The Only Pivot - page 82
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Big thanks to Steve for posting this great system! Here are some ideas to reduce drawdowns from cut and reverse. Feedback and better ideas please and if we agree on something I'll add it to the EA as an option.
1. Reducing cut and reverse at start of day. (I like to try to take a position on the first bar of the day)
If, at the first bar, the 2SMMA says you should reverse position from the previous day but the slope of the 2SMMA is still going in the previous days direction and if the 2SMMA is 10pips or less from the new Open Pivot line wait for next bar confirmation. If at the next bar the 2SMMA is still telling you to reverse but the slope is still in the same direction wait for third bar confirmation.
2. Stop trading on second intraday crossing of the Open Pivot.
I don't count the 2SMMA crossing the Open Pivot in the first three bars of the day as a cross for the purpose of this section. (I'll cut and reverse if I have to but I think of it as startup noise not a real cross) After that if the 2SMMA crosses the Open Pivot line once I cut and reverse but if it crosses again I close and stop trading that pair for the day. WHY? Looking at EUR/JPY, for example, since March 1st 2007 to present, there are about 36 days where it crosses at least twice. Of these 36 25 trades were losers. By losers I mean they failed to get fifty points away from the Open Pivot, most of them nowhere near fifty points away from the opening price of the trade, in a lot of cases they reversed again with losses. 11 were winners and worth taking. In my opinion the odds are against 2nd crossing trades being winners.
3. Four positions with various stops
1st position aims at a simple 50 points. (EUR/JPY)
If one of the following conditions are met I 'activate' stops for the 2nd and 3rd positions. Basically they kick in when you've got pips worth protecting.
1. price moves fifty points from the Open Pivot price
2. price moves thirty points from opening price of the trade
3. three bars form a pattern of higher highs and higher lows or vice versa depending on direction of trade.
2nd position stops out when price crosses high/low of previous bar
3rd position stops out when price crosses high/low of previous four bars. (This last one works out similar to using HA)
4th position stays open until 2SMMA crosses Open Pivot.
4.Finally if the 2SMMA crosses once intraday I cut and reverse but with a stop for all positions under/above the extreme of the day because in some case the price comes crashing back through the Open Pivot in a 100+ pip move in one bar.
These are just ideas that I've been working on. If someone has better ideas please let us all know.
Stevenali,
You had shorted the AUDJPY [see chart below]. I am curious how you handle the situation.
The candles starts to show bullishness, do you just let it hit your S/L, if any, or trail it?
Stevenali,
You had shorted the AUDJPY [see chart below]. I am curious how you handle the situation.
The candles starts to show bullishness, do you just let it hit your S/L, if any, or trail it?i always look at usdjpy as my confirmation,
i 'm not good in explaining this, but maybe this chart can help
Hello stevenali,
A very good news for you. I see that you use a ea, can you see share it?
A large mercy.which one BrunoFx...?
in this system i have no ea.. for now
Stevenali,
The two pairs are somewhat correlated the USDJPY and AUDJPY on the hourlies but not the daily charts. Based upon the time you had shorted the pair, it seems that prior to the big drop, the USDJPY also was bullish. Though the criteria was met to short, in my mind when I see successive bullish candles, its makes me wonder whether I was on the right side or not. On the AUDJPY, you were risking 50 PIPs, but what if it did not go down? I know you had talked about hedging on both sides to cover yourself.
You need to uncompress it with any software that handles extension ".rar" You can install the following software "alzip" which handles most any type of compressed file extensions. Here's the URL: Download ALZip - Free zip software for windows or you can google for "alzip download." Just install the software, and once done just double click on the "TheOnlyPivot rar" file, and then just compile or copy the executables to the appropriate directories.
Thanks for taking time to explain. it works great
which one BrunoFx...? in this system i have no ea.. for now
Good evening stevenali,
I have thought that bus how make you to open 4 different orders with 4 different crosses at same the hours and the same minute.
The last 4 tickets of your image
Interesting EA..
Dude, can you please update the current EA that you used in the first post and mark the date of the update so that we did not loose the update between these long pages? thanks
Thanks for taking time to explain. it works great
No problem. If you do not use InterbankFX as your broker in live trading, I would recommend that you open a demo with them, and then trade off of your live account. I have noticed the signals are more reliable on InterbankFX if you are depending the arrows to tell you which way to go.
Some other quirks I have noticed:
The attached indicator was posted by someone in this thread which eliminates the repainting of the arrow - I have not tried it yet, but its something I had seen also.
When you bring up the TheOnlyPivot charts, please be aware of the following . If you have a 1H chart up, please click on another timeframe and then click back to 1H since the chart seems to be screwed up. Try not to flip between profiles or charts else you will need to do this each time.
Good evening stevenali,
I have thought that bus how make you to open 4 different orders with 4 different crosses at same the hours and the same minute.
The last 4 tickets of your imagei hope i have EA BrunoFx... i did it manual.. yeah i have fast typing skill