The Pivot Net Revisited (Weekly Pivot Ne)
Hello everyone. I thought I'd republish a version of my system since the current version leaves me with too much time between transactions.
I have no doubt that this lead will eventually get buried because the trades are so far apart from each other that inexperienced scalpers are impatient. In my experience, it is those traders who help my system make money.
here...
It's called the Weekly Pivot Network.
I trade two pairs. GJ and UJ. (The risk is 1:1.5 and 1=1%)
Here are the nuts and bolts...
This is a straddle system. Once a transaction is triggered, the opposite transaction is canceled. per pair.
I identify the pivot point for next week. (Using actionforex's weekly pivot points will do the trick).
R1 and S1 are entries, R2 and S2 are TPs.
To calculate SL, measure the distance from R1 to R2 (and S1 to S2) and multiply that number by 0.667 to get the distance to the stop. This is an important part of ensuring risk 1:1.5
That's it, guys. It's logic-based and worked well last year. I also admit that I did not document this method in detail last year (2008). I say this just to avoid relevant questions. But 2009 does have very detailed results.
Two more quick tips…
1) Once PA moves to TP 1/2 distance, I move my stop to BE.
2) I have done quite a bit of backtesting on many other currency pairs and they have not performed as well as GJ and UJ. Feel free to backtest it yourself and if you find this to be untrue or find a pair I haven't tested, please share it with the rest of us.
I have no doubt that this lead will eventually get buried because the trades are so far apart from each other that inexperienced scalpers are impatient. In my experience, it is those traders who help my system make money.
here...
It's called the Weekly Pivot Network.
I trade two pairs. GJ and UJ. (The risk is 1:1.5 and 1=1%)
Here are the nuts and bolts...
This is a straddle system. Once a transaction is triggered, the opposite transaction is canceled. per pair.
I identify the pivot point for next week. (Using actionforex's weekly pivot points will do the trick).
R1 and S1 are entries, R2 and S2 are TPs.
To calculate SL, measure the distance from R1 to R2 (and S1 to S2) and multiply that number by 0.667 to get the distance to the stop. This is an important part of ensuring risk 1:1.5
That's it, guys. It's logic-based and worked well last year. I also admit that I did not document this method in detail last year (2008). I say this just to avoid relevant questions. But 2009 does have very detailed results.
Two more quick tips…
1) Once PA moves to TP 1/2 distance, I move my stop to BE.
2) I have done quite a bit of backtesting on many other currency pairs and they have not performed as well as GJ and UJ. Feel free to backtest it yourself and if you find this to be untrue or find a pair I haven't tested, please share it with the rest of us.
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