Trading Forex using Pivots

Hi all,,

Last post got lost somewhere..

So,,,here was my question

As the US has gone into daylight savings time,,,and 22:00gmt is now 6pm NY time and not 5pm as shown as the change of day on my charts.

The difference for today was small,,but may not be everyday,,,,,using chart it was 1.7939 and using the extra hour it was 1.7932.

Which one would be the correct one.

Regards
John
 
just use your 22.00 GMT time on your charts, regardless of what time it is in the U.S....your first reading is correct!
 
Using pivot points

Hi,
I am new to trading the forex and at this time I am using pivot points in conjunction with Peter Bain's web site www.tradingsmarts.com. Plenty of info for me to start with.
Has anyone used this site? I would be interested in your opinions. Thank's.
 
Peter Bains

Hi Goober,
Many thank's for your reply and direction to moneytec.com. I have read their responses with interest. So far after three weeks I have done ok with his system, but I sincerely believe this is beginners luck and have not taken it too seriously. I will not be buying Peter's course however. Thank's again.
 
FWIW been using pivots on Cable since I re-invented the wheel last January. Also found that often external fibs (161.8 and so on) are handy (sometimes) when the price prints outside the pivot range. However more recently I've taken to rule the screen off every 25 pips. Getting the impression that when pivots and fib lines seem to indicate S/R areas often this could simply be because the lines at that time also coincide more or less with the "round " number of pips (0,25,50,75). Does anyone have a view on that please?
 
Interesting observation Kilnside - I'll check the relevance of the round numbers. IMHO, you can trade any levels successfully with good risk management.

Kilnside said:
FWIW been using pivots on Cable since I re-invented the wheel last January. Also found that often external fibs (161.8 and so on) are handy (sometimes) when the price prints outside the pivot range. However more recently I've taken to rule the screen off every 25 pips. Getting the impression that when pivots and fib lines seem to indicate S/R areas often this could simply be because the lines at that time also coincide more or less with the "round " number of pips (0,25,50,75). Does anyone have a view on that please?
Click to expand...
 
Kilnside said:
FWIW been using pivots on Cable since I re-invented the wheel last January. Also found that often external fibs (161.8 and so on) are handy (sometimes) when the price prints outside the pivot range. However more recently I've taken to rule the screen off every 25 pips. Getting the impression that when pivots and fib lines seem to indicate S/R areas often this could simply be because the lines at that time also coincide more or less with the "round " number of pips (0,25,50,75). Does anyone have a view on that please?
Click to expand...


Hi Kilnside

I have a simple swing strat based on this very principal but trading around the 00's
It has been the bread and butter of my trading for quite some time now

The 00's act imo as psychological support and resistnace and can provide good entries for adding to ore reversing positions.

Happy Trading
NB
 
Goober and NB

Thanks for the replies. Should have added that another reason for ruling the screen off is that I'm spread betting with 9 pips uplift so I really need to see the promise of at least 25 pips to make it worth opening.

Regards
 
Why don't you move to FXCM - only 4 pips spread (5 pips on the mini)?

Its only 1 pip on the futures via Direct Access...

JonnyT
 
TheBramble said:
Why don't you move to FXCM - only 4 pips spread (5 pips on the mini)?
Click to expand...


Hi Bramble. It just suits me for the reasons in "Why Spreadbet". Of the 9 pips 2 or 3 are self inflicted because I choose Controlled Risk and No tax/No bookkeeping squares the circle - when I win. Losing stings more of course but what the hell.

Regards
 
JonnyT said:
Why don't you move to FXCM - only 4 pips spread (5 pips on the mini)?

Its only 1 pip on the futures via Direct Access...

JonnyT
Click to expand...


Hi JonnyT. That's a tougher question. Maybe I'd be tempted to shoot at everything that moves - but there again could I lose at 1 pip? Fear and greed eh?

Regards
 
noises 49,
You mentioned the pivot differenial using ABS. For the simple minded what is ABS? Thanks
 
Pivot Differential using ABS

ZigZag said:
noises 49,
You mentioned the pivot differenial using ABS. For the simple minded what is ABS? Thanks
Click to expand...

Hi Zig,

ABS is short for "abdominals" as is "Washboard Abs" - e.g., Gov Arnold.

(Just Kidding!)

ABS is the "absolute" function which you'll find in any spreadsheet.. It turns negatives positive.

Regards
 
Hi Noises49,,,

Just a question on that Pivot range formula,,,,is it correct,,,gives me a large number.

eg.

Pivot point is 1.7855 , H - 1.7954 , L - 1.7730

Range = H - L = 0.0224, and ( 0.0224/2 = 0.0112

Diff. = ABS ( Pivot - ( daily range/2 )) = ABS ( 1.7855 - 0.0112) = ABS ( 1.7743 ) this cant be right.

What silly thing am I doing wrong.

Regards

John
 
NOISES49,
Thanks for your response. Ive also used pivot points for sometime albeit with other indicators. It is interesting on how other members are showing an interest. I produce my own charts on EXCEL which show the relationship between the close and the pivot point. I intend to show them to any of your followers who are still undecided on the value of pivot points on your thread.. Im reading through the "paste graph" thread but still unable to grasp the process. However will keep trying the options until it comes good.
Regards
 
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