Scalping system #8 (1 minute Scalping with Pivot Points)
Submitted by Edward Revy on March 23, 2008 - 19:50.
The idea behind scalping at Pivot levels is simple. Pivot points are excellent levels of support and resistance. The moment price comes and touches them it bounces off like a rubber ball. Why not benefit from it?
The rules for scalping with pivot points in Forex are simple:
Calculate Daily pivot points for your favorite currency pair. For calculation use data from 5 pm Eastern time to 5 pm next day Eastern time.
Sit and watch 1 minute chart. Be patient. Let price touch any of pivot point lines, or come at least on pip away from it. Believe me, your patience will pay off. The price do touch pivots 90% of the times. 90% is a lot. Enter with larger than you would regularly do order, but be reasonable.
Set stop loss 3 pips + spread on the other side of the pivot line.
Take profit once available - I would usually close my trade within the first completed 1 minute candle and as soon as I'm profitable.
Enjoy scalping with pivots, it's fun which brings profits along!
Forex scalper at