot line until price reverses again and goes with the main trend from 8 am. Crafty eh? But that's when knowledge about price movement is valuable. You may notice that I am being cautious and using a demo account. But I also did make over 100 pips on an a live account. I was a bit more cautious with the live one though.

Attached Image (click to enlarge)
Click to Enlarge Name: Outcome Mon 11:5:15.jpg Size: 907 KB
Tellboy
  • #71
  • May 11, 2015 6:31pm May 11, 2015 6:31pm
Here is today's pivot bounce set up for EUR pairs. Two trades entered, one with USD and one with CAD, both with T/P set to the first support level. The plan is to take profit and then allow price to pull back to the daily pivot (or near it) at around 8 am and then go short again. Let's see how it works.

Attached Image (click to enlarge)
Click to Enlarge Name: Set up Tues 12:5:15.jpg Size: 812 KB
Tellboy
  • #72
  • May 11, 2015 11:58pm May 11, 2015 11:58pm
EUR is showing signs of recovery this morning s those two trades got stopped out.
Tellboy
  • #73
  • May 12, 2015 8:04am May 12, 2015 8:04am
My trading platform crashed this morning and I was unable to use it, so I have downloaded MT4, but it has no pivot points. Trying to trade without pivot points and support and resistance levels is like trying to drive in the dark without lights. Does anyone know how to install pivot points onto MT4?
Tellboy
  • #74
  • May 12, 2015 8:13am May 12, 2015 8:13am
Quoting tellboy
My trading platform crashed this morning and I was unable to use it, so I have downloaded MT4, but it has no pivot points. Trying to trade without pivot points and support and resistance levels is like trying to drive in the dark without lights. Does anyone know how to install pivot points onto MT4?
Hi Tellboy, I use this one, just insert it into the indicator directory of your MT4 terminal....
Attached File(s)
File Type: ex4 FXI Pivots.ex4   25 KB | 281 downloads
  • #75
  • May 12, 2015 8:42am May 12, 2015 8:42am
Quoting gwindy
{quote} Hi Tellboy, I use this one, just insert it into the indicator directory of your MT4 terminal.... {file}
Thank you. I'll give it a try.
Tellboy
  • #76
  • Edited 9:21am May 12, 2015 9:05am | Edited 9:21am
I have just installed the indicator and although it does give support and resistance levels it doesn't give the daily pivot. It is also very messy because it shows levels on previous days. So I am going to look for a different one now that I have learned how to install them. Thanks for the tip.

Here's anther one that I prefer. It looks very good.

http://www.earnforex.com/metatrader-indicators/TzPivots
Tellboy
  • #77
  • May 12, 2015 9:34am May 12, 2015 9:34am
How's this for a pivot indicator for MT4?

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM30.png Size: 54 KB


I am really p****d off because my system crashed this morning and I missed out on all those pips.
Tellboy
  • #78
  • May 12, 2015 3:00pm May 12, 2015 3:00pm
I just wanted to illustrate the strategy of the Daily Pivot Bounce method with this set of charts of GBP from today (Tues 12/5/15). It is easy to become attached to a particular currency or pair. But when this happens we can miss opportunities elsewhere. Look at these GBP charts and recognise the simplicity of the pattern. The timing tends to be one hour later on GBP pairs than for EUR pairs. EUR has a tendency to bounce up, after its pullback, at about 8 am, and GBP tends to bounce off its pivot at 9 am. So, we are looking for the pattern on EUR from 7 am, and on GBP from 8 am. Look for this pattern, best illustrated on GBP/USD and GBP/CAD below on the 30 m charts. Wait for the pull back to the pivot and go long when the pull back stops and reverses. It is elegant in its simplicity and probably easier to see on the 30 m chart.

Attached Image (click to enlarge)
Click to Enlarge Name: GBP pairs Tues 12:5:15.jpg Size: 786 KB
Tellboy
  • #79
  • May 13, 2015 12:34am May 13, 2015 12:34am
Good morning pivot bounce traders. Here are the set-up charts for EUR and GBP pairs, all indicating a bull rally. We wait for pull backs before taking long positions at about 8 am for EUR pairs and about 9.30 for GBP pairs. Keep an eye open for news reactions, 7 am for EUR and 9.30 for GBP. Happy trading.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR pairs set up Weds 13:5:15.jpg Size: 776 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GBP pairs set up Weds 13:5:15.jpg Size: 775 KB
Tellboy
  • #80
  • May 17, 2015 4:46pm May 17, 2015 4:46pm
Its Sunday evening, and I'm looking at the set up for tomorrow's potential daily pivot bounce trade.

EUR/USD is trending up, having breached the 11400 level. with the new daily pivot set at 11413. If this system works we should see price retrace to, or near to the pivot before it bounces up towards the next significant level of 11500.

Remember to wait for the pull-back around 07:30 before entering a long trade to catch the rally at 07.45 or 08.00.

This is how the chart looks at 22:43 on Sunday evening.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR:USD set up Sun 17:5:15.jpg Size: 393 KB


Let us see what it looks like in the morning. Happy trading to all.
Tellboy
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