Pivot Points

This is a discussion on Pivot Points within the Technical Analysis forums, part of the Methods category; Originally Posted by PKFFW I'm looking to position trade for a few days to weeks at a time rather than ...

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Old Mar 9, 2006, 1:42pm   #16
Joined Jul 2003
Quote:
Originally Posted by PKFFW
I'm looking to position trade for a few days to weeks at a time rather than day trade. I was wondering if pivot points are useful for this type of trading?
You'll find pivots in every timeframe.

The most powerful are those where there is confirmation from more than one timeframe for the same levels.
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Old Mar 9, 2006, 1:43pm   #17
 
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Quote:
Originally Posted by PKFFW
I'm looking to position trade for a few days to weeks at a time rather than day trade. I was wondering if pivot points are useful for this type of trading?

Cheers,
PKFFW
What exactly do you mean by "position" trade? Are you thinking of swing trading instead? Or, to make it simpler, what is it that you're looking for in a trade? What is it that you want to accomplish?
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Old Mar 9, 2006, 2:01pm   #18
Joined Dec 2003
"what is it that you're looking for in a trade? What is it that you want to accomplish" ..more return for less risk
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Old Mar 9, 2006, 2:07pm   #19
 
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Originally Posted by chump
"what is it that you're looking for in a trade? What is it that you want to accomplish" ..more return for less risk
Always. However, he's relatively new to this, and people tend to rush in to answer these questions without knowing just what it is that the person is asking.
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Old Mar 10, 2006, 12:31am   #20
Joined Jan 2006
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Originally Posted by dbphoenix
What exactly do you mean by "position" trade? Are you thinking of swing trading instead? Or, to make it simpler, what is it that you're looking for in a trade? What is it that you want to accomplish?
By position trade I mean checking my charts on a daily basis, making my decisions based on those charts, taking any trades signalled and then leaving it till the next day. Next day I repeat the process, should my system say to leave the trade open, I do so, and should it say close it out I do that. I'm happy to leave a trade open for any length of time based on my system.

What am I looking for in a trade? Profit! hahah. More seriously, I recently purchased the "Principles of Profit" course done by aussietrader. Makes alot of sense to me as a good place to start and I'm trying to follow it as exactly as I can. It is a more medium to long term strategy using bollinger bands with a 40 dma as it's basic set up. So I'm looking for any trades that meet the criteria.

I ask about pivot points because whilst I'm using the above mentioned system to build capital I'm also trying to learn as much as I can about forex with the intention of trying to do more short term 1 or 2 day or even intraday forex trading to increase my profits. At present I'm just learning and practicing with a demo account and know very little about it.

Cheers,
PKFFW
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Old Mar 10, 2006, 1:57pm   #21
 
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Quote:
Originally Posted by PKFFW
By position trade I mean checking my charts on a daily basis, making my decisions based on those charts, taking any trades signalled and then leaving it till the next day. Next day I repeat the process, should my system say to leave the trade open, I do so, and should it say close it out I do that. I'm happy to leave a trade open for any length of time based on my system.

What am I looking for in a trade? Profit! hahah. More seriously, I recently purchased the "Principles of Profit" course done by aussietrader. Makes alot of sense to me as a good place to start and I'm trying to follow it as exactly as I can. It is a more medium to long term strategy using bollinger bands with a 40 dma as it's basic set up. So I'm looking for any trades that meet the criteria.

I ask about pivot points because whilst I'm using the above mentioned system to build capital I'm also trying to learn as much as I can about forex with the intention of trying to do more short term 1 or 2 day or even intraday forex trading to increase my profits. At present I'm just learning and practicing with a demo account and know very little about it.

Cheers,
PKFFW
In answer to your original question, then, trying to reconcile what "pivot points" are telling you with the bands and MA you're using may provide you with too much rather than too little. Backtesting this, however, is simple, so the answer will be found in your own results.

But whether you use pivot points, bands, envelopes, MAs, trendlines, Fib blah blah blah, everything comes down to support and resistance. Understand that and most of what you're plotting onto your charts will be extraneous.
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