[b]OLD SCHOOL TRADERS rules and strategies (PIT also welcome)[/b]

Mr. Again, in the spirit of the sharing you seek, I will share my floor pivot formula, the only one of all the other putative candidates which in my experience works. It is the mean value of the low, close and high of the previous bar. Commutativity is crucial here, so be sure to make the calculation in that order. Why is this the only pivot definition that works? Clearly because it is the only one anybody can remember. Often enough to be less than deterministic but more than random you will see the overnight high or low retrace to the previous session's floor pivot, even though there is no literal floor in operation at the time. Feliz Navidad to all. I would offer this same felicitation in Hebrew, but for some odd reason it doesn't translate.
 
It's ok I'm calling you Fleming is that not offend you ?

Great, the purpose of that thread is to share and contribute amongst those who want to move up, make improvements, help and need help.
Thank you for your contribution to that thread, just for good orders sake allow me to clarify your floor pivot point formula is
High, Low, Close divided by 3 ?
Is that correct ?
Are you keeping in mind overnight price actions ?
Some traders keeps charts of just US regular session.

P.s. you are welcome to make quotes in any language ( preferably with translation to be clear for others)
As to me I have amongst other my friends a few who re-located to Israel long time ago.
Med is anyway great region to live, sun is shining always :)

Krgds,
Andrew

Quote from Fleming Snopes:

Mr. Again, in the spirit of the sharing you seek, I will share my floor pivot formula, the only one of all the other putative candidates which in my experience works. It is the mean value of the low, close and high of the previous bar. Commutativity is crucial here, so be sure to make the calculation in that order. Why is this the only pivot definition that works? Clearly because it is the only one anybody can remember. Often enough to be less than deterministic but more than random you will see the overnight high or low retrace to the previous session's floor pivot, even though there is no literal floor in operation at the time. Feliz Navidad to all. I would offer this same felicitation in Hebrew, but for some odd reason it doesn't translate.
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IMPORTANT UPDATE
/// SHARING OF INFO & TEAM UP ///

As already mentioned everyone who wants to share info here is more than welcome, I'm also trying to make some contributions to that thread and keep info open for those who want to share and learn.
The only exception could be when team of traders group created, certain very specific studies/research done by that group and decided by everyone in that group to keep certain info as intellectual property of the group.
However, maximum info still intended to open/share.
Best kept secret - Discipline
 
Oh, good, your prenom is Andrew, not Andre, so you are indeed Mr. Again, not Mr. Wagain, I was worried about that. You are a hard person to fool, of course the selection of time frames is important in the calculation of the floor pivot. Whilst most use the main session, there is much to be gained by looking at the full session. I calculate the values for both and plot them on my daily chart. I have yet to fathom why sometimes one works and not the other, and vice versa. Buone Feste Natalizie.
 
Fleming,
yeap, I'm Andrew and Again also, all ok, don't worry:D
I could be fooled, but I'm honest man and that's because even in such circumstance I will be ok.
I also noted that other world sessions better to keep in mind, especially in globally traded instruments like oil, gold, etc. Also helps a lot to keep open/close levels of other important pits, like London for gold.
Ok, floor pivot points, so when price goes up to pivot point you go long and sell at certain profit target which are calculated based on your profit/loss ratio or at next pivot point, correct ?
Have you tried to look on 70% levels of 1 period ATR of previous bar, usually if price goes outside up or down of that limit it goes for sure further in that direction at least till the moment when bar you are entered at are closed and you can put your stop to break even ?

Krgds,
Andrew


Quote from Fleming Snopes:

Oh, good, your prenom is Andrew, not Andre, so you are indeed Mr. Again, not Mr. Wagain, I was worried about that. You are a hard person to fool, of course the selection of time frames is important in the calculation of the floor pivot. Whilst most use the main session, there is much to be gained by looking at the full session. I calculate the values for both and plot them on my daily chart. I have yet to fathom why sometimes one works and not the other, and vice versa. Buone Feste Natalizie.
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mephistoII,
thank you for your contribution.
I'm of a bit different opinion
1) I know for sure, that for example, there are some Pit Traders strategy that really works because used them (sorry can not disclose that because promised to the person disclosed that to me not to share that info) (I'm free to disclose only the info which I figured on my own or which I was not asked to keep undisclosed)
2) Old School and Pit Traders strategies are very simple due to 2 reasons they both had and have not time to look on bunch of indicators and make astronomical calculations.
Hope everyone will agree that their strategies works great.
3) Markets are on planet Earth and due to that reason they acts as per Law of Nature, including technical and emotional aspects. Any Law has its rules, it almost like in yachting (sailing) catch your wind and sail.
You can sail with wind until it ends and that could be long way, however against wind you can sail by just small tacks, changing them often and carefully watching direction of wind in order not to be 100% against it.
Does that remind you anything ? :)

Krgds,
Andrew

Quote from mephistoII:

Your search for rules seems to imply your attempt to place the markets into some kind of box. Sorry to inform that they won't fit.

I feel the following link provides some excellent food for thought:

http://carlfutia.blogspot.com/2009/08/here-is-first-of-two-post-by-fellow.html

Good luck going forward ...
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Andrew, in my observation the only value of the floor pivot, and that is erratic, is to identify the overnight down retrace after an up day, and the overnight up retrace after a down day. As spreads are becoming better in the overnight sessions, it is becoming more feasible to trade them. I say this from the perspective of a trader in the Americas, we may be speaking of the time of your day session. If so, my observation ay have little value to you. With respect to the ATR approach you mentioned, I am not a believer in breakout systems of any kind. Doubly so in this case because I have postulated and tested many measures of volatility and found them all wanting compared to a deep understanding of the inheresnt market mechanics of support and resistance. Joyeux Noel.
 
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