Hmm - depends where you draw your line in the sand for pivot 1 I suppose. . . Maybe you should decide based on the overall direction on the next timescale up (daily for 10 min chart, weekly for daily chart).
cj12 - over to you?.
BTW - cj12 - you've already done much more than most by posting yr system in full. However I wonder if there are any fine tuning mechanisms such as only taking trades in the direction of bigger trend etc. Also how often do you get stopped out? 1 in 2, 1in 3?
I agree that it is a bit subjective (especially where to move stops up to BE) but this is okay - if it were totally mechanical it could be replicated by a machine in 15 minutes.
(probably a lot more efficiently . . . ;-)
Cheers
cj12 - over to you?.
BTW - cj12 - you've already done much more than most by posting yr system in full. However I wonder if there are any fine tuning mechanisms such as only taking trades in the direction of bigger trend etc. Also how often do you get stopped out? 1 in 2, 1in 3?
I agree that it is a bit subjective (especially where to move stops up to BE) but this is okay - if it were totally mechanical it could be replicated by a machine in 15 minutes.
(probably a lot more efficiently . . . ;-)
Cheers
Goober - hear you loud and clear and thanks for the tip. . . .
I am in shock this afternoon after missing the break out on the EUR/USD chart. . . only up side is that it should benefit my longer term Gold posn.
Still looking for the catch with cj12's system - the only cast iron method is to take it for a test drive. .
Cheers
I am in shock this afternoon after missing the break out on the EUR/USD chart. . . only up side is that it should benefit my longer term Gold posn.
Still looking for the catch with cj12's system - the only cast iron method is to take it for a test drive. .
Cheers
trendie
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Dow:
Last High of 10,107 at 18:15 Friday.( P1 )
Last Low of 10,036 at 20:20 Friday. ( P2 )
Lastest High of 10,094, today.
Can I treat this as a P3, Cj12 ?? Am I reading this right ?
Allow 25% drop, therefore entry at 10,074 or thereabouts.
Sorry fro lateness - probs loading into Photoshop and saving as png etc, etc etc
edit: price target of 10,010 ( same distance as from P1 to P2, )
Last High of 10,107 at 18:15 Friday.( P1 )
Last Low of 10,036 at 20:20 Friday. ( P2 )
Lastest High of 10,094, today.
Can I treat this as a P3, Cj12 ?? Am I reading this right ?
Allow 25% drop, therefore entry at 10,074 or thereabouts.
Sorry fro lateness - probs loading into Photoshop and saving as png etc, etc etc
edit: price target of 10,010 ( same distance as from P1 to P2, )
trendie
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ChowClown said:
I am using Prophet.net charts, 5 mins.
The number was off-the-top-of-my-head, and was meant only as a guideline.
I agree with your formula !
I was trying to say, the profit target from P3, is to be same distance as from P1 to P2 !
I didnt say it well, as I was trying to get it posted asap. I would have liked to post a chart as well, but....
What have I have giving you is raw material which you can work with, I will go more in depth with this concept at a later date?what i have showing you is only 20% of the method. Use you mind to observe, to record to note changes. If you like the market conditions and they fit what rules go for it, if the rules don't fit market conditions or conditions don't fit the rules. let the trade go, look for anther. Remember what I have giving you is an extra tool to implement in to your own trading style
CJ
CJ
Last edited:
Pivot Point
Hi CJ
THats fine and it was a quick reply from u....Sorry for my late reply,
actually i was checking up other links and some new thread discussed by FTSE BEater regarding Basics of Trading which is of a very good worth reading for newbies like me...
After going thru that i was able to get few things and also got cleared about the Pivot points and they are calculated based on Previous days High, Low and close values....
By the way iam having a doubt with regards to Pivot points which u discussed in this thread, You refer as Pivot 1, Pivot 2 ..... But when Pivot point is calculated further they arrive with 2 Support values and 2 resistance value..... IS that Support and resistance value do u refer as Pivot 1 , Pivot 2 ....? :|
Sorry if its been not making any sense, thought its better to clarify from you....!!!!
Cheers VP
Hi CJ
THats fine and it was a quick reply from u....Sorry for my late reply,
actually i was checking up other links and some new thread discussed by FTSE BEater regarding Basics of Trading which is of a very good worth reading for newbies like me...
After going thru that i was able to get few things and also got cleared about the Pivot points and they are calculated based on Previous days High, Low and close values....
By the way iam having a doubt with regards to Pivot points which u discussed in this thread, You refer as Pivot 1, Pivot 2 ..... But when Pivot point is calculated further they arrive with 2 Support values and 2 resistance value..... IS that Support and resistance value do u refer as Pivot 1 , Pivot 2 ....? :|
Sorry if its been not making any sense, thought its better to clarify from you....!!!!
Cheers VP
vishwamv
Repeat from post 18. What I said about pivots. you can use them as support & resistance
Most traders are familiar with pivots. A pivot point is simply the point at which a security changes direction and is therefore a turning point. A pivot low price bar has higher bars before and after it A pivot high looks like the mirror image of a pivot low.
Pivots signify the end of a short-term move and minor reversal or the end of the dominant trend .I use Pivot points to calculate my buying or selling entry you can use Fibonacci or gann levels of support and resistance entry and exits, and in a host of other trading techniques.
A pivot range is also based on the high, low and close, but is calculated somewhat differently than a pivot point. As the name implies, pivot ranges have a high and low limit. hope this have helped.
CJ
Repeat from post 18. What I said about pivots. you can use them as support & resistance
Most traders are familiar with pivots. A pivot point is simply the point at which a security changes direction and is therefore a turning point. A pivot low price bar has higher bars before and after it A pivot high looks like the mirror image of a pivot low.
Pivots signify the end of a short-term move and minor reversal or the end of the dominant trend .I use Pivot points to calculate my buying or selling entry you can use Fibonacci or gann levels of support and resistance entry and exits, and in a host of other trading techniques.
A pivot range is also based on the high, low and close, but is calculated somewhat differently than a pivot point. As the name implies, pivot ranges have a high and low limit. hope this have helped.
CJ
