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Pivot Point Strategy
If you are scalping or day trading and use time frames under 4 hour, 1 hour, 15 minutes- then try this all pivot point strategy for one week.
Example chart is on a one hour time frame of GBPCAD.
Add:
Daily pivot points (RED line on chart)
Weekly pivot points (WHITE line on chart)
& Monthly pivot points (BLUE line on chart)
on your charts only (three sets of pivot points).
You can add trend lines, Elliot waves, fib ret etc... as needed overlaying charts when you are trading.
You could have had an easy three trades (two sells and one buy) on Fridays price action related to this pivot point strategy. Rules: if price action has stopped by one of these pivot points, set up either a breakout trade, or reversal of trend trade if an Harami, Engulfing or Pinbar pattern presents its self. Trading the pivot point strategy is great in-between Tokyo end of session to London end of session (12 hours). If two pivot point lines are close: like daily and weekly this area is stronger and harder for price action to break thru, if a weekly and monthly are close together this area is very strong and hard for PA to get thru.
Look what happened on chart example with price action around daily, weekly and monthly pivot points--- you can trade only these when scalping or day trading, please do some back testing on this... you will be very surprised by the positive results.
Example chart is on a one hour time frame of GBPCAD.
Add:
Daily pivot points (RED line on chart)
Weekly pivot points (WHITE line on chart)
& Monthly pivot points (BLUE line on chart)
on your charts only (three sets of pivot points).
You can add trend lines, Elliot waves, fib ret etc... as needed overlaying charts when you are trading.
You could have had an easy three trades (two sells and one buy) on Fridays price action related to this pivot point strategy. Rules: if price action has stopped by one of these pivot points, set up either a breakout trade, or reversal of trend trade if an Harami, Engulfing or Pinbar pattern presents its self. Trading the pivot point strategy is great in-between Tokyo end of session to London end of session (12 hours). If two pivot point lines are close: like daily and weekly this area is stronger and harder for price action to break thru, if a weekly and monthly are close together this area is very strong and hard for PA to get thru.
Look what happened on chart example with price action around daily, weekly and monthly pivot points--- you can trade only these when scalping or day trading, please do some back testing on this... you will be very surprised by the positive results.
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