Scalping system #8 (1 minute Scalping with Pivot Points) more to come...
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.
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Do you use Pivot Mid Levels?
No I don't use Pivot mid levels. They aren't strong enough.
Alex
so mate on the 1M chart how do you know when to buy or sell?
It is simple.
You've got a pivot level (any pivot level: S1, S2, S3, PP, R1, R2 or R3). The price falls from above and hits the nearest pivot level, you go Long. Scalp your profit away and wait for the next opportunity.
If the price rises from below and touches the pivot level, you immediately go Short. Take small profit and exit.
Alex
Hello Edward I hope you are doing good!
I have reviewed some threads, and they mention that you have an account with Oanda, what I want to know is your experience in Oanda using scalping strategies, the spread is one of the best of the market.
Could you please tell me if Oanda is good for scalping strategies?
Thanks a lot in advance
Javier
Hi Javier,
Yes, trading with Oanda has been good. I'm satisfied.
They have highly competitive spreads and good execution. Oanda is a nice broker for scalping Forex with.
Regards,
Edward
plz i will like to understand the scalping system, using daily pivot and i minute chart,what does that mean, does it mean when the price is in resistance1 in the daily chart ,then do i have to check the i minute chart to know if it is in buy candle stick?
then if it is in buy candle stick, should i now place buy trade?
It means that we calculate daily Pivot points, and once they are set on the chart, move onto 1 minute chart and wait for price to approach pivot support/resistance levels to profit from quick small trading opportunities.
If price moved upwards and met R1 level, we look for the instant opportunity to sell and profit from the immediate bounce down from resistance1 level. We take profits quick and walk away not carrying about price future direction... until it approaches a new support or resistance level.
Alex
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