rathcoole_exile
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thanks, sorry to hijack your thread a wee bit there, but i knew you'd be the one guy to understand, our trading methods are so similar 
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thanks, sorry to hijack your thread a wee bit there, but i knew you'd be the one guy to understand, our trading methods are so similar
no, please do!
rathcoole_exile
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it's also a hats off to captain currency - i've been teaching one guy this week how to trade the 3 ducks, and so i noticed that 1277 was the point where a Stop Sell order would be triggered for the 3 ducks to all line up south having all been pointing north up until the middle of last night
(my night being your day, or more specifically the US daytime, for those people who don't realise i'm in the Far East)
having all been pointing north up until the middle of last night(my night being your day, or more specifically the US daytime, for those people who don't realise i'm in the Far East)
Trade 1: Overnight Point of Control (1291.00)
Sold at 1290.75
Stop at 1293.00
Exit at 1293.00
Gross p/l = -2.25
Agonizing, as it fell short 0.25 from the target! I think this just has to be accepted as part of trading, especially as I'm very keen not to cut the winners short.
Pleasing to see a reaction off the OPOC.
Additional note: A great reaction off the DPP. This is looking like it may be my "bread and butter" trade, a trade with staggered stops and targets. As with cards, the true "edge" lies in the ability to vary the bet size according to the hand or setup dealt.
Sold at 1290.75
Stop at 1293.00
Exit at 1293.00
Gross p/l = -2.25
Agonizing, as it fell short 0.25 from the target! I think this just has to be accepted as part of trading, especially as I'm very keen not to cut the winners short.
Pleasing to see a reaction off the OPOC.
Additional note: A great reaction off the DPP. This is looking like it may be my "bread and butter" trade, a trade with staggered stops and targets. As with cards, the true "edge" lies in the ability to vary the bet size according to the hand or setup dealt.
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Numbers for use August 14th
1382.33 (Weekly R3)
1343.25 (Resistance)
1330.58 (Weekly R2)
1328.75 (Resistance)
1316.75 (Resistance)
1311.42 (Weekly R1)
1310.00 (Resistance)
1284.50 (Daily Point of Control & Daily Pivot Point)
1278.83 (Weekly Pivot Point)
1276.75 (Support)
1259.67 (Weekly S1)
1227.08 (Weekly S2)
1175.33 (Weekly S3)
1382.33 (Weekly R3)
1343.25 (Resistance)
1330.58 (Weekly R2)
1328.75 (Resistance)
1316.75 (Resistance)
1311.42 (Weekly R1)
1310.00 (Resistance)
1284.50 (Daily Point of Control & Daily Pivot Point)
1278.83 (Weekly Pivot Point)
1276.75 (Support)
1259.67 (Weekly S1)
1227.08 (Weekly S2)
1175.33 (Weekly S3)
14th August Trade 1 / End of Day
Trade 1 Daily Pivot Point (1284.50)
Sold at 1283.50
Stop at 1289.00
Exit at 1285.25
Gross p/l = -1.75
Insufficient capacity for next trade, so end of day.
Good clean reaction off the level, indeed suffered a bit of slippage today with the market order entry.
The more I get to see of Points of Control, the less convinced I am. There was a brief stall at the OPOC, but nothing more. The main problem, as I see it, is that the market reacts to the highs and lows of time periods, and unless the last resistance or support was a move out of the POC, the POCs won't correspond to a high or low.
I'm going to return to using only Weekly Pivots, Daily Pivot Point, and MP "New Beginnings" (which sometimes correspond to POCs, but not always). There's nothing worse than using up bullets on a "weaker" setup.
Trade 1 Daily Pivot Point (1284.50)
Sold at 1283.50
Stop at 1289.00
Exit at 1285.25
Gross p/l = -1.75
Insufficient capacity for next trade, so end of day.
Good clean reaction off the level, indeed suffered a bit of slippage today with the market order entry.
The more I get to see of Points of Control, the less convinced I am. There was a brief stall at the OPOC, but nothing more. The main problem, as I see it, is that the market reacts to the highs and lows of time periods, and unless the last resistance or support was a move out of the POC, the POCs won't correspond to a high or low.
I'm going to return to using only Weekly Pivots, Daily Pivot Point, and MP "New Beginnings" (which sometimes correspond to POCs, but not always). There's nothing worse than using up bullets on a "weaker" setup.
rathcoole_exile
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deMark
Joey,
i've been investigating deMark pivots as well as camarilla, in addition to the standard floor trader PPs.
look how well today's action corresponded to deMark.........but, since I was in the pub and didn't have chance to update my charts, these are YESTERDAY'S pivot points !!!!! hmmmmmm................ curiouser and curiouser .....
(dashed upper and lower lines are deMark Hi & LO, dotted line is deMark Pivot Point..)
