Advanced system #1 (Midnight setup)

Thanks so much Edward! This is great information. It's amazing how pivot lines coincides with market trends. This is a wonderful website. I used to lose all the time in the demo accounts until I found this website!

Jason

Edward,

Thanks for a great web site and for some really good strategies!

I know you say this is "set and forget", but Oanda doesn't have OCO orders. When do you cancel the order that hasn't been hit?

Tony

Hi Tony,
I cancel orders that weren't hit the next day.

Regards,
Edward

Hi Edward,

Can you please elaborate on when you don't trade with this strategy? You mentioned on one post that you look for price hovering on pivot points or fib lines. Can you please explain this further?

Thanks in advance,
Jason

Sure Jason,

If to speak about Pivot points, the primary weapon here is monthly Pivot points.
(I found weekly pivots to be extremely useful for 4 hour trading, but too tight for daily trading).

Pivot Point level itself is, as a rule, a big battlefield zone you don't want to end up in. Then other pivot levels R1, R2, S1, S2 play their role too.

The rules I use are as follows (monthly pivots):

#1 Expect a battle at pivot levels, don't be involved.

#2 When I'm in a trade and see any of the monthly pivot points nearby, I set my profit target at those levels. In simple words, I want to exit and escape an upcoming battle...

#3 To be more specific, here is the rule I created not so long ago. Once a daily bar hit any of the pivot levels, exit if you were trading, then notice bar's high and low values - that's going to be a "no trade zone" for the future. All next price bars that close inside this zone are not valid to trade upon. Do not set new orders till a fresh daily bar Closes outside (e.g. above/below) the high/low values established for "no trade zone".

#4 Fibonacci levels if found close to Pivots, always strengthen market support/resistance around such levels.

I look to set Fibonacci study on weekly and monthly charts. However, as we know, it isn't always clear what tops and bottoms to connect for the study. I look for the clear and obvious setups. If I don't see one, it is fine. I don't bother much and survive without Fibs.

To your trading success!

Regards,
Edward

P.S. For all traders who would like to learn basics of Pivot point trading I'd suggest reviewing this source http://www.fxpivot-points.com/

Thanks Edward. That was crystal clear. All the effort and time that you take out of your day to answer the posted questions are greatly appreciated!

Jason

Thanks Edward;your efforts give hope to the novice traders like me.
cheers;
REZA

Hi Edward,

Ever tried Ichimoku? I wasn't sure where to post this.

thanks,
Jason