PivotPoint Scalper

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f1trader
90
f1trader  

Pivot Point Scalper

The Logic Behind This Strategy:

Fifteen to one hour after the market has open, if price is above or below the Pivot point,

Price Action will strongly tend to remain above or below the Pivot point for the whole session.

If the market opens above the pivot point, the probability of long trades is higher. On the other hand if the market opens below the pivot point, then bias for the day is short trades only.

Manual Backtest Results:-

1st March 2010 - 1st April 2010 = 24 Trading Days

Currency pair: EURUSD

Lot Size - 100k

Profitable Days - 23

Losing Days - 1

95.8% Proftable Trades

Take Profit - 10 pips

Stop Loss - 60 pips

Risk/Reward Ratio: 6/1

Total Profit: $2300

Total Loss: $600

Net Profit/Loss: $1700

$5k Account - 34% Growth

Risk Percentage - 12%

Pros:

Achievable Target Profit

High Percentage of Profitable trades

1 Trade Per Day, Per Currency

Cons

High Risk

Risk/Reward Ratio Extremely Unfavourable

Suggestions for improvement:

  • Create an EA for proper backtesting
  • Find Optimal TP ad SL levels through backtesting to make Risk/Reward ratio more favourable
  • Incorporate Money Management feature

The Strategy Explained:

BUY: On Sydney open price if price is above Pivot Point

SELL: On Sydney open price if price is below Pivot Point.

I have attached 2 pivot point indicators to help in the building of this EA.

Suggestions are welcome.

f1trader
90
f1trader  

Ea

The EA should be able to test different SL and TP levels.

E.G.

SL - 20 Pips

TP - 100 pips

TSL - 50 pips

OR

SL - 30 PIPS

TP - 150 PIPS

TSL 60 PIPS

It is difficult to test the above in manual back test.

sel
15
sel  

Is this tested by someone on a live account?

rcbarlow
85
rcbarlow  

No photo, no comment.

rashygomez
39
rashygomez  
f1trader:
Cons

High Risk

Risk/Reward Ratio Extremely Unfavourable

Oh dear. This probably means it will fail long term.

trader5050
11
trader5050  

I'll make it... but you need to define your criteria better.

You say it's a scalper, but I don't see entry or exit criteria other than "buy on sydney open"

Are you buying every market open? Are you holding until the end of that market (8 hours)? Or are you using something else to scalp consistently in the direction you specified?

Specifically:

- "fifteen to one hour after open..." You can't tell an EA to pick and choose. Pick a specific timeframe and go with it. It has to be 15 minutes, one hour, etc.

- What is the entry criteria?

- What is the exit criteria?

It won't be too difficult to make, otherwise.

tradermom
5
tradermom  

????

Is this an auotmated system I cant get it to plot on my chart I am blond of course

JC

Sergey Golubev
Moderator
113442
Sergey Golubev  
Everything about Pivot

  1. Pivot indicators thread
  2. Pivot range thread (with indicators and trading system development)
  3. The Only Pivot: thread with pivot indicators and trading systems and separated thread with EA according to this system.
  4. Historical Pivot Indicator thread 
  5. Pivot Like DOTS Indicator thread
  6. CCI Woodie like - the thread with Woodie Pivots indicator
  7. Bar Pivot System and EA - the thread
  8. Auto Fibonacci indicator - the thread with Pivot Points Multitimeframe indicator
  9. Pivot Scalper using Pivot Points - Daily (Shifted) - the thread
Sergey Golubev
Moderator
113442
Sergey Golubev  

Forum on trading, automated trading systems and testing trading strategies

The Only Pivot

Sergey Golubev, 2018.08.27 07:37

TimeZonePivots - indicator for MetaTrader 5 

TimeZonePivots - indicator for MetaTrader 5

A channel built on the opening price of the hour fixed in the settings.


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