The Only Pivot - page 144
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Stevenali,
Great discussion!
Have you considered drawing new Pivots at every major market open? I.e. TYO, FRA/LON and NYC?
Also, as per initial discussion one could include the Ploor Pivot Point (H+L+C)/3
This way if the market runs, we lock-in profits and if market goes flat we sit on our hands.
I have coded it in another program (see attached picture) and I will back-test it to see what results it generates. It would be cool if someone would take the time and look into it in MT4.
Stevenali,
Great discussion!
Have you considered drawing new Pivots at every major market open? I.e. TYO, FRA/LON and NYC?
Also, as per initial discussion one could include the Ploor Pivot Point (H+L+C)/3
This way if the market runs, we lock-in profits and if market goes flat we sit on our hands.
I have coded it in another program (see attached picture) and I will back-test it to see what results it generates. It would be cool if someone would take the time and look into it in MT4.i will take a look at it, but can we get indicator which produce line at opening price for each season? will help much better
thx
Another idea,
Your method can be used successfully for scalping as well (forgive me for slightly changing the topic, BUT...)
See attached picture, where new pivots are drawn every hour. The two horizontal lines are Hourly Closing Pivot and Hourly Floor Pivot. I used previous hour closing price to draw the current (your opening) level, as if the market runs on the first minute I want to see it(!) Also, I don't care which Pivot is above/below, as both are important S/R levels.
It is interesting that even on Friday night (just before market close) one can see it working.
Hourly Pivots
Attached please find the Hourly Rolling Pivots indicator for MT4 and a picture to show what's it look like on 5-min and 1-min charts. Perhaps someone would be willing to design an EA.
In my humble opinion, one should GO LONG when the market penetrates the upper pivot level. Go SHORT when the market penetrates the lower pivot level.
This needs more research, but when eye-balling the attached 1-min chart, we could use the following setup. If we are LONG, e.g. ~19h15 we could use the lower pivot level as a Stop and Reverse. Position gets reversed at ~21h00 and the upper pivot can be used as a SAR. First 4-hours (on hte chart would make us money, the last hour would lose us money. Anyway, we can work on it to improve...
Cheers, Kris
First signal of the week is a short and I am in @ 208.78.
I didn't forget to post a recap on last weeks trades. I will try and post by the end of today's trading session.
TimeFreedom
I want everyone to understand that the indicator, TheOnlyPivot_Signal_Sun, I posted here draws the arrows on the chart and not the EA.
Place the TheOnlyPivot_Signal_Sun indicator in the experts\indicators folder and restart your platform and then attach the indicator to your chart.
TimeFreedomI figured it out.....I got the arrows working. Although My floating pivot looks a bit different from yours and I got no arrow for the closed candle like you are showing.
Attached please find the Hourly Rolling Pivots indicator for MT4 and a picture to show what's it look like on 5-min and 1-min charts. Perhaps someone would be willing to design an EA.
In my humble opinion, one should GO LONG when the market penetrates the upper pivot level. Go SHORT when the market penetrates the lower pivot level.
This needs more research, but when eye-balling the attached 1-min chart, we could use the following setup. If we are LONG, e.g. ~19h15 we could use the lower pivot level as a Stop and Reverse. Position gets reversed at ~21h00 and the upper pivot can be used as a SAR. First 4-hours (on hte chart would make us money, the last hour would lose us money. Anyway, we can work on it to improve...
Cheers, KrisAre you using 2 SMMA in the chart above to indicate penetration of pivot?
Looks very interesting? Would you enter at opening of next candle following the cross?
Thanks
Are you using 2 SMMA in the chart above to indicate penetration of pivot?
Looks very interesting? Would you enter at opening of next candle following the cross?
ThanksWell, I like Heikin Ashi candles to reduce noise, especially on smaller timeframes. My style is to wait for penetration, e.g. above the S/R level, then wait for brief retracement (preferably back to the S/R level) and GO LONG when HA turns blue above the S/R (or go SHORT when HA turns Red below the S/R level).
Attached is a good example of a long signal. I missed the signal (I just got up), but I would go long where you can see PP written below the higher pivot line. Also, we had a second buy signal 4 bars ago.
Please note, this untested setup, just an observation. You will have to do your own due diligence and verify if it wil work for you.
Well, I like Heikin Ashi candles to reduce noise, especially on smaller timeframes. My style is to wait for penetration, e.g. above the S/R level, then wait for brief retracement (preferably back to the S/R level) and GO LONG when HA turns blue above the S/R (or go SHORT when HA turns Red below the S/R level).
Attached is a good example of a long signal. I missed the signal (I just got up), but I would go long where you can see PP written below the higher pivot line. Also, we had a second buy signal 4 bars ago.
Please note, this untested setup, just an observation. You will have to do your own due diligence and verify if it wil work for you.What is the line on your chart leading the HA.
Good signal Today
BT & OnlyPivot trend down