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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Edward,
This is a very interesting strategy! I had seen another strategy like this known as fading the “00”. It had the same theory of catching profits off of bounces off well known S/R. I would like to test this strategy, but I am not able to watch the markets all the time. Do you know of any sites which will allow you to look at historic prices tick by tick? You had also mentioned automating it, I trade with metatrader and had thought about trying to write an EA for this. Is there any chance you already have an EA you would be willing to share or had saw an EA close to this strategy I could modify. I am a little above a beginner with programming and I don’t think I could do it from scratch. Amazing job on this website. Hands down the best I have came across to date!
Thanks again,
Nick J
Hi Nick,
thank you.
I think I will be of no help this time.
I don't know where you could look at historical charts tick by tick and I don't have an EA (I'm still only planning to learn how to code systems one day); and haven't seen one or a similar.
Regards,
Edward
i trade whit Oanda sinse about 1 year, in the beginning they had a very low spread compared whit other brokers but to day 13/10 the spread is 4 pips in the morning and 2.5 from 9 o'clock the spread is 10 pips before news that's the case of the spreads i don't like, second sinse the financial crisis (meaning about 10 days) when you pull the trigger the moment you pull and the execution there is a lot of time in between what makes a slippage of 3 to 6 pips happens frequently. I hope that in a near future they can remedy on these otherwise i will change from broker.
Historical tick data can by found here: http://ratedata.gaincapital.com
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