Daily pivot bounce | Page 5 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Open Trade near Pivot line (Pivot Point) 16 replies

Weekly Pivot to Pivot Trading 19 replies

The Pivot Net Revisited (Weekly Pivot Net) 41 replies

Help with daily pivot, weekly pivot on MT4 3 replies

Pivot high - Pivot low MT4 3 replies

Attachments: Daily pivot bounce
Exit Attachments

Daily pivot bounce

  • #81
  • May 18, 2015 3:55am May 18, 2015 3:55am
Oh dear. Price didn't bounce off the pivot today, but dropped straight through it.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR:USD Mon 18:5:13.jpg Size: 465 KB


What appeared to be a retracement to the pivot turned out to be a reversal to the downside, resulting in losses.
Tellboy
  • #82
  • May 18, 2015 4:14am May 18, 2015 4:14am
Quoting tellboy
Oh dear. Price didn't bounce off the pivot today, but dropped straight through it. {image} What appeared to be a retracement to the pivot turned out to be a reversal to the downside, resulting in losses.
You might watch the daily PP now on a pullback and enter short with a tight SL ... but I would say only if this does not make a LL now.
Fix up, trade sharp ...
  • #83
  • Edited 6:41am May 19, 2015 12:38am | Edited 6:41am
Good morning pivot traders. Here is today's set up on EUR/USD. The Euro has taken a deep dive since it broke through the pivot yesterday, and this morning is well below. But a weak USD sees EUR making its way up towards the pivot. So, will will see it respond to predictions and continue its bear move at 8? Let's see.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR:USD set up Tues 19:5:15.jpg Size: 443 KB


Here is the outcome from today's price action. If the rules were followed we would have been in a good position to take advantage of that sharp down move at 8 am. Although price may not quite reach the daily pivot, the pattern usually remains the same. The volatility of the drop may have come as a surprise as there were no news releases scheduled for that time, so does anyone know why price dropped so far and so fast on the EUR against all other currencies?

Attached Image (click to enlarge)
Click to Enlarge Name: Outcome Tues 19:5:15.jpg Size: 320 KB
Tellboy
  • #84
  • Edited 2:18am May 20, 2015 12:25am | Edited 2:18am
Set up for Weds 20th May 2015.

Attached Image (click to enlarge)
Click to Enlarge Name: Set up Weds 20:5:15.jpg Size: 431 KB


And here is the outcome. Price was a little too far away from the pivot, but after waiting for it to reach its peak at 06:30 an entry saw price drop through sharply until it reached the first support level at 8 o'clock when it paused long enough to take profits.

Attached Image (click to enlarge)
Click to Enlarge Name: Outcome Weds 20:5:15.jpg Size: 420 KB


Have a good day.
Tellboy
  • #85
  • May 21, 2015 2:01am May 21, 2015 2:01am
Keep out this morning due to news releases on French and German flash manufacturing figures.
Tellboy
  • #86
  • Edited 4:40am May 29, 2015 12:43am | Edited 4:40am
Good morning Pivot Traders. Its been several days since we had a set up for pivot trading, but it looks like we may have one today. Here is the EUR/USD 30 m chart this morning:

Attached Image (click to enlarge)
Click to Enlarge Name: EUR:USD Set up Fri 29:5:15.jpg Size: 448 KB


Entry was a bit tricky today because price dropped below the pivot before it bounced up. Patience is a virtue and today a great deal of patience was needed for a profitable entry.

Here is the outcome:

Attached Image (click to enlarge)
Click to Enlarge Name: EUR:USD Fri 29:5:15.jpg Size: 437 KB
Tellboy
  • #87
  • Jun 16, 2015 2:07am Jun 16, 2015 2:07am
Here is a truly classic example of the strategy at work. Major trend is up with price pulling back close to the daily pivot at about 07:30 (GMT). Price stabilises until about 7:45 when it bounces up.

Attached Image (click to enlarge)
Click to Enlarge Name: Tues 16:6:15.jpg Size: 448 KB
Tellboy
  • #88
  • Jul 18, 2015 4:34am Jul 18, 2015 4:34am
Just in case you are all wondering why this thread has been so quiet this past month, it is because the set-up patterns have not been materialising probably due to the uncertainty over the Greek crisis. The market has been very uncertain and unpredictable. I am keeping a close watch on patterns, and if I see one emerge then I'll post it on this thread.

Good trading to all.
Tellboy
  • #89
  • Jul 18, 2015 5:09am Jul 18, 2015 5:09am
Quoting tellboy
Just in case you are all wondering why this thread has been so quiet this past month, it is because the set-up patterns have not been materialising probably due to the uncertainty over the Greek crisis. The market has been very uncertain and unpredictable. I am keeping a close watch on patterns, and if I see one emerge then I'll post it on this thread. Good trading to all.
Hello tellboy, may I request you can you facility the indicator and template you are using in the post#87?
http://www.forexfactory.com/showthre...61#post8328361
Which I find the chart looks very neat and clean.
Thank you
Regards,
Moti
  • #90
  • Jul 18, 2015 5:41am Jul 18, 2015 5:41am
Quoting Motiram
{quote} Hello tellboy, may I request you can you facility the indicator and template you are using in the post#87? http://www.forexfactory.com/showthre...61#post8328361 Which I find the chart looks very neat and clean. Thank you Regards, Moti
Hi Moti,

The chart and indicators are among the tools to be found when using the broker 'IG Index' of London. I use this for my live trades and find it much more flexible than MT4 which I use for my trade explorer. If you want to try the IG Index platform simply search for it with your internet browser. They have a very good user support service and will guide you through. I hope this is useful. Best regards.
Tellboy
  • #91
  • Jul 18, 2015 6:59am Jul 18, 2015 6:59am
Hello, I have just found your 'thread' and find it very interesting as I am in full time employment , but may be able to catch this type of trade before I go out 'toiling' for the minimum wage.. I have a Daily Open Line and support and resistance lines which I have used to backtest and these look favourable.

