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

That's right, Pete
... for both cases =)
- you stop will be 7 pips, your profit will be as many pips as you can grab, again as I said as soon as 1 min candle closes and you're on the positive pip territory - exit.
- scalping GBPUSD is a bit too costly.

cheers,
Alex

Hi there,

How do I factor in the spread when using this system. For example if I'm trading gbpusd and the spread is 4 pips, would my SL be 7 pips and target?

I guess scalping gbpusd is silly right :), just trade eurusd!?

Thanks,
Pete

Hi Jamie,

It is just my preference.

Regards,
Edward

why would the time frame be based on US time and not GMT? im not saying that it should be, just wondering why. are you doing that because you live in the US?

thanks,
jamie

Getting highs and lows for the day is very simple:

Open daily chart, where each candle will represent 1 day. Simply mouse over the daily candle and the trading platform should tell you the Open, High, Low and Close for this candle. If not, then define it manually: High - the highest price value of the daily candlestick, Low - the lowest.

Regards,

Edward

Help!
I'm trying to find highs and lows for the day, but different values are shown depending on whether I press the 'bid' or 'ask' on my FXCM screen. Which are the true highs and lows?
Also, if I use the hourly, I guess from 00:00 to 11:59:59, I get a different value for high/low than if I switch to 'daily' to get a quicker reading for high/low.
I'm pulling what little hair I have left out trying to work out why. Can any of you marvelous helpers tell me why?

The price just need to get to any Pivot Point within 1 pip, it is not supposed to cross the Pivot.

As you said, "the price should just get to any Pivot Point but not reaching it by just 1 pip".

cheers,
Alex

Hi Sergey,

I put 3 pips SL only to limit my risks. From my observation, if price is not effectively stopped by the Pivot point level, it slices through it making way more than 5 or 8 pips against me, I'd say it is close to 10-11 pips per support/resistance violation... and don't like to take chances and take larger risks.

I agree with you about not taking positions on obvious large trends: when price shoots for the closest pivot level, it will slice through it and will only pause when reaches R2/S2.

cheers,
Alex

Let price touch any of pivot point lines, or come at least on pip away from it/////

Hello Edward,

does it mean the price should cross any of Pivot Points by 1 pip or just get to any Pivot Point but not reaching it by just 1 pip?

Thank you very much

Hi Alex, why do you set stop loss at 3 pips? why not say 5-8 pips? Did you collect some kind of probabilistic statistics which says that 3 pips is a best for overall profits? From what i see 3 pips stop loss is being killed regularly and then price goes back and gives you 4-6 pips in profit.
I do trade this system now, plus added my own twist.
Also, if strong trend is coming it is better not to take position against it even on Pivots at least not on R1/S1. Price with trend goes through this levels without noticing if it is a strong trend. R2/S2 already gonna resist.

Thank you

Sergey

The Idea for using only one bounce and all other aproaches at the same pivot level as breakouts is quite good. I will try to put this into my ea when I have finished the one I make for my market opening strategy (http://forex-strategies-revealed.com/simple/capture-market-opening-pips). I will tell you when I've finished it.

Happy trading,

Philipp

Thnks man !

;)

Midpoints (0.5 R, 0.5 S etc) have lesser impact on the price, to the point that they could simply be ignored.

Hey folks...

I found R0.5 / S0.5 pivot points. Are those recommended for this strategy too ? [1min chart]

Thks !!

Interesting. I think it is worth trying.
Thank you.

Edward