John L. Person - Forex Conquered. High Probability Systems and Strategies for Active Traders
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I call the pivot point moving average system the Defcon III system; its de sign was based mostly on pivot point theory. First, I use the pivot point moving average to help filter the projected support and resistance levels based on the closing price in relationship to the actual pivot point [(High + Low + Close)/3]. If prices settle above the pivot point by a certain percent age or PIP basis, then the market is determined to be in a bullish mode. Therefore, I look for the range of the next time period to be between S-1 and R-2. The opposite is true for a bearish outlook: If the market is bearish, then I look for the market to stay between R-1 and S-2; and that is what I look to be the projected range for the next time period. Ok I can understand this.
The next dimension I use to help determine trading signals is the use of two moving average components that generate buy and sell signals as prices cross and close above and below the averages. The moving averages are based on pivot points, (how)and I use a short-term and a longer-term time period for these values. You can determine the best time periods and experiment with a pivot point moving average (H + L + C/3) of various time frames on the markets of interest you choose. You need to scan and test various markets to detect the ultimate time frame for that select market as a function of volatility. I read this allot and still cant come close to understanding what he is saying
I know I aint the brightest, but dam,
Can anyone simplfy this,
Thank You
Kind Regards
Gary