Multi milion dollar fund..
Calculate daily pivots from your brokers previous day's range, Most common time-frame is 5pm est..As most of my colegues use too. Some creative types like 3pm est, actually mgforex resets each day at 3pm est. Thisi will give you an overall Support and resistance range for the current period based on previous days activity. This of itself is not enough.. For those of you that don't exactly like to draw firets... short for fibonacci retraces.
heres the trick that make my trades and saves my tail from over zealous entry/exits. calculate pivots at 4 hour intervals starting from the 8am est mark.. hence: 8am, 12 noon, 4pm, 8pm, 12am, 4 am and again it restarts.. This gives you a dynamic linear rage of support and rsistance based on forward momentum. It amazes me just how many of you retail traders look all over the place actually everywhere but in the price and past range high low price to trade the market.. Do you think standing in the pit I have time or even capability to look at macd shmaked rsi etc???? No.. Price Action creates the ebb/flow. I have a HP scfi calculator programmed with pivot formulation. You get to know price behavior just like you get to know your girlfriends.. boyfriends attitude, responses to behavior. Take this mentality to market and you will find yourself walking with the price. Sentiment is ever on going creation of he thinks she thought Oh **** Here it goes. Oh and dont exactly try to trade everything!!!!! trading the Pound dollar then jumping to the dollar yen is as like trading oil futires then jumping on a microsoft trade. get to know your market like you know your people! for it is merely people that trade! I am sharing this for the burdon of relief,
I partake in this forum to better understand the small spec from the street side. Oh I see you from the pit as an ever losing battle. Trading is more instinc, savy witt and adherence to rules of engagement and disengagement. If you have a single lot at 100k margin or have a 10,000,000 holding at nearly no margin it is no different. of course I have more technique I use that goes along with pivots.. However that is a matter of personal preference, just as each of you have personal attributes that have to be learned not instructed..
Safety First. Don't take aim until you have a real target!!
P.S. for those of you that need a pivot calculator follow the link..
http://www.deltat1.com/Education/too...ot-calculator/
It is fully programmable like what I use in a 300 dollar calculator.. enjoy.
Calculate daily pivots from your brokers previous day's range, Most common time-frame is 5pm est..As most of my colegues use too. Some creative types like 3pm est, actually mgforex resets each day at 3pm est. Thisi will give you an overall Support and resistance range for the current period based on previous days activity. This of itself is not enough.. For those of you that don't exactly like to draw firets... short for fibonacci retraces.
heres the trick that make my trades and saves my tail from over zealous entry/exits. calculate pivots at 4 hour intervals starting from the 8am est mark.. hence: 8am, 12 noon, 4pm, 8pm, 12am, 4 am and again it restarts.. This gives you a dynamic linear rage of support and rsistance based on forward momentum. It amazes me just how many of you retail traders look all over the place actually everywhere but in the price and past range high low price to trade the market.. Do you think standing in the pit I have time or even capability to look at macd shmaked rsi etc???? No.. Price Action creates the ebb/flow. I have a HP scfi calculator programmed with pivot formulation. You get to know price behavior just like you get to know your girlfriends.. boyfriends attitude, responses to behavior. Take this mentality to market and you will find yourself walking with the price. Sentiment is ever on going creation of he thinks she thought Oh **** Here it goes. Oh and dont exactly try to trade everything!!!!! trading the Pound dollar then jumping to the dollar yen is as like trading oil futires then jumping on a microsoft trade. get to know your market like you know your people! for it is merely people that trade! I am sharing this for the burdon of relief,
I partake in this forum to better understand the small spec from the street side. Oh I see you from the pit as an ever losing battle. Trading is more instinc, savy witt and adherence to rules of engagement and disengagement. If you have a single lot at 100k margin or have a 10,000,000 holding at nearly no margin it is no different. of course I have more technique I use that goes along with pivots.. However that is a matter of personal preference, just as each of you have personal attributes that have to be learned not instructed..
Safety First. Don't take aim until you have a real target!!
P.S. for those of you that need a pivot calculator follow the link..
http://www.deltat1.com/Education/too...ot-calculator/
It is fully programmable like what I use in a 300 dollar calculator.. enjoy.
"Look Left Think Right"