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https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=562		 Page 20 of 36
Author:  charlesk [ Tue Jun 12, 2012 4:33 am ]
Post subject:  Re: 10.2 forum
nanningbob wrote:Here is where I like this look S1/R1 wheat color, S2/R2 white. The screen looks neat and clean and easy to trade those three main pivot lines with profit lines lightly shown in the back. You can see my sell pending below S1 and the previous swing low. 190 pips to S2, go go go baby.

Hi Bob

Can you or someone advise me how to bring in the S1 S2 like you have in this chart.

Great work again on this. Many thanks for your tireless work.

Charles

Edit I tried to change the colours in the inputs and the colour tab to no avail.
Author:  nanningbob [ Tue Jun 12, 2012 4:49 am ]
Post subject:  Re: 10.2 forum
charlesk wrote:
nanningbob wrote:Here is where I like this look S1/R1 wheat color, S2/R2 white. The screen looks neat and clean and easy to trade those three main pivot lines with profit lines lightly shown in the back. You can see my sell pending below S1 and the previous swing low. 190 pips to S2, go go go baby.

Hi Bob

Can you or someone advise me how to bring in the S1 S2 like you have in this chart.

Great work again on this. Many thanks for your tireless work.

Charles

Edit I tried to change the colours in the inputs and the colour tab to no avail.
Take the weekly pivot only off your screen and put the 10.2 weekly pivots S1.R1 on your screen and change the colors. If that doesnt work I can post my test template and you can just use it.
Author:  NeoTrader [ Tue Jun 12, 2012 4:49 am ]
Post subject:  Re: 10.2 forum
My Pivots on EURUSD are 1.2532 it also lines up with another pivot ind i have.

happy trading
Author:  charlesk [ Tue Jun 12, 2012 5:04 am ]
Post subject:  Re: 10.2 forum
nanningbob wrote:
charlesk wrote:
nanningbob wrote:Here is where I like this look S1/R1 wheat color, S2/R2 white. The screen looks neat and clean and easy to trade those three main pivot lines with profit lines lightly shown in the back. You can see my sell pending below S1 and the previous swing low. 190 pips to S2, go go go baby.

Hi Bob

Can you or someone advise me how to bring in the S1 S2 like you have in this chart.

Great work again on this. Many thanks for your tireless work.

Charles

Edit I tried to change the colours in the inputs and the colour tab to no avail.
Take the weekly pivot only off your screen and put the 10.2 weekly pivots S1.R1 on your screen and change the colors. If that doesnt work I can post my test template and you can just use it.

Got it Bob. Many thanks
Author:  nanningbob [ Tue Jun 12, 2012 5:04 am ]
Post subject:  Re: 10.2 forum
monkeh wrote:my pivots are way different:
:o
I tried eyeballing your chart with mine. Except that mine updated for the Monday gap the rest seem about the same. In other words your Tues. pivot and my Tues pivot today look about the same and the previous weeks pivots look about the same. Again it seems with Cowboy IBFX USA I get my pivot line updated after the gap with the Monday open. I get 2 or 3 hours of trading time on Sunday and then when 8PM EST hits it resets to a new trading day. Again I remember years ago traders were debating whether or not to use 0 GMT, London open, or NT open to set their pivot lines. Didnt understand it then but I guess I do some now. Like Steve said daily below weekly, weekly below monthly DT. Daily above weekly, weekly above monthly UT. Daily in the middle of the two Range or change of trend. Once you get that info straight it makes trading so much easier. In my pic daily was between weekly and Monthly and on your charts daily was below both. To me that shows my best trade (educated guess) is to sell. With the euro news I knew and slope near the 0 line but still with bias to the sell side, that is why I took the trade. It was a decision not based on one line but several things. It turned out to be a good guess (trade). That is how it works, we take the info and then take our best shot. I could have just as easily been wrong if some Euro happy news came out yesterday or over the weekend. Lets give the daily pivot a chance to prove or disprove itself. That is why I call it a test version. :mrgreen:
Author:  mobthehop [ Tue Jun 12, 2012 5:26 am ]
Post subject:  Re: 10.2 forum
I always wondered about the use of pivots myself. There are literally hundreds of post (here and on various threads at FF) that argue about the start time of calculation, time zones and what nots...