I will follow this with caution and great interest..
  • #92
  • Jul 18, 2015 7:55am Jul 18, 2015 7:55am
Quoting tellboy
{quote} Hi Moti, The chart and indicators are among the tools to be found when using the broker 'IG Index' of London. I use this for my live trades and find it much more flexible than MT4 which I use for my trade explorer. If you want to try the IG Index platform simply search for it with your internet browser. They have a very good user support service and will guide you through. I hope this is useful. Best regards.
Thank you tellboy, for your reply and support I will take a look in to 'IG Index'
Regards,
Moti
  • #93
  • Jul 18, 2015 8:32am Jul 18, 2015 8:32am
I have been focussing my attention on trading the EUR/USD and other EUR pairs with this strategy. However, I see no reason to restrict it to these pairs, especially when the set-up pattern is not being presented. Therefore I shall be looking for the set-up pattern for other currencies as the same time of day, that is 06:30 to 09:30 GMT. I have a suspicion that the same strategy could apply to GBP/USD and other GBP pairs. If any of you see any potential with this idea then I am sure we will all be very pleased to hear from you.
Tellboy
  • #94
  • Jul 18, 2015 8:58am Jul 18, 2015 8:58am
Quoting tellboy
I have been focussing my attention on trading the EUR/USD and other EUR pairs with this strategy. However, I see no reason to restrict it to these pairs, especially when the set-up pattern is not being presented. Therefore I shall be looking for the set-up pattern for other currencies as the same time of day, that is 06:30 to 09:30 GMT. I have a suspicion that the same strategy could apply to GBP/USD and other GBP pairs. If any of you see any potential with this idea then I am sure we will all be very pleased to hear from you.
This is the GU on 8/7/15 15 min chart , it has my Daily Open line in Blue , look at the time -- 7:00am..
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM152.png Size: 43 KB
  • #95
  • Jul 18, 2015 10:30am Jul 18, 2015 10:30am
Quoting pgburty
{quote} This is the GU on 8/7/15 15 min chart , it has my Daily Open line in Blue , look at the time -- 7:00am.. {image}
That's a nice example. Thanks for sharing.
Tellboy
  • #96
  • Jul 18, 2015 10:37am Jul 18, 2015 10:37am
Quoting tellboy
{quote} That's a nice example. Thanks for sharing.
hYou're welcome ,,, would you say my Daily line is about right ? It's automatic ...
  • #97
  • Jul 18, 2015 11:23am Jul 18, 2015 11:23am
Quoting pgburty
{quote} hYou're welcome ,,, would you say my Daily line is about right ? It's automatic ...
I don't know the answer to that. Sorry. I focus on the daily pivot which is also calculated automatically.

I have just been looking at all the EUR pairs, and they are all in a strong downtrend. So, for Monday morning I will be looking for a retracement up to the daily pivot and then fade that spike. In the past week price has moved a little sideways between 7 and 8 and the move down has been delayed until 8 or 8:30. So I shall post a revision of the key strategic points here in prep for Monday morning:

1. Trade in the direction of the main trend (currently bearish)
2. Wait for a retracement up to or near to the daily pivot at about 7 am (GMT).
3. Enter the trade and wait, even if it means waiting until 8:30.
4. If you are stopped out, wait for the guilty spike up to reach its peak and then trade that.

I shall post a chart of EUR/USD on Monday morning so we can all see the set-up precursor to price action.

Have a nice weekend.
Tellboy
  • #98
  • Jul 18, 2015 11:28am Jul 18, 2015 11:28am
Quoting tellboy
{quote} I don't know the answer to that. Sorry. I focus on the daily pivot which is also calculated automatically. I have just been looking at all the EUR pairs, and they are all in a strong downtrend. So, for Monday morning I will be looking for a retracement up to the daily pivot and then fade that spike. In the past week price has moved a little sideways between 7 and 8 and the move down has been delayed until 8 or 8:30. So I shall post a revision of the key strategic points here in prep for Monday morning: 1. Trade in the direction of the main...
Cheers , , I have to set off to work at 7:30 ish , so I will likely miss these , but I will be looking ...
  • #99
  • Jul 19, 2015 6:22am Jul 19, 2015 6:22am
Sticking strictly to the strategy of bouncing off the daily pivot, take a look at this chart of the past week and take note of the timings.

We can see that a bounce off the pivot has shifted during the past week to the US opening at about 13:30. When no trade set up presents itself during the European opening then it may be prudent to wait until the US market opens.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR:USD 30 min.jpg Size: 749 KB
Tellboy
  • #100
  • Jul 19, 2015 8:14am Jul 19, 2015 8:14am
I thought it may be useful to look at the EUR/GBP price action over the past week and check out how the strategy would have worked.

Look at the chart below as see at what times price retraced to the pivot and then bounced down.

Notice that I have added a MACD for confirmation. This indicator shows that the retracement spike up to the daily pivot is well above the centre line and ready to descend.

Attached Image (click to enlarge)
Click to Enlarge Name: EUR:GBP 30 min.jpg Size: 746 KB
Tellboy
0 traders viewing now