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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Yes I do.
I stop trading 5 min before the news and 10 minutes after it.
Alex
HI Ed -
Does metatrader have a pivot calculator as an indicator? Would be pretty helpful if we could save it as a template...
I downloaded this pivot calculator if anyone is interested:
http://www.surefire-forex-trading.com/PP.html
Thanks for all the help. Keep up the good work.
Regards
Dean SA
Hi Dean,
Metatrader has custom indicator that calculates values and draws lines automatically.
PivotPoints_mp.mq4
Regards,
Edward
Thanks Ed -
When you start combining a few strategies together you start getting a clearer picture of what the market's up to. Looking at the pivots together with the 123 strategy makes you see the mkts in a whole new light. When the mkts are trending its almost too easy... :)
Thanks again
Dean SA
Hello Edward:
I am using your pivot points indicator ant it is very useful, my problem is that my platform uses the europe time.
Do you know how can I modify the indicator in order to fit with the eastern time?
Thank you in advance
Unfortunately, I don't know how to do that.
I may suggest then setting pivots manually by using pre-calculated Pivots from ActionForex Pivots.
Regards,
Edward
What if you simply calculate the pivots on any given day, wait till the close of the day and then see where the open price is with respect to the pivot point (middle one)on the new bar. Then go short if price is above the PP and go long if its below. And the profit target is the pivot level itself. Since 90% of the time, prices touch the PP, it should work right?
Hm, right.
It is logical. Thank you for pointing it out. Often the obvious is much difficult to see.
I agree this should work.
Alex.
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