Pivot Trading Weekly Charts (By forex_trader_54036)
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Pivot Trading Weekly Charts Discussion
Apr 30, 2012 at 19:49
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1 Replies
forex_trader_54036
Member Since Nov 19, 2011
40 posts
May 01, 2012 at 01:36
This demo account is showing statistics for a style of pivot trading on the weekly charts. I like this style because it's basically a 'set and forget'. Each week a new set of pivot lines are draw and pending orders are placed appropriately. In the example, we are looking at trades through the 4hr charts since the period separators are drawn out to represent 1 week. So sunday evening central United States time, for the AUDUSD (since the pair opened above the main pivot point) we want a buy order. We set a pending buy stop order at the mid-point. The take-profit is set to be the 1st level of resistance and the stop-loss is set to be the main pivot point. Repeat for whatever other pairs and then walk away until friday, which would be a good time to close any pending orders that didn't expire, or trades that didn't reach either profit or loss level. I've noticed profits to be around 50 pips and losses to be around 50 pips so, apply proper money management for however much you'd like to lose. Contrary to 'Momentum Trading Daily Charts' this system has a lower risk:reward ratio - something like a 1:1. Whereas the other system focuses on a profitability method ( risk:reward 1:2 or better), this system tries for a probability method and aims for a higher percentage of winning trades to cover ground.
forex_trader_54036
Member Since Nov 19, 2011
40 posts
May 01, 2012 at 01:37
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