Question Regarding Pivot points

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Question Regarding Pivot points

Postby musshan » Wed Sep 23, 2009 3:19 am

Greetings everyone,

I am a new member here. I want to thank Edward for having such a wonderful site explaining various strategies and informations regarding forex trading. I am also thankful for him for having a forum which acts as a platform to share knowledge regarding trading. I am sure many new traders like me would have got benefited through this effort of his.
I have been trading for a couple of month now. I have tried to find several systems and found that trading using pivot points are simple (the way i like). But I have a doubt in How to calculate them for different trading sessions?

1)Like should i be calculating pivot points seperately for each trading session i am trading in ? (ie Calculate seperately for Tokyo, London and Newyork sessions?
If so how to do this? Otherwise what is the general practice of using pivot points for trading?

2) Please also suggest me a simple MT4 indiacator that indicates the trend and givels buy/sell signals correctly most of the time.

All replies are appreciated. Thanking you in advance
musshan
 
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Re: Question Regarding Pivot points

Postby manus168 » Wed Sep 23, 2009 3:46 am

1)Like should i be calculating pivot points seperately for each trading session i am trading in ? (ie Calculate seperately for Tokyo, London and Newyork sessions?
If so how to do this? Otherwise what is the general practice of using pivot points for trading?


If we talking about Pivot, ussually its Henry Weller Pivot (as i know to many Pivot Point like Fibonacci Pivot, etc), as we know the power of Pivot Point is in many pit & floor trader use so the accuracy at least close to perfection (because Broker have a diffrent running price). Remember more Trader used those gagdget the more powerfull & accurate those stuff (Indicator).

Examples: When in the Downtrend, Price has touch the R.1 suddenly we saw a Bearish Pattern such Rail road, Engulfing, etc so many Trader take Sell position. so our position direction is more easy to take a reach TP.

So iMo: as i know, ussually a pittrader incld small retail trader & MT.4 Pivot Program used base calculation at 16:00 EST (New York Closed) so we can take "effect" of many people has using those Pivot. I thing is not efficient if you calculate every session Market.

Execept you using Nick Stout CAMARILLA EQUATION; for FOREX his based calculation at LONDON Market.

2) Please also suggest me a simple MT4 indiacator that indicates the trend and givels buy/sell signals correctly most of the time.


There is no Holly Grail Buddy,

but here's a few Indicator maybe could be help you :

For Trending Market :





Image

DOWNLOAD LINK:

Code: Select all
http://www.forexsharing.com/453659


I hope this information can help you .









For Ranging Market :




Image


DOWNLOAD LINK :

Code: Select all
http://www.forexsharing.com/780081


Best Regards;


:D


Manus168
Yesterday = HISTORY !
Tomorrow = MYSTERY!
Today = GIFT !


Thats why we call it the PRESENT :)
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manus168
 
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Re: Question Regarding Pivot points

Postby manus168 » Wed Sep 23, 2009 4:07 am

Speak about Pivot, some people using a DOJI as a PIVOT mark at H4 & up (such Daily, Weekly, Monthly) Timeframe.

For me i have a rare Pivot Twist just using an Opening Price as my Pivot Point, i will post it how can we make, sepparetely soon in another thread.


Kind Regards;


;)


Manus168
Yesterday = HISTORY !
Tomorrow = MYSTERY!
Today = GIFT !


Thats why we call it the PRESENT :)
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Re: Question Regarding Pivot points

Postby Edward Revy » Wed Oct 07, 2009 6:11 pm

Hi musshan,

speaking of Pivots, one doesn't need to calculate separate pivots for each trading session. I mean you certainly can, but I don't believe many traders do that, and as a result, as mentioned by Manus168, the less people do it, the weaker the levels and signals that you'll get.
Most common practice is to calculate pivots points based on GMT and EST time (London and NY accordingly), where you'll have two options:
- calculate pivots from midnight to midnight
- calculate pivots from 5 pm to 5 pm.
I prefer and use midnight pivots NY time. These pivot points will be valid for trading throughout all trading sessions during the day, so no need to calculate additional levels.
However, as practice hows, the earliest (the first tests) of any pivots: R1, S1, S2 etc are the most reliable and predictable. Further and towards the end of the trading day, the levels get weaker and could be completely ignored by traders.

Regards,
Edward
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Re: Question Regarding Pivot points

Postby Edward Revy » Wed Oct 07, 2009 6:16 pm

Hi Manus168,

you've got a lot of tools to play with. FXUltratrend is a pretty tool :) + a good guide for beginners.

I like what I see with Range Oscillator. It appears to be self explanatory, just wonder if you have any special additional rules for this indicator?

Regards,
Edward
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Re: Question Regarding Pivot points

Postby manus168 » Wed Oct 21, 2009 3:28 am

Edward Revy wrote:Hi Manus168,

you've got a lot of tools to play with. FXUltratrend is a pretty tool :) + a good guide for beginners.


You're welcome Bro

I like what I see with Range Oscillator. It appears to be self explanatory, just wonder if you have any special additional rules for this indicator?

Regards,
Edward


I must search in my backup CD- Library first, when i find them i will post in as soon as possible.


Kind Regards;


:mrgreen:


Manus168
Yesterday = HISTORY !
Tomorrow = MYSTERY!
Today = GIFT !


Thats why we call it the PRESENT :)
User avatar
manus168
 
Posts: 160
Joined: Tue Sep 22, 2009 4:48 am
Location: SECRET

Re: Question Regarding Pivot points

Postby manus168 » Thu Oct 22, 2009 3:09 am

Here's the Pivot Indicators for Metatrader.4 :

Image


DOWNLOAD LINK :

Code: Select all
http://www.easy-share.com/1908205646/Pivot Lines.ex4.rar



But Please remember; fill the input = FALSE for Camarilla like this screenshoot bellow before you put the Indicators (Because for FOREX Camarila Count Start from London Market previous Opening to day opening now) :

Image


Kind Regards;


:mrgreen:


Manus168
Yesterday = HISTORY !
Tomorrow = MYSTERY!
Today = GIFT !


Thats why we call it the PRESENT :)
User avatar
manus168
 
Posts: 160
Joined: Tue Sep 22, 2009 4:48 am
Location: SECRET

Re: Question Regarding Pivot points

Postby Piperoo » Mon Nov 16, 2009 2:37 pm

Hi Musshan and everybody,

this is my first post too on this great site, I've been trading for about 18mths now so by no means an expert, but I have learned some things along the way that I hope over time I can share with you fellow traders. We all know how difficult this game can be at times, and we should never stop learning.

For anybody who wants to learn simply about pivot points and how to use them in your trading, this is a good read :
http://www.fxpivot-points.com/

It has a link to this site so I'm sure it's ok :wink:

If you are looking for MT4 pivot indicators and programming then here is where you'll find it :

http://www.forex-tsd.com/indicators-metatrader-4/16-pivot-indicators.html

Again congratulations again on the site, I know it involves a lot of work and I for one am very grateful for all that you have done here.
Piperoo
 
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Re: Question Regarding Pivot points

Postby nevik101 » Wed Oct 01, 2014 7:38 am

hallo all.please would you help me with how to calculate pivot points seperately for each trading session ie Calculate seperately for Tokyo, London and Newyork sessions

i want to try a new scalping strategy. will post progress with time. i just need to be sure how to do the calculations

thank you
nevik101
 
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Joined: Wed Oct 01, 2014 7:12 am


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