5# System Pivot Forex Strategy
Submit by Janustrader 14/04/ 2011
Time Frame: 5 Min
Currency Pairs: Majors
Indicator:Pivot Points
Strategy
Long Trades (see example below)
1) The currency price must trade in the vicinity of the oversold S1 or S2 support level.
2) Price isn't able to close below S1 or S2 (otherwise skip the trade).
3) Wait for the price to develop a bullish bias in the vicinity of S1 or S2
4) Now go long according to the bullish pattern's trading rules and place stop accordingly.
5) Target Profit five pips before the Pivot level
The EUR Dollar was not able to close below support1 (S1) on the chart. You could easily draw a falling trend line and wait for the price to close above the trend line, thus creating a bullish bias. This created a long trade entry at 1.4415 with stop loss 1,4395. and TP 1,4449.
Short Trades
1) The currency price must trade in the vicinity of the overbought R1 or R2 resistance level.
2) The price isn't able to close above R1 or R2 (otherwise skip the trade).
3) Wait for the price to develop a bearish bias in the vicinity of R1 or R2
4) Go short according to the bearish pattern's trading rules and place stop accordingly.
5) Target Profit.
The EUR Dollar was not able to close above the resistance (R1) on the chart. You could easily draw a falling trend line and wait for the price to close below the trend line, thus creating a bearish bias. This created a short trade entry at 1.4491 with stop loss 1,4504. and TP 1,4458.
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Terry (Thursday, 06 August 2015 21:08)
This strategy ties in sooooo well with human behavior in the markets, pivots are of course used by the big players, I am VERY excited about this strategy. I am going to write an EA this weekend based on this strategy and tie in some solid risk management principles. If you are interested to see how well it backtests just let me know - terry4715@gmail.com
Thank you for providing this little piece to my puzzle, I am convinced this will pull in BIG monthly returns.
Best,
Terry