What trigger(s) do you use to get into a trade ?

This is a discussion on What trigger(s) do you use to get into a trade ? within the New to Trade2Win forums, part of the Reception category; I use Pivots too, I'm a big fan. i'm aware that there are many variations, but never got my head ...

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Old May 22, 2008, 11:44am   #9
 
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I use Pivots too, I'm a big fan.
i'm aware that there are many variations, but never got my head around Camarillas, Fin Pivots etc.

Does anyone use any such variation, and if so can you explain what the difference is and why you use it ?

Or does everyone just stick with "normal" PPs ?

Last edited by timsk; Oct 14, 2010 at 12:08pm. Reason: Housekeeping
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Old May 22, 2008, 12:35pm   #10
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good idea for a thread.

I dont use indicators (well, MA's but thats it). And I plot my own S/R pivits, I dont know much about floor pivots, overnight pivots etc... Most of my trading uses chart patterns and candlestick setups (at pivots with confluence).

So having said that, I set out all of my triggers in Boolean logic: Having identified a trade I think will emerge, I put down on paper (well, excel) what the entry will be, stop, risk, Target 1, Target 2, contingency, and so on to make sure it fits my critera. Given that it does, I then set my trigger condition as "IF price > high AND low(0) > low(1)....." ELSE do nothing.

It can be tricky to put orders like this in some platforms; some you can create fancy OCO's, others accept a trigger from excel, others let you use a DDE for excel to do the sums and you click when excel tells you, and the rest you have to do it by hand so I just have to be disciplined (I'm pretty good at following my trigger conditions ).

On one hand, it gives me a thorough and clearly defined set of cirumstances upon which to "pull the trigger" - on the other, I usually only get one opportunity per setup.
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Old May 22, 2008, 12:54pm   #11
 
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I suppose I may as well come clean.....

I'm designing a system to trade the Euro$ pair, and I've tried with my present set up (FTSE morning session trading) and it's not that brilliant, as the currency moves more eratically than the tame old footy, so I'm starting from scratch as it were, although still using divergence as my main reason to trade.

Comments please (and that doesn't mean you , Garry !!)
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Last edited by nkruger; May 22, 2008 at 2:06pm.
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Old May 22, 2008, 1:16pm   #12
 
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i use an inside outside bar along side divergence at a significant S/R level, works well

Oh and pin bars....occasionally
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Old May 22, 2008, 1:27pm   #13
 
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Quote:
Originally Posted by kagein View Post
i use an inside outside bar along side divergence works well

Oh and pin bars....occasionally
Forgive my ignorance, what are they ?
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Old May 22, 2008, 1:55pm   #14
 
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Quote:
Originally Posted by nkruger View Post
Forgive my ignorance, what are they ?
An inside bar is a candle with shadows which are completely within the range of the candle preceding it.
A outside bar has shadows with which are longer than the candle preceding it.
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Old May 22, 2008, 3:27pm   #15
 
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Ah yes. Thrown off the scent when you said 'bars' as I don't use them, just candlesticks. Know what you mean. Thanks for your post, very helpful.
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Well stochastics are OUT THE WINDOW

Every time there is a divergence on the macs ~ wow, how spooky, the stochs show O/B or O/S and comin off extremes, even when the signal is false. I've tried every setting from 8,3,3 to 50,4,4 ~ no that accurate with divergence either as it can stay O/B or O/S for ages, showing false div. signals.

There, hope that helps.

I'm going back to fitting this kitchen. Or go to the beach.....
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Success is the ability to go from one failure to another with no loss of enthusiasm. Sir Winnie Churchill
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Last edited by timsk; Oct 14, 2010 at 12:10pm. Reason: Housekeeping
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Old May 22, 2008, 3:46pm   #16
 
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So for divergence you use the MACD? what settings?
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