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

Since you say challenging which is implausible but not impossible could i try and further entice you? Were involved in a global initiative and looking for seasoned intra day traders, the rewards are worth the extra work, amounts are substantial once we believe your as potent as anticipated. Would you like to consider? Give it a shot? Again, the monetary gains you can expect validate the effort. Let me know,you can mail me, is there a way i can PM you my email address?

Hi Seth,

I'm not scalping anymore due to the nature of my business and time for trading.
I've been successfuly using pivots (with and without scalping) for over 6.5 years.
The amount of pips I was able to get with scalping varied from 200 to 400 in one month.
My largest drawdown with scalping was roughly 15% of my account, after that I reviewed the rules to eliminate further losses.
It would be very challenging to add up managed accounts to my tight schedule. As much as I enjoy trading, I cannot take on any more tasks.

Best regards,
Edward

Just a follow up of the post above...Im Seth.

Hello Edward, i've been watching, absorbing and experimenting Forex systems for a year now and the only one ive seen inspiration with (Some success) is scalping on 1 Min or 5 Min TFs via Pivots. I need further inspiration so id like to ask you a couple of questions:

1) How long have you been a "Pivoteer-Scalper"?
2) How many pips do you procure in a month?
3) Whats your largest drawdown been?
4) Would you consider managing accounts?

Please let me know at the earliest. Immensely appreciated.

Hi Giovanni,

Do you mean you calculate a separate set of Pivot points for 1 minute time frame?

If not (and I wouldn't calculate any pivots other than daily for all time frames), then how come there is a difference? Could you, please send a screenshot or explain it in further details.

Regards,
Edward

Hi to everyone.
After one year of unsuccesful forex trading I am getting fascinated by pivot points and the result they give me. This strategy is also performing very well. I am actualy using 5 pm/5 pm daily chart as my broker does and it seems to work fine. Do you feel it is wrong? And second question: how can it be that when I set a 1m chart pivot points are different than on an any other timeframe. This is confusing me altohugh it is working.
Regards and looking forward to any reply.
Giovanni

Hi Alex,

might be an option, why not.
Just to remember that if that double lot also fails, we accept it and don't look for a "revenge".

Regards,
Edward

Edward, if you take a 3 pip stop loss, wouldnt you rather consider taking an opposite limit order with double the bet amount?

Thanks

Alex Liu

My choice is OANDA's pivots :)

Regards,
Edward

Thanks Edward,

I udnerstand the difference well, but which to choose? Some days I see the reversal off Oanda's pivots and somedays off FXCM's. It means we cannot predict which pivots to trust on any given day.

ALex Liu

The difference might be in time frames used with different brokers.
When you calculate daily pivots from midnight to midnight using GMT-5 based platform and compare it to GMT+1 based platform, you will get different results, because High, Low and Close values for the day could be different.

Most common/preferred time zones for calculation of the Pivot points are GMT (London) and GMT-5 (New York time).

Regards,
Edward

I really like this strategy except for the fact that the market sometime goes according to Oanda's pivot points and sometimes FXCM's pivot points, which are often different (sometimes by more than 10 pips) and it makes it quite dangerous. Anyone care to chime in?

Thanks

Alex Liu

ye right...
Thank you for the great system Alex! Pivots are fun!
Philippe T

no way is guaranted as u explained.
i have one way that is always winner even every day winner.
do not mean 30% method but special method i develop in my way.
i will charge for this 50000 usd.
thanks
rahman
mrahman756[at]rogers.com

well, after few months of testing, I can say 3 pips is not working at least for me. It cannot be automated. But nevertheless I developed my own way of trading Pivots along with S/R levels.
7 pips look a little more realistic but still is not enough. My hit rate is 85-90%.
Alex, thanks for pointing to Pivot Points. I think everyone should look to develop own style.
I started trading 6 EMA's system which is actually not very good system. It is delayed, while Pivots and S/R let you trade in real time.