I have taken some trades on Eurcad which is in a downtrend. The settings I am trying as per the pivot Indi is Day calculation Last 24 Hrs. Week calculation last 120 Hrs, month calculation last 480 Hrs. No sweat as I am testing this on demo Lets see how she goes.
Cheers
Leon
You do not have the required permissions to view the files attached to this post.
Be careful with the last 24, 120 and 480 hour setting. The pivot point will be calculated at the end of each hour candle and reset at a different level. So what was a downtrend during one 1-hour period could quickly become consolidation or a downtrend in a second 1-hour period, especially the daily pivot.
Be careful with the last 24, 120 and 480 hour setting. The pivot point will be calculated at the end of each hour candle and reset at a different level. So what was a downtrend during one 1-hour period could quickly become consolidation or a downtrend in a second 1-hour period, especially the daily pivot.
Cheers
Hi Pakeha and Leon.
You are completely right. Screwing the calculation down to the H1 timeframe can give you a new situation every hour. So you will have to be observant and modify your trades when this happens. On the other hand, using the previous candle in every timeframe might give you a picture that is obsolete. And then heavily changes with a new candle appearing. As with any indicator. Might be the solution is the middle. I personally tend to Last4Weeks, Last5Days and PreviousDay.
Anyway, I see clearly that some sort of alert for a changed trend situation would be a good thing. I will gonna add this. What do you think?
Happy pippin, Thomas
It ain't what you don't know that gets you into trouble.
It's what you know for sure that just ain't so. (Mark Twain)
Yeas, an alert would be nice. Like you I use Last4Weeks, Last5Days and PreviousDay
Another option I have seen discussed is a session pivot.
It basically uses a rolling 8-hour pivot Asia-Pacific, London and New York as a way to determine the balance of power (buy vs sell) for each session. (e.g. use the London session price action to determine the NY pivot).
I have never used a session pivot myself, but it looks interesting.
Yeas, an alert would be nice. Like you I use Last4Weeks, Last5Days and PreviousDay
Another option I have seen discussed is a session pivot.
It basically uses a rolling 8-hour pivot Asia-Pacific, London and New York as a way to determine the balance of power (buy vs sell) for each session. (e.g. use the London session price action to determine the NY pivot).
I have never used a session pivot myself, but it looks interesting.
Interesting, indeed.
Lets see if I get this right. Say we have a true 5 day candle broker. The pivots would be those for the timespans from 0:00 to 8:00, from 8:00 to 16:00 and from 16:00 to 00:00. Not exactly the sessions, but a proxy and easy to calculate. Is that what you meant?
Happy pippin, Thomas
It ain't what you don't know that gets you into trouble.
It's what you know for sure that just ain't so. (Mark Twain)
Yeas, an alert would be nice. Like you I use Last4Weeks, Last5Days and PreviousDay
Another option I have seen discussed is a session pivot.
It basically uses a rolling 8-hour pivot Asia-Pacific, London and New York as a way to determine the balance of power (buy vs sell) for each session. (e.g. use the London session price action to determine the NY pivot).
I have never used a session pivot myself, but it looks interesting.
tomele wrote:Great idea, those H8 candles.
I will add it to the next version. Crapperquotes should have this as a standard, but they are troglodytes as we all know.
Thanks for pointing me in the right direction I now have control calculations as - previous day, last 5 Days and Last 4 weeks. This could be the way forward in my manual trading.
You do not have the required permissions to view the files attached to this post.
Lets see how she goes.