Aside from the pivot calculation that is used in NB10.2, there are also fibonacci pivots (I believe used in Al's Extreme TMA method for example) - calculation here http://www.forexticket.co.uk/en/tools/0 ... acci-pivot.

I figure, they can't be correct in terms of providing (mostly) accurate signals for trading all at the same time...

I work under the assumption that all retail traders combined (as opposed to central banks and institutional trades) are too small to move currencies, so I wonder what THEY are using (if they are using pivots still). Guess Scoob's would be able to comment but alas....

Any other (former or present) institutional trader reading this?

Cheers
Author:  Jemook [ Tue Jun 12, 2012 6:14 am ]
Post subject:  Re: 10.2 forum
Here are the 'correct' pivot points that match up to my AxiTrader account. The Cowboy IBFX account pivots are way off

http://www.actionforex.com/markets/pivo ... 040848154/
Author:  nanningbob [ Tue Jun 12, 2012 6:54 am ]
Post subject:  Re: 10.2 forum
The reason yours are different is they calculate off of the USA close, not the open of the trading day.

Daily pivots are calculated from previous day's high, low, close which ends at 5pm est or 21pm GMT. The pivot levels and charts are updated throughout the day to cater for data adjustments during the day.

The pivots on mine start at 0 GMT or the jpy session open. This gives price a rise up or below the close giving me a point of reference at the time of the Euro Open. Again I like having that wick on the top or bottom of the daily candle so I have an entrance point to work from. All the Open histograms and pivots work from that theory.
Author:  grimweasel [ Tue Jun 12, 2012 11:29 am ]
Post subject:  Re: 10.2 forum
I think 20 pips is chicken fodder if we are trying to catch major moves and trend changing points. Too many people lose sight of the bigger picture here I think. If you are using monthly and weekly charts and pivots then you need to be thinking on terms of 200-500 pip moves, not 5M scalping. I don't want to stare at the one eyed monster all day. It's too stressful and limits the enjoyment of life. The whole idea of using the weekly and monthly pivots, SR etc is to catch the bigger moves on the H4 and above that don't require constant baby sitting. Just my opinion...
Author:  Zool [ Tue Jun 12, 2012 11:40 am ]
Post subject:  Re: 10.2 forum
More on pivots: I've checked the pivots on USDCHF. While using Bob's pivot indicators the order are this (low to high): monthly - weekly - daily (showing clear uptrend)
Using other pivot indicators the order: monthly - daily - weekly (ranging?)

All of this I will write about is made on Cowboy IBFX (where the server time zone is gmt+3 Bob's pivot indicators show the same value as other ones). So I've checked the weekly pivot value. Manually calculating it based on the weekly candle it should be correct. The weekly candle on USDCHF shows the following values:
H: 0.96949
L: 0.94791
C: 0.94975

Calculating the pivot values with (H+L+C)/3 formula gives 0.95572. This is the value Bob's weekly pivot indicator shows. The glitch is that on Cowboy IBFX the weekly candle's closing value is not the friday close value, but the sunday close value. I don't know why :roll:
When Cowboy IBFX starts a new week with it's GMT time zone there is already 09:00 in Sydney, the market started 2 hours ago, how could be the end of sunday used as a weekly close value? It was not really apparent till now, because there was no/small gaps in the weekend.

When not using the sunday candle to determine the weekly pivot the values are:
H: 0.96949
L: 0.95126
C: 0.96062
Look at the big difference in the low and close values. The pivot based on these numbers is 0.95046 and this is the same as other indicators and online pivot calculator sites showing. I think this is the correct value, because a trading week starts at Sydney open and ends with NY close, if using Cowboy IBFX's weekly candles that's not the case. The weekly pivot would be off for the entire week, and if there's a weekend gap again, then the next week will be wrong too. Maybe the difference is not that big in the majority of times, but this week they are noticeable.

There are daily and weekly pivot indicators made by Cowboy IBFX and those are showing the correct values. If someone, who can code may look into those indicators source, then maybe the fix can be made to Bob's indicators ( if needed).
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