Lefty, thank you for a great thread presenting highly relevant info. I've also really enjoyed perusing your prior threads , you present some very informative and thought inducing ideas. I normally use prior days H,L,C and todays open to calculate todays regular session pivots. However, I have'nt been able to come up with a reliable pivot for markets that I like to trade at night, eg the eur globex futs. Any ideas or suggestions much appreciated. If you have already addressed this issue, a link will suffice.
I posted it in the Do Trendlines Work? thread. I'm thinking the people there won't mind too much lol.
Hello: For European futures including currency trading, I use what I call fib retracements and fib times. I hesitate to talk much about them because I don't believe in the core concept. I do see however that they seem to work. I refer you to Grant Noble's book, "The Trader's Edge" for a discussion of that concept. As you may know, there are many others. Unfortunately many who use that concept start to get into Gann, and astrology and frankly thats where I step away from the whole business. I do use modified pivots for these markets. I have found that with sufficient research, you can arrive at modifications that give extra weight to one of the inputs. Again, with regret I have to say that I cannot discuss the subject further without compromising my own employment. For everyone else, I think I am going to call it quits early. I think I have made a good faith effort to try to help new traders. I am sorry about the constraints that are in place as regards some of the techniques I use. I hope those who were looking for help found it, and I wish you all the best of luck in the future. Take care Lefty.
Hi Lefty, Your comments have been insightful. Thanks. I'm not much of an expert in trading, and am trying to figure out how pivots can imrpove both entries and exits. I use 3min charts and notice that more often than not price stops or hesitates at the pivots. At this short hesitation or slight pullback, I still have difficulty distinguishing between one that will breakthrough the pivot (in the direction of the trend) and one that will fail and reverse at the pivot level. Hope you can provide some hints on how to figure this out or what to look at/research into to understand this better.
Hello: I see that Baron has not removed me from the system yet. Apparently I did not make myself clear. I am not going to post again. I have asked to be removed from the ET membership. Arzoo I am not able to respond in depth but would refer you to other posters who display expertise. Sulong, you and everyone who makes good use of the information are more than welcome. I hope you find good luck in the markets. Robert, my old friend, I hope you are pleased that I did as you asked. Whoever the moderator is, I appreciate the work you do here as well. You do whatever you think is right with the thread. See Ya Lefty
How easy things look after the fact. I got smacked early in the day on the EUR I think this threw me off the rest of the day. Anyways here's some ER2 scribble. ozzy <img src=http://elitetrader.com/vb/attachment.php?s=&postid=769774 width=800> (click on attachment to enlarge image)
Nice thread Lefty I'm just starting out so please excuse the question ... the answer is probably obvious...I just can't see it. How do you determine what time to use for close in the 24 hr Forex markets? Thank you in advance.