Ok, so here is my system. Scalp the pivot points on the ES, and only the ES. Use the trading hours only pivot points. Do not trade in the first 5 minutes of the day or the last 30 minutes. Fade the pivot level on the first contact only. If the pivot was traded in the first 5 minutes it can't be used again. If the pivot is front run by a tick or two and reacts by more than than 8 ticks, the trade is disqualified. One indicator can be used to disqualify trades, and that is the Fast Stoch on the 5 minute chart, it must be in oversold or overbought when moving into the pivot point depending on if you are going long or short. If this needs explanation you shouldn't be trading. Ok so here is the controversial part of my system that will send the dogmatic sheep of trading gurus screaming. Use a 3 point stop and a 1 point target. Now test this on your charts and go do the math and see the bottom line profitability. Pivot Points have to be the most high probability levels that can be used. Trend lines, fib levels, and cross overs will get you killed. If you are a scalper, check the pivot points and devise your system to take advantage off the high probability reaction that is almost always generated by price trading the pivot level on the first contact. Good luck trading.
rathcoole_exile
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Dan, when you have a mo, check out my journal, ES Tonight, which is based solely on PP triggers.
Good luck
Good luck
I mean the pivot points should be calculated using the High, Low, and Close from the previous' day's trading session between 9:30 AM EST and 4:15 PM EST. The 24 hour pivot points do work, but not as consistently as the "trading hours" pivot points.
Hi dancorcal how r u. like your system. when you say If the pivot is front run by a tick or two and reacts by more than than 8 ticks, the trade is disqualified.do you mean if it goes past the pivot by 8 ticks and what setting do you use for the fast stochastic.thanks
ahan
ahan
focusonmoney
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3 point stop and 1 point target? Did you back test this strat? I'm not saying that your strat isn't profitable but the risk reward is not very attractive...
How much signals do you usually get a day?
How much signals do you usually get a day?
I guess I should update this thread. I no longer trade this system exclusively. My current system is a day trading system that takes about 1 trade a day. Here are the results...Actually just went live today with it. High hopes... We will see