Joey,
i've been investigating deMark pivots as well as camarilla, in addition to the standard floor trader PPs.
look how well today's action corresponded to deMark.........but, since I was in the pub and didn't have chance to update my charts, these are YESTERDAY'S pivot points !!!!! hmmmmmm................ curiouser and curiouser .....
(dashed upper and lower lines are deMark Hi & LO, dotted line is deMark Pivot Point..)
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Vaco
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rath, joey
u guys ever tried using rolling pivots where you put 3/5 candles together and do the calculations on the group candle 1 been the open and last been the close, high/low been the top and bottom of the group.
Would also like to know what you guys do to filter down which reversal trades to take and which to leave alone. If its ok with you joey i can post charts. Seeing as the 3 of us are all working around pivot points it might be better to put all our ideas into one thread.
u guys ever tried using rolling pivots where you put 3/5 candles together and do the calculations on the group candle 1 been the open and last been the close, high/low been the top and bottom of the group.
Would also like to know what you guys do to filter down which reversal trades to take and which to leave alone. If its ok with you joey i can post charts. Seeing as the 3 of us are all working around pivot points it might be better to put all our ideas into one thread.
rathcoole_exile
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good question, no simple answer.
i just try to bracket my orders whenever possible so I can go long OR short from a particular PP, depending on where price heads to
regarding the rolling pivots, I know that tradethemarkets offer a Rolling Hourly Pivot tool for tradestation.
i've seen it in action and I believe it's quite useful, but I have never added it to my toolbox ...... yet .....
Hi Elefteros,
My first filter is not to trade in the first 30 minutes, on the basis that this is where most of the liquidity is for unfinished business. It's also to do with a lot of economic reports coming out at 9.00am Chicago time.
The second filter is economic reports - not trading before and after, which links into not trading in the first 30 minutes. The other key ones for me are the FOMC interest rate announcement at 1.15pm Chicago time and the FOMC minutes released later on in the month.
No other filters for me as they usually seem to move onside 6 ticks or more, even if they eventually fail.
Please feel free to post - even if my p/l is poor at the moment, I do feel like I'm learning from you guys working in a similar area.
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Number for use August 15th
POCs have been removed again!
1382.33 (Weekly R3)
1343.25 (Resistance)
1330.58 (Weekly R2)
1328.75 (Resistance)
1316.75 (Resistance)
1311.42 (Weekly R1)
1310.00 (Resistance)
1295.25 (Resistance) - has subsequently become support overnight
1289.92 (Daily Pivot Point)
1278.83 (Weekly Pivot Point)
1259.67 (Weekly S1)
1227.08 (Weekly S2)
1175.33 (Weekly S3)
POCs have been removed again!
1382.33 (Weekly R3)
1343.25 (Resistance)
1330.58 (Weekly R2)
1328.75 (Resistance)
1316.75 (Resistance)
1311.42 (Weekly R1)
1310.00 (Resistance)
1295.25 (Resistance) - has subsequently become support overnight
1289.92 (Daily Pivot Point)
1278.83 (Weekly Pivot Point)
1259.67 (Weekly S1)
1227.08 (Weekly S2)
1175.33 (Weekly S3)
Vaco
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well on the mini dow i look for reversals off the pivots that will result in a 40 to 60 point move. I cant go for 5,6 points as the spread + stop losss will kill me. (4 point spread when spread betting.
untill i can figure out a way of filtering out some of the losing trades i'm not gonna be able to trade them. the lines on the charts were all drawn at the start of each hour, broken lines are points that if crossed i will only take a trade in that direction full lines are where i look for the reversal.
untill i can figure out a way of filtering out some of the losing trades i'm not gonna be able to trade them. the lines on the charts were all drawn at the start of each hour, broken lines are points that if crossed i will only take a trade in that direction full lines are where i look for the reversal.
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How about changing to a 5-minute or 15-minute chart, waiting for the first candle which closes beyond the pivot, and then pulling the trigger if the market retraces to the pivot in the subsequent 1 or 2 candles only? They won't always retrace, in which case forget it.
You mentioned in your journal picking a direction for the day. I think this will help. I've decided to always be short, but an alternative is to plot the moving average of the last 3 or 5 days Central Pivot Point and if the latest PP is above it have a long bias, otherwise have a short one.
Garry,
That deMark PP looks VERY interesting. The Overnight Low is 1292.75 - almost the deMark PP to the exact tick! Trading at 1300.00 now.
Cheers,
Joey
Best Ever Daytrade!
Writing a post this morning, I realized I effectively had a phobia about going long. I've also decided to implement my scaling out strategy. Anyway, this is the result - I can barely contain my excitement as it contains all the elements I've learnt since posting in this journal (mainly rathcoole_exile)
Trade 1 Buying Daily Pivot Point (1289.92)
Planned trade was:
Buy 3 lots: 1290.50, Market-if-touched
Stop: 1288.50
Target 1: 1293.50
Target 2: 1295.00
Target 3: runner
The result was:
Bought 3 @ 1291.00
Sold 1: 1293.75 = +2.75
Sold 1: 1295.00 = +4.00
Sold 1: 1301.25 = +10.25
Gross p/l = +17.00!
It's probably premature excitement, but I'm going to enjoy it.:clap:
Writing a post this morning, I realized I effectively had a phobia about going long. I've also decided to implement my scaling out strategy. Anyway, this is the result - I can barely contain my excitement as it contains all the elements I've learnt since posting in this journal (mainly rathcoole_exile)
Trade 1 Buying Daily Pivot Point (1289.92)
Planned trade was:
Buy 3 lots: 1290.50, Market-if-touched
Stop: 1288.50
Target 1: 1293.50
Target 2: 1295.00
Target 3: runner
The result was:
Bought 3 @ 1291.00
Sold 1: 1293.75 = +2.75
Sold 1: 1295.00 = +4.00
Sold 1: 1301.25 = +10.25
Gross p/l = +17.00!
It's probably premature excitement, but I'm going to enjoy it.:clap:
rathcoole_exile
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great well done, happy for you !!
i had to spend the nite trawling thru go-go bars so missed trading tonite ....
you know what i'd rather be doing ..... yeah right ....
i had to spend the nite trawling thru go-go bars so missed trading tonite ....
you know what i'd rather be doing ..... yeah right ....
yellowlion
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Congratulations on your best ever daytrade Joey.
Milestones should always be celebrated!arty:
So should go-go girls. :innocent:
Milestones should always be celebrated!
arty:So should go-go girls. :innocent:
Weekly Pivots
Weekly High = 1313.50
Weekly Close = 1299.75
Weekly Low = 1274.50
Weekly Pivot Point = 1295.92, Weekly Range = 39
Weekly R3 = 1373.92
Weekly R2 = 1334.92
Weekly R1 = 1317.33
Weekly PP = 1295.92
Weekly S1 = 1278.33
Weekly S2 = 1256.92
Weekly S3 = 1217.92
Weekly High = 1313.50
Weekly Close = 1299.75
Weekly Low = 1274.50
Weekly Pivot Point = 1295.92, Weekly Range = 39
Weekly R3 = 1373.92
Weekly R2 = 1334.92
Weekly R1 = 1317.33
Weekly PP = 1295.92
Weekly S1 = 1278.33
Weekly S2 = 1256.92
Weekly S3 = 1217.92
Numbers for use August 18th
1373.92 (Weekly R3)
1343.25 (Resistance)
1334.92 (Weekly R2)
1328.75 (Resistance)
1317.33 (Weekly R1)
1316.75 (Resistance)
1310.00 (Resistance)
1297.58 (Daily Pivot Point)
1295.92 (Weekly Pivot Point)
1278.33 (Weekly S1)
1256.92 (Weekly S2)
1217.92 (Weekly S3)
There is a slight change of emphasis to reflect in bold-type those levels I anticipate using as entry levels in the day timeframe. Others may be added as an overnight session draws to a close.
Using the levels in conjunction with each other appears to throw up a few attractive possibilities: an aggressive day timeframe entry which "leans" on a level from the week timeframe for stop placement. For example, buying 1297.58 whilst leaning on 1295.92 or selling 1316.75 whilst leaning on 1317.33.
In addition some of the entry levels are confluent with other methods. For example, I'm interested in shorting 1310.00. In this region is also 1309.58 (Daily R2) and 1309.92 (61.8% Fibonacci extension of Friday's range).
All very discretionary, but that's what appeals to me.
1373.92 (Weekly R3)
1343.25 (Resistance)
1334.92 (Weekly R2)
1328.75 (Resistance)
1317.33 (Weekly R1)
1316.75 (Resistance)
1310.00 (Resistance)
1297.58 (Daily Pivot Point)
1295.92 (Weekly Pivot Point)
1278.33 (Weekly S1)
1256.92 (Weekly S2)
1217.92 (Weekly S3)
There is a slight change of emphasis to reflect in bold-type those levels I anticipate using as entry levels in the day timeframe. Others may be added as an overnight session draws to a close.
Using the levels in conjunction with each other appears to throw up a few attractive possibilities: an aggressive day timeframe entry which "leans" on a level from the week timeframe for stop placement. For example, buying 1297.58 whilst leaning on 1295.92 or selling 1316.75 whilst leaning on 1317.33.
In addition some of the entry levels are confluent with other methods. For example, I'm interested in shorting 1310.00. In this region is also 1309.58 (Daily R2) and 1309.92 (61.8% Fibonacci extension of Friday's range).
All very discretionary, but that's what appeals to me.
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