Using Pivot Points for Market Ideas

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BambinoFlex
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Using Pivot Points for Market Ideas

Postby BambinoFlex » Thu Feb 17, 2022 4:08 pm

Hi,

I want to share what I've learned so far using pivots and how I develop different ideas. I would also like the input from the Kreslik community so that I can continue improving and also to see the downfalls of relying on pivots. Maybe I miss certain setups that you know of but that my reliance on pivots doesn't let me "see" that specific idea.

By Pivots I'm referring to the pivot points. This includes S1, S2, S3, R1, R2, R3 and the Pivot Point as well.

I use the Weekly Pivots, Daily Pivots, and the 4hr Pivots. At times I will look at the Monthly Pivots but I'm not comfortable holding for more than a couple of days since I'm not used to larger corrective swings. Since my focus is finding setups on a consistent basis and growing my account, I have found trading the weekly offers the best results.
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Re: Using Pivot Points for Market Ideas

Postby BambinoFlex » Thu Feb 17, 2022 4:13 pm

I will refer to "more likely" and "less likely" so you understand how my decisions are made.

1. Price is more likely to cross EITHER S1 OR R1. NOT BOTH. Both being crossed is a less likely scenario.
2. If S1 is below previous day low price is more Likely to cross/break that previous low.
3. If R1 is above previous day high, price is more likely to cross/break that previous high.
4. Price is more likely to cross pivot point vs not crossing it.

Apart from Pivots:

1. Price is more likely to break a previous low or high.
2. Price is less likely to break both previous low and high (outside bar) and less likely to not break previous low/high (inside bar).

Quick Note, I'm simply referring to crossing/breaking of these points. Don't get it confused with price closing at or above/below these points.

Also, a big thanks to TRO, I was able to play around with the price analyzer and that's what created all these different ideas.
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Re: Using Pivot Points for Market Ideas

Postby BambinoFlex » Thu Feb 17, 2022 4:34 pm

Here is a setup I took this week. I had the right idea, but I did get stopped out with a small profit. Also to add:

When trading the weekly range. My goal is to BUY below the weekly open and SELL above the weekly open. The goal is to get as much of the weekly range as possible. My first target is the previous week high/low and my second target will be R1/S1. I will not buy or sell on Thursday and Friday expecting a weeks worth of movement to play out. So my trades are normally opened from Monday London - Wednesday London.

NZDCAD

1. R1 is above previous week High. If R1 is above previous high, price is more likely to break previous high (not R1 - hence my two profit objectives).
2. Price is more likely to cross the pivot point and R1/S1.

I will draw what I mean in #2. this is where the range comes in play.

To make it simple, if R1 is greater than previous HIGH, bias is long. S1 below previous low, bias is short. Target is previous high/low with that mentioned bias.
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Re: Using Pivot Points for Market Ideas

Postby BambinoFlex » Thu Feb 17, 2022 11:49 pm

Here is EU with daily pivots. The idea is the same as I shared before. The same "Likely" and "Less Likely" scenarios can be used for all tf pivots. Hence why I use daily and 4hr as well.

Using the daily TF here is how I see and use the pivots. As mentioned regarding the weekly, I look to buy below the open and sell above the open. Normally positions are opened a few hours before London. I will share that idea closer to that Session.
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Re: Using Pivot Points for Market Ideas

Postby LeMercenaire » Fri Feb 18, 2022 12:41 am

BambinoFlex wrote:Hi,

I want to share what I've learned so far using pivots and how I develop different ideas. I would also like the input from the Kreslik community so that I can continue improving and also to see the downfalls of relying on pivots. Maybe I miss certain setups that you know of but that my reliance on pivots doesn't let me "see" that specific idea.

By Pivots I'm referring to the pivot points. This includes S1, S2, S3, R1, R2, R3 and the Pivot Point as well.

I use the Weekly Pivots, Daily Pivots, and the 4hr Pivots. At times I will look at the Monthly Pivots but I'm not comfortable holding for more than a couple of days since I'm not used to larger corrective swings. Since my focus is finding setups on a consistent basis and growing my account, I have found trading the weekly offers the best results.


Good to see this.

You have any thoughts on the specifics of Camarilla v "basic"?

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Re: Using Pivot Points for Market Ideas

Postby BambinoFlex » Fri Feb 18, 2022 2:57 am

LeMercenaire wrote:
BambinoFlex wrote:Hi,

I want to share what I've learned so far using pivots and how I develop different ideas. I would also like the input from the Kreslik community so that I can continue improving and also to see the downfalls of relying on pivots. Maybe I miss certain setups that you know of but that my reliance on pivots doesn't let me "see" that specific idea.

By Pivots I'm referring to the pivot points. This includes S1, S2, S3, R1, R2, R3 and the Pivot Point as well.

I use the Weekly Pivots, Daily Pivots, and the 4hr Pivots. At times I will look at the Monthly Pivots but I'm not comfortable holding for more than a couple of days since I'm not used to larger corrective swings. Since my focus is finding setups on a consistent basis and growing my account, I have found trading the weekly offers the best results.


Good to see this.

You have any thoughts on the specifics of Camarilla v "basic"?



I only used the standard pivots since that is what’s available on the analyzer. I haven’t really looked into camarilla since the standard pivots really provide a comprehensive picture.

With standard pivots, I found that 100% of the time, either S1 or R1 will be outside previous day high/low creating an easy Yes/No scenario. With camarilla, I know the levels change in relation to the pivot so I don’t know if I would be presented with a similar Yes/No option.
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Re: Using Pivot Points for Market Ideas

Postby cheunt3 » Fri Feb 18, 2022 3:44 am

BambinoFlex wrote:Here is EU with daily pivots. The idea is the same as I shared before. The same "Likely" and "Less Likely" scenarios can be used for all tf pivots. Hence why I use daily and 4hr as well.

Using the daily TF here is how I see and use the pivots. As mentioned regarding the weekly, I look to buy below the open and sell above the open. Normally positions are opened a few hours before London. I will share that idea closer to that Session.


The setup seems simple.

How are you entering?

Are you always aiming for daily targets if H1/D? Building position?

Love to see your WL numbers :D
MO "Don't try to predict what will happen next, simply aim to consistently apply your ideas."

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Re: Using Pivot Points for Market Ideas

Postby TheRumpledOne » Fri Feb 18, 2022 4:56 am

TRO001.png
TRO001.png (39.2 KiB) Viewed 717 times


Felt like coding this dashboard indicator. I used Lawgirl's Trend Display. Didn't know what to call it. It will display arrows according to:

Code: Select all

2. If S1 is below previous day low price is more Likely to cross/break that previous low.
3. If R1 is above previous day high, price is more likely to cross/break that previous high.


Have fun!
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!scratch.mq4
(27.82 KiB) Downloaded 29 times
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Re: Using Pivot Points for Market Ideas

Postby BambinoFlex » Fri Feb 18, 2022 5:09 am

cheunt3 wrote:
BambinoFlex wrote:Here is EU with daily pivots. The idea is the same as I shared before. The same "Likely" and "Less Likely" scenarios can be used for all tf pivots. Hence why I use daily and 4hr as well.

Using the daily TF here is how I see and use the pivots. As mentioned regarding the weekly, I look to buy below the open and sell above the open. Normally positions are opened a few hours before London. I will share that idea closer to that Session.


The setup seems simple.

How are you entering?

Are you always aiming for daily targets if H1/D? Building position?

Love to see your WL numbers :D



The idea is simple. Timing, stop loss placement, stacking, etc...is what makes the difference.

Adding to the position really helped me out. As mentioned on the NLA thread, Stacking has the potential of making a 1:2 or a 1:3 trade into a 1:5,1:7. Trade. At the moment I'm debating on using the box method. Reason is I don't fully understand where to place my box. I will chew on the idea and most likely decide on something soon.


**Edited since I realized I didn't answer your questions***

1. If long, I look to enter below the weekly open. This will usually be on a day where price continues making a new weekly low. I use the 1hrZZ mixed in with my daily idea of how far price is likely to go. If the pair has missed the days pivot, I look at it with more attention as well. Next week I will share what I see.

2. I don't aim for daily targets. I build my position once I've entered and the new day has reversed off the weekly low/high. If I'm long, I prefer the new day to have R1 above the previous daily high. Since it's most likely to continue making a higher higher. I will add below the daily open or at the daily pivot point.

3. Winrate is currently 50%-60%. When I lose though, I lose small, when I win, I win big. I'm thinking the box method can help with my winrate and even making my losses smaller.
Last edited by BambinoFlex on Fri Feb 18, 2022 6:34 am, edited 2 times in total.
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Re: Using Pivot Points for Market Ideas

Postby BambinoFlex » Fri Feb 18, 2022 5:16 am

TheRumpledOne wrote:TRO001.png

Felt like coding this dashboard indicator. I used Lawgirl's Trend Display. Didn't know what to call it. It will display arrows according to:

Code: Select all

2. If S1 is below previous day low price is more Likely to cross/break that previous low.
3. If R1 is above previous day high, price is more likely to cross/break that previous high.


Have fun!


Thanks TRO, I actually enjoyed using the BFSR settings on the regular Dashboard. Reason is that I could tell if price had passed R1 or S1.

I can't add the preset file but black means down yellow means up and goldenrod means S1 or R1 have been crossed. I'm red-green color blind so I mess with the colors to help me see it better.
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