From my weekly pivot perspective on the GBP, shorts saw a nice opportunity to re-test lows from last week. Longs took over at S1, met a little resistance at PP again, then broke out above the PP into friday’s trading.
During early monday’s trading, price tested mid R1, and then ended up just a little higher than that on friday. That’s important to me because that is proof of the first higher high, and higher low, signs of excess demand (uptrend) in the market. However my longer term biases, especially looking at the daily chart, makes me take these bullish signals with a huge grain of salt.
I’m excited to test drive this pivot trading method out next week, this week blew my expectations out of the water!
I’m excited to [B]test drive this pivot trading method[/B] out next week, this week blew my expectations out of the water!
I haven taken ICT’s Pivot method live since early Tuesday morning last week.
ICT provided me the explanation for price behaviour I’ve noticed since a long time & couldn’t explain [U]but I knew[/U] something was going on because of order flow & how it it used by the market makers to move price.
Now I know, thanks to ICT.
So it was a small step for me to go live with ICT’s Pivot method.
But the real gem in this thread as far as I am concerned is the selling into a bull candle & buying into a bear candle at new week/intraday’session Hi & new week/intraday/session Lo being formed.
I have been doing this at key technical price markers but never thought of doing that at week/intraday/session Hi+Lo.
This just adds another dimension & possibilities to my models I trade.
To respond to your post… you want to run your numbers on the session you trade or go with the bell weather Midnight to Midnight New York basis.
In my experience adjusting session pivots only gives better short term scalp levels which we havent covered yet but will use this post to put a little pin on the topic for future reference.
I will do a installment series on Pivots this weekend and do the entry series Monday. I want to present the pivot material in place so its not scattered over 25 posts.
It’s also become apparent viewers assume it’s a Pivot method when actually Pivots are just one component of sound trading technique; we just started on that topic initially.
We haven’t covered the good stuff yet, this is just foundation to prove how the flows move in the Forex. We are studying PRICE and avoiding indicators so far to illustrate success isn’t programmed into a formula based on math alone.
Pivots: Just are one ingredient, as we move forward you will discover how one can use the concepts to aim for reaching one’s goals. By themselves, much like pet indicators, are useless without understanding what the general market is telling you in price action.
It takes a big change in normal trade execution to trade S&R levels profitably. The best trades are executed at the point where it looks most fearful. This psychological barrier holds back success and is exploited by Market Makers, as you will see next week.
Oh don’t worry man, I have a method that brings in modest profits. I’m just excited because adding pivots brought a level of structure that I now realize I desperately needed. Like I found an extra gear on my car, yknow what I mean?
I can tell you have more to bring than just mentioning pivots. I think everyone just wants to get the details ironed out because it is such a useful tool. I’m personally interested to hear your take on risk management, and pretty much anything someone with your trading experience has to say about the markets…
BTW…where did you acquire all your trading knowledge? i don’t imagine there were reliable internet websites offering free trading education 15 years ago. Could it be related to your “inner circle”?
as profit targets or to renter on possible retraces, would be my take on it but i would like to hear from the man himeslf.
also we would only enter if it had some confluence as well around those prices i believe.
On friday price was close to previous day high as london began opening, but the main trend was up so we wouldnt of shorted the previous day high we waited for the pull back to the CPP and then entered long, and rode it up as it broke through the previous day high
Yes as I practise away on my simulator all weekend, lots of times price is in the middle of the high & low, when the new pivots are calculated so as I understand it…we wait…lol. Then when price does reach either the high or low, then we watch for a place to enter in those areas, so I can definitely see where the patience factor comes in.
From MT4’s history using the strategy tester. It’s an EA that replays price history in visual mode for a specific pair, on a specific timeframe and comes with some scripts to open market or pending orders. When you stop the the EA, the strategy tester gives it’s usual report of your trading results.
I can run and practise on a fews months worth of price history in a couple hours…hours I would otherwise spend just watching mindless TV.
I’ve got a decent full time job and I could also go back to school [U]part time[/U] and eventually get my CGA. How many hours do think I need to spend studying to get that? Well I need another 3 more years taking 3 courses a year to meet the requirements but after having taken some already, it’s a lot more time consuming & stressful than this. If I’d done it when I finished high school, it would have been worth it, but now not so much.
Addicted? What are you doing on this forum on a Saturday night discussing forex?
Price history from when?..well I set the from & to dates in the tester…
