Webring - Forex
Forex Pivot Point Trading
Today I’d like to discuss a forex trading system that we use regularly in our Group Traders Chatroom
This is a system that we use daily and is pretty low risk and the risk/reward ratio is excellent. It is based on the daily pivot points which we add to our charts, you can either get the indicator for Metaquotes charting or you can use the pivots calculated here Mataf.net pivot points.
The idea ia that the currencies tend to hit these points and and the retrace from them, they are particularly powerfull when a trend is presnt and the pivot point coincides with other support/resistance points, such as Fibonacci numbers, prior day high/low and strongg trend lines. In any event it is almost always possible to make something of these points even if only 10 pips. The strongest points are S1, S2, S3 and R1, R2 and R3. The daily pivot point itself can be an area of some noise as trader jockey for positions around it and the M points are weaker but worth observing. This trading system is easy too understand and many pit traders use it so it’s a case of self fulfilled prophecy and worth observing. In the video below I show how it works, please check it out and feel free to ask and/or comment. Just to remind you that I am a great believer in full focus and concentration and I always meditate for an hour prior to starting my trading day, this has improved my results dramatically, please check previous posts for references.
I am writing this on May 08 in the London morning as we have the Canadian Employment and US employment figures later and the market tend to be choppy prior to the announcements. So watch out for the figures later and expect some volatility. This video was published on May 01 and if you’ve already seen it, perhaps watch it again on the light of the trading system described above. If you have any questions about the set up or need to find the MT4 indicators I use, please leave a comment with your email address and I’ll get back to you.
Have a mega day GT
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Ugh, I liked! So clear and positively.
Zoran
Great site – good information about forex
Trading robots can bring in HUGE profits, only if its a good one. That is the secret, finding a robot that actually has proven success.
Logan Daily
This post is really great!
this gives more knowledge about forex trading.This also helps in making better strategies in order to make more profits in this kind of business.
Thank You I’m glad you found it useful. More to follow soon
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Hi Mark,
Thank you for sharing your trading system or rather your trading philosophy with me.
I have stopped looking for a Holy Grail long time ago (if there was one, somebody would have found it by now).
I am a semi retired computer consultant, living in Brisbane and have been trading FX for the last couple of years.
I have watched your videos and came to the similar conclusion as you have.
To be a successful Forex trader one has to find an approach to trading that suits one’s personality – your trading style suits my.
To quote Sun Tzu: “All men can see these tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved.”
I would appreciate if you would send me the indicators and the parameters you use in your Sun Tzu’s trading plan.
Also, is it OK if I send you an email with questions to further clarify and discus the Pivot Point trading?
PS My reply to the email address info@tradeconscious.com has been returned as recipients was rejected by a remote mail server.
Thank you.
With regards,
Bob Mill
Hi Bob,
Sorry I had a problem with the email, moved the blog to a new host and had a loads of kerfuffle. (Good job I used to be a programmer
. The main indicators I use are the Bollinger bands, and 10 ema for the scalps. For the pivots I will send you the indicator.
Cheers
Mark
[...] beauty about scalping the Euro is that if you take it from one of the pivots (See here ==> Pivot point system) a cheap scalp with a stop of no more that 6 pips can turn into a 30-50 pip [...]
What is the secret to successful forex trading? A complete newbie to forex trading, I am having difficulties figuring out where to look for information, but also what exactly to look for. Commodities? Bank quarterly results?
There is no secret, you will find in this blog all the methods I use and have been using for many years to make a very good living. I day trade mostly but also sell credit spreads when I see an opportunity (that requires a deep understanding of options). But, for day trading you should find what you need here. The rest is psychology and for that I recommend http://tradeconscious.com/gfo and Mark Douglas’s “Trading in the Zone”. GL GT