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

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

Hi,

I traded this system since quite some time. I used to calculate the Pivot Points myself, but as this was to much work I designed an Indicator for MT4 which draws horizontal lines at each Pivot- support/resistance level and also shows these levels in numbers. Together with Pivot Points this indicator also calculates the average range for the last x candles to make it easier to see, if opening any trade makes sense or if spread is too high (spread is also shown as number).
According to your percentage you want to risk and your SL (both have to be entered when attaching the indicator to the chart) the indicator also tells you the prefered trade size.
To download this file I attached it below:

PriorDayPivots_1.mq4

If I have some more time I try to write an EA for this strategy to automate trading.

Regards,

Philipp

Great stuff, Philipp

Thank you very much!

Regards,
Edward

hello, i found daily pivot points and all so let me get this correct. i wanted to automate the system but i see a problem with doing so. how can the program judge if price is rising or falling? would you need a MA to do that? because if you program it to go short or long, it would have to know that the laast X amount of candles would say price was rising or falling in order to go short or long. otherwise, it would have to be a grid system to automate it. it would work though. just not sure i want it to do martingale style. just percent of equity balance. this would work out maybe

Well, I'm not a programmer, but here is what I thought:

The case when the Pivot line is above the price and the price is rising:
in order to touch Pivot line, the price bar must RISE to it, which means, that at the moment of touching, bar's Open price should be lower than the price at the Pivot line. This tell us we should sell.

When price will be descending from above, at the moment of touch the bar's Open value will be higher that the price at the Pivot line - the price where it touches it.

I think we can examine the last candle by itself at the very moment it touches the Pivot line without any need to know whether the price was trending up or down before.
Just thoughts. I might be wrong though.

Regards,
Edward