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

USD JPY and EUR USD all the time.

GBP USD, AUD USD and EUR JPY when I'm bored.

Alex

which pairs do you trade with this strategy of your Alex?

You expect to make up to 5 pips per bounce. It would probably be boring to sit and wait for hours for the opportunity to trade, so I'd rather call it a complimentary strategy, which you take when a chance presents itself.

If you make it automatic, you'll get on average +25-30 pips daily.

There isn't much risk involved, since 5-pip-reaction bounce to a support/resistance level is nothing for the market which met an opposition at well known to its participants' level; after-bounce targets are achieved with no efforts.

Alex

i do think that this strategy is risky you risk without any confirmation just pray price to bounce ...;] but hey this is just my thought also how many pips you make with this strategy?Thanks ...

I'll add a screen shot in few days; this should be more descriptive and hopefully helpful.

Regards,
Edward

It means that we calculate daily Pivot points, and once they are set on the chart, move onto 1 minute chart and wait for price to approach pivot support/resistance levels to profit from quick small trading opportunities.

If price moved upwards and met R1 level, we look for the instant opportunity to sell and profit from the immediate bounce down from resistance1 level. We take profits quick and walk away not carrying about price future direction... until it approaches a new support or resistance level.

Alex

plz i will like to understand the scalping system, using daily pivot and i minute chart,what does that mean, does it mean when the price is in resistance1 in the daily chart ,then do i have to check the i minute chart to know if it is in buy candle stick?
then if it is in buy candle stick, should i now place buy trade?

Hi Javier,

Yes, trading with Oanda has been good. I'm satisfied.
They have highly competitive spreads and good execution. Oanda is a nice broker for scalping Forex with.

Regards,
Edward

Hello Edward I hope you are doing good!
I have reviewed some threads, and they mention that you have an account with Oanda, what I want to know is your experience in Oanda using scalping strategies, the spread is one of the best of the market.
Could you please tell me if Oanda is good for scalping strategies?
Thanks a lot in advance
Javier

It is simple.
You've got a pivot level (any pivot level: S1, S2, S3, PP, R1, R2 or R3). The price falls from above and hits the nearest pivot level, you go Long. Scalp your profit away and wait for the next opportunity.
If the price rises from below and touches the pivot level, you immediately go Short. Take small profit and exit.

Alex

so mate on the 1M chart how do you know when to buy or sell?

No I don't use Pivot mid levels. They aren't strong enough.

Alex

Do you use Pivot Mid Levels?

Hi Nadine,

All you need to do is open hourly charts.
Highlight (for visual aid) the time period from 5 pm to 5pm EST, for example, by drawing two vertical lines, as seen on the screenshot below.

Withing the highlighted time period find:
the highest price point - High
the lowest price point - Low
the close of the last candle (technically it will be 4:59:59 pm) - Close

Use calculator to find Pivot points.

I hope that's what you were asking about. If not, simply let me know.

Regards,
Edward

This looks a very interesting strategy which I'm keen to use but I still seem to be having trouble marking the pivot points. I read the mentioned website above and used their calculator (which was fine) but i'm struggling to work out how I get the data from 5-5 EST.

On my charting package Marketscope (bundled with FXCM trading software) I can look up a daily candle and obtain the necessary information from that by simply clicking on it (High, Low & Close). But I cannot see how I get 5-5pm without having hundreds of Pivot points by looking up each individual hourly candle.

Where am I going wrong?

Thanks
Nadine