Okay lets put it like this incase other people eventually start following this thread.
What currencies do you prefer and or work on?
Do you trade using only 5 min charts, or do you use higher time frames with higher pivot points?
ie 1 hour chart with weekly pivot points?
I need to sharpen my skills on this drastically, as some days I just cant seem to find the trade, or I will look at it and not open it as doubting myself.
This is really where discipline plays a big role though.
I am currently following spot Gold and EURAUD because of nice volatility…: )
I open five windows for each currencies, so in window one is M5 for daily entries with daily pivots, in second window is H1 time frame with weekly pivots, and in third is H4 time frame with monthly pivots : ) When the price is below monthly and weekly main PP that is a signal to look only for SELL on daily pivots on M5 time frame…
Window 4 is weekly chart, and fifth is multipurpose : ) The same for Gold : )
M5: 
H1: 
H4: 
Here as you can see the price is below main PP (yellow line) on H1 and H4 : )
Thanks for the explanation, really helps to see the way other people go about it.
As per your EURAUD, on the 5 minute chart, is the yellow line also pivot point?
As when I am looking at this one on my charts today EURAUD already started below the pivot point on 5 minute…
Yes but the yellow line can’t be seen on this screenshot 
And yep, it started below pivot, might as well took a short from there but I wanted to see if it could touch the main pivot before bounce but that didn’t happen…
Ahh thats probably it then haha
Thanks for the input…
I was also waiting but never got the price to go touch the PP…
when it concerns pivot point trading not many things online about it, no offence, alot of how they work etc but not enough examples to make you aware of drawdowns etc
Seems that it’s too simple for anyone to bother with it 
Try googling :
The Pivot Point For Trading by William I. Greenspan
Pivot Points by Jayanthi Gopalakrishnan
Using Stops To Your Advantage by William I. Greenspan (this is a good read also)
I Will be having a look at this tonight when I get home from work
Thanks
So I have now read through all of these you suggested, good read, but they still talking about the things we already know, the one article I enjoyed Using Stops To Your Advantage by William I. Greenspan, this was very informative.
But what I meant to say was with each and every strategy online they always show you the good trades etc, never the ones thats tricky to take…
But still these things you sent was well informative
Good explanation!
You know whenever I had a bad trade it was because of the following:
The trends didn’t match (daily, weekly, monthly pivot)…I was trading against the trend
Entering in the trade without confirmation…sometimes price breaks through a pivot but retraces leaving a shadow only and I enter before the price even closed beyound the pivot
Too tight stop loss…although much risky I use wider stops now, almost to a possibility of 1:1 or 2:1 risk:reward (whenever I tried using tighter stops of 10,20,30 pips they got taken out)…now with stops of 40,50,60, even 100 pips I am taken out only due to trend change…I am putting stops all the way up or down to main pivot point although you should put them below or above the pivot where you entered I find this way to tight… On the other hand I am thinking about time stops rather than hard stop loss order where I would just close all positions at the end of the day
I have sometimes also wondered about the time stopping out bit, my only worry is this, for instance you have all confirmations to go long, you wait for the price to break PP and going up, now we run the trade on 5 minutes and we run towards R1, it hits R1 but then comes all the way back down to something we have not bargained for ie news, price drops down to S1 or maybe even 2 where we already in profit.
We would have to close this order on a loss for the day then… This is obviously worse case scenario but just an example.
When I also read about many strategies I also see alot of people use emergency stops, ie if you want to use the time based stop but you see trend dropping against you you should cut loss and get out…
I found tight stop losses gets hit too many times so I too place stop loss at previous PP… R:R drops down somewhat, but atleast I get to stay in a trade longer and watch what the market does.
I am running a SMA200 with my charts just to identify what is happening or where we might be going…obviously no one can tell where the trend goes…
This is my other problem I find.
We are on all the charts and basically we have on the monthly PP the price below the PP, but on the weekly and daily it is below… Do you leave this trade and wait for a clearer confirmation or how do you work around this?
If I’m around a PC I always move stop to brake even when R1, S1 are hit so if the price reverts I’m on 0. And if I don’t get on all three charts a clear signal I don’t trade and look at other currencies/commodities…
But for what I can see price action on weekly pivots is strong and tends to stay above/below main PP most of the time, and couple that with the same trend on monthly and it can be a very high probability trade…
I do the same if I am around a pc I move stop loss to break even, but when the price go I would move the stop loss a few pips depending how the price moves
When going back at the charts and looking what they have done before, if you prefer going longer term, you have less whipshaws etc, I wont say less but your TP is better in the ling run…
Want to see how this goes as I prefer trading higher time frames with less time sitting and worrying about a trade, I understand you wont get as many trades but I would feel a little bit safer knowing I wont necessarily go against a trend
Going to tryand make next week a better trading week as to be honest I held back on a few good setups this week
Very good!
Very visual and easy to understand
Hoping for this week to turn a few winners
Back and better it been 9 years of pain and struggle with forex trading but back with news formation
I will share my trade here too for record purpose because Baby Pips had been part of my story
XAUUSD price @ 1973.78 Sl 1967.62 Tp 1983.78