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

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

Historical tick data can by found here: http://ratedata.gaincapital.com

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

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

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.

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?

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

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

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

Hi Dean,
Metatrader has custom indicator that calculates values and draws lines automatically.
PivotPoints_mp.mq4

Regards,
Edward

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

Yes I do.
I stop trading 5 min before the news and 10 minutes after it.

Alex

do you consider news releases before ur entry?

Nope, I go in right at the pivot line value or 1 pip under it.

Alex

ALSO MATE DO U WAIT FOR A BULL OR BEAR CANDLE TO CLOSE BFORE U TAKE A TRADE?