525# Pivots, Trend Following Forex System
Pivots daily and pivots weekly
Submit by Mario 17/12/2013
Pivots, Trend Following Forex System it's based on pivots daily and pivots weekly.
Role Of Daily Pivots. Daily pivots should be treated as MINOR support and resistance. Minor resistance, during an up trend, and minor support, during a down trend, are more likely to break than hold. Conversely, minor support, during an up trend, and minor resistance, during a down trend, is more likely to hold than break. Therefore, daily pivot levels are best used to identify entry levels and for stop placement. Other important roles of the daily pivot levels are to confirm the strength and direction of the trend.
Role Of Weekly Pivots. Weekly pivots act as INTERMEDIARY support and resistance. Intermediate price moves exist within each major trend and the weekly levels help identify the extremities where the price moves "swing" back in the opposite direction. The initial levels of weekly support and resistance, S1 and R1, are often broken and this helps confirm the direction and strength of the swing in line with the current trend.
Time Frame h1
Markets any: example currency pairs (EUR/USD, GBP/USD, AUD/USD, USD/CHF, NZ/USD, AUD/JPY, GBP/JPY...) Metals (Gold and Silver), Indicies and Stocks.
Rules Pivots, Trend Following Forex System
Trades only in direction of the trend.
We have a Trend up when the price is above the CC direction current time frame and, cc direction higher time frame, we have also the block of the pivots levels below the price .(Buy trades)
We have a Trend down when the price is below the CC direction current time frame and, cc direction higher time frame, we have also the block of the pivots levels above the price . (Sell trades)
We have a flat trend when the price is between CC direction current time frame or cc direction higher and block of the pivots levels. (do not trades).
Exit position at the pivots levels or at the end of the day.
Place initial stop loss, above (for sell), below (for buy) the cc direction higher time
Note: When run indicators remember to enable dll import.