Developing a system #24 (Pivot points - 25% rule)
Submitted by User on August 31, 2010 - 09:39.
Submitted by Neil
Hi Edward,
A great forum you have here just thought I would share a simple strategy
with you to see what people think.
First of all let me say I dont like working with indicators so this is
purely based on price.
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Hi Neil,
Can i contact u somehow? I figured out the same strategy, on the same pair, and now i have a professional EA for it...
i am of the view that if you draw enough lines on your chart, price will hit or react "nicely" every now and then. it certainly doesnt mean it has predictive value, or due to the "self-fulfiling" prophecy effect...
FaceReality
Here is a very priceless peice of advice. Always make sure you calculate your weekly and monthly pivot points. Checkout eur/usd move for this past week[11/10/2010 - 15/10/2010]
If you had your weekly and monthly pivot pionts before hand, you would have profited nicely. Prices moved between monthly resistance 1 and weekly resistancd 1.
Best regards
Jr
This technique is best applied during sidline trending market in my observation. You will be in trouble if you apply them in strong downtrend/uptrend market. For a trending market, pending limit order to be placed at every support and resistance (derived from daily pivot calculation). Close at today pivot point or if it doesnt close today, close at the next pivot point.
cheers
KMD
This method is working on trending market only.. You will be in trouble when you apply this in side trending
Neil it seems to be a good strategy...do you have some rough percentage of the winning trades..also, which pairs it works best with.
EUR/JPY, GPB/JPY i recon are good pairs ..need to know your thoughts on it. I am really interested in this strategy and thanks for sharing it
fahd
very clear explanation.. But Neil, I have seen that more often it doesn't go to a s1 or r1 and return back so taking the 25% is gone is losses.. by moving towards s1, its not so safe to enter into a trade when 75% of the move has already occurred... any explanation on my worries plz?
Neil or Edward, can you please explain it with the help of a chart
It would be great to give your illustration by way of a chart.
Hi Neil,
What tf are you working with? and do you mean you trade with the crossing of the midpoint between PP and S1 and S1 and S2?
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