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%
Achievable Target Profit
High Percentage of Profitable trades
1 Trade Per Day, Per Currency
Risk/Reward Ratio Extremely Unfavourable
Suggestions for improvement:
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.
The EA should be able to test different SL and TP levels.
SL - 20 Pips
TP - 100 pips
TSL - 50 pips
SL - 30 PIPS
TP - 150 PIPS
TSL 60 PIPS
It is difficult to test the above in manual back test.
Is this tested by someone on a live account?
No photo, no comment.
Oh dear. This probably means it will fail long term.
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?
- "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.
Is this an auotmated system I cant get it to plot on my chart I am blond of course
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
A channel built on the opening price of the hour fixed in the settings.