Trading the Pivots

Morning, thanks for dropping by Nazz, Steve, welcome LondonUS, really quick if Pricew Action clears the 18 SMA & the CCI Histogram enters the Green, we'll have a valid Continuation (boy is it ever) Buy Signal, and the system will be long (no more second guessing, it's not up to me to tell the markets what to do).

See ya in a few.

JJ
 

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OK,

I am long at 1298.50, I'm anticipating a turn back at R1, lets see how this plays out.

I'm betting this to be another one which stacks the probabilities of success in the favor of anyone trading a soundly logic based system (feel free to chime in, anytime Steve46, Gary, your contributions are more than welcome).

... and of course sound Money Management and the Law of Large Numbers sure does help the ol' psyche.

http://www.peterwebb.co.uk/probability.htm

Later,

JJ
 
Quote from JimmyJam:

Morning, thanks for dropping by Nazz, Steve, welcome LondonUS, really quick if Pricew Action clears the 18 SMA & the CCI Histogram enters the Green, we'll have a valid Continuation (boy is it ever) Buy Signal, and the system will be long (no more second guessing, it's not up to me to tell the markets what to do).

See ya in a few.

JJ
More...

Are you using only data from day session or all data?

This chart looks like day session only.
 
Quote from DonKee:

Are you using only data from day session or all data?

This chart looks like day session only.
More...

The Pivot on the chart are generated by a formula written by the QT crew, I honestly don't know what data they use to generate'em. They're always slightly different from my EOD Pivot Points, but they work pretty well for what they are.

In keeping with that, since Support/Resistance/Pivot calculations are so widely known, it's how price reacts when it is in the area of the Pivot that is most imporant (in keeping with the overall Pivot Trend and any other indicator(s) you want to use to determine trend direction) than having the numbers right to the nth decimal place (as you see in the speadsheet, I round mine up).

Best,

JJ
 
Quote from JimmyJam:


In keeping with that, since Support/Resistance/Pivot calculations are so widely known, it's how price reacts when it is in the area of the Pivot that is most imporant (in keeping with the overall Pivot Trend and any other indicator(s) you want to use to determine trend direction) than having the numbers right to the nth decimal place (as you see in the speadsheet, I round mine up).

Best,

JJ
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How price reacts to the numbers is absolutely the key. The numbers by themselves don't mean a lot. Many traders actually use variations on the pivot numbers some of which are adjusted to take into account the open price.

The holy grail of trading is understanding the current price action and what the market is trying to tell you. All we can do is work on our listening skills...:)
 
Okedokey.

All positions are in profit, still holding 1/2 set in my account (and the theoretical thread trade), will probably close'em at R1, (can we have 3 days of blasting to R2? ... we could).

BTW, that doesn't normally happen.

What normally happens when you blow-off your trading system on the day that it generates a good signal is that is that, you come back the next day, take the signal, and the trade bites you in the butt! :p

But the markets are being awfully agreeable, so who am I to complain?

Best,

JJ
 
I took one off your continuation pattern buys @ 1301.50 (12:10pm)

Bailed at 1302.75, was just looking for 1 more new high.

Not a great risk/reward, but I like to scalp during the day.

Let's see how the mkt reacts at 1303.75, R1.
 
Quote from DonKee:

I took one off your continuation pattern buys @ 1301.50 (12:10pm)

Bailed at 1302.75, was just looking for 1 more new high.

Not a great risk/reward, but I like to scalp during the day.

Let's see how the mkt reacts at 1303.75, R1.
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Yeah, I know the trades aren't giving good classical risk:reward rations, but the Bulls have the Shorts by the short hairs, so they're gonna keep jam'em on up until they've done some nice house cleaning ... then they're gonna turn this baby around and drop it on the guys who are late to the party!

Heh, gotta love this stuff.

JJ
 
Quote from DonKee:

Tried a short at 1303.50, but after 10 minutes, i bailed at break-even.

I'm going to stand aside for a bit.
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OK, just remember, the dominant trend is up (observation, Pivot Trend, Higher Highs, etc.).

In a situation like this there's no way a short-term retail trader can make a call against the market and expect the win without using indepent, object criteria which may signal a change in that trend.

For this I like to use the TRIN, it's hit above 1.05, but it hasn't stayed there, and now it's at 0.96, so until the market shows that it's done with the uptrend, I think it's safer to "sit on the hands" if you want to trade against the trend.

Best,

JJ
 
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