FREE FOREX STRATEGIES

Scalping system #8 (1 minute Scalping with Pivot Points)


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.


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I calculate daily Pivot points once a day, and I use them across all time frames: daily, 4 hour, 1 hour, 15 or 5 minutes.
In other words, there are one set of Pivots - daily Pivots - that fit and are used across all time frames.

Alex

Hi Alex,

Thanks for sharing your strategy. I'm relatively new to Forex and am still at a stage where I'm searching for a suitable strategy. You mentioned that your strategy works with Daily Pivot points - do you know if it would work for other time frames? Ex: 15 mins or 30 mins?

Many thanks
MS

Hi everyone

How about us getting together and develop a program to process pivot trades. I have some familiarization with MT4 and 14 years software programming---any experts want to contact me my email address is pcroscia(at)yahoo.com

Thank you, Sazu!

Best regards,
Edward

Hi everybody, well, new in the pivot points...

I just want to help for a question made by Nadine in the discussion, (long long long time ago jejeje) about pivot points in marketscope

Maybe she won't notice about answer, but if someone else has the same question is so simple:

Nadine is clicking a button than signs ALL the pivot points in the chart (when this happen is really scary to see!!), just click beside that button, there is three options (for now) about pivot points: show ALL, SELECT or NEW, click new to see the current price with its points, or select what candle...

I hope this will be useful, and sorry for the english, is not my native language...

Sazu.
Mexico.

Hi Richard,

Thank you so much for you feedback!
I would have to say that both GMT and EST based calculations of the pivot points are correct. It is rather a matter of preference, possibly also you can be more picky with time zones when you deal with USD based pairs opposed to EUR and GBP based ones, but it is still rather a preference than a requirement.

All-in-all, most of US traders would favor Eastern Time, while most of UK traders - GMT. You should choose the time zone you trading strategy and pairs work best with. For example, after trying and testing, I found for myself than EST based pivot points fit my trading better.

Best regards,
Edward

Hello,
I'm quite new to forex but and trying to learn as much as possible before i up my stakes! I've read quite a few books and strategies but i have to say this site is the best source of forex knowledge i have come across and its free! I'd just like to say thankyou very very much and keep up the good work!
Right, now to my question on this system! The strategy says to set pivot points from 5pm-5pm Eastern time, however previous sources i have read have said pivot points should be calculated from midnight to midnight GMT. I was just wondering if the pivot point calculation times should be changed acording to the currency pairs being traded or if 5pm-5pm ET is the standard for all pivot point calculations and i have been previously mis-informed?

Kindest regards

Richard Steele
Sheffield, England

Hi Nix,

Please check the steps listed here: http://forex-strategies-revealed.com/mt4/how-to-add-and-use-mt4-custom-i...

Let me know if you still have a trouble running it.

Regards,
Edward

hi Edward, i download the mq4 and paste it to mt4 indicator file but cant seem to get it to work, pls advice, thks

nix

Hi Giovanni, In this case, as you said, it is better to ask your broker. Regards, Edward

I find the pivot line to be breached too often, feel more comfortable with bounces off R1 and S1.

Alex Liu

No it is not just visual. These are the values the system gives me. I will ask the broker.
Giovanni

Giovanni maybe you should zoom in more on the higher timeframes, it maybe just a visual issue.

Alex Liu

Hi Edward,

I do not calculate pivot myself but I use the pivots of my broker, which is TOS (thinkorswim). What happens, is that the Pivots on the 1m chart are different than the Pivots on any other timeframe. It is kind of strange and I do not understand how it happens but both the 1m Pivots than the other ones seem to work. Example: today, 12th of October, on EUR/USD 1m chart PP is 1.4725, R1 is 1.4779, S1 is 1.4679; on the other timeframes PP is 1.4733, R1 is. 1.4793, S1 is 1.4671. The day used for calculations is from 5pm to 5pm EST. Price has been around the R1 1min chart level for a couple of hours...
Any idea or shall I ask my broker for clarifications?
Tks alot. I really appreciate it.
Giovanni

Thank you, but no :)
Nowadays I'm more interested in trying out new business ideas and projects (not related to currency markets) than devoting my remaining time to trading. Thank you anyway!

Regards,
Edward


 

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