Set and Forget Pivot Point Trading System
Ravique, this sys looks interesting and attractive esspecially for me. Not having enough time to stay in front of the PC I need a system which to check in opening /00.00 GMT/ and at close of the day.
I think we've got too many days when price choppy between green and blue line and between green and red line.
REGARDS
I'm actually moving away from automatic things with the set and forget mentality... I'm thinking of moving towards money managment in short term 1-5 minute charts doing trades for just pips, half an hour per day hopefully getting ~10 pips/day Which if managed well can double easily
About your example, correct me if I'm wrong: Don't we have to open first a position at place marked with 1 /open price/ because it's between pivots? Don't we have conditions for short?
Are there some more rules for this system?
REGARDS
I'm interested Gaz, what trading system do you use for these TimeFrames?
REGARDS
I'm interested Gaz, what trading system do you use for these TimeFrames? REGARDS
No system really, just put a few indiactors such as MACD, Stochastic, and a couple of moving averages, when they agree trade that position. You just need to know how many lots to use and when to close the trade. Personnally I use the coin flip theory, if you lose 3 pips, double your lots and aim for 5 pips, etc etc. This is used commonly on roulette, when you win, go back to the initial amount of lots.. Though watch out because ti quickly goes up and then the margin dies and account would be closed
What parameters do you use for these indicators? /mentioned - moving averages, MACD, Stoch.../
REGARDS
ttt123
Every day the price will open between two line, you need to place the orders between the lower two lines and the higher two lonies, that is the point, when it hits the order .
Guz, I am also moving away from automated things towards analysis. It has came clear to me that using the traditional instruments, you can`t ( by that I mean I can`t ) build an effective automatic trading system. I blame the popularity of indicators.
So right now I am moving towards the analysis, I decided to try the approach to a market no one tried yet, as far as I know. I searched the net for any info on this aproach , found nothing, thought I would give it a go.
Right now I am working on a way to analyse the markets using this aproach, after that If I succeed I will be figuring out ways of trading using this analysis, but now it is just exploring.
So I am a little far from actual trading right now. And the Pivot system I got from a couple of friends who are selling it over the net, I thought I can put it out here.
Thank you for answering Ravique, let's see if I got that right.
Example: open price today was under the green line, it means that my buy order has to be placed in the middle of the green and blue line and when the price pass the green line we place stop loss - the green line, target - the blue line.
Is that correct?
REGARDS
Yes, the order placing is correct. It is placed right in the middle between the blue and the green lines. Buy you don`t have to wait until price reaches the green line to set up the SL and TP. You can set them iin the order settings. So when the price reaches the order line, it will already have the SL and TP
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Here is a Trading system I have been given by someone, they claim it brings about 300 pips a mont , it to trade all of the majors with it every day. The biggest drawdown for the last 6 months was 90 pips.
Here is the system.
The indicator attached gives out the Pivot Point lines at the start of each day. Let`s say you are using it on a trading platform with GMT timing, so the new pivot point values appear every 00:00 GMT.
At that time, you sit down in front of your trading platform and put out orders:
And order for BUY between the two pivot point that are higher then the current price ( 00:00 GMT ) . The SL for this order is the closest pivot line. The TP is the the one that is mmore far frome you.
Vice Versa ( the other way around ) for Sell .
Check out the pics