Failed: Thought this was a short setup following the news. 
I'd like to see this strike move without any hesitation or pullback, so got out for a small loss. It may continue but the decision was to preserve my capital.
- #642
- Nov 27, 2024 1:09pm Nov 27, 2024 1:09pm
- Joined Oct 2014 | Status: Cooking | 1,483 Posts
M15 is the best TF for intraday trading so following the trend we can see price broke above the red line and attempted to break the next structural low (turned into resistance) which it failed to do.
Although on the 4HR it is still a downtrend, so intra day I will look at the M15 levels.
Using a fib from the low that broke the RED high price has pulled back to the 70.5 level on the fib and is basically consolidating (waiting for Asia most likely)
I have marked the possible scenarios that I am looking at.
Price could break the high or low and then pullback to a fib level if momentum isn't there (in yellow).
If there is momentum then it could just break and retest (in red).
We'll see what happens from here
Although on the 4HR it is still a downtrend, so intra day I will look at the M15 levels.
Using a fib from the low that broke the RED high price has pulled back to the 70.5 level on the fib and is basically consolidating (waiting for Asia most likely)
I have marked the possible scenarios that I am looking at.
Price could break the high or low and then pullback to a fib level if momentum isn't there (in yellow).
If there is momentum then it could just break and retest (in red).
We'll see what happens from here
You can lead a horse to water, but you can't make it drink
- #643
- Nov 27, 2024 1:39pm Nov 27, 2024 1:39pm
- Joined Oct 2014 | Status: Cooking | 1,483 Posts
You can lead a horse to water, but you can't make it drink
Excellent thread xkwisit! Thank you for your effort to explain everything to us. Can't wait to try the indicator on past data. I have a question: How does the indicator behave on a higher time frame's compared to a lower one's? I will definitely test it myself as I don't trade anything below H1 (mostly D1 for bias, H4 for entry), but I'm wondering has anyone had success with higher tf's?
All you touch and all you see, is all your life will ever be.
- #650
- Nov 28, 2024 4:53am Nov 28, 2024 4:53am
- Joined Oct 2014 | Status: Cooking | 1,483 Posts
You can lead a horse to water, but you can't make it drink
- #651
- Edited 6:44am Nov 28, 2024 5:34am | Edited 6:44am
- Joined Oct 2014 | Status: Cooking | 1,483 Posts
Good Morning/Afternoon/Evening guys 
I am going to share something that I am considering doing. Over the past few years I have always pretty much had the same days where I can take profit and come back again tomorrow.
However, I am feeling that I might get more out of my system with less entries and stress if I start following the monthly pivot levels and pretty much swing trade from the M1.
You can also do this using the Weekly Pivot levels which also work great!
Here is the plan, use the monthly pivot levels and trade nova in the direction of the trend away from the pivot level.
This is an example for this week from the 24th:
13 hour ish trade from entry to TP
See the annotations
Then the target would be the next Monthly S38 pivot level below which hit with 13 hours.
STRESS FREE Trading and only 1 or 2 entries max.
Yes sometimes price can come back to the pivot level but then you just set to break even and only focus on entering from the pivot with nova as its the best place to enter.
Attached is the pivot indicator for MT4
Sometimes the MT4 Monthly Pivots don't match the TV version - I personally would use the TV pivots and mark them on MT4 if this is the case.
Click this for the pivot indicator on TV
Note: for the TV indicator You need to type in either Daily, Weekly, Monthly in the settings to change them.
Also, the monthly doesn't show on the 1M chart so it is a good idea to mark each pivot with a ray line and lock it on the chart. This helps if you don't have TV subscription as well because you can then remove the pivot indicator.
This for me could be a gamechanger as it'll make my average R:R insane & I won't have to monitor the charts all the time.
All I will need to do now is set alerts at the pivot levels and then jump on my computer when needed.
I am going to share something that I am considering doing. Over the past few years I have always pretty much had the same days where I can take profit and come back again tomorrow.
However, I am feeling that I might get more out of my system with less entries and stress if I start following the monthly pivot levels and pretty much swing trade from the M1.
You can also do this using the Weekly Pivot levels which also work great!
Here is the plan, use the monthly pivot levels and trade nova in the direction of the trend away from the pivot level.
This is an example for this week from the 24th:
13 hour ish trade from entry to TP
See the annotations
Then the target would be the next Monthly S38 pivot level below which hit with 13 hours.
STRESS FREE Trading and only 1 or 2 entries max.
Yes sometimes price can come back to the pivot level but then you just set to break even and only focus on entering from the pivot with nova as its the best place to enter.
Attached is the pivot indicator for MT4
Sometimes the MT4 Monthly Pivots don't match the TV version - I personally would use the TV pivots and mark them on MT4 if this is the case.
Click this for the pivot indicator on TV
Note: for the TV indicator You need to type in either Daily, Weekly, Monthly in the settings to change them.
Also, the monthly doesn't show on the 1M chart so it is a good idea to mark each pivot with a ray line and lock it on the chart. This helps if you don't have TV subscription as well because you can then remove the pivot indicator.
This for me could be a gamechanger as it'll make my average R:R insane & I won't have to monitor the charts all the time.
All I will need to do now is set alerts at the pivot levels and then jump on my computer when needed.
You can lead a horse to water, but you can't make it drink
Good Morning/Afternoon/Evening guys
- #653
- Nov 28, 2024 7:14am Nov 28, 2024 7:14am
- Joined Oct 2014 | Status: Cooking | 1,483 Posts
{quote} Great idea, planing to implement it in my system and give it a go using weekly pivot points(tho I like scalping and I won't stop doing it). The only question remaining is when to move stop loss to break even?
But this will give me way more time and hitting 30R even in 1 week is actually insane.
I would set to break even at a 1:1 or something... will test this out. Depends on the trend (emas). If I get stopped out at BE ill then wait for another entry and try the same thing again.
If taking these trades on the 1HR you'll be waiting all week just to get 1:2 or 1:3 which is why I scalp the 1M but I am really liking the prospect of using the 1M chart to trade away from the pivot points now.
Also, you can change the pivots to daily and trade them daily instead
You can lead a horse to water, but you can't make it drink
- #654
- Nov 28, 2024 7:20am Nov 28, 2024 7:20am
- Joined Oct 2017 | Status: Trader | 1,000 Posts
Anything above the line is an uptrend, below the line is a downtrend.
- #656
- Nov 28, 2024 7:31am Nov 28, 2024 7:31am
- Joined Oct 2014 | Status: Cooking | 1,483 Posts
{quote} Can you make a daily pivot point example?
15R this would be from the 2nd nova signal above the pivot.
The first nova signal was a 5R trade.
I marked it on the chart below.
The pivot levels give you a good place to TP.
You can lead a horse to water, but you can't make it drink
- #658
- Nov 28, 2024 7:33am Nov 28, 2024 7:33am
- Joined Oct 2014 | Status: Cooking | 1,483 Posts
You can lead a horse to water, but you can't make it drink
- #660
- Nov 28, 2024 7:36am Nov 28, 2024 7:36am
- Joined Oct 2014 | Status: Cooking | 1,483 Posts
You can lead a horse to water, but you can't make it drink