pivot points in forex

[pipseek]

I'm trying to underst why one would pay low cost or not for a Pivot Claculator. Please elaborate? The formula is so simple to begin with you can practically figure in your head. As I see it it becomes more difficult in attaining r1 2 3 or s1 2 3. But wouldn't other means be employed with better statistical significance like par- SAR. Also would a true chartist be more concerned with rules related to s/r fibs patterns? I believe pivots may be down on the list of considerations in trading any of the simple free calculators work fine. I have tested several they seem to come out with the same information.
I am of course open to suggestions for use if I have overlooked anything.
Thanks for the great discussion on the isubject makes you think.
Dave

[philhackett]

I am happy with Fabrefactum now that I own it the data feed is free. It supplies the same main pivot plus support resistant levels that the institutional traders use. They depend upon them very heavily trade to them which gives me the opportunity to exit one trade look for another in a different currency p while the first tracks sideways for a while.

Pivot points together with Kagi work very well. I use Keltner Channels together with Bollinger Dema to establish trends with support Parabolic SAR DiNapoli macd which is superb.

I have three screens linked with a Parhelia Matrox card. They are up on a frame to lift them closer to eye level.

It is interesting to watch people complicate trading with unnecessary indicators.

Phil

[bomrobot]

Hi

I use a strategy in trading like few I guess. I use
ZERO indicators. But I am addicted to Pivot Point
levels.

What I do is to calculate a set of 9 Pivot Level.
I draw trendlines. I look for potential reversal
points by drawing my fib tool between last A &
B wave.

The pivot point that match a 61.8% fib retrace
I know that is where the bounce will hit. That
is my method in finding what pivot to trade for
the next reversal.

Thanks

Daniel


P.s Another hint. Anyone who trade any lagging
system (MA's etc...) Use the crossing but always
enter around closest Pivot level below for BUY
above for SELL. Set stop at 10-15 PIP's below
/above pivot level.

It's a killer strategy. Try it! I make killer entry
exit that way. Exit on next pivot level minus
5 pip's..... is better to grab 20 PIP's 10 times
then try grab 200 PIP's never....

They who say Pivot Point does not work. Do
not know what they are talking about nor how
to use Pivot levels. Period.

Since it's accurate almost every time on the PIP
I can have two bad trades one good to break
even.

It become quite long post but I think it was worth it.

[philhackett]

Hi Daniel
Which Fib tool do you use where is it available ?
Phil

[bomrobot]

Hi Phil

I use xtick charting. The fibonacci tool is stard on
all charting packages as far as I know. On some you
need to draw a line between your start/end point
before you can get fib levels. (OA Intellichart).

Thanks

Daniel

[pipseek]

Great suggestions. I admit I don't use many indicators myself but remember please that fibs trendlines cles pivots are just that they are indicators more or less manipulated by the trader how or where the trader places them. My point is one of agreement. I recently read agree that successful traders rely upon technical analysis 20% the other 80% is their ability to control emotions manage risk willingness to change their initial idea or perception of what is happening in the market. As I become more successful I keep coming back to that line. As a chartist I rely on trend lines fibs patterns pivots in defining minor major support resistance. That is the purpose. Identfy resistance where selling is strong enough to interrup or reverse an uptrend support where buyers out number sellers. These donot have to be horizonal lines accross all time but can be diagonal as in trend lines or short lines as in double tops or necklines.
Thanks again for the great thread. It started as a simple question has led to more. If their are any more strategies they would be greatly appreciated.
I will try the strategies listed.
Dave

[sydaust]

Hi Daniel.

I looked at your very interesting website: www.yourfx.com

I would be interested to know what performance you are achieving ?

Could you post some results please.


Sydaust

[bomrobot]

Hi

I do not keep track records of the trade signals.
Actually what I do is to give a signal then
follow up with what to do etc.

You can see some example I explain here:
http://www.yourfx.com/kingscrown/
http://www.yourfx.com/kingscrown.pdf
http://www.yourfx.com/kingscrown2.pdf

I try to show when I have time why I execute a
trade etc. I think that is best way for someone to
underst it.

I am currently working on some trade robots
even projects on arb trading so I am quite
busy so the education lack of time. But next year
I will start give it more time.

I trade EURUSD only are doing great with the
signals. I may start a free trial soon again. With
entrey levels only..... let me think about it.

Thanks

Daniel - Your FX